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SME Access to Finance and Monetary Policy of the ECB
Brázdová, Martina ; Horváth, Roman (advisor) ; Dědek, Oldřich (referee)
The objective of this thesis is to provide new insights into determinants of firm access to finance, and the role of the European Central Bank's (ECB) monetary policy. Not only do we describe and analyze the determinants of access to finance, but we focus on the theory of financial intermediation, as well. The key part analyses European Commission (EC)/ECB survey data for 16 euro area economies from 11 survey waves in the period from 2009 to 2014. We build our model using traditional firm-level variables such as firm size and age as well as a novel measure of the ECB's monetary policy stance - the shadow rate. We hypothesize that smaller and younger firms with decreased profitability over the past 6 months and increased leverage over the same period are more likely to report problems with access to finance. Our results are intuitively consistent with theoretical expectations and also show that the looser the monetary policy of the ECB is, the lower the composite financing gap indicator. Interestingly, we do not confirm the existence of risk taking channel of the monetary policy. Overall, we make use of the most recent survey data, extend the dataset, and use modified methodology for our estimation.
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Zhodnocení vývoje bankovního zprostředkování ve vybraných zemích V4
Jílková, Michaela
This bachelor thesis focuses on the evaluation of bank intermediation development in the Republic of Poland and Hungary between the years of 2002 and 2014. In the thesis, there are also determined the macroeconomic and sectoral indicators that influence the development of the intermediation. The linear dependence of these indicators and those of bank intermediation is examined through correlation analysis.
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Zhodnocení bankovního zprostředkování a jeho vliv na ekonomiku Irska a Islandu
Hazuková, Miroslava
This bachelor thesis deals with evaluation of financial intermediation and its influence on Irish and Icelandic economy. For this purpose, the following indicators of financial intermediation have been defined: financial depth, access to finance, effectiveness and stability. Their dependency and influence on the indicator of macroeconomic environment are examined by means of correlation and regression analysis. The thesis is also concerned with characteristics of macroeconomic and banking environment, economic recovery evaluation of both countries and their comparison. Keywords
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Vklady a úvěry v českém bankovním sektoru
Adamová, Gabriela
Adamová, Gabriela. Deposits and loans in the Czech banking sector. Bachelor thesis. Brno: Mendel University, 2017. This bachelor thesis analyzes development of deposits and loans, specifically within banking sector of Czech republic between years 2002 and 2015, conside-ring bank´s size and type. For this purpose, clients' deposits / total assets and loans to clients / total assets ratios are examined. The work also focuses on the as-sessment of the risk development of loans using the NPL indicator / loans to clients. The impact of the financial crisis is taken into account. The power of linear dependence between deposits and loans is tested using correlation analysis.
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Návrh a implementácia informačného systému pre sprostredkovateľskú firmu
Sršeň, Martin
The bachelor thesis contains the analysis of company processes, design and implementation of information system. The aim of the thesis is to make the company processes in the intermediary company more efficient by introduction of a new information system. The first chapters Informačný systém and Problematika finančného sprostredkovania contain a theory on information systems and a description of the financial intermediation sector. In the chapter named Firemné procesy v spoločnosti Fingo a ich formalizácia were used standardised diagrams – mostly UML type diagrams. In addition to the diagrams, the analysis of business processes includes a verbal description, which is accompanied by a description of various problems that may occur in the processes. In the chapter Realizácia contains a more general verbal description of the implementation of the individual modules, the functionality of the information system and the problems encountered in the implementation. The chapter Dosiahnuté výsledky describes the main benefits of the new information system for the company and also contains the statements of the company management.
