New legal regulation of covered bonds: Have we reached the European standard? Abstract The subject matter of this thesis is regulation of covered bonds, as a newly introduced category of debt securities in Czech law. The thesis aims to analyse selected aspects of the new regulatory regime through its fundamentals, as well as shortcomings and imperfections of the previous regulatory regime. In order to answer the question of what the European standard is and whether it can be unequivocally determined on the basis of analysis of the relevant European legislation, it also describes basic features of the European regulation. Besides the European Union's point of view, the thesis also reflects the way in which is the issue of proper regulation dealt with at the national level. The thesis is divided into four main parts. The first part defines the term covered bond and provides with a broader context of securities law, including the history of covered bonds. The thesis further identifies the main differences between covered bonds and other debt securities that are closely similar to covered bonds (i.e. secured notes, asset-backed securities and unsecured senior notes). The second part focuses on the European approach towards regulation and further determines four main features of the regulation of covered bonds....

Price trends on the Swedish housing market has risen sharply in recent decades and is at the moment up to the highest price level ever. The sharp price movements have opened up for discussion about a possible housing bubble. To prevent this the Riksbank can change the repo rate, which in turn aects the lenders' lending rates. Finansinspektionen introduced in autumn 2010, a mortgage cap which means that the house will be mortgaged to a maximum of 85 percent of its market value. The purpose of this was to cool the housing market and prevent the unsustainable development of household debt. The purpose of this study is to examine in particular the repo rates and the mortgage caps eect on house prices in Sweden. Although other variables that aect supply and demand in the housing market from a macroeconomic perspective will be included in the model, such as GDP, unemployment and the nancial crisis of 2008. This study has been done by using a quantitative analysis, consisting of time series analysis. The results conrm all the investigated variables expected impact on house prices. As for the repo rate and the mortgage cap the results showed that these have a negative eect on house prices in Sweden. / Prisutvecklingen pa den Svenska bostadsmarknaden har stigit kraftigt under de senaste decennierna och ar just nu uppe i den hogsta prisnivan nagonsin. Den kraftiga prisutvecklingen har oppnat for diskussion om en eventuell bostadsbubbla. For att motverka detta kan Riksbanken andra reporantan som i sin tur paverkar kreditgivarnas utlaningsranta. Finansinspektionen inforde under hosten 2010 ett bolanetak som innebar att bostaden hogst ska belanas till 85 procent av marknadsvardet. Detta for att kyla bostadsmarknaden och motverka den ohallbara utvecklingen av hushallens skuldsattning. Syftet med denna studie ar att framforallt undersoka reporantans och bolanetakets eekt pa smahuspriser i Sverige. Aven andra variabler som paverkar utbudet och efterfragan pa bostadsmarknaden ur ett makroekonomiskt perspektiv kommer att inga i modellen, till exempel BNP, arbetsloshet och nanskrisen 2008. Detta genomfors med hjalp av en kvantitativ analys, bestaende av tidsserieanalys. Resultatet bekraftar alla undersokta variablers vantade eekter pa smahuspriser. Vad galler reporantan och bolanetaket sa visade resultatet pa att dessa har negativ eekt pa smahuspriser i Sverige.

In urban development literature, the historical role of disinvestment through redlining and reinvestment through renewal during the period of expanded federal-level involvement is presumed and widely studied. However, there remains relatively little literature systematically examining the impacts of these interventions nationally. In this research, I examine how ideological prejudices are obdurate and path dependent when they become embedded in the built environment through legislation or federal institutions and these can influence neighborhood outcomes over time. In particular, I study federal redlining and urban renewal related interventions between 1940 and 1970/1980 – as proxied by redlining maps from the Home Owners’ Loan Corporation (HOLC) and the Federal Housing Administration (FHA), as well as urban renewal areas through digitized Urban Renewal Project characteristics maps and predicted through a machine learning process – to examine how these subsequently shaped socioeconomic, demographic, and homeownership and home value in this period, with reverberations in a more contemporary period between 1970/1980 - 2010. The main gaps in the knowledge relate to the additional impact the FHA had on neighborhood decline and racial segregation beyond existing trajectories and practices by lenders and private real estate stakeholders. Moreover, were these patterns uniform across the country or did they vary regionally based on the differences in the racial composition and economic development across the country? Lastly, no redlining research considers the possibility that urban renewal involved related interventions such as the demolition and new construction that presents a non-random complication to the estimation of redlining’s effects, as these interventions likely took place in the same areas that were redlined. I find that, using a more representative version of redlining maps in Chicago, the results suggest a negative impact on home values and homeownership rates and weakly decreased segregation for neighborhoods excluded from mortgage guarantees between 1940 and 1980. Moreover, I find that peripheral urban neighborhoods in Sunbelt cities experienced more consistent housing advantages from redlining. And in aggregate, despite disproportionate displacement of Black residents, urban renewal ultimately had a positive impact on economic indicators; however, when stratifying these results by redlining grades, these relationships do not hold true for better graded neighborhoods. In other words, the benefits from renewal are contingent on previous disinvestment.

