Práce se zabývá významem ochrany vkladů v bankovním sektoru, věnuje se jednotlivým atributům systémů pojištění vkladů, dává informace o vývoji v ČR a rovněž o integračních tendencích v Evropě i ve světě, dále obsahuje popis vybraných systémů ve světě - srovnání a hodnocení podle některých atributů. Práce také hodnotí různé aspekty kvalitního systému pojištění - jeho efektivnost, spravedlnost a problematiku morálního hazardu. Obsahuje také vymezení síly fondů a jejich role při stabilizaci finančního systému.

This diploma thesis focuses on market anomalies, which are generally known as speculative bubbles. The work is performed in both theoretical and practical form. Theoretical part deals with the functioning of the capital markets, regulation and supervision, causes and consequences of speculative bubbles, basic approaches of efficient market theory and psychological analysis. The main part of this work and its goal is based on partial causal analysis of selected speculative bubbles, to give specific recommendations to regulators, financial intermediaries and individual investors to prevent and mitigate the consequences of the bubble bursting.

Mémoire de recherche / Le krach chinois de l’été 2015 sur les Bourses de Shanghai et de Shenzhen est arrivé dans un moment de ralentissement de la croissance économique chinoise. De même, la décennie perdue (1989-2002) au Japon, qui a commencé par la chute des cours boursiers en décembre 1989, survient une année où la croissance économique avait ralenti d’une année sur l’autre. Afin de relativiser ces ralentissements, il faut savoir que la croissance du PIB chinois est passée de 7,27% à 6,9% entre 2014 et 2015 ; et que la croissance japonaise est passée de 7,15% à 5,37% entre 1988 et 1989. Ces niveaux de croissance sont plutôt exceptionnels dans l’histoire longue du capitalisme. Malgré le fait que ce soit bien des ralentissements de croissance que l’on observe, on n’en reste pas moins dans des économies en forte croissance. Alors pourquoi et comment ces crises sont-elles survenues ? À partir d’une analyse régulationniste des capitalismes chinois et japonais, on observe des transitions de régime de croissance qui s’opèrent dans les années 1970-80 au Japon et depuis 2008 en Chine. Ces transitions de régime suivent chacune une trajectoire particulière de libéralisation. Notre hypothèse est que plus une économie capitaliste se libéralise, c'est-à-dire que plus elle déréglemente ses marchés financiers plus elle observe de l’instabilité sur ses marchés. Autrement dit, nous cherchons à établir un lien entre le degré de libéralisation du secteur financier et la survenue de crises financières. En comparant la crise des années 1990 au Japon et le krach de l’été 2015 en Chine, on peut dire que la crise au Japon est une crise structurelle qui a énormément modifié le régime de croissance. En revanche, le krach chinois était une petite crise de liquidité sur les bourses causée en partie par de l’innovation financière (Ex. : opérations sur marge, dérivées, etc.) et un certain laisser-faire des régulateurs. En observant les différentes trajectoires de libéralisation des deux pays, on peut discerner deux trajectoires distinctes. En revanche, on observe deux dynamiques qui sont similaires, à savoir une ouverture graduelle des économies et une déréglementation du secteur financier au fur et à mesure que les deux pays s’érigent en grande puissance économique. De plus, les crises qui sont l’expression des contradictions intrinsèques à tout système capitaliste vont avoir pour effet de purger une partie des créances douteuses tout en maintenant une dynamique de libéralisation. Nos recherches ont montré que la libéralisation du secteur financier est bien responsable en partie de l’instabilité financière et donc de la formation de bulles qui finissent toujours par éclater, déclenchant ainsi des crises financières. / Both the Shanghai and Shenzhen stock markets crashed during the summer of 2015. This occurred at a time when China’s economy was slowing down. The same phenomenon occurred in Japan during the 1990s. What is commonly referred to as the Japanese « Lost Decade », began when stock prices declined in December of 1989, at a time when economic growth was losing strength. We can compare the declining growth in the economies of China and Japan for these respective periods: China’s economic growth diminished from 7.27% to 6.9% between 2014 and 2015; Japan’s economic growth diminished from 7.15% to 5.37% between 1988 and 1989. Notwithstanding the observed decline in both country’s economy, these growth figures can still be considered exceptionally strong in a capitalistic system. We are therefore confronted to economic slowdowns in fast-growing economies. This begets the question: What reasons explain these two financial crises? From the perspective of the « Théorie de la Régulation », a French school of political economy, transitions occurred in the growth regimes in both Japan and China. The genesis of the economic crisis observed in Japan was a consequence of contradictions proper to all capitalistic systems, a phenomenon that was observed during the 1970’s and 80’s. Similarly, the most recent turning point in China’s evolving form of capitalism, occurred as of 2008. Each of these countries’ growth regime transitions result from a different application of economic liberalization. Our working hypothesis is the demonstration that, as a capitalistic economy becomes more liberalized, that is to say, financial markets become less and less regulated, the greater the volatility in the markets. In other words, can it be affirmed that there exists a direct link between a liberalized financial activity and financial crises. In comparing the Japanese crisis during the ‘90s and the market crash in China during the summer of 2015, we can conclude that the root of Japan’s difficulty was structural in nature, whereas China simply had liquidity difficulties that can be attributed to two causes: innovative financial tools and risk-tolerant market activities. In fact, Chinese market regulators tolerated prohibited practices. There are also similarities in the liberalization of Japan and China’s financial markets. What we assert to be common to both countries’ pathway to market liberalization is openness to foreign investment and an increased international presence. In addition, both countries deregulated their financial sectors. These commonalities occurred as both countries became important economic players in the global economy. We also conclude that both crises, occurring, as stated previously, in a climate of increased market liberalization, allowed for the partial expungement of bad loans. However, it is undeniable that the liberalization of financial markets has as an intrinsic quality, that of market instability. Thus, the existence of financial crises.

