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Lender of Last Resort
Varvařovský, Petr ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
The topic of the final thesis is The Lender of Last Resort. Author of the final thesis has dealt with the issue through the analysis of the European current legislation, available Czech or foreign literature or other relevant sources. The function of the national banks, or other institutions, as a lender of last resort is very complex the final thesis examines from the legal and economical perspective. This matter even has obvious global societal dimension when the adequate performance of the lender of last resort has positive effect on the prosperity of the society. On the other hand when the performance is defective the opposite effect arises. The final thesis is divided into five chapters. First two chapters present and clarify the term of lender of last resort and provide us definitions. Second chapter, which builds upon the first two, is providing the reader with the historical context of the lender of last resort, whose development started on the British Islands at the end of the 18th century. The fourth chapter of the final thesis is dedicated to the criteria for granting financial aid by the lender of last resort and the means of the provision of the financial aid. The author has especially focused on the danger of the systemic risk and the too-big-to-fail doctrine. Last fifth chapter...
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Credit Derivatives Market during Recent Financial Crisis
Buzková, Petra ; Teplý, Petr (advisor) ; Tripe, David (referee) ; Witzany, Jiří (referee) ; Dědek, Oldřich (referee)
The dissertation is composed of three empirical research papers analyzing the development on credit derivatives markets in recent years characterized by the global financial crisis in 2007- 2009 and subsequent European sovereign debt crisis. The basic motivation of the thesis is to contribute to the clarification of the turbulent development on credit derivatives markets. The first paper addresses main flaws of a collateralized debt obligation (CDO) market during the global financial crisis. The second paper examines the impact of the Greek debt crisis on sovereign credit default swap (CDS) reliability. The third paper analyzes whether a resulting change in CDS terms restored confidence in CDS contracts. An introductory chapter presents a common framework for the three papers. In the first paper, we examine valuation of a Collateralized Debt Obligation (CDO) in 2007- 2009. One Factor Gaussian Copula Model is presented and five hypotheses regarding CDO sensitivity to entry parameters are analyzed. Four main deficiencies of the CDO market are then articulated: i) an insufficient analysis of underlying assets by both investors and rating agencies; ii) investment decisions arising from the valuation model based on expected cash-flows and neglecting other factors such as mark-to-market losses; iii)...
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Kvantitativní uvolňování versus tzv."helicopter money" a jejich účinnost
Pyatova, Victoria ; Šíma, Ondřej (advisor) ; Hába, Stanislav (referee)
The bachelor thesis examines the impact of the Quantitative Easing on the economies such as the USA, the UK, and the Eurozone, it focuses on the economies conditions and structure that determine the size of the effect. As a result, the analysis has shown a limited impact of unconventional monetary policy in the Euro area as the banking sector performs very poorly comparing to the effective implementation in the US and the UK, where the main role of asset allocation was given to financial market. The new concept called the Helicopter Money is introduced in the paper as a new method for Eurozone countries to boost economic development. The advantages and disadvantages of Helicopter Money are broadly discussed by well-known economists as well as the mechanism of its implementation. The macroeconomics models and theories were applied in order to give a closer look at this concept. The author of this paper sees the high potential for the Eurozone in a short and a long-term on condition that the money drop will be supported by corresponsive fiscal policy.
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Lender of Last Resort
Varvařovský, Petr ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
The topic of the final thesis is The Lender of Last Resort. Author of the final thesis has dealt with the issue through the analysis of the European current legislation, available Czech or foreign literature or other relevant sources. The function of the national banks, or other institutions, as a lender of last resort is very complex the final thesis examines from the legal and economical perspective. This matter even has obvious global societal dimension when the adequate performance of the lender of last resort has positive effect on the prosperity of the society. On the other hand when the performance is defective the opposite effect arises. The final thesis is divided into five chapters. First two chapters present and clarify the term of lender of last resort and provide us definitions. Second chapter, which builds upon the first two, is providing the reader with the historical context of the lender of last resort, whose development started on the British Islands at the end of the 18th century. The fourth chapter of the final thesis is dedicated to the criteria for granting financial aid by the lender of last resort and the means of the provision of the financial aid. The author has especially focused on the danger of the systemic risk and the too-big-to-fail doctrine. Last fifth chapter...
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The position and activities of the European Central Bank
Matoušková, Hana ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The aim of this diploma thesis is to evaluate what influence has the ECB decision-making on the Eurozone economy and above all to consider the ECB's involvement in solving of the recent financial and persisting European debt crisis. First two chapters represent rather a theoretical part of the thesis, in which the author is dealing generally with the importance and the role of the ECB in the course of the European integration, including its origin, its management structure and internal decision-making process. The second chapter focuses in detail on the ECB's tasks and competencies with emphasise mainly on the monetary policy and on the clarification how a so called transmission mechanism enables the measures adopted within the monetary policy to transform into the real economy. There is also more elaborated the primary task of ECB which is to maintain the price stability. The second part of this thesis is more analytical and reflects current trends and development in the EU banking sector with an accent on the ECB's attitudes. The recent financial crisis is discussed in the third chapter together with the new regulatory rules. Financial crisis tend to have some joint characteristics like e.g. the source of their origin that often lies in an excessive and rapid loan expansion, in leverage increase,...