Bostadsmarknaden i Stockholm har de senaste åren präglats av hög efterfrågan där trycket på bostäder lett till stigande bostadspriser. Flertalet restriktioner har införts för att stabilisera kredit- och bostadsmarknaden samt dämpa prisutvecklingen. Kraven på bolånetagare har somföljd av statens och bankernas restriktioner blivit högre och en grupp som drabbats hårt av detta är unga vuxna. Studien syftar till att undersöka möjligheterna för unga vuxna att etablerasig på den svenska ägda bostadsmarknaden och hur den kan komma att förändras med hjälpav olika stödprogram. Forskningsfrågorna behandlar vilka barriärer unga vuxna står inför vid ett bostadsköp samt vilka effekter ett stödprogram liknande de införda i Australien och Storbritannien skulle få i svensk kontext. Studiens metod består av en kombination av en kvantitativ och en kvalitativ metod. Den kvantitativa metoden utgörs av komparativa fallstudier mellan länderna. Fallstudierna bestå rav ekonomiska kalkyler för att illustrera bedömningen vid utgivning av bostadslån i två geografiska områden inom Stockholms län. Fallstudierna följs upp av en kvalitativ metod i form av tolv semistrukturerade intervjuer. Respondenterna representerar olika sektorer isamhället som alla besitter kunskap inom forskningsområdet. Resultaten pekar på atteffekterna av ett införande av de studerade stödprogrammen skulle variera beroende på det geografiska området. Till viss del skulle ett stödprogram kunna minska barriären för unga vuxna att äga sitt boende. Studien presenterar också ett antal bakomliggande faktorer till de svårigheter som finns för unga vuxna vid finansiering av en bostad. Studien analyserar dessutom vilka åtgärder som krävs för att den ägda bostadsmarknaden i Stockholm ska blir mer lättillgänglig för unga vuxna. / The housing market in Stockholm has during the last years been characterized by high demand and the prices has steadily increased. Several regulations have been introduced to stabilize the credit- and housing market and reduce the price developments. As a result of state- and banks regulations, demand on mortgage borrowers have increased and a group of people that has been severely affected by this is young adults. This study aims to examine young adults’ opportunity to home ownership in the Swedish housing market and how it may change with the help of various support programs. The research questions address the barriers young adults face when buying a home and which effect a support program, similar to those established in Australia and the UK, would have in Sweden. The method of the study consists of a combination of a quantitative and a qualitative method.The quantitative method consists of comparative case studies between the countries. The case studies consist of economic outlooks to illustrate the assessment when issuing mortgages in two different geographical areas within Stockholm County. The case studies were followed up by a qualitative method in the form of twelve semi-structured interviews. The respondents represent different positions in the society who all possesses knowledge in the research field.The results indicate that the effects of introducing the studied support programs would vary depending on the geographical area. A support program could partially reduce the barrier for home ownership among young adults. The study also presents a number of underlying factors for the difficulties in financing a home that exist for young adults. Furthermore, this study analyzes what measures are needed to make the housing market in Stockholm more accessiblefor young adults.

