|
|
The impact of quantitative easing on public sector bond yields of selected countries since 2007
Nacházel, Jan ; Jílek, Josef (advisor) ; Pekárek, Štěpán (referee)
This thesis deals with the impact of quantitative easing on public sector bond yields of selected countries in the world. It mentions channels of standard monetary policy tools and channels of quantitative easing, which can be included among unconventional monetary policy tools. This thesis analyses the impacts of quantitative easing, which was done by the Federal Reserve System, the Bank of England and the European Central Bank. Firstly, all these institutions fought against the financial crisis with standard monetary policy tools. However, those tools were not very effective, therefore the institutions moved to non-standard tools. After the analysis based on event-study method was carried out, it was found out that mainly the first announcements about the policy of quantitative easing were always the most effective in decreasing government bond yield. The subsequent expansion of the policy of quantitative easing did not have such impact. The main benefit of this thesis is in the examination of the impact of later statements regarding quantitative easing on government bond yield, which were not effective in decreasing government bond yield.
|
|
|
Evaluation of selected mortgage bonds traded on the capital market in the Czech Republic
Márová, Eliška ; Pfeiferová, Daniela (advisor) ; Ulrich, Milan (referee)
This thesis deals with evaluation of selected securities lending and specifically mortgage bonds. These bonds are attractive because of their low risk and therefore relatively certain revenue especially for conservative investors. The first part deals with the general presentation bonds and specific theoretical definition of mortgage bonds. It describes their issuance, trading, protection, development of the market for mortgage bonds, linking to the mortgage loans and then it represents issuers who provide mortgage bonds on the Czech
market. The second part deals with the analysis and comparison of the returns currently offered bonds on the PSE. Their yield to maturity is monitored in relation to other properties of bonds, such as time to maturity, nominal value, etc., Including, issuers and investment recommendations for different types of investors.
|
guest ::