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The impact of the crisis on the economy of the Slovak Republic
Dubničková, Alžbeta ; Černá, Iveta (advisor) ; Bolotov, Ilya (referee)
The bachelor thesis is dealing with the current economic crisis in the context of its impact on the economy of the Slovak Republic. Considering the methodology, the thesis is based on synthesis of different approaches and theoretical knowledges in order to systemize the course of crisis and to describe development of Slovak economy through the times of changing geopolitical organization of the world. The goal is to map the impact of the current economic and financial crisis on Slovak economic development in the time of pre-recession and post-recession with regard to the integration to the EU. The first chapter is focused on defining the key concepts complemented with the stances and thoughts of internal and external authors. The second chapter pays attention to the development of Slovak economy from its establishment oriented towards economic policy, macroeconomic indicators of internal and external balance during the economic transformation and integration to the international organizations. The final chapter is concentrating on specifics of Slovak economy during the crisis as well as on analysis of its impacts on economic policy, anti-crisis measures and macroeconomic indicators in comparison to the pre-recession status. At the same time, the theoretical knowledges in the first chapter are being confirmed. Bachelor thesis should provide coherent perspective on Slovak economy so as to better understanding of its governance in the times of forming a significant economic turning points.
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Anti - crisis measures of the EU in the context of interests of large European economies
Sankot, Ondřej ; Hnát, Pavel (advisor) ; Jiránková, Martina (referee)
This master's thesis deals with the response of the EU to the European Debt Crisis and with the attitude of large European economies (Germany, France, Great Britain) to approved anti - crisis measures. In the first chapter the economic and political tradition of large European economies is described, followed by their attitude to the European integration. After a brief outline of the European Debt Crisis, the second chapter deals with short-term and subsequently systemic anti-crisis measures and puts them into the context of attitudes and interests of large European economies.
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The impact of the crisis on capital flows in the euro area
Šándor, Peter ; Šaroch, Stanislav (advisor) ; Hnát, Pavel (referee)
The aim of this master thesis is to analyze the development of capital flows within the euro area and within selected Member States, with respect to the hypothesis of a sufficient replacement of private capital flows with official ones. Verification of the hypothesis is based on identifying sudden changes in capital flows, using the model created by Mr.Forbes and Mr.Warnock. The entire work is conceived into three main chapters. The first is dedicated to the development of the crisis in the euro area and the adoption of important reform measures as response to the resulting unfavorable situation. The second chapter deals with the definition of net and gross capital flows and their development in the so-called extra-area flows. The final section is focused on the analysis of intra-area capital flows and flows in selected member countries.
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The Portuguese Crisis - Substance and Consequences
Strašková, Tereza ; Bolotov, Ilya (advisor) ; Čajka, Radek (referee)
This work examines the impact of the Global Economic Crisis and European Debt Crisis on the Portuguese economy. The goal of the work is to present a coherent analysis regarding the economic development of the Portuguese economy as well as to demonstrate the consequences of two substantial crises, namely the Global Economic Crisis and European Debt Crisis which influenced the Portuguese economy. This work is divided into three parts; the first part deals with the two crises per se and contains their origins and causes. The second part is devoted to the historical development of the Portuguese economy from the beginning of the 20th century. It also covers the evaluation of the economic situation by means of the economic structure and situation before and after joining the European Union and Eurozone. The third and last part of this work is focused on the period succeeding the entry into the Eurozone and on particular years during the crisis. Attention is also drawn towards financial support and projections for the years 2013 and 2014.
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Chování vybraných členských států EU v rámci dluhové krize (aplikace teorie her)
Novotný, Martin ; Dubský, Zbyněk (advisor) ; Sršeň, Radim (referee)
Thesis uses game theory to explain behavior of certain states in the European sovereign-debt crisis. The goal is to find out, if those states use strategies leading to equilibrium i.e. if they maximize their expected utility. Theoretical part is based mainly on repeated games and Bayesian game. Thesis summarizes development of European sovereign-debt crisis and key economic indicators. It constructs a game model of the crisis and further analyses situation of Germany, France, Italy, Spain and Greece as players in the game. The game model is then tested on key conflict situations such as relations of France and Germany, first Greek bailout negotiations or Spanish bank bailout negotiations. The results show that chosen states do maximize their expected utility in one election period. However maximization of utility in two or more election periods is limited by the parameters of democratic election system - length of election periods and information asymmetry between voters and politicians. The costs of elimination of information asymmetry would be higher than the costs of debt crisis. So even considering the costs of debt crisis the states are in long term equilibrium.
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