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Loans, credit and debt in Czech households
Fialová, Kamila ; Mysíková, Martina
The use of loans and credit is one of the pillars of households' financial resilience and stability. Household borrowing and lending is common in all developed countries and does not necessarily have negative consequences. Indebtedness has a double-edged relationship with household financial resilience. On the one hand, access to loans and credit can improve households' resilience to financial shocks and enable households to increase their welfare by making it easier to smooth consumption over the life course. But on the other hand, high levels of household debt reduce resilience to future financial shocks. Excessive debt can be a sign that a household may not be managing its financial situation and is therefore not financially resilient.\nIn terms of potential impacts, a distinction should be made between indebtedness and over-indebtedness. Over-indebtedness refers to a situation where households are struggling to repay their debts, which can cause financial stress and threaten households' living standards. This study uses two approaches to measure over-indebtedness: objective and subjective. It aims to identify the main factors influencing household over-indebtedness under both approaches.\n
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Consumer credit and consumer protection
Petr, Tomáš ; Švarc, Zbyněk (advisor) ; Marková, Hana (referee)
The theme of this diploma thesis is Consumer credit and consumer protection. The aim of this thesis is to analyze the new Consumer Credit Act that brings substantial changes to the provision of consumer and mortgage credit. Author compares new act with the previous legislation and describes the development in past years. The diploma thesis compares selected bank and non-bank providers of consumer credit and evaluates the parameters of mortgage credit of these institutions. In the conclusion the results are summarised, and there is stated the recommendation for the consumer. The last part outlines the recommendations concerning chances to decrease the household indebtedness and increase the consumer protection on the consumer credit market.
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Development of the household indebtedness in the Czech Republic
Nováková, Kamila ; Blahová, Naďa (advisor)
Bachelor thesis deals with the development of the household indebtedness in the Czech Republic between 2007 and 2016. The aim of the work is to describe indebtedness and its causes, types of loans and types of institutions providing loans. Furthermore, this thesis is focused on changes that were introduced by the new Consumer Credit Act. The thesis also focuses on the situation in the area of enforcement proceedings and on the changes that can be brought by the amendment to the Insolvency Act. The thesis describes the methodology and results of household stress tests performed by the Czech National Bank. Practical part of the thesis includes description of the development of the household indebtedness and its dependence on the inflation rate, the unemployment rate and the average gross wage. Furthermore, the work describes the situation in the area of enforcement proceedings in individual regions. The conclusion includes the evaluation of the work.
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The indebtedness of Czech households in 2000-2015 and its macroeconomic context
Sovička, Lukáš ; Ševčík, Miroslav (advisor) ; Pekárek, Štěpán (referee)
The thesis is focused on the analysis of the macroeconomic relationships of the growth of indebtedness of Czech households in 2000 - 2015. The aim of the diploma thesis is to find the main causes of household indebtedness growth and to identify the influence of this process on selected macroeconomic variables. The theoretical part of the diploma thesis deals with money creation, monetary and fiscal policy, the role of money in economic cycles and economic theories of household consumption. The practical part focuses more closely on debt development, its structure and sociodemographic structure of indebted households. The thesis describes the causes of household indebtedness growth, impacts on selected macroeconomic variables, ability of households to meet their financial obligations and, last but not least, international comparisons with selected EU countries. The diploma thesis brings a comprehensive view of the debt of Czech households in the period 2000 - 2015. At the end of the thesis, it explains the main causes and consequences of the growing indebtedness of households, together with the international comparison and the sociodemographic characteristic of indebted households.
