|
|
Analysis of Housing Financing
Opatovská, Lucia ; Staněk, Roman (referee) ; Vítková, Eva (advisor)
The topic of this diploma thesis is The Analysis of Ways of Financing Housing. The thesis consists of two parts: theoretical and practical. In the theoretical part of the thesis, I define and characterize the development of the real estate market in Slovakia. I also describe the ways of valuing real estate and the possibilities of financing real estate, whether it is financed by one’s own funds or external sources. In the practical part of the thesis, I deal with valuation of real estate using the comparative method used in Slovakia. The last part looks at financing with mortgages and the creation of value analysis.
|
|
|
Discursive construction and materiality of debt in context of housing
Samec, Tomáš ; Hájek, Martin (advisor) ; Szaló, Csaba (referee) ; Pospěch, Pavel (referee)
Housing debts have become fuel for the global economy, having been turned into tradable commodities on the financial markets. However, housing debts also have a profound relevance in the everyday life of those who have become indebted, enabling the dream of homeownership, but also leading to foreclosures and evictions. This thesis aims to take a rather under-researched perspective on formal and informal housing debts (i.e., mortgages and familial loans) by exploring the role of public and domestic discourses in, what is termed, the financialisation of housing. The financialisation of housing refers to the process of real estate being turned into assets and commodities and to the spread of individualised financial products being used to secure housing. The thesis uses the Czech Republic as a case through which to examine how discourse may enable this transition and how contribute to a specific financial governmentality. The thesis raises questions: How is it possible that mortgages come to be perceived as a normal and natural solution to housing issues? How do they become part of the debtors' lives through certain discourses? These questions are explored through an innovative framework of layered performativity, encompassing rhetoric, sociotechnical devices, and references to practices that reveal three main...
|
|
|
Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Moravcová, Michala (referee)
Housing market has a considerable impact on the macroeconomic stability. There is an attempt to regulate housing market using a set of macroprudential tools. The first aim of this thesis is to describe and compare macroprudential regulation aiming at the contract between lenders and borrowers in the European Union and Norway. The second aim is to assess the influence of central banks in macroprudential policy-making on the probability that these instruments are implemented. The probability is estimated using a probit model. The comparison shows that there are considerable differences in implemented regulation between individual countries and that countries with high proportion of foreign currency denominated loans use macroprudential measures to mitigate borrowing in foreign currencies. Using the data from the European union and Norway, statistically significant influence of central bank involvement was not identified. The effect of central bank became significant when using larger dataset including non-European countries. In this dataset, the leading role of central bank is associated with lower probability that instruments targeting borrowers are implemented.
|
|
|
Risks to Financial Stability in the Low Interest Rate Environment and its Housing Market Implications: CE Region Study
Meti, Elvira ; Geršl, Adam (advisor) ; Polák, Petr (referee)
iv Abstract The current state of the prolonged low interest rate environment may pose a great threat to the soundness of the financial system both in the eurozone countries as well as in the neighboring regions, such as in countries of Central Europe due to high interconnectedness of markets. Some of the recently identified risks of the low interest rate environment are a notable pickup in mortgage lending and house prices, and deterioration of profitability among banks. We study these channels for the Czech Republic, Hungary and Poland, investigating the impact of the imported ECB monetary policy on local (hos countries) during 2004Q4-2019Q4. Our findings suggest that house prices are further driven by low interest rates, and the effect is lagged by two quarters as looser monetary conditions need time to impact our dependant variables. Furthermore, a decrease in the mortgage rate increases mortgage lending in these countries. Lastly, in our study of 27 banks during 2004-2015, we find that ROAA declines by approximately by 17.8 %, given a one percent increase in the 3-month EURIBOR. Keywords low interest rates, EURIBOR, financial soundness, GMM, residential property, mortgages Author's e-mail 71263908@fsv.cuni.cz Supervisor's e-mail Adam.gersl@gmail.com
|
|
|
Discursive construction and materiality of debt in context of housing
Samec, Tomáš ; Hájek, Martin (advisor) ; Szaló, Csaba (referee) ; Pospěch, Pavel (referee)
Housing debts have become fuel for the global economy, having been turned into tradable commodities on the financial markets. However, housing debts also have a profound relevance in the everyday life of those who have become indebted, enabling the dream of homeownership, but also leading to foreclosures and evictions. This thesis aims to take a rather under-researched perspective on formal and informal housing debts (i.e., mortgages and familial loans) by exploring the role of public and domestic discourses in, what is termed, the financialisation of housing. The financialisation of housing refers to the process of real estate being turned into assets and commodities and to the spread of individualised financial products being used to secure housing. The thesis uses the Czech Republic as a case through which to examine how discourse may enable this transition and how contribute to a specific financial governmentality. The thesis raises questions: How is it possible that mortgages come to be perceived as a normal and natural solution to housing issues? How do they become part of the debtors' lives through certain discourses? These questions are explored through an innovative framework of layered performativity, encompassing rhetoric, sociotechnical devices, and references to practices that reveal three main...
