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Deposit Insurance in the European Union
Holá, Veronika ; Jakubík, Petr (advisor) ; Teplý, Petr (referee)
This thesis examines the question whether uncoordinated steps of some EU states changing their deposit insurance schemes in the middle of 2008 could have led to shifts of deposits among EU countries. The paper deals mainly with changes of the rules which were introduced at the end of year 2008, and concerns with the amended Directive on Deposit Guarantee Schemes. Empirical analysis concentrates on the impact of state guarantees on the deposit grow rate in individual states. In the final part, we discuss the consequences of recent development and possible future progress.
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The Moral Hazard in Light of the Recodification of the Private Law
Lučan, Jakub ; Bažantová, Ilona (advisor) ; Hraba, Zdeněk (referee)
-1- Summary The aim of the thesis is to assess the impact of the recodification of private law on the phenomenon of moral hazard. In order to achieve the goal, the old and new legislation were compared in order to identify key changes and analyse their nature, in terms of their positive or negative impact on the potential occurrence of moral hazard. In the theoretical part, moral hazard was defined and systematized in the context of so- called "old" and "new" market failures. The author also offered a key contemporary definition of the term. Increased attention has also been paid to the issue of incomplete and asymmetric information that often coexists with or potentially enhances moral hazard. In the second part of the theoretical part, the author of the thesis focuses on defining the specifics of moral hazard, taking into account the Czech practice. The phenomena of insurance, health, monetary policy, banking, financial consulting and corporate governance are gradually being mentioned. The issue of representation and black passenger is also accented. The difference between moral hazard behaviour and fraud is also described. In the practical part, the author compares the selected institutes of private law across new and old legislation. This part is divided into various general institutes, which are based...
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Stochastic games
Holková, Klára ; Dostál, Petr (advisor) ; Zikmundová, Markéta (referee)
Title: Stochastic games Author: Klára Holková Department: Department of Probability and Mathematical Statistics Supervisor: Mgr. Petr Dostál, Ph.D., Department of Probability and Mathema- tical Statistics Abstract: In the text of this thesis we deal with the classification of stochastic games, which is closely related to investing in various financial instruments. With the help of utility functions, we are looking for the optimal and relatively safe bet on a mathematically convenient game. It will be demonstrated, why it does not pay off to take part in fair games and games of chance in the long run, as well as how such games relate to moral hazard. The thesis is written in a way that should make it accessible to the wide public, therefore there are numerous examples and interpretations in order to facilitate the understanding of the mathematical theory. Some parts can also be used by teachers as a direct source for teaching financial literacy in primary and secondary schools. Keywords: Optimal and relatively safe bet, CARA a HARA utility functions, moral hazard, financial literacy 1
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Deposit Insurance in the European Union
Holá, Veronika ; Jakubík, Petr (advisor) ; Teplý, Petr (referee)
This thesis examines the question whether uncoordinated steps of some EU states changing their deposit insurance schemes in the middle of 2008 could have led to shifts of deposits among EU countries. The paper deals mainly with changes of the rules which were introduced at the end of year 2008, and concerns with the amended Directive on Deposit Guarantee Schemes. Empirical analysis concentrates on the impact of state guarantees on the deposit grow rate in individual states. In the final part, we discuss the consequences of recent development and possible future progress.
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Financial crisis and moral hazard
Valtr, Jiří ; Žamberský, Pavel (advisor) ; Neumann, Pavel (referee)
This diploma thesis focuses on moral hazard in the recent financial crisis which was caused by the burst of the housing bubble in the United States of America almost nine years ago. The main contribution of this thesis is providing evidence of possibility to measure moral hazard. This measuring possibility is achieved by establishing key indicators which are linked to various types of moral hazard according to its origin or closest relation. The thesis also in part drafts a solution to moral hazard in the form of an effective regulation. This thesis is written comprehensibly and does not provide information about every detail of the financial crisis. Regardless of that it still provides most readers interesting and useful piece of information, which they probably have not encountered elsewhere.
