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Regulatory Sandbox in Financial Services
Stupková, Michala ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Regulatory Sandbox in Financial Services This thesis examines the issue of regulatory sandboxes in financial services. A regulatory sandbox is a legal framework under which innovative technologies, products or services can be tested in a real environment and on real customers. Sandboxes are emerging in areas that are heavily regulated, while in financial services they serve to make it easier for innovative companies to navigate regulation and enter the market. This work then focuses on regulatory sandboxes in financial services in the European Union, which are currently established in 11 Member States. The main objective of this thesis is firstly to introduce this relatively widespread but not well-known concept and secondly to analyse its use in financial services. Although the establishment of a regulatory sandbox in the Czech Republic has been debated, it is a rather unknown and unexplored concept in the Czech academic environment, but one which deserves appropriate attention. Especially if it were to be established in the Czech Republic. The first chapter is dedicated to the regulatory sandbox itself, its functioning and the various benefits and risks associated with its operation. It then introduces some of the sandboxes in areas other than financial services. The second chapter discusses in...
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More is Less: The Political Economy of the MiFID Revision
Mandić, Stefan ; Kudrna, Zdeněk (advisor) ; Schwarz, Jiří (referee)
The thesis titled "More is Less: The Political Economy of the MiFID Revision" aims to reveal to what extent different preferences of individual Member States on EU financial regulation affect the increase in complexity of financial legislative acts, concretely MiFID II. Using three theoretical building-blocks in a classical framework of political economy, we argue that divergence of member states is inherent to their different capitalist environments (Varieties of Capitalism). Aligning these differences with the common, harmonized regime can create costs and cause market disadvantages. Therefore, Member States try to push for as similar legislation to their own as possible, to minimize the costs. The result is a disproportionately long legislative act, that was crafted in a way to satisfy individual preferences of Member States, through discretionary provisions, exemptions and other. We also investigate how much harmonization the original MiFID established, asking if some provision became less complicated in MiFID II, owing to gradual convergence of Member State regimes.
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Multi-agent Network Models of Financial Stability
Klinger, Tomáš ; Teplý, Petr (advisor) ; Tripe, David (referee) ; Stavárek, Daniel (referee) ; Jakubík, Petr (referee)
The thesis focuses on banking regulation and on the nexus between financial sovereign crises. After illustrating the main mechanisms on the recent financial crisis, we construct several multi-agent network models of a financial system for testing its stability under different parameters. In the first part, we focus on the rationale for banking regulation and we describe its development including the recently introduced Basel III measures. The main conclusion of this part is that regulation is to a large extent influenced by the banks and it does not always secure financial system stability. In the second part, we build an agent-based model which enables us to simulate the impacts of various types of negative shocks given various settings of the banking system and the regulatory environment, including the capital and liquidity measures. Our simulations show firstly that sufficient capital buffers are crucial for systemic stability, secondly that the discretionary measures have little effect once a crisis breaks out and thirdly that liquidity measures are a relevant regulatory tool. In the third part, the model is extended so that it allows for testing effects of state support on systemic stability is tested with various parameter settings in Monte Carlo simulations and for testing of feedback loops in which...
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Post-crisis Re-regulation of Financial Markets
Filipec, Petr ; Kudrna, Zdeněk (advisor) ; Vacek, Pavel (referee)
This paper analyzes the causes of financial crises, and on this basis it proposes possible changes in financial regulation. Throughout the paper we work with a hypothesis that the major roots of financial distress are excess credit growth and substantial capital inflows. We test this hypothesis on a dataset comprising entries from Australia, Japan, the UK, and US over the approximate period 1970-2010. The results confirm that there is a consistent relation of credit development to financial crisis incidences and a somewhat less consistent effect of capital inflows. Furthermore, since we find a robust positive effect of past credit growth on the probability of a crisis occurrence, we propose a change in interest rate policy. Our suggestion implies a consideration of credit to GDP ratio during the execution of the monetary policy decisions on interest rates.
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Foreign Mortgage Covered Bonds as Source of Funding for Czech Banks
Živanský, Jakub ; Musílek, Petr (advisor) ; Cibulka, Jakub (referee)
This Diploma Thesis describes foreign mortgage covered bonds which can be issued by Czech banks under English law on foreign regulated markets after the amendment to the Czech Act No. 190/2004 Coll., the Bonds Act, as amended took effect in 2012. The Diploma Thesis outlines basic characteristics of foreign mortgage covered bonds, lists reasons for their issuance, and compares them with certain alternative sources of funding for banks. The Diploma Thesis describes the structure of programme and issuance documentation used in the international capital markets. The author points out certain regulatory deficiencies existing under Czech law and proposes amendments in support of the international investment attractiveness of foreign mortgage covered bonds of Czech banks. The Diploma Thesis also analyses selected issuances of foreign mortgage covered bonds by Czech banks.
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Resurrection of the so-called Tobin tax. What are the intended unintended and the unintended unintended consequences of financial transaction tax?
Švec, Marek ; Mládek, Josef (advisor) ; Hájek, Jan (referee)
In recent times some economists and politicians in the context of financial crisis dusted off again the idea of introducing the so-called Tobin tax, or financial transaction tax (FTT), respectively. This thesis briefly reviews the existing literature on FTT. Two case studies of Sweden and Great Britain show in some respects two different experiences with FTT. The theses analyzes in detail the economic implications of the European Commission proposed FTT from the perspective of economic theory and economic policy. Partial conclusions of the thesis reveal some drawbacks and pitfalls of FTT. While the benefits of FTT remain rather controversial. The theses therefore concludes that FTT is not due to the severity of its impacts appropriate economic measure.
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Response of the European Union to the financial crisis - basis for an efficient regulation?
Petrovická, Marie ; Bič, Josef (advisor) ; Antal, Jarolím (referee)
The thesis analyses reaction of the European Union vis-a-vis the financial crisis. Its main purpose is to asses concrete steps carried out by the EU referring to theoretical literature on financial regulation. Thus, first part of the thesis compares general arguments of those in favour of the financial regulation with those opposing it. Current state of such a discussion with the emphasis on the EU is also taken into account. After summarising main causes and consequences of the crisis in the European Union, the thesis focuses on presenting the reaction of the organisation. Its concrete steps are evaluated on the basis of the theoretical arguments outlined before.
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