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Causes, course and consequences of the financial crisis in the USA
Chlupáčová, Nikola ; Neumann, Pavel (advisor) ; Sejkora, Jiří (referee)
The aim of this work is to analyze the causes, consequences and to describe the recent financial crisis with regard to the identification of potential culprits of the financial crisis and the slow recovery of the US economy from the financial crisis. The main content of this work is to focus on the identification of the particular consequences which were caused by the lack of a regulatory framework, monetary policy of the US central bank and new financial derivatives. It affected for several years the process of the US economy. The last chapter brings based on the lessons learned from the analysis of the financial crisis the scheme of recent financial crisis and thus it provides a comprehensive view of this financial crisis.
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Financial Crisis in the USA 2007-2009: Impacts on the Foreign Trade with China
Prášek, Jakub ; Stuchlíková, Zuzana (advisor) ; Erbenová, Monika (referee)
The purpose of this thesis is to summarize financial crisis, that took place in the United States of America between years 2007-2009 and to state its impact on the American foreign trade with a special focus on the trade with China. In the first chapter, the term "financial crisis" is defined and then the origin and the development of the global financial crisis, that started in 2007 on the American real estate market, are retraced. The second chapter begins with a general characterization of a trade balance, and subsequently focuses on the American trade balance. Firstly, the development of the American trade balance between years 1985-2012 is analyzed. Secondly, the changes in the American trade balance during the crises period between years 2007-2009 are unveiled. To conclude this chapter, the American foreign trade is characterized and the most significant changes in trade with single commodities during the crisis are highlighted. At the beginning of the third chapter the foreign trade between the USA and China, as well as, the development of their mutual trade balance are examined. At the end of the thesis the analysis of trade data between the USA and China is carried out and the commodities, that were influenced by the crisis the most and the least, are found.
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The role of moral hazard in the financial crisis
Demčík, Matej ; Žamberský, Pavel (advisor) ; Hnát, Pavel (referee)
The financial crisis in the USA is due to its great consequences still considered to be current topic. Its causes were discussed and analyzed by many researchers, but mostly from the financial point of view. This thesis takes different approach and identifies the role of the moral hazard in the pre-crisis period. Moral hazard is very often underestimated and for many people uninteresting factor. Therefor, the thesis is divided into four parts, which present the theoretical background of moral hazard and bring up the importance and constant presence of it in today's world. The main part of this work is last chapter, which analyzes moral hazard in the causes of the financial crisis. Moral hazard played key role in the pre-crisis period when it was present at all possible levels deforming the behavior of market players and causing the market failure. The deformation had mostly form of excessive risk-taking, unfavourable financial products and abuse of the information asymmetry. Very specific and dangerous kind of moral hazard is associated with the government interventions such as Greenspan doctrine or Too big to fail policy. It is because of its systematic character, when opposed to the moral hazard in the private sector is not required the presence of information asymmetry.
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The Finance Crisis in U.S. and its consequences
Křesinová, Dominika ; Žamberský, Pavel (advisor) ; Bartušková, Hana (referee)
The topic of this bachelor thesis "The Finance Crisis in U.S. and its consequences" is to analyze the causes and connections that led to the beginning of U.S. mortgage crisis which has become the global financial crisis. The aim of this thesis is to focus on the causes and consequences of this crisis which influenced the U.S. economy in view of the fact that this situation was caused by Fed's policy to a certain extent. I have chosen this topic because this crisis is today still topical and some states are contending whit this crisis. The introductory theoretical part of the thesis focuses on the characterization of the crisis from a general point of view. The next point is summary of the facts about the important crisis which has influenced U.S. in the past -- Great Depression. The main part of thesis deals with the particular causes and reaction on these ones, the sequential course, solving and consequences of this crisis. The main question of this thesis refers to the end of this crisis -- whether the finance crisis which started in 2007 in U.S. is over or continues. And whether due to this crisis it gets in U.S. to the next bursting of bloated bubble and to the new crisis which will be caused by solving current crisis.
