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Lender of Last Resort
Varvařovský, Petr ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
The topic of the final thesis is The Lender of Last Resort. Author of the final thesis has dealt with the issue through the analysis of the European current legislation, available Czech or foreign literature or other relevant sources. The function of the national banks, or other institutions, as a lender of last resort is very complex the final thesis examines from the legal and economical perspective. This matter even has obvious global societal dimension when the adequate performance of the lender of last resort has positive effect on the prosperity of the society. On the other hand when the performance is defective the opposite effect arises. The final thesis is divided into five chapters. First two chapters present and clarify the term of lender of last resort and provide us definitions. Second chapter, which builds upon the first two, is providing the reader with the historical context of the lender of last resort, whose development started on the British Islands at the end of the 18th century. The fourth chapter of the final thesis is dedicated to the criteria for granting financial aid by the lender of last resort and the means of the provision of the financial aid. The author has especially focused on the danger of the systemic risk and the too-big-to-fail doctrine. Last fifth chapter...
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Legal and economic aspects of the institute of the lender of last resort
Vágnerová, Tereza ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
Legal and economic aspects of the institute of the lender of last resort Abstract The master thesis deals with the legal and economic aspects of the institute of the lender of last resort, as a key institute that helps ensure the stability of financial markets. The thesis is divided into four parts. The first part is focused on the economic aspects of this institute, especially deals with the general definition of the term lender of last resort and its historical genesis, as well as the principles and forms of assistance of the lender of last resort. The key knowledge of this part is the Thornton-Bagehot doctrine of the lender of last resort. The second part of the thesis deals with the legal regulation of the lender of last resort in the Czech Republic. The third part is aimed at relevant European legislation and provides a summary of the relevant case law of the Court of Justice of the European Union, namely the cases Pringle, Gauweiler and Weiss. The fourth and final part of the thesis outlines the legal framework of this institute in the USA. The second to fourth part of the thesis also analyzes the behavior of 3 central banks (CNB, ECB and FED) in fulfilling the role of lender of last resort during the global financial crisis of 2008, the European debt crisis and the current coronavirus crisis,...
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Lender of Last Resort
Varvařovský, Petr ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
The topic of the final thesis is The Lender of Last Resort. Author of the final thesis has dealt with the issue through the analysis of the European current legislation, available Czech or foreign literature or other relevant sources. The function of the national banks, or other institutions, as a lender of last resort is very complex the final thesis examines from the legal and economical perspective. This matter even has obvious global societal dimension when the adequate performance of the lender of last resort has positive effect on the prosperity of the society. On the other hand when the performance is defective the opposite effect arises. The final thesis is divided into five chapters. First two chapters present and clarify the term of lender of last resort and provide us definitions. Second chapter, which builds upon the first two, is providing the reader with the historical context of the lender of last resort, whose development started on the British Islands at the end of the 18th century. The fourth chapter of the final thesis is dedicated to the criteria for granting financial aid by the lender of last resort and the means of the provision of the financial aid. The author has especially focused on the danger of the systemic risk and the too-big-to-fail doctrine. Last fifth chapter...
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LIQUIDITY MANAGEMENT PROBLEMS OF FED DURING BANKING PANIC 1929 - 1933
Titze, Miroslav ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
Main goal of the diploma thesis is to research liquidity management problems of the Federal Reserve System during banking crisis 1929 -- 1933. Monetary policy implementation based on the implicit reserve targeting was not convenient in times of sharp expansion of the demand for reserves. FED was misled by Real-bills and Riefler-Burgess doctrine and considers monetary condition to be easy. Money interest rates responded very moderately to the shortage of the banking system's liquidity. We can find origin of the first quantitative easing in 1932 when FED first bought larger quantities of the government securities. Expansionary monetary policy during the banking crisis 1929 -- 1933 was also potentially limited by the conflict among U.S. financial stability and sustainability of the gold standard.
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Importance of sources of central bank liquidity during the financial crisis. The development of the lender of last resort function
Laga, Václav ; Brůna, Karel (advisor) ; Šíma, Ondřej (referee)
The aim of this thesis is to document the importance of liquidity resources of central banks during banking panics and financial crises and analysis of the development of LLR function. We examined three historical examples: the banking panic of 1866, the Great Depression and the current financial crisis, and we focused on the interaction between the demand for liquidity on the one hand and the supply of liquidity by central banks on the other. On the wide historical background we also analysed the changes in the function of LLR. We present that a restrictive monetary policy during financial market distortions may lead to further disturbances and cause serious recession. The analysis of the BoE during 1866 and of the FED between 2007 and 2009, on the contrary shows that the expansionary stance and considerably endogenous liquidity supply are able to reduce financial market's distortions and mitigate possible recession. Analysis of FED's reaction also indicated that should the LLR remain efficient, central banks must expand their instruments portfolio.
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