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Report on Financial Stability 2012/2013
Česká národní banka
The report analyzes the risks to the financial stability of the Czech Republic in the near future on the basis of previous and expected developments in the real and financial sectors. The analysis is based on an advanced stress testing and economic models, augmented by a comprehensive test funding liquidity of banks. The report contains two alternative scenarios unfavorable development and testing of their impact on the financial sector. It contains four articles on the issue of financial stability.
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Fiscal Discretion in the Czech Republic in 2001–2011: Has It Been Stabilizing?
Ambriško,Róbert ; Augusta, Vítězslav ; Hájková, Dana ; Král, Petr ; Netušilová, Pavla ; Říkovský, Milan ; Soukup, Pavel
We survey discretionary measures of Czech fiscal policy in the period 2001–2011 and analyze their episodes and macroeconomic impacts. We use bottom-up and top-down methods to identify fiscal discretion and we compare the results with Kalman filtering. Fiscal discretion is found to be used frequently and to be large in several years. At the same time, the results signal that macroeconomic stabilisation has not been major aim of fiscal discretion measures. For example, in the years of economic recession 2010–2011, the government put emphasis on pro-cyclical consolidation.
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Private finance and public policy
Schinasi, Garry J.
This paper articulates a logical foundation—drawn from disparate literatures—for understanding why safeguarding financial stability is an important economic policy objective. The paper also explains why private aspects of finance provide broader social economic benefits and have the characteristics of public goods. Unique aspects of finance are examined, as are the linkages between finance, money, and the real economy.
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Stress testing: a review of key concepts
Čihák, Martin
The note is a review of the literature on the quantitative methods used to assess the vulnerabilities of financial systems to risks. In particular, the author focuses on the role of system-wide stress testing. He summarizes the recent developments in the literature, highlighting topics relevant for the Czech case. He presents the key concepts relating to systemwide stress tests, overviews the stress tests performed by central banks and international financial institutions, and discusses conceptual issues relating to modeling of individual risk factors.
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Report on Financial Stability 2011/2012
Česká národní banka
The report analyzes the risks to the financial stability of the Czech Republic in the near future on the basis of previous and expected developments in the real and financial sectors. The analysis is based on an advanced stress testing and economic models, augmented by a comprehensive test funding liquidity of banks. The report contains two alternative scenarios unfavorable development and testing of their impact on the financial sector. It contains four articles on the issue of financial stability.
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Report on Financial Stability 2010/2011
Česká národní banka
The report analyzes the risks to the financial stability of the Czech Republic in the near future on the basis of previous and expected developments in the real and financial sectors. It focuses mainly on the uncertainty in the lingering financial crisis. The analysis is based on an advanced stress testing and economic models, augmented by a comprehensive test funding liquidity of banks. The report contains three alternative scenarios unfavorable and testing their impact on the financial sector. It contains four articles on the issue of financial stability.
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Report on Financial Stability 2009/2010
Česká národní banka
The report analyzes the risks to the financial stability of the Czech Republic in the near future on the basis of previous and expected developments in the real and financial sectors. The analysis is based on an advanced stress testing and economic models, augmented by a comprehensive test funding liquidity of banks. The report contains three alternative scenarios unfavorable ("Return of the recession," "Loss of confidence", "Basic scenario") and testing their impact on the financial sector. It contains four articles on the issue of financial stability.
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Report on Financial Stability 2008/2009
Česká národní banka
The report analyzes the risks to the financial stability of the Czech Republic in the near future on the basis of previous and expected developments in the real and financial sectors. The analysis is based on an advanced stress testing and economic models, augmented by a comprehensive test funding liquidity of banks. The report contains three alternative scenarios unfavorable ("Europe in the doldrums", "market nervousness", "economic depression"), and testing their impact on the financial sector. It contains four articles on the issue of financial stability.
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