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The causes of the current economic crisis and its impact on the world economy
Rýdl, Filip ; Jílek, Josef (advisor) ; Mládek, Josef (referee)
The work seeks to analyze the causes and impacts of the current financial crisis. It deals with the theoretical view and definition of financial crisis, along with a brief historical excursion. A significant part of the work is devoted to describe the financial crisis in the United States and in selected, economically important, countries. In the context of the causes of and solutions to the current crisis period are remembered views of different economic schools, which are very different. A significant part is devoted to the description of institutional architecture and function of the financial system. Important part is the description of the functioning of lending money (such interest and regulatory policy), because the author sees in it a long series of "unhealthy" factors, which helped the emergence of a financial crisis. The aim of this work is to give a komplete, non-ideological coloring, look at the biggest financial crisis in modern history.
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An Analysis of Hedge Fund Strategies
Deckert, Gabriel ; Ježek, Tomáš (advisor) ; Mládek, Josef (referee)
This diploma thesis deals with hedge funds' strategies' analysis. First part is about an introduction into collective investment schemes, shares funds and investment funds. The reader can find the pros and cons of collective investment schemes in the next part. The second section focuses on investment approaches of four hedge fund strategies: global macro, directional, event-driven and relative value, whereby the strategies' classification corresponds with the most common databases of financial providers. They are divided into subcategories and each strategy is characterized by its principle. Special attention is paid to a specific kind of a hedge fund, the so called Fund of Funds. The strategies' rates of return in different market conditions are compared in the conclusion.
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Protection of investors and depositors in the financial market in the Czech republic - a comparative study
Samek, Michal ; Hradil, Dušan (advisor) ; Tuček, Miroslav (referee)
The diploma thesis deals primarily with consumer protection in the capital market in the Czech Republic. It compares the situation in the capital market with conditions existing in the banking sector. It emphasizes the importance and possible consequences of upcoming pension reform in the Czech Republic in 2011. The first part of the thesis describes capital market structure and its functioning, analyses financial position of Czech households and contemplates the reasons that can lead to consumer protection in financial markets. The second part of the thesis deals with specific protective tools that are used in the Czech Republic to protect consumer. It analyses tools that are implemented to protect consumers' financial assets and tools associated with distribution of financial services and information requirements imposed on financial intermediaries. The thesis analyses the efficiency of selected important tools (such as investor compensation schemes or investment limits).
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Fiscal developments and financial stress: a threshold VAR analysis
Baxa, Jaromír ; Afonso, Antonio ; Slavík, M.
We use a threshold VAR analysis to study whether the effects of fiscal policy on economic activity differ depending on financial market conditions. In particular, we investigate the possibility of a non-linear propagation of fiscal developments according to different financial market stress regimes. More specifically we employ a quarterly dataset, for the U.S., the U.K., Germany and Italy, for the period 1980:4-2009:4, encompassing macro, fiscal and financial variables. The results show that (i) the use of a nonlinear framework with regime switches is corroborated by nonlinearity tests; (ii) the responses of economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative effect on output growth and worsens the fiscal position; (iv) the nonlinearity in the response of output growth to a fiscal shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than average in the last crisis.
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The Role of the Czech National Bank in the Field of Financial Markets Regulation and Supervision
KLEČKOVÁ, Petra
Bachelor thesis is focused on the evaluation of impact of financial markets integration under the Czech national bank supervision, which was implemented on 1st April 2006. The theoretical part deals with general characteristic of financial market, function of financial dealers, creation, development, classification and supervision of regulation systems and modern approaches to this regulation. Then I concetrated on comparison of regulation and supervision systems in European Union and in the world, where I mentioned the Great Britain system as an example. In Great Britain, the supervision is intergated to one supervisory authority analogous with the system in the Czech republic. I outlined the situation in the Czech republic before integration where there were 4 supervisory authorities. Then I described approaches of integration under the supervision of Czech national bank. At the end of the theoretical part some activities that Czech national bank took over are described. The practical part is aimed at the evaluation of integration impact and whether the integration is efficient and conducts to saving expenses. Then number of chosen subjects on financial markets in 2005 and at present is compared and analysed.
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Comparison of crisis in Czech Republic in years 1997/1997 and crisis in USA in years 2008/2009
Bolehovský, Petr ; Pichaničová, Ludmila (advisor) ; Maleček, Petr (referee)
This bachelors work compares the crisis in Czech republic in years 1997/1998 and crisis in USA in years 2008/2009. It firstly focuses on theoretical concept of financial markets and monetary policy. Then it describes Taylor rule, political cycle and money aggregates. Next chapter focuses on the causes of crisis in Czech republic and on factors that to started and prolonged this crisis. Next chapter focuses on the causes of crisis in USA and on factors that started and prolonged this crisis. This work points to differences and common signs of them. In the end it explains some mistakes that government and central banks should avoid in their policies.
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Economical crisis in the USA 2007-2009
Puzanova, Daria ; Sirůček, Pavel (advisor) ; Džbánková, Zuzana (referee)
This diploma work describes the financial and economical crisis that has emerged in the USA during the year 2007. In the work the preceding recessions and the flow of the current crisis are being analyzed. Attention is also given to a detailed study of the pre-crisis period in the USA economics and the identification of the root causes of the crisis and their interrelationship. The final part of the work is dedicated to the examination of the crisis consequences and the possible ways of its progress
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Analýza hedgeových fondov a hedgeových stratégií
Austová, Lucia ; Jílek, Josef (advisor) ; Halás, Vladimír (referee)
An objective of my graduation thesis is an analysis of hedge funds and hedge strategies while reflecting the distribution of the investments to right portfolio taking into account the risk. The main aim is to provide clear and consistent classification of whole variety of different hedge styles and strategies. There are plenty of different investment and trading strategies of hedge funds and their classification differs from analyst to analyst and from database to database. The work focuses on finding an alternative consistent classification of hedge funds which will lead to improvement of investment decisions of financial market participants, to effective distribution of the investment portfolio and therefore to elimination of undiversified risks. For the practical analysis I use real data of hedge fund returns of particular relevant time period. I focus on research and description of possible methods of hedge fund classification mentioning their pluses and minuses. After passionate evaluation of each method I have chosen two methods according to which I classify the hedge funds datasets and finally I compare the results of both. The theoretical part of work focuses on definition of hedge funds, hedge styles and strategies, pluses and minuses as well as risk accompanying particular strategy.
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The impact of the euro adoption on securities markets in the Czech Republic
Wartlik, Tomáš ; Brada, Jaroslav (advisor)
The acceptation of a single currency has an influencial impact on the economy of the country, especially on its financial market. This work examines all parts of finacial market of the Eurozone, assesses their state of development and compares it with the situation in the Czech Republic. The work also tries to estimate the impacts, that the acceptance of a single currency will bring to Czech financial market, and where it is possible, it uses the experience of Slovenia, which has adopted euro in 2007 and its economy is very similar to that of Czech Republic. The work finds out that the Eurozone has achieved a significant progress in the integration of its financial market, an improvement in its liquidity, costs of security issues and other aspects as well. Adoption of the euro in Slovenia has been successfull and it was not accompanied by substantial problems, except for an increase in inflation. However, the expected progress in the development of financial market is not observable yet, althought this fact may be attributed to many other external reasons, too. Finally the conslusion of this work implicates, that the Czech Republic has the oportunity to benefit from participating in a large integrated financal market and achieve a progress, that would never be possible if it remained separate.
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