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The main objective of the thesis is to evaluate the development of the municipal debt in the Czech Republic in the interval 2004-2014. The sub-objectives are to define the development of municipal debt in the Czech Republic in the interval 2004-2014, to define the structure of the municipal debt in the country concerned, to categorize the municipal debt in the Czech Republic according to the area and to assess the municipal debt in light of the size of the region. Concrete municipalities in the region of South Bohemia will be presented as examples and the results of this debt incurred in the watched interval on municipal management will be introduced. The theoretical part introduces the phenomenon of debt in municipalities in the Czech Republic. The applied part of the thesis analyses the debt of the city of Hluboká nad Vltavou and consequently it investigates and the debt service and the debt incurred in the watched interval of other municipalities such as Dubné, Dříteň, Zlatá Koruna and the city of Velešín. The results of the analysis are presented together with some recommendations. For the applied part of the thesis three municipalities with effectively allocated finance were chosen. These will be compared with two municipalities which did not manage their finance as effectively. Hluboká nad Vltavou, Zlatá Koruna and Velešín represent the first group while Dubné and Dříteň represent the second group. The biggest problem of these indebted municipalities is the fact that the municipalities take a credit for the operation of the municipality instead of pre-refinancing grants. In conclusion the thesis evaluates its findings. Throughout this thesis several methods were used, including; analysis of relevant publications, interviews, and comparisons.

This thesis focuses on the quantitative easing as a tool used by the U.S. central bank in an effor to enhance the expansionary monetary policy even during the reduction of major interest rate close to zero. The aim is to analyze the impact of the first and second round of quantitative easing on the economy of the Unites States of America practiced by Fed. The aim is achieved primarily by using event study, which examined the effect of the first and second round of quantitatitve easing on the yield of U.S. Treasuries. In the context of quantitative easing other economic data such as macroeconomic development of U.S. economy or the situation in the real estat and stock marekts are studied. The second major area of this thesis is the analysis of inflation. The sharp rise of inflation is considered as a one of the major risks associated with quantitative easing. Relationship between quantitative easing and inflation is mainly studied by analyzing the behavior of banks and other economic subjects and by using the results of quantitative easing policiy in the countries which also used that policy.

The main contribution of the diploma thesis is to give a comprehensive picture of the switch from LIBOR to OIS discounting. Prior to the global financial crisis, LIBOR (London Interbank Offered Rate) represented an approximation of the risk-free rate in the valuation of interest rate derivatives. The collapse of Lehman Brothers in 2008 resulted in sharp widening of the LIBOR-OIS spread, an indicator of the interbank market stress. Many derivative practitioners have become concerned about the choice of an appropriate risk-free rate. Traditional valuation approaches using LIBOR discounting have been reviewed. Meanwhile, the OIS (Overnight Indexed Swap) rate has become a better proxy for the risk-free rate, at least for collateralized or centrally cleared transactions. Firstly, the research aims to discover the divergences between LIBOR rates, popular pre-crisis proxies for the riskfree rate, and OIS rates, their post-crisis alternatives. Secondly, it covers the interbank lending market, and analyzes individual LIBOR-OIS spreads for the USD, EUR, GBP and CZK currency. Thirdly, it explores the transition to OIS discounting in connection with an influence on a wide spectrum of interest rate derivatives. Therefore, any potential effects are demonstrated on numerical valuation examples of interest rate swaps in the USD, EUR, and GBP currency. Finally, the diploma thesis addresses a topic of collateral management and clarifies different approaches using LIBOR or OIS rates for collateralized or non-collateralized transactions.

The thesis is presents in detail selected financial derivatives, including interest and currency swaps and other appropriate tools to hedge against interest rate and currency risk. It also shows the accounting and valuation procedures and also leads to the classification of risks associated with the selected instruments. Interpretation and analysis are focused on the economic environment in the Czech Republic and is based on the conventions of the local capital market. Theoretical aspects apply a simple model of interest-sensitive portfolios and examine the effectiveness and validity of two basic methods of quantification and risk management - duration and gap analysis. The aim is to demonstrate the importance of the use of derivatives in risk management in the domestic banking system and to identify strengths and weaknesses in the whole process of applying the two compared methods.

Diploma thesis deals with evaluating effectiveness of CNB monetary policy in a low interest rate environment. First part of the thesis focuses on identification of monetary policy transmission channels and alternative monetary practices rec-ommended for use in a low inflation environment. Next part of the thesis focuses on qualitative analysis of the impacts of CNB monetary policy between years 2008 to 2015 on inflation rate. These impacts are then quantified by correlation and regression analysis. Based on results of qualitative and quantitative analysis it was concluded, that the effectiveness of CNB policy was low, due to inefficiencies in transmission mechanism and high dependence on foreign economic develop-ment. Based on the conclusion, a recommendations for future monetary policy were made.

In the beginning this thesis deals with the theory of the exchange rate, its quotations, significance of its economic effect and ultimately the parity rate of interest, which is divided into a covered and an uncovered interest parity. It is followed by the methodology, which includes formulas and procedures used to achieve the aim. The most important part is the practical part, which deals with the general presentation of selected countries (Czech Republic, Republic of Poland, Hungary, Republic of Croatia and Romania) in terms of significant macroeconomic indicators and also shows the development of the exchange rates and interest rates in those countries. Subsequently, the thesis focuses on the verification of the uncovered interest parity by means of a graphical analysis, a regression analysis and a paired t-test. In view of results of these methods the conclusion was reached, that the theory has not been proven. The last two chapters describe the differences between the results of the selected countries and the possible reasons for the failure of the uncovered interest rate parity.

This dissertation work is specialized on capital structure of company with a view to determinative elements. The problem of capital structure is clarified at first. Law regulations associated with capital structure of company are mentioned too. The definition of capital {--} so isn´t known only in company, but on agriculture national level too and approaches to this problems. The problems of determinativ of ideal capital structure and criteria for options high of capital {--} are closely made. The practise part of this work is about Lesy Hluboká nad Vltavou a.s. as a company. The problem of litetrature part is about practise with this company. At the end of this work is clasification of results.