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Financial Stress Transmission from Developed to Emerging Countries
Gavrilenco, Nicolae ; Horváth, Roman (vedoucí práce) ; Jakubík, Petr (oponent)
Charles University in Prague Faculty of Social Sciences Institute of Economic Studies MASTER THESIS Financial Stress Transmission from Developed to Emerging Countries Author: Bc. Nicolae Gavrilenco Supervisor: doc. Roman Horvàth, Ph.D. Academic Year: 2012/2013 Abstract In this research we have analyzed the financial system as it is today, describing the implications financial innovation had and the impact of the recent financial crisis. We tried to understand the nature of the financial stress and its measures. In the context of world financial integration it was also necessary to have a review upon the financial stress transmission channels from developed to emerging countries, determining the linkages and their measures. We employed a structural VAR model to determine whether there is empirical proof of financial Stress transmission from developed to emerging countries and see if financial integration represents the decisive factor in financial stress transmission. Our results suggest that there is a significant impact of financial stress in developed countries on the output of emerging ones. However we can observe an increasing influence of country-specific factors in explaining the variation in the rest of the variable of our model. The results also indicate the level of international financial...
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Which Factors Are More Important In Emerging Economies: External or Internal?
Wu, Ziyi ; Semerák, Vilém (vedoucí práce) ; Svoboda, Karel (oponent) ; Makarova, Svetlana (oponent)
Tato disertace se zaměřuje na zkoumání hlavních vlivných faktorů hospodářského růstu z vnějších a vnitřních perspektiv. Po rozsáhlé analýze a předchozím výzkumu je otevřenost obchodu považován za externí faktor, zatímco vnitřní jsou finanční trhy a instituce. Na základě souboru údajů čtyř typických rychle rostoucích rozvíjejících se ekonomik--Čína, Indie, Jižní Afrika a Ruská federace tato studie zjistila, že existuje významná dlouhodobá rovnováha mezi růstem HDP, otevřeností obchodu, finančními trhy a institucemi v Číně, a může být pozorována obousměrná příčinná souvislost mezi otevřeností obchodu a růstem HDP. Pro zbývající země existují dva soubory dlouhodobých vztahů mezi těmito proměnnými, kde jsou vnitřní faktory týkající se finančního rozvoje v těchto ekonomikách zásadnější, což také významně ovlivňuje objem obchodu v dlouhodobém výhledu. Výsledky tohoto výzkumu ukazují, že dominantní růstové faktory jsou úzce spjaty s politikou, historií země, a co je nejdůležitější, s ohniskem její rozvojové strategie.
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Financial Stress Transmission from Developed to Emerging Countries
Gavrilenco, Nicolae ; Horváth, Roman (vedoucí práce) ; Jakubík, Petr (oponent)
Charles University in Prague Faculty of Social Sciences Institute of Economic Studies MASTER THESIS Financial Stress Transmission from Developed to Emerging Countries Author: Bc. Nicolae Gavrilenco Supervisor: doc. Roman Horvàth, Ph.D. Academic Year: 2012/2013 Abstract In this research we have analyzed the financial system as it is today, describing the implications financial innovation had and the impact of the recent financial crisis. We tried to understand the nature of the financial stress and its measures. In the context of world financial integration it was also necessary to have a review upon the financial stress transmission channels from developed to emerging countries, determining the linkages and their measures. We employed a structural VAR model to determine whether there is empirical proof of financial Stress transmission from developed to emerging countries and see if financial integration represents the decisive factor in financial stress transmission. Our results suggest that there is a significant impact of financial stress in developed countries on the output of emerging ones. However we can observe an increasing influence of country-specific factors in explaining the variation in the rest of the variable of our model. The results also indicate the level of international financial...
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The impact of the credit crunch on the cost and profit efficiency of the banks: an international comparison
Babin, Adrian ; Marková, Katarína (vedoucí práce) ; Pečená, Magda (oponent)
This thesis documents, using an unbalanced panel of Top 1000 World banks with observations for 2005 - 2009, three main aspects related to cost and profit efficiency in banking. First, it established that there is no correlation between a bank's rank in the Top and its rank given by the efficiency scores. However, the size of the banks plays a positive role on the cost efficiency of the institution, big banks having higher cost efficiencies than small banks. Conversely, the profit efficiency is equal across different sizes. Second, it verified that for 2005 - 2009 there is no evidence that banks from the developed countries are more efficient than banks from emerging economies. This finding is further supported by the third aspect, which shows that banks originating in the developed economies, with large exposures to more sophisticated banking products, have been hit the hardest by the financial crisis. However the banks managed to shrink their cost inefficiency while losing efficiency on the revenue side. The post crisis, 2009, proved to be a year in which banks across countries and regions converged in terms of efficiency and plateaued at about 10% and 25% for cost and profit inefficiency respectively.
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