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Rating the Sovereigns: Does It Work?
Mošnová, Alžběta ; Janský, Petr (advisor) ; Lopušník, Ondřej (referee)
The sovereign rating business has developed very fast in the last two decades. The recent economic turmoil proved how important it is to set up sovereign ratings in a correct, objective, transparent way and at the right time. The goal of this thesis is to look under the surface of Rating Agencies and analyze their sovereign rating methodologies from the economic perspective. I describe the individual indicators of the sovereign rating assessment, as well as the differences in the sovereign rating methodologies of the three biggest Rating Agencies. The empirical section tries to verify the ability of sovereign ratings to predict sovereign default as well as it explores the possibility that one of the three biggest Rating Agencies would provide systematically higher or lower sovereign ratings.
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Problems and the long-term sustainability of public finance in Japan: Will Japan face sovereign default?
Jägerová, Lenka ; Stuchlíková, Zuzana (advisor) ; Neumann, Pavel (referee)
The aim of this diploma thesis is to evaluate the current situation of public finance in Japan and its long-term fiscal sustainability. The partial objective is to define the fiscal and debt sustainability of the Japan's economy and to evaluate the objectives of government reforms undertook in this area. Further, the thesis examines the link between the fiscal situation and the other problems that Japan is facing, particularly Japan's ageing population, weak domestic consumption and slow economic growth. The diploma thesis is divided into three chapters. The first chapter recalls the basic knowledge of the theory of public finance and fiscal policy. The other two chapters are empirical. It is analysed economic development of Japan after the entry into the new millennium and the fiscal reforms approved by Prime Minister Koizumi and current Prime Minister Abe. At the end of the thesis the fiscal situation and long-term sustainability is evaluated.
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Rating the Sovereigns: Does It Work?
Mošnová, Alžběta ; Janský, Petr (advisor) ; Lopušník, Ondřej (referee)
The sovereign rating business has developed very fast in the last two decades. The recent economic turmoil proved how important it is to set up sovereign ratings in a correct, objective, transparent way and at the right time. The goal of this thesis is to look under the surface of Rating Agencies and analyze their sovereign rating methodologies from the economic perspective. I describe the individual indicators of the sovereign rating assessment, as well as the differences in the sovereign rating methodologies of the three biggest Rating Agencies. The empirical section tries to verify the ability of sovereign ratings to predict sovereign default as well as it explores the possibility that one of the three biggest Rating Agencies would provide systematically higher or lower sovereign ratings.
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Economic and socio-political development of Argentina after 1976 and perspectives of the future development
Hudec, Tomáš ; Čajka, Radek (advisor) ; Bolotov, Ilya (referee)
This master's thesis describes economic and socio-political development of Argentina from 1976 up until the current situation. The last chapter introduces the perspectives of the future development as well. During this period, Argentina experienced a lot of changes when the country switched from policy of ISI to neoliberalism which was the main policy of Argentina from 1976 until the default in 2001, with the exception of Alfonsín's presidency. The thesis deals with the main causes of this default. The next part of the work examines what led the country to the economic recovery after 2002 and explains the changes that have occured during the period of Kirchnerism.
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