This diploma thesis deals with the issue of impact of the euro adoption to less developed EU countries, namely the PIGS countries. The first part defines the Maastricht criteria and their fulfillment by those States before joining the euro area. In the other two parts is analyzed the evolution of macroeconomic indicators before and after the outbreak of the financial crisis. These are the indicators of inflation, current account and net investment positions, the housing market and private loans, public finance, GDP and unemployment. In conclusion, there is an evaluation of the development of the individual countries on the basis of these indicators, assessed the suitability of the Maastricht criteria and the benefits of integrating these countries into EMU both for them and for the euro area as a whole.

Thesis analyzes different indicators of competitiveness in period before and after adopting of euro in Slovakia. First chapter contains theoretical background, defines competitiveness and methods of its measuring. Second chapter analyzes development of macroeconomic indicators such as GDP, inflation, government debt and deficit. Aim od third chapter is to evaluate competitiveness of Slovakia, using different competitiveness reports and this chapter also contains analysis of unit labor costs, labor productivity and real effective exchange rate. Fourth chapter is analyzing different exchange rate regimes and compares impact of financial crisis on Slovak and Czech economy due to the fact, that countries had different exchange rate regimes in this period.

Excessive lending activity of banks is considered to be one of the causes of the recent financial and economic crisis. The theme of this thesis is to evaluate the relation of credit and the business cycle in the euro area countries and explore the differences which have been among these countries recorded. The primary objective of this work is the analysis of the credit cycle in these countries and its develoment from 2000 to the present. The paper will address further the question of whether financial markets can create for themselves economic imbalances through endogenous credit "booms". First part will deal with the theory off business cycles, then with alternative approaches, namely the Financial Instability Hypothesis of Hyman Minsky and followed by the latest theoretical knowledge on the issue of credit cycles. The next part will focus on identifying and analysing factors playing the significant role in the development of the economy in the pre-crisis period. The following section will be devoted to the international comparison of the credit and business cycles in the euro area (selection of those states that were more resistant to crisis and those sensitive to the crisis). The conclusion will address some recommendations for the policies of central banks, which may in turn reduce the pro-cyclical effects of developing leverage.

stract Abstract The aim of this thesis is to compare the responses of the two largest economies in the world - the U.S. and the EU -- to economic, debt and financial crisis that began in 2007 on U.S. mortgage markets, respectively, confirm or disprove the hypothesis that the United States deal with the crisis better. For this purpose the thesis describes the causes and consequences of the crisis on which was applied measures at EU level and at the level of the USA. The list of these measures is also presented in the thesis. To decide whether the hypothesis is correct or not is at the thesis analyzed the impact of the measures implemented to both economics. This analysis is based on monitoring the development of statistical indicators of major macroeconomic aggregates - especially the GDP, unemployment and public debt, and quantification of bailouts for the financial sector. Based on the above analysis, the present work confirmed the hypothesis.

The diploma thesis deals with changes in the system of taxation in the Czech Republic, 2008 -- 2013. The aim of the thesis is to analyze particular changes in the system of taxation in each year and determine what form of fiscal policy was applied and whether it was in accordance with tax theory. The examined taxes are: personal and corporate income tax, social security contributions, health insurance, value added tax and excise duties. The first part of the thesis deals with causes and consequences of the financial crisis that began in 2008. The second part of the thesis deals with fiscal policy theory and its measures. The third part of the thesis is an analysis anti-crisis measures applied throughout the European Union during the financial crisis. The fourth part analyzes the changes in the system of taxation in the Czech Republic, 2008 -- 2013.

The master thesis deals with macroprudential policy and its application in the US. The thesis is mainly focused on the large reform of the financial market in the US known as Dodd-Frank Wall Street Reform and Consumer Protection Act. The main objective of the thesis is to analyse the impact of this act on the financial market in the US. The thesis is divided into four chapters, which are logically connected. The first chapter describes the institutional structure of the regulation and supervision over the financial market in the US, with the emphasis on the organisational structure of FED. The second chapter deals with macroprudential policy from the theoretical point of view with the focus on the tools of the policy and its interaction with other policies. It also covers the incentives which lead into putting this policy into practice. The third chapter focuses on the causes of the financial crisis and particularly on the response to the crisis in the form of Dodd-Frank Act. The final chapter analyses the impact of particular measures contained in Dodd-Frank Act on the US financial market. Analysing this the thesis concludes whether these measure were successful from the perspective of objectives that Dodd-Frank Act wanted to meet.