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Household indebtedness in Czech Republic
Michalčíková, Alena ; Kadeřábková, Božena (advisor) ; Babin, Jan (referee)
This thesis deals with the analysis of influence of choosen macroeconomic and demographic factors on the height of household indebtedness in Czech Republic from 2007 to 2012. The main goal is to study the influence of the unemployment rate on the total household indebtedness. This paper follows the study written by Erin Turinetti and Hong Zhuang (the analysis of indicators that cause growth of household indebtedness in U. S.) with the intention to verify their results on the czech households. In recent paper, this anlysis was extended by the influence of gross domestic product and job vacancies. Theoretical part deals with definition of household, with the theory of consumption and with the causes and development of getting into debt. In practical part of this paper there is examined the influence of individual factors on household indebtedness with the aid of regression analysis. On the basis of models it was proved that unemployment rate has significant influence on the total indebtedness. The increase of this indicator by 1 % will increase indebtedness by 16,5 %. Another important factor reveals to be gross domestic product. Its growth by 1 % leads to 0,000538 % growth in household indebtedness. The variables representing influence of share of inhabitance on basis of achieved education and job vacancies are covered in the extended model. The tendency to higher indebtedness was found out at university graduates. Job vacancies have also positive influence on the height of household indebtedness. It was also proven that the household indebtedness was 9 % higher during the years when economic crisis took place in comparison with another years. The data from Czech Statisitcal Bureau and from ARAD (Czech National Bank) was used for the purpose of this paper.
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Stress Testing the Private Household Sector Using Microdata
Galuščák, Kamil ; Hlaváč, Petr ; Jakubík, Petr
We develop a methodology for identifying financially distressed households and use it for testing the responses to shocks to the unemployment rate, the interest rate and prices of essential expenditure in the Czech Republic. We extend the approach of Johansson and Persson (2006) for Sweden and Albacete and Fessler (2010) for Austria to allow for full labour market transitions between employment and unemployment, and, due to data availability, to account for heads and spouses within households. This improvement may lead to a higher response of household distress incidence due to the unemployment rate shock than in both Sweden and Austria, while the effects due to the interest rate shock are of similar size as in Austria. We illustrate the use of our approach for stress testing households’ ability to pay their debts using macroeconomic scenarios from the CNB’s official forecast and from the CNB’s Financial Stability Report. The results highlight the importance of using micro-level datasets in the analysis of household distress incidence, as the impact of shocks is more pronounced among lower-income households.
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Analysis of Selected Macroeconomic Debt Relations of the Polish and Czech Economies in the Period of 2000-2010
Jež, Marek ; Petrášek, František (advisor) ; Štěpánek, Pavel (referee)
The thesis deals with the analysis of the development of the fast-paced debt growth of Polish and Czech economies in the years between 2000 and 2010. It focuses on the most debt-ridden sectors; those of households and government institutions. The thesis identifies the causes of the dynamic debt increase of these sectors in both economies. The outcome of the analysis is also the evaluation of the debt expansion influence on the growth of GDP. The evaluation is based on the available data from the databases of statistical offices and central banks. The cause behind the debt of households is a confluence of several factors both on the part of demand and offer. Apparently, the key factor is the relaxed monetary policy of the central bank. The cause of government institutions debt are predominantly the anually created state budget deficits, and thus maintained an expansive character of the fiscal policies. Debt therefore additionally stimulated the economies in what already was a period of growth.
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Macroeconomic context of rising household debt in Czech republic in 2000 - 2010
Marková, Lenka ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
The aim of this diploma theses is to identify possible causes of rapidly rising household debt in the Czech republic at the beginning of the 21st Century and its impact on macroeconomic aggregate indicators. The theoretical part deals with the credit expansion in economic theory, money creation, effects of changes in money supply, monetary and fiscal policy. The analytical part of the thesis evaluates the growth of indebtedness of Czech households in terms of various indicators, debt structure, reasons of growing household debt and other macroeconomic context. The issue of households debt problems and the ability to repay their obligations is mentioned as well as the comparison with developed economies.
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Development of consumer credits in the Czech Republic
Bobovych, Renata ; Půlpánová, Stanislava (advisor)
This bachelor thesis deals with consumer lending. It defines its particular types. It analyzes the legal adjustment of the product, compares the previous law of 2001 with the new Consumer Credit Act in force since 2011. Introduces with credit risk and its management method. The central part of the work deals with the development of banking and non-banking consumer loans in the Czech Republic. Finally,there is a comparison of market in the Czech Republic, the Slovakia and the FRG.
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