Thesis deals with complex process of creation of new bankruptcy model for predicting business failure, while this process involves selection of quality sample, verification of classification accuracy of already existing bankruptcy models, profile analysis and finally the derivation of specific equation of bankruptcy model. The derivation is performed by using two selected statistical methods, discriminant analysis and logistic regression. Two bankruptcy models Bürger's index DA12 and Bürger's index LR12 were derived by using the mentioned statistical methods. The new models distinct advantage is, unlike already existing and renowned bankruptcy models, that they are focused on classification of micro and small enterprises in terms of Czech Republic, while classification accuracy one year before failure is by individual models 74.8 % and 81.87 %. Derived models have clear interpretation (no grey zone) and easy calculation, which brings a possibility for micro and small entrepreneurs to check their business partners in terms of failure prediction.

This thesis merges the fields of Heterogeneous Agent Models (HAMs) and Be- havioural Finance in order to bridge the main deficiencies of both approaches and to examine whether they can complement one another. Our approach suggests an alternative tool for examining HAM price dynamics and brings an original way of dealing with problematic empirical validation. First, we present the original model and discuss various extensions and attempts at empirical estimation. Next, we develop a unique benchmark dataset, covering five par- ticularly turbulent U.S. stock market periods, and reveal an interesting pattern in this data. The main body applies a numerical analysis of the HAM extended with the selected Behavioural Finance findings: herding, overconfidence, and market sentiment. Using Wolfram Mathematica we perform Monte Carlo sim- ulations of a developed algorithm. We show that the selected findings can be well modelled via the HAM and that they extend the original HAM consider- ably. Various HAM modifications lead to significantly different results and HAM is also able to partially replicate price behaviour during turbulent stock market periods. Bibliographic Record Kukačka, J. (2011): Behavioural Breaks in the Heterogeneous Agent Model. Master thesis, Charles University in Prague, Faculty of Social Sciences,...