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Causes, course and consequences of the financial crisis in the USA
Chlupáčová, Nikola ; Neumann, Pavel (advisor) ; Sejkora, Jiří (referee)
The aim of this work is to analyze the causes, consequences and to describe the recent financial crisis with regard to the identification of potential culprits of the financial crisis and the slow recovery of the US economy from the financial crisis. The main content of this work is to focus on the identification of the particular consequences which were caused by the lack of a regulatory framework, monetary policy of the US central bank and new financial derivatives. It affected for several years the process of the US economy. The last chapter brings based on the lessons learned from the analysis of the financial crisis the scheme of recent financial crisis and thus it provides a comprehensive view of this financial crisis.
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The role of moral hazard in the financial crisis
Demčík, Matej ; Žamberský, Pavel (advisor) ; Hnát, Pavel (referee)
The financial crisis in the USA is due to its great consequences still considered to be current topic. Its causes were discussed and analyzed by many researchers, but mostly from the financial point of view. This thesis takes different approach and identifies the role of the moral hazard in the pre-crisis period. Moral hazard is very often underestimated and for many people uninteresting factor. Therefor, the thesis is divided into four parts, which present the theoretical background of moral hazard and bring up the importance and constant presence of it in today's world. The main part of this work is last chapter, which analyzes moral hazard in the causes of the financial crisis. Moral hazard played key role in the pre-crisis period when it was present at all possible levels deforming the behavior of market players and causing the market failure. The deformation had mostly form of excessive risk-taking, unfavourable financial products and abuse of the information asymmetry. Very specific and dangerous kind of moral hazard is associated with the government interventions such as Greenspan doctrine or Too big to fail policy. It is because of its systematic character, when opposed to the moral hazard in the private sector is not required the presence of information asymmetry.
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The impact of the principal-agent problem on the genesis of the global financial crisis
Mach, Milan ; Žamberský, Pavel (advisor) ; Hnát, Pavel (referee)
The core focus of this thesis is the principal-agent problem and its role in the outbreak of the 2007 financial crisis. Analysis of key elements of the problem like moral hazard and adverse selection lays foundations for identifying situations, in which conflict of interests led to negative impacts on the economic performance before and during the financial crisis. This work also studies the influence of factors that are often overlooked by theoretical economists but are still tightly connected to the principal-agent problem, like exogenous incentives based on the mechanism of trust. The author also evaluates mechanisms that have been put into place after the financial crisis and which could help lower agency costs. He also sketches out possible venues of future research in this area.
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Impact of moral hazard in the context of the global crisis on mergers and acquisitions in the financial sector
Jackuliaková, Monika ; Žamberský, Pavel (advisor) ; Neumann, Pavel (referee)
The main purpose of my final thesis is to present the development, function and real impact of moral hazard on the process of creating mergers and acquisitions (mainly in the banking sector) in the context of the financial crisis. I seek to analyse the acquisition process and the factors that affect it. Consequently, I focused on the synthesis of these factors, with emphasis on the role of moral hazard, which on the one hand acts as one of the potential culprits of the failure of markets, but on the other hand as the "driving force" for encouraging the creation of mergers and acquisitions in a financial crisis.
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Securitization and her role in current financial crisis
Bísková, Hana ; Jílek, Josef (advisor) ; Hájek, Jan (referee)
Securitization has been one of the most important causes of recent financial crisis. Diploma thesis characterizes subprime mortgage securitization with the emphasis on entities in the process involved and their motivations for securitization use. The thesis describes the most used securitized assets with the emphasis on risks arising from their characteristics. The thesis also clarifies negatives associated with securitization especially moral hazard, asymmetric information on the market and decline in lending standards and that securitization lead to failure of rating agencies evaluation. Thesis connects cheap money policy with increase demand for mortgages that have been securitized afterword and with losses of investors into securitized assets.
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