The housing prices have increased in a rapid pace in Stockholm the past decades. Simultaneously, the interest rates have decreased drastically, since the global financial crisis in 2008. The two movements combined have led to higher debt among Swedish households and especially in the capital, Stockholm. This article presents a quantitative research investigating which types of households, based on their social economic profile, will be mostly affected by an increased mortgage rate. The DSR is calculated for each HH, taking in account the amortization regulations introduced in 2016 and 2018. By doing a regression analysis using the DSR as the dependent variable and the socioeconomic factors as independent variables, we find that income and age are the variables with highest significance describing the DSR. Additionally, we investigate the socioeconomic profile of those households that have the highest DSR increment, based on specific cluster made by Insightone. The findings of the paper suggest that four out of 44 types of families have exceptionally higher exposure to the two different mortgage-rate increase scenarios. Three of these four family clusters are young, have children, high income and lives in houses. The remaining family cluster is young, have no children, has low income but is highly educated. / Bostadspriserna har ökat snabbt de senaste åren i Stockholm. Samtidigt har räntan sjunkit jämfört med de nivåerna som var under finanskrisen 2008. Dessa två faktorer kombinerade med varandra har lett till högra bolån bland det svenska folket och främst för de som bor i Stockholm. Denna artikel är en kvantitativ studie som undersöker vilka typer av hushåll baserad på deras socioekonomiska profil som påverkas mest av en ökad bolåneränta. Först räknade vi ut skuldsättningsgrad för varje hushåll. I dessa beräkningar tog vi hänsyn till de nya amorteringskraven som har införts från 206 och framåt. Därefter gjorde vi en regressionsanalys där vårt resultat blev att inkomst, ålder och amortering är de faktorer som påverkar skuldsättningsgrad mest. Senare undersöker vi hur den typiska familjen ser ut där resultatet blev att unga, utan barn, låg inkomst och högutbildade är de som påverkas mest av en ökad bolåneränta.

My dissertation combines structural macroeconomic models with analyses of macro and micro data and broadly contributes to two research agendas. The first relates to the channels through which monetary policy impacts the economy. The second aims to understand how heterogeneity observed at the micro level affects the economy. The first two chapters, "Monetary Policy and Heterogeneous Mortgage Refinancing" and "A Model of Heterogeneous Mortgage Refinancing," focus on the refinancing channel of monetary policy. Since fixed-rate mortgages are the most significant source of household debt in the U.S., monetary policy can stimulate household consumption and wealth by lowering mortgage costs through refinancing. The potency of this channel will depend on households’ outstanding mortgage rates, as well as their willingness and ability to refinance. I combine empirical patterns from monthly loan-level data (from joint work with A.Burya) and a heterogeneous agent model of mortgage refinancing to show that credit score heterogeneity dampens the aggregate consumption response to monetary policy by 11%. The third and fourth chapters, "Anchoring of Inflation Expectations: An Empirical Test" and "Anchoring of Inflation Expectations: Role of Risk Premia," study the effectiveness of monetary policy in the U.S. by exploring the degree to which inflation expectations are anchored. If inflation expectations are well-anchored, then the Fed has a higher capacity to support aggregate employment when necessary, without destabilizing inflation. In joint work with A. Burya and S. Mishra, I construct a proxy of the change in the Fed's aggressiveness to inflation and develop an empirical test for inflation expectations anchoring. The proxy of the changes in the Fed's aggressiveness is equal to changes in expectations of future policy rates that are unexplained by the information contained in the inflation news release. The empirical test involves examining the sensitivity of inflation expectations to monetary policy shocks conditional on that proxy. I then use a measure of inflation expectations adjusted for inflation and liquidity risk premia to demonstrate that bond yield data in the U.S. is consistent with the anchoring of the long-term inflation expectations.

En grundsten i det svenska samhället är det konsumentskydd som tar tillvara på konsumentensintressen i förhållandet till näringsidkare. Europakommissionens bolånedirektiv motiverar ett starktkonsumentskydd i syfte att främja utvecklingen av en väl fungerande kreditmarknad i såväl Sverigesom i övriga medlemsstater. Sverige är således tvungna att följa direktivet. Konsumenter har enligtdirektivet rätt att lösa bundna bolån i förtid. Ränteskillnadsersättning kan utgå när en konsument lösersitt bundna bolån i förtid. Syftet är att ersätta kreditgivaren för den förlust som kan uppkomma tillföljd av det uppsagda avtalet. Historiskt har regleringen av ränteskillnadsersättning påverkatbolånebeteenden och gett konsumenter incitament att strategiskt lösa lån eller att inte välja bundnabolån över huvud taget. Enligt EU-direktivet ska ersättningen bland annat vara skälig, objektiv ochendast täcka de direkta kostnader som återbetalningen av lånet innebär för kreditgivaren. Detkonstateras att svensk lagstiftning inte är väl förenlig med EU-direktivet och inte heller uppfyller detkonsumentskydd som direktivet motiverar i villkoren för ersättningen. Avtalsrättsliga principermotiverar att en ersättning utgår vid en förtidsbetalning, däremot motiveras interänteskillnadsersättningen som utgår idag. En väl fungerande kreditmarknad motiverar ettkonsumentskydd utifrån risken för finansiell instabilitet som en över- respektive underkompensationkan resultera i. / The foundation in Swedish society is the consumer protection which takes the consumer’s interests inrelation to the businesses in consideration. European directives include injunctions for housingmortgage loans that motivate a legit consumer protection aiming to improve a well functioning creditmarket in Sweden as well as in other member states. Sweden is therefore obligated to follow thedirectives by law. Pursuant to the directives the consumers obtain the right to repay mortgages with afixed rate prematurely. A prepayment penalty proceeds when a premature payment of a fixed ratemortgage is done and intends to compensate the lender for the contingent loss that may occur due tothe terminated agreement. Historically, the regulation of the prepayment penalty has affected themortgage behavior and given consumers incentives to strategically solve mortgages or not choose afixed rate in the first place. The compensation should be reasonable, objective and only cover thedirect costs that can be related to the premature payment according to the European directive. It isascertained that Swedish regulations are not compatible with the European directives and they do notmeet the consumer protection that the directives warrant for the terms of the compensation. Principleswithin contract law motivate that a compensation emanates in the situation of a prematurely paidmortgage but the prepayment penalty that emanates from today's conditions are not. A wellfunctioning credit market motivates consumer protection through the risk of financial instability as aneffect of an overcompensation as well as an undercompensation.

