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The role of credit default swaps during the subprime mortgage crisis in 2007-2009
Lazukićová, Andrea ; Teplý, Petr (advisor) ; Vozková, Karolína (referee)
This thesis focuses on the role of credit default swaps during the subprime mortgage crisis 2007-2009 with special focus on mortgage-backed securities. In the empirical part of the thesis, three models are constructed. All of them have the same dependent variable, a mortgage delinquency rate in the 2005-2010 period, and independent variables representing various types of credit default swaps issued. Streamlined in each model, credit default swaps (CDS) were divided based on certain criteria (underlying sectors, maturity and ranking) and subsequently compared and analysed. By using the probit model, the main research question "How the probability of mortgage delinquency depends on the volume of credit default swaps issued?" was inspected. The contribution of this thesis is three-fold. First, we show that a delinquency rate of mortgages was correlated with the maturity of CDS issued (the delinquency rate was higher for short-term loans). Second, we state that the volume of subprime loans increased along with the volume of issued CDS, what contradicts to the insurance nature of a CDS. Finally, a mortgage delinquency rate was lower in the 2006-2008 period than in 2009-2011, what implies the domino effect of failing mortgages had an immense impact even after the global crisis.
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Mortgage crisis in the US and its impact on residential markets: Czech republic vs. Hungary
Karafová, Katarína ; Streblov, Pavel (advisor) ; Kosturák, Matej (referee)
This bachelor thesis focuses on the development of the real estate market in the Czech Republic and Hungary after the outbreak of the subprime crisis in the U.S. and residential and mortgage market comparison. The aim of this thesis is to point out the main differences of both residential markets in terms of the average transaction prices, housing intensity or housing stock. The residential markets comparison is accompanied by return on investment analysis of the rental property purchase in Prague and Budapest for 30 years.
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The role of credit default swaps during the subprime mortgage crisis in 2007-2009
Lazukićová, Andrea ; Teplý, Petr (advisor) ; Vozková, Karolína (referee)
This thesis focuses on the role of credit default swaps during the subprime mortgage crisis 2007-2009 with special focus on mortgage-backed securities. In the empirical part of the thesis, three models are constructed. All of them have the same dependent variable, a mortgage delinquency rate in the 2005-2010 period, and independent variables representing various types of credit default swaps issued. Streamlined in each model, credit default swaps (CDS) were divided based on certain criteria (underlying sectors, maturity and ranking) and subsequently compared and analysed. By using the probit model, the main research question "How the probability of mortgage delinquency depends on the volume of credit default swaps issued?" was inspected. The contribution of this thesis is three-fold. First, we show that a delinquency rate of mortgages was correlated with the maturity of CDS issued (the delinquency rate was higher for short-term loans). Second, we state that the volume of subprime loans increased along with the volume of issued CDS, what contradicts to the insurance nature of a CDS. Finally, a mortgage delinquency rate was lower in the 2006-2008 period than in 2009-2011, what implies the domino effect of failing mortgages had an immense impact even after the global crisis.
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Mortgage crisis in the US and its impact on residential markets: Czech republic vs. Hungary
Karafová, Katarína ; Streblov, Pavel (advisor) ; Kosturák, Matej (referee)
This bachelor thesis focuses on the development of the real estate market in the Czech Republic and Hungary after the outbreak of the subprime crisis in the U.S. and residential and mortgage market comparison. The aim of this thesis is to point out the main differences of both residential markets in terms of the average transaction prices, housing intensity or housing stock. The residential markets comparison is accompanied by return on investment analysis of the rental property purchase in Prague and Budapest for 30 years.
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Causes, progress, consequences and another aspects of the global financial crisis 2008 in international comparison
Novotný, Martin ; Dočkal, Dalibor (advisor) ; Urban, Luděk (referee)
The subject of this thesis is the description of trends in economy during global financial crisis in 2008. The main object of this work is to find causes and especially to analyze the mortgage bubble in financial markets, panic, uncertainty and risk spreading to other sectors. This work analyzes many consequences, which have been caused by financial crisis on global economy. This thesis also focuses on evaluation of important institution's influence, such as investment banks, insurance companies and rating agencies on financial crises. There are used microeconomic and macroeconomic indicators to analyze financial markets and national economies of countries which were affected by the crisis. Also is analyzed if interventions of central bank and government were eligible. This issue is discussed in part which describes economic cycles from perspective of the Austrian school of economics.
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Causes of Lehman Brothers Bankruptcy
Spěváková, Ilona ; Marek, Petr (advisor) ; Daněk, Stefan Svatopluk (referee)
In the first part of the bachelor thesis "Causes of Lehman Brothers Bankruptcy" there are described causes of the biggest bankruptcy in the United States of America, in relation to global economic crisis. Whether it was adoption of Community Reinvestment Act, cancelation of Glass-Steagall law, forthcoming deregulation, or securitization? In the second part there is mentioned moment, when the system began to fall apart and when large companies were facing liquidity crisis, which was fatal for 4th largest investment bank. The last part is devoted to time frame after the bank collapse. There the work take closer look to bankruptcy process in the USA, to damage done by distorted reality after accounting frauds began surfacing, to upcoming consequences for global cross-related economy, and foremost extracting a lesson from that all.
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American mortgage crisis
Lukeš, Filip ; Antoš, Ondřej (advisor) ; Zemplinerová, Alena (referee)
This bachelor thesis is focused on American mortgage crisis. It was highly influenced by book Money, Bank Credit, and Economic Cycles. This book was written by Jesús Huerta de Soto, who uses the theory of Austrian school, which is applicable to contemporary crisis. Austrian theory and another terms related to crisis are explained in the first part. In the second part thesis explain how such a huge crisis occured and in particular is focused on one of the most discussed area -- subprime mortgages. In the third part the consequences of cisis are analysed. In the last part of this thesis situations on mortgage market in the Czech republic is compared with the American mortgage market, impacts of crisis and state reaction on this crisis.
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Causes of the American mortgage crisis
Deutschel, Lukáš ; Antoš, Ondřej (advisor) ; Urban, Luděk (referee)
This bachelor work deals with American mortgage crisis and concentrates on causes of this crisis. The first part of the work describes mortgage market in USA and problem segment of subprime mortgages. The second part analyses causes of the crisis with focusing on origin of housing bubble, monetary policy of FED, role of rating agencies and securitization process. The last part of the work touches on anti-crisis government's actions into U.S. economy.
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Global financial crisis - causes and the course
Rakićová, Anna ; Witzany, Jiří (advisor) ; Witzany, Jiří (referee)
The major objective of this thesis was to summarize all important theoretical information on actual financial crisis -- its causes and initiative course. In connection with events already passed, the thesis is targeting especially American mortgage market, where mortgage institutions caused collapse of world-wide financial sector by providing cheap mortgages. The thesis is divided into ten main parts. Approximately first half includes rather theoretical part -- characteristics of financial and mortgage market and brief preview of crisis already passed. Second half is dealing with actual financial crisis, where you can find the most important events of 2007 and 2008. All thesis is completed by charts and pictures that should help the reader to get near to the course of this crisis.
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