This thesis comprehensively summarizes the global financial crisis. Its main causes consist of government support for home ownership, artificially set interest rates, and the conduct of economic actors in the context of financial innovation. Thus, this thesis considers external interventions into the economy as the primary causes of the crisis. Furthermore, chronologically summarized are the steps taken by the Federal Reserve System (Fed) and the European Central Bank (ECB) during the crisis itself. In a short period of time, these central banks exhausted the standard tools of monetary policy, which led to the use of unconventional measures. The Fed mainly used quantitative easing, while the ECB used a set of various tools available to help solve problems on multiple fronts - especially the debt crisis in the Eurozone countries. With the exception of a description of the chain of events leading to the financial and economic crisis, the main contribution of this thesis lies in mediation and confrontation of views by selected economists from various spectrum of opinions in regards to the steps of the Fed and the ECB in their solutions to the crisis. This discussion reveals that the biggest concerns associated with these interventions consist of price bubbles, inflation, distortion in market mechanisms, Europe's unsustainable integration at the monetary level, and the inexorable rise of the another crisis caused by the failure to solve the real causes of the last crisis. Finally, the opinions of the author of this thesis match with the conclusions and recommendations that arise from this discussion.

After more than 30 years of fast economic development since the Reform and open up to the world in 1978. Chinas socialist market economy is ranked at the worlds second largest economy by nominal GDP. and the worlds largest economy by purchasing power parity according to the IMF today. In spite of the outstanding economic data. China is facing numbers of problems like overcapacity and high financial risk. The goal of this thesis is to dig into the hidden realities behind the fast economic growth of China mainly through analyzing the economic situation after the 2008-09 Chinese economic stimulus plan. which is known asthe 4 trillion RMB (USD 586 billion) stimulus package announced by the State Council of the Peoples Republic of China on 9 November 2008. It is regarded as an attempt to minimize the impact of the global financial crisis on the worlds second largest economy. However. critics of Chinas stimulus package have blamed it for causing a surge in Chinese debt and overcapacity since 2009. particularly among local governments and state-owned enterprises.

This research aims to understand the effect of business models in the Asian banking industry during the most recent financial crisis, and to identify effective banking business models for the post-crisis landscape. This research was based on observations about the importance of the bank business model for reaching bank stability, as well as a lack of research that focuses on Southeast and East Asia. Its main originality is in the application of existing stability models to banks in Asia, which has rarely been tested. The research uses an econometric approach, with several methods selected (including pooled OLS, robust fixed effects, and time fixed effects) on base models. Three hypotheses were posed, tested conditions of bank stability related to diversification strategy, use of interest and non-interest income, and strength of the bank balance sheet indicators. Bank performance was modelled using seven indicators grouped in three categories (Stability, Performance, and Stock returns). The outcome of testing variables was mixed. Diversification was shown to have a nonlinear effect on bank outcomes in most cases. However, excessive diversification could be harmful. Similar results were found for the effect of Interest and Non-interest income on the indicator outcomes. The third test showed that the Cost-to-income ratio and Total assets were key balance sheet indicators, but other variables tested were not significant. Overall, the findings of the research imply that banks do need to consider their business models, since these do affect performance of the bank in economic crisis situations and overall bank stability. Also, it can be concluded that the traditional relationship banking with strong balance sheet and effective risk management system is the most appropriate model in Southeast and East Asia.

In my thesis I define the main consequences that recent global financial crisis left on Belorussian banking system. In order to achieve my goal, as the first step I introduce the country's banking system, where I describe the main construction elements of Belorussian banking system, present its basic qualitative and quantitative characteristics. In the second chapter first I am going to present the basic information about financial crisis and its development from the international point of view. Then I focus on Belarus and its specifics. The third chapter is dedicated to the analysis of the specific impact of the crisis process and taken measures on Belorussian banks. Finally I evaluate found specifics of Belorussian approach to financial crisis as well as specific effects on Belorussian banks.