This diploma thesis focuses on financial crisis from 2007 and its impact on Czech economy. Special attention is given to four macroeconomic indicators in Czech Republic and their transformation during this crisis and after it. First part focuses on definition and description of characteristics and stages of business cycles, first in general and then specifically when talking about 2007's economic crisis. Subsequent practical part analyses specific economic repercussions stemming from the crisis, pointedly in macroeconomic indicators, state budget and mortgage market. In the final part of this thesis, the knowledge and findings about these areas, which accurately depict overall status of Czech economy during the crisis and after it are evaluated and commented on. This thesis may be used by humanities' teachers to illustrate the functioning of business cycles and their impacts on economies. KEYWORDS: Czech economy, business cycle, trade cycle, economic crisis, mortgage crisis, globalization

[pt] A Hipoteca Reversa é um produto financeiro que pode muito útil para mutuários acima de 60 anos que possuem imóvel próprio, mas não têm renda nem liquidez. Também chamada de Reverse Mortgage, a Hipoteca Reversa é um empréstimo que proporciona liquidez ao mutuário tendo como garantia um ativo imobiliário, que reverte para o banco ao final da sua vida. Por outro lado, esse produto traz riscos para o credor, uma vez que o valor do imóvel poderá sofrer oscilação de preço durante a vigência do empréstimo, e o prazo para a reversão do imóvel dependerá do tempo de vida do mutuário, o que também é incerto. Um dos benefícios da Hipoteca Reversa para o mutuário é que o valor da dívida é limitado ao valor de venda do imóvel dado em garantia. Assim, se o valor do empréstimo exceder o preço do imóvel, devido a uma desvalorização, a dívida estará limitada ao escopo do valor do imóvel. Além disso, em alguns países o mutuário pode optar por rescindir o seu contrato de hipoteca quitando o valor da dívida, o que se torna interessante se este for menor do que o valor do imóvel. Essa característica da Hipoteca Reversa pode ser modelada como uma opção de compra do imóvel dado em garantia ao preço de exercício que é o valor da dívida. O presente estudo analisa o histórico do uso de Hipoteca Reversa no mundo e propõe um modelo de produto mais adequado para as condições brasileiras, onde é feita uma aplicação numérica que aborda diferentes casos e seus resultados, contribuindo para o aumento da compreensão das hipotecas reversas do ponto de vista do consumidor. Por fim, foi avaliado o valor da opção da Hipoteca Reversa no Brasil por meio de uma análise empírica usando o modelo de precificação por Opções Reais. / [en] The Reverse Mortgage is a financial product that can be very useful for borrowers over 60 years old who are homeowners but have neither income nor liquidity. A Reverse Mortgage is a loan that provides liquidity to the borrower with the guarantee of a real estate asset, which reverts to the bank at the end of its life. On the other hand, this product carries risks for the lender, since the value of the property may fluctuate in price during the term of the loan, and the term for the reversal of the property will depend on the life of the borrower, which is also uncertain. One of the benefits of the Reverse Mortgage for the borrower is that the value of the debt is limited to the sale value of the property given as collateral. Thus, if the value of the loan exceeds the price of the property, the debt will be limited to the scope of the property s value. In addition, in some countries, the borrower may choose to terminate his mortgage contract by paying off the debt, which is interesting if it is less than the value of the property. This characteristic of the Reverse Mortgage can be modeled as an option to purchase the property given as a guarantee at the strike price, which is the debt value. The present study analyzes the history of the use of Reverse Mortgage in the world and proposes a product model more suitable for Brazilian conditions, where a numerical application is made that addresses different cases and their results, contributing to an increase in the understanding of the reverse mortgages of the consumer point of view. Finally, the value of the Reverse Mortgage option in Brazil was assessed through an empirical analysis using the Real Options pricing model.