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SME Access to Finance and Monetary Policy of the ECB
Brázdová, Martina ; Horváth, Roman (advisor) ; Dědek, Oldřich (referee)
The objective of this thesis is to provide new insights into determinants of firm access to finance, and the role of the European Central Bank's (ECB) monetary policy. Not only do we describe and analyze the determinants of access to finance, but we focus on the theory of financial intermediation, as well. The key part analyses European Commission (EC)/ECB survey data for 16 euro area economies from 11 survey waves in the period from 2009 to 2014. We build our model using traditional firm-level variables such as firm size and age as well as a novel measure of the ECB's monetary policy stance - the shadow rate. We hypothesize that smaller and younger firms with decreased profitability over the past 6 months and increased leverage over the same period are more likely to report problems with access to finance. Our results are intuitively consistent with theoretical expectations and also show that the looser the monetary policy of the ECB is, the lower the composite financing gap indicator. Interestingly, we do not confirm the existence of risk taking channel of the monetary policy. Overall, we make use of the most recent survey data, extend the dataset, and use modified methodology for our estimation.
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The impact of regulation on the protection of financial intermediary clients
Zámečník, Petr ; Heřman, Jan (advisor) ; Kislingerová, Eva (referee) ; Rozsa, Zoltán (referee)
Financial intermediation due to misselling harms consumers. The work concerns to regulation of financial intermediaries and relation between financial intermediary and his or her client. The main objective is to analyze how the regulatory of commissions impact financial intermediation. The paper analyzes the current form of legal status of financial intermediation in the European Union and the Czech Republic and results in analyzing the impacts of regulatory proposals that was discussed in Chamber of Deputies Parliament of the Czech Republic. It concludes that if the proposals were accepted, it will not improve the quality of consumer protection, but even can cause damage to the client. The current legislative base moreover provides sufficient resources to prosecuting financial intermediation, which does not respect the client's interest. For analyzing the relation between financial intermediary and his or her client is developed theoretical model based on theory of games.
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Confidence Cycles and Liquidity Hoarding
Audzei, Volha
Market confidence has proved to be an important factor during past crises. However, many existing general equilibrium models do not account for agents’ expectations, market volatility, or overly pessimistic investor forecasts. In this paper, we incorporate a model of the interbank market into a DSGE model, with the interbank market rate and the volume of lending depending on market confidence and the perception of counterparty risk. In our model, a credit crunch occurs if the perception of counterparty risk increases. Our results suggest that changes in market confidence can generate credit crunches and contribute to the depth of recessions. We then conduct an exercise to mimic some central bank policies: targeted and untargeted liquidity provision, and reduction of the policy rate. Our results indicate that policy actions have a limited effect on the supply of credit if they fail to influence agents’ expectations. Interestingly, a policy of a low policy rate worsens recessions due to its negative impact on banks’ revenues. Liquidity provision stimulates credit slightly, but its efficiency is undermined by liquidity hoarding.
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Commission and financial market
Macura, Marek ; Smrčka, Luboš (advisor) ; Zámečník, Petr (referee)
This thesis deals with the financial market intermediation and distribution on the financial market. By using situational analysis reveals connections and principles of the functioning of financial intermediation and focuses on the role of financial market regulation and commission fees. Thesis is analyzing the effects of changes in commission system and impact to different distribution models.
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Moral hazards in terms of the financial crisis
Jagošová, Petra ; Žamberský, Pavel (advisor) ; Neumann, Pavel (referee)
This diploma thesis focuses on the moral hazard aspects in the financial crisis on the USA market in the years 2007-2009, that later became known as a global crisis of real economic. The thesis aim is to prove a role of moral hazard in the financial crisis origins, role that can be detected in the activities and behavior of the market participants. There is a survey of the individual causes of the crisis and interpretation in the terms of moral hazard. First part of the thesis focuses on the theoretical basics of moral hazard that is being represented by the Principal-Agent Problem. This theory is further applied on the financial market theories. Second part of the thesis describes the origin and development of the financial crisis. It represents the introduction of the crisis without exploring the causes. The third part of the thesis is the core part, there is presented the role of moral hazard in the financial crisis due to the synthesis of the two previous parts. Item by item there are introduced the activities on the crisis market, where the principle of these activities is presented in terms of moral hazard. This part also includes moral hazard in the society that influences also the financial market. The last part focuses on the regulation of the financial markets in connection with the possibilities of moral hazard elimination.
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