|
|
|
Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Malovaná, Simona (referee)
House price developments have a large impact on the macroeconomic stability, which has proven in the recent global financial and economic crisis triggered by a house price boom and bust. The aim of this thesis is to assess the effectiveness of macroprudential regulation aiming at the contract between lenders and borrowers in mitigating housing price and associated credit cycle. To assess effectiveness the macroprudential regulation is analyzed in ten European countries. The regulation in individual countries is subsequently compared. The comparison shows that countries with high proportions of foreign currency denominated debt use macroprudential measures to mitigate foreign exchange risk. Furthermore, the immediate influence of regulation on housing credit is relatively high. However, it diminishes with time.
|
|
|
Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Moravcová, Michala (referee)
Housing market has a considerable impact on the macroeconomic stability. There is an attempt to regulate housing market using a set of macroprudential tools. The first aim of this thesis is to describe and compare macroprudential regulation aiming at the contract between lenders and borrowers in the European Union and Norway. The second aim is to assess the influence of central banks in macroprudential policy-making on the probability that these instruments are implemented. The probability is estimated using a probit model. The comparison shows that there are considerable differences in implemented regulation between individual countries and that countries with high proportion of foreign currency denominated loans use macroprudential measures to mitigate borrowing in foreign currencies. Using the data from the European union and Norway, statistically significant influence of central bank involvement was not identified. The effect of central bank became significant when using larger dataset including non-European countries. In this dataset, the leading role of central bank is associated with lower probability that instruments targeting borrowers are implemented.
|
|
|
Analysis of Housing Financing
Opatovská, Lucia ; Staněk, Roman (referee) ; Vítková, Eva (advisor)
The topic of this diploma thesis is The Analysis of Ways of Financing Housing. The thesis consists of two parts: theoretical and practical. In the theoretical part of the thesis, I define and characterize the development of the real estate market in Slovakia. I also describe the ways of valuing real estate and the possibilities of financing real estate, whether it is financed by one’s own funds or external sources. In the practical part of the thesis, I deal with valuation of real estate using the comparative method used in Slovakia. The last part looks at financing with mortgages and the creation of value analysis.
|
|
|
The Use of a Bridging Loan or Mortgage of Selected Financial Institutions Regarding the Value of a Purchased Asset
ŠEBESTOVÁ, Jana
The topic of this bachelor thesis is The use of a bridging loan or mortgage in selected financial institutions regarding the value of a purchased asset. There were created two specific variants for this work which were different in the price of real estate. Three financial institutions were selected for comparison of mortgage and three financial institutions for comparison of loans from building savings (loans from building savings has got two phases phase of bridging loans and phase of regular loans from building savings. In this work there were compared this criteria- interest rate, RPSN rate, monthly repayments and final price which is paid by client to financial institutions for lending money. The most convenient variant of both specific variants was from financial institutions Raiffeisen stavební spořitelna, who was offered loans from building savings. All compared criteria were better than other. The offer on the second place was mortgage from Raffeisenbank. Conversely, the most disadvantageous offer was loan from building savings from Wüstenrot stavební spořitelna.
|
|
|
Credit risk regulation and management and its influence on US economy since 80's until today
Řídký, Jan ; Jílek, Josef (advisor) ; Mládek, Josef (referee)
This thesis describes an impact of credit risk management and credit risk regulation on the volume and quality of credits. Consequently there is an influence on economic activity of people and companies, price level and business cycle. In the thesis the basic principles of credit risk management and regulations are described. The volume of granted credit determines the probability of default. If there is an option to transfer a credit risk to the third party, volume of granted credits increases. The volume of credit depends also on the regulatory duty to hold an adequate amount of capital. In the case the banks find the way to diminish this regulatory capital, the volume of credit increases. Credit activity of banks boosts economic activity of people and companies and it has an impact on the price level. The option of credit risk transfer to the third party together with high saturation of credit market leads to taking higher risk by lenders. At the end it has an impact on the business cycle.
|
guest ::