Idag råder en bostadsbrist på Stockholms bostadsmarknad som det inte finns en snabb hållbar lösning på. Ofta talas det om att det är omöjligt att erhålla ett förstahandskontrakt till en hyreslägenhet, vilket leder till att andrahandsmarknaden och den svarta marknaden växer. Samtidigt råder debatt kring att hyresrätter är att kasta pengar i sjön och att det är bostadsrätter konsumenten ska investera i. Ägarlägenheter nämns sällan som ett alternativ och i vissa artiklar har konsumenter även varnats för att köpa ägarlägenheter då de anses vara för dyra. Det saknas idag konkreta exempel på kalkyler för vad som faktiskt är mest ekonomiskt fördelaktigt, vilket denna uppsats syftar till att redogöra för. Syftet med uppsatsen är att undersöka vilken av upplåtelseformerna hyresrätt, bostadsrätt och ägarlägenhet som är mest ekonomiskt gynnsam att bo i från ett konsumentperspektiv. En litteraturstudie genomfördes med syfte att sammanställa relevant och aktuell information och liknande arbeten studerades. Därutöver genomfördes en kostnadskalkyl för lägenheter, tillhandahållna av byggherren JM, i området Dalénum på Lidingö. Sist genomfördes en enkätundersökning med syfte att redogöra vilken uppfattning som råder hos konsumenter kring vilken upplåtelseform som mest ekonomiskt gynnsam. Resultaten visar att ägarlägenheter är det mest ekonomiskt gynnsamma alternativet bland berörda upplåtelseformer. Ägarlägenheter medför dock större ansvar eftersom konsumenten äger hela lägenheten, vilket också innebär störst frihet. Enkätundersökningen visar att respondenterna har uppfattningen om att bostadsrätter är den mest ekonomiskt gynnsamma ägandeformen. En del av respondenterna som var mest intresserade av bostadsrätter trodde samtidigt att det råder en bostadsbubbla som är på väg att spricka. Slutsatsen som dras i arbetet är framförallt att även om ägarlägenheter är den mest ekonomiska gynnsamma boendeformen för nybyggda flerbostadshus, finns det inte ett tillräckligt utbud på marknaden. Samtidigt visar enkätundersökningen att det råder stor okunskap kring upplåtelseformerna. / A housing shortage is an occurring fact on today's housing market in Stockholm. A common apprehension is that it is close to impossible to obtain a first-hand contract on today’s market, which leads to an increased second hand market and an expansion of the black market. Meanwhile there is an ongoing debate on how renting an apartment is equivalent to throwing money down the drain and that consumers should invest in a co-operative apartment instead. Condominiums are rarely referred to as an alternative and consumers are even warned about high prices in some articles. There is a lack of research when it comes comparing the profitability between forms of tenure, which is what this essay aims to supply.  The aim for this project is to study which form of tenure is the most profitable to live in for a consumer, from an economic point of view. A study of literature was completed to present all relevant and current information within the subject. Previous studies that relate to the subject was evaluated and presented. A cost estimate was performed on the apartments (provided by the constructor JM) within the area of Dalénum at Lidingö. A survey was completed to understand what knowledge consumers have within the subject of tenures and which form of tenure they believe is the most profitable financially. The results show that condominiums are the most beneficial alternative economically. Although condominiums involve a bigger responsibility as the consumer owns the apartment, they also provide a larger operating freedom. The survey shows that the respondents believe that co-operative apartments are the most beneficial tenure economically. Some of the respondents that were interested in consuming a co-operative apartment also believed that a housing bubble is occurring on today’s market and that it is likely to burst. The conclusion in this essay is foremost that even if condominiums are the most beneficial form of tenure economically among apartments, the present supply is not enough. At the same time the survey shows there the respondents lack knowledge about the different tenures.