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Specifics of Real Estate Investment Trust
Nenadál, Petr ; Marek, Petr (advisor) ; Makovec, Martin (referee)
The thesis is aimed to describe and approach the REIT practice that is, especially in the U. S. very enhanced. In the first part, general parameters of real estate investment trusts are introduced and understated in connection with the depiction of the advantages and disadvantages of this issue. In chronological sequence, the development and progress of the U. S. real estate market is approached. The thesis further undertakes the current subject of the global financial crisis with a special focus on the REIT involvement and the potential application of the new EU directive - AIFMD (Alternative Investment Fund Managers Directive). This directive is expected to harmonize the joint investments. The objective of the thesis is a detailed description and specification of REIT in selected developed countries (U. S., Western Europe, and Australia) followed by a comparation of these regimes and an analysis of the considerable real estate investment companies in the Czech Republic including the financial analysis of the public joint-stock companies. A development of Czech real estate market during the mortgage crisis is also depicted and a market forecast is prognosed. The thesis concludes potential restraints of the REIT legal introduction in the Czech Republic as this corporative type has not been lawfully validated there.
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Analysis of the Czech mortgage market and its position in the global crisis
Melounová, Tereza ; Radová, Jarmila (advisor) ; Pavelka, František (referee)
The aim of this thesis is to compare the causes, course and effects of the mortgage crisis and the subsequent financial crisis in the USA and in the Czech Republic in the years 2000-2012. Conclusions comparisons show that the impact of the crisis on the economy of the Czech Republic were milder mainly due to readiness of Czech banks. Furthermore, this work analyzes a model example of choice of parameters mortgage loan from the client's perspective, focusing on the assessment of the advantages of combination mortgages and savings products. Based on the results of this analysis, the combination can be recommended, but with regard to the rates of appreciation achieved when saving resources. If the condition of compensation refinancing costs by the difference in interest rates is satisfied, it is also possible recommended this financial instrument to a qualified client. Finally, we completed the image of the Czech mortgage market by comparing the classical mortgage products in offer of several banks.
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Mortgage crisis in the USA and Europe and impact of ABS, MBS and GSE on the crisis
Malakjan, Stiv ; Brada, Jaroslav (advisor) ; Osička, Štěpán (referee)
This thesis charts the evolution of US Housing financial system and housing market. The goal is to create a complex picture about wider circumstances and causes of the mortgage crisis. The first part describes the history of US mortgage market and institutions that operate on the market. The second part focuses on the securitization and entities that are in this process participating. It also explores the connections between individual participants. Thirt charter looks at the causes and entities that caused the mortgage market meltdown and examines thein motivation. The final part looks at the situation that occured after the bubble burst. Explores the trend of future regulation and mortgage market evolution.
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Causes, progress, consequences and another aspects of the global financial crisis 2008 in international comparison
Novotný, Martin ; Dočkal, Dalibor (advisor) ; Urban, Luděk (referee)
The subject of this thesis is the description of trends in economy during global financial crisis in 2008. The main object of this work is to find causes and especially to analyze the mortgage bubble in financial markets, panic, uncertainty and risk spreading to other sectors. This work analyzes many consequences, which have been caused by financial crisis on global economy. This thesis also focuses on evaluation of important institution's influence, such as investment banks, insurance companies and rating agencies on financial crises. There are used microeconomic and macroeconomic indicators to analyze financial markets and national economies of countries which were affected by the crisis. Also is analyzed if interventions of central bank and government were eligible. This issue is discussed in part which describes economic cycles from perspective of the Austrian school of economics.
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The 2008 United States financial crisis - causes, progress and effects
Poláček, Filip ; Bič, Josef (advisor) ; Machytka, Daniel (referee)
Thesis deals with the 2008 United States financial crisis, its causes, progress and effects. The first chapter concentrates on the progress of financial crisis with emphasis on its originator -- subprime mortgage crisis. The next chapter deals with the analysis of the causes of financial crisis and its comparison with the causes of the Great Depression. The third chapter assesses the effects of the financial crisis on two industries (car and construction) and on the real growth of the economy.
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