Les marchés financiers sont souvent sujets à d’importantes perturbations, les plus récentes ayant été observées lors de la crise financière de 2008. Ces perturbations peuvent être qualifiées de stress financier, qui se définit comme une interruption du fonctionnement normal des marchés financiers. Ce mémoire propose de mesurer le stress du marché financier canadien, en s’inspirant de l’analyse effectuée par KLIESEN et SMITH [2010] pour les États-Unis. Ces auteurs, qui travaillent à la Réserve fédérale de Saint-Louis, proposent une approche basée sur une analyse en composante principale. Nos résultats montrent que le stress sur les marchés canadiens a une évolution similaire à celui des États-Unis. Un test de causalité de Granger indique que le stress financier américain cause du stress financier sur le marché canadien. Par la suite, la méthode d’analyse en composantes principales non linéaire par noyau (KPCA) est utilisée sur les données américaines et canadiennes. Cette nouvelle méthodologie permet de mieux illustrer le comouvement entre les séries temporelles, lorsque l’on admet des corrélations potentiellement non linéaires. Les résultats montrent que cette nouvelle méthode permet d’obtenir des graphiques dont le bruit est réduit, et avec des structures mieux définies. L’amplitude des évènements de stress est changée, mais l’indice garde la même évolution qualitative. / Financial markets are often affected by important perturbations, as witnessed during the 2008 financial meltdown. These perturbations can be seen as a form of financial stress and are defined as an interruption of normal working financial market. This thesis proposes to measure the financial stress in the Canadian market, using a principal component methodology used by the Saint-Louis Federal Reserve (KLIESEN and SMITH [2010]). Our results show that the financial stress occurring on the Canadian market is stongly related to financial stress: notably US financial stress granger causes financial stress on the Canadian market. Additionally, we use a kernel principal component analysis (KPCA) on both US and Canadian data, to account for second and third degree effects in covariance structures. The kernel analysis reduces the noise on the stress graph. Similar structures are visible and qualitative features are the same, but the relative amplitude of these structures is changed.

This master's thesis deals with development of indie game - independently-developed game. It describes important moments in computer games history. It clarifies terms like golden age of video arcade games and video game crash of 1983. Further it explains history and origin of indie game phenomenon. It describes some of the differences between independent and commercial game development. In next chapter it presents some game engines which are suitable for independent game development. And in the last chapter it describes the design and implementation of game engine and game running on it.

Mit dem Konzept für die Kulturhauptstadt Europas Chemnitz 2025 ist die Verknüpfung von Kunst und Kultur, Stadtentwicklung und partizipativen Prozessen explizit formuliert. Das war Anlass, sich angesichts der MAP-Ausgabe zur Urbanen Praxis den Transformationsprozessen dieser Stadt zu widmen. Der Fokus richtet sich exemplarisch auf das Quartier Sonnenberg, wo neue Kunstinitiativen und Raumkonzepte für die kulturelle und gemeinwohlorientierte Belebung des Stadtteils bereits seit 2010 zunächst von Akteur:innen und dann auch von und mit der Stadtverwaltung entwickelt wurden. Dieser zweiteilige Beitrag befragt die Wechselwirkungen von kulturell-räumlicher Quartiersentwicklung und dem Kulturhauptstadt-Programm, um Impulsen und Initiativen, Teilhabe und nachhaltiger Wirksamkeit der Projekte nachzugehen. In Teil 2 behandelt das Gespräch mit Grit Stillger, Abteilungsleiterin Stadterneuerung des Stadtplanungsamtes, die konzeptionell-räumlichen Quartierentwicklungen Sonnenberg und Transformationsprozesse des Kreativhofs Stadtwirtschaft.

Economic bubbles are playing an increasingly significant role in the current global economy. We believe these bubbles are to a certain extent dominating the real economy, and, therefore, research based on this specific economic phenomenon is becoming increasingly popular and important. The focus of this master's thesis is based upon analysis of stock price bubbles. This thesis contains author analyzed historical cases representative of stock price bubbles; summarizations of their traditional features; common factors causing their formation; and reasons leading to their bursting. Solutions to the dilemma of stock price bubbles are discussed in depth, and emphasis is placed upon clearly deciphering different theoretical approaches regarding this phenomenon-not only from the efficient market hypothesis viewpoint but also from the perspective of behavioral finance. The research contains testing and measuring methodologies of stock price bubbles, and the author's view concerning them is strongly supported by the results within the empirical data-testing chapter. Upon reading, one can expect to achieve a basic overview of this forefront science.