Typescript (photocopy). / Digitized by Kansas Correctional Industries

This thesis deals with the current financial crisis and its solutions. In the first part of this work are analyzed the main causes underlying the emergence of contemporary global crisies. Described are also the methods and financial products through which the crisies spread from the United States of America to the rest of the world, mentioned are main negative impacts of the crisis in the Czech Republic and anti-crisis measures taken by the czech government in context of crisis. In the second part of the work proposed recommendations that could reduce the likelihood of further crises in the future or measures, which could help to solve the current economic crisis. The conclusion summarizes the results of the analysis and answer the question if it is possible to avoid a financial crisis and the resulting economic recession or will come again and again?

An efficient housing finance system has significant importance both in meeting the housing needs of individuals and in reinforcing the development of the construction, finance and other related sectors of an economy. Today, developed countries have advanced housing finance systems in which funds flow from savers to home-buyers by the mortgage markets. On the other hand, despite its recognized economic and social importance, housing finance often remains under-developed in developing countries mainly due to the lack of macroeconomic stability. Turkey, being a developing country, has made an important step towards the development of a mortgage system with the passage of the new Mortgage Law by the Parliament. Accordingly, the purpose of this thesis is to examine the applicability of mortgage system in Turkey. For this purpose, housing finance systems of some developed and developing countries are reviewed, and the housing finance system in Turkey is explained. Further, causality between the total amount of housing loans issued, inflation and nominal interest rates in Turkey is analyzed with the Toda-Yamamoto VAR approach. VAR analysis shows the negative impact of nominal interest rates on the total amount of housing loans issued in Turkey. To sum up, considering its economic and social environment, Turkey has adapted best international experiences, and it is possible for a mortgage system to develop in the country by the new mortgage legislation combined with the lower interest rates as inflation declines.

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Šiuolaikinėje teisėje hipoteka apibūdinama, kaip esamo ar būsimo skolinio įsipareigojimo įvykdymą užtikrinantis nekilnojamojo daikto įkeitimas, kai įkeisto daikto savininkui paliekama nuosavybės teisė. Vienas iš specifinių hipotekos skirtumų nuo kitų prievolių įvykdymo užtikrinimo būdų yra tai, kad hipotekos objektu gali būti tik nekilnojamieji daiktai. Daiktai, esantys savarankiškais civilinių teisinių santykių objektais ir dalyvaujantys civilinėje apyvartoje. Pagal įstatymą, įmonė taip pat yra pripažįstama civilinių teisinių santykių objektu. Ji yra laikoma nekilnojamuoju daiktu. Vadinasi galime preziumuoti, kad skolininkas norėdamas užtikrinti savo prievolės įvykdymą, galėtų tai padaryti, įkeisdamas jam priklausančią įmonę. Tačiau ar teisė „leidžia“ tą daryti? Ar įmonė gali būti hipotekos objektu? Į šiuos svarbius ir aktualius klausimus, remiantis Lietuvos bei kitų valstybių „įmonės“ sąvoką reglamentuojančiomis teisės normomis, teisinėje literatūroje išdėstytomis mokslininkų nuomonėmis bei taikoma teisine praktika bandyta atsakyti šiame darbe. / In modern time law a mortgage is defined as an existing and prospective note of obligatory performance warranted by mortgaging of an immovable asset, when an owner of the mortgaged asset keeps ownership to it. One of the specific distinctions of the mortgage from the other patterns of the obligations is that the object of the mortgage can be only immovable assets that are separate objects of civil rights and freely participates in civil circulation. In conformity with legal acts of Lithuania an enterprise as well is admitted as the subject of civil rights. It is considered as immovable asset. Thus we can presume, that the debtor wished to secure the performance of his obligation, could successfully do that, mortgaging the enterprise as his possession. However is that so is tolerated by the law? Whether enterprise can be treated as the object of the mortgage? This is the legal issue pending in this research work.

Thesis (M.S.)--University of Texas at El Paso, 2008. / Title from title screen. Vita. CD-ROM. Includes bibliographical references. Also available online.

Thesis (M.B.A.)--University of Hong Kong, 1997. / Includes bibliographical references (leaf 54-55).

Thesis (M. Sc.)--University of Hong Kong, 1990.

The first essay explores the dynamic behaviors of mortgage-backed stock returns and their volatility spillovers within the framework of time-varying symmetric, asymmetric and multivariate GARCH-family models. The focus of the chapter is on the dynamics of volatility of the U.S. real estate investment trusts (REITs) and volatility spillovers within the REITs subdivisions as well as between the REITs and the Fannie Mae (FNM) and theFreddie Mac (FRE) mortgage-backed stocks. We analyze risk-return linkages using the GARCH-in-mean (GARCH-M) model. The presence of asymmetric effects of "bad" news and "good" news on conditional financial volatilities is evaluated using the Threshold ARCH (TARCH) model and the exponential GARCH (EGARCH) model. Volatility spillovers and comovements within REITs subdivisions; REITs with FNM and FRE and other selected financial assets are examined using the multivariate GARCH (MGARCH) model. The second essay investigates factors behind the existence of time-varying conditional volatilities of mortgage-backed securities (MBS). This is done by analyzing the impacts of economic volatilities on mortgage-backed financial markets' performance. The relationship between conditional volatilities of the MBS and conditional volatilities of the key economic fundamentals in the housing sector and the macroeconomy are explored. The sensitivity of mortgage-backed stocks to the underlying time-series changes in economic fundamentals, and the extent to which economic volatilities explain the variation in mortgage-backed stocks' volatilities are investigated. Particularly, we examined whether changes in the REITs, FNM and FRE volatilities are linked to and driven by time-varying volatilities of the housing sector economic activity and set of key macroeconomic variables. Thus, the chapter analyzes the impacts of conditional economic volatilities on the conditional volatilities of the REITs, FRE and FNM stocks. The GARCH (p, q) process is used to find conditional volatility dynamics for the economic variables in the study. Then we employ multivariate GARCH (p, q) model to investigate the spillovers and comovements among the conditional economic fundamentals' volatilities and the conditional volatilities of the MBS. The third essay explores the impacts of foreign sector of the economy on the mortgage-backed financial markets and the housing sector. There is large surge of foreign capital flows to the U.S, particularly since late 1990s. The net foreign holdings of U.S. financial assets have become very significant in the U.S. Treasury notes and bonds. Foreign investors also hold a growing share of securities of the U.S. agencies and government sponsored enterprises (GSEs). Similarly, foreign direct investment in the U.S. real estate as well as real estate equities in the form of REITs has grown sharply. To this end, a multivariate vector autoregression (VAR) model is the main tool of analysis. Based on the VAR model, generalized impulse response functions and generalized variance decompositions are employed to evaluate the responses of mortgage interest rates and Treasury yields to the changes in net foreign ownership of U.S. Treasuries and agency bonds.

The thesis discusses current situation in the credit market in the Czech Republic. The main objective is to describe the functioning of the mortgage market and other credit markets, aiming not only to finance their own housing, but also on non-purpose loans. Business loans will be mentioned only very strictly. Loans are so extensive topic that it deserves a clear explanation, which families and individuals will understand and what they can expect when they will solve financing or what products are offered, what these products actually mean and what life situation (with regard to creditworthiness of the applicant, the purpose of the loan, and many other aspects) are determined. The whole thesis not only describes how the credit market looks, but also practically demonstrates how the entire process of handling the loan looks like and what you need primarily to solve when dealing with the financing.