The 2008 financial crisis revealed systemic weaknesses in the global financial architecture, gave rise to the most severe economic collapse since the Great Depression and engendered a fundamental shift in the prevailing consensus on financial governance. It reminded us of the fragility of the international financial system and the politically unacceptable costs to society when it fails. This dissertation adds to the literature on the governance of private and public sector financial institutions. It presents a conceptual framework of linkage between the governance of financial institutions, systemic risk and financial crises. It is based on a review of the empirical and theoretical literature on the influence of financial regulation and governance on the stability of the international financial system. The dissertation examines the application of financial governance in three different contexts: (i) the introduction of a common regulatory framework for the European securities industry, known as MIFID; (ii) the introduction of a risk governance framework at a US federal agency, the US Export-Import Bank, and (iii) the introduction of performance metrics among Export Credit Agencies that operate within a common governance framework known as the Arrangement on Officially Supported Export Credits. In addition, the dissertation provides specific policy recommendations designed to enhance the portfolio risk management practices of the US Export Import Bank. By extension, these recommendations are relevant to a wider audience of federal agencies with similar portfolio credit risks and may help inform the design of a robust risk management framework that is critical to the government's ability to manage its burgeoning credit portfolio. / Ph. D.

Diploma thesis focuses on an issue regarding the state interventions into market economy and provides the explanation, how does different economic ideas approach this issue and whether they support or deny the state interventions. It focuses in detail on support that is provided towards exporting companies. Czech Republic has two export credit agencies, firstly Export Guarantee and Insurance Corporation (EGAP) and secondly Czech Export Bank (CEB). This diploma thesis analyses only EGAP´s structure and quantifies the impact of its existence on Czech economy. In a first part we analyze historical evolution of ideologies that deals with state interventions and market failures in connection with support for exporters. It continues by description how international institutions like WTO or OECD work. Rules for export credit agencies, which summarize Consensus OECD, are closely analyzed. From this point forward the practical part begins to focus on EGAP´s structure. Firstly we describe the mechanism of support through the specific insurance products for exporters, following by analysis of uncommon structure of premium rate. The diploma thesis presents EGAP´s different approach in areas of regulation, structure of shareholders and uncommon risks insuring from regular commercial insurance company. In the last part we describe the procedure of evaluating the output of EGAP´s support for its whole existence. The analysis measures the profits and losses in related areas that were supported by EGAP´s insurance products. Mainly these areas are following: Accumulated loss of EGAP, The amount of profit amongst supported exporters, The amount of profit amongst financing banks and in the end the analysis of the positive impact on the unemployment in Czech Republic. The result should show, how convenient is for government to possess such an institution, especially nowadays when all developed countries do own similar institutions.

The dissertation compares the export credit rating model of the national Export Guarantee and Insurance Agency EGAP with models applied by selected Czech banks. The first part of the dissertation presents a summary of credit risk theory. It depicts the main principles of lending and its risks. The dissertation further describes the factors that influence credit risk and the methods of its modelling. While mathematical risk models project the expected loss as well as its sensitivity to the risk factors, the focus of this thesis lies in qualitative models which set a normalized scale for probability of default, the so called credit rating models. The main contribution of the dissertation lies in the survey carried out among four Czech banks belonging to owners from various countries, from which we get an overview of their rating models. It follows from the gathered information that their models are based on financial indicators when rating the buyers/exporters. The models are also considerably amended by non-financial factors whose importance in certain cases rose following the recent financial crisis. The agency EGAP insures business activities abroad and therefore its model takes into account also specific factors related to the destination country. The main difference between the models of EGAP and the examined banks lies in the method of creation and validation: EGAP does not dispose of sufficient amount of business case studies, so that it has to rely on external consulting services when setting up and validating the model. The dissertation concludes that while all rating models are composed of similar risk factors highlighting past financial indicators of the financed business, each analysed rating model differs significantly in the specific database of business cases that were used to construct the model, depending on the availability of data to the bank/insurer. The conclusion that can be drawn from this fact is that the main factor for successful prevention of future failures of the credit rating models will be the extent of the credit assessment database which will be used for the construction of the respective rating model.

The aim of the diploma thesis is to create a comprehensive description of the ECAs, to describe the way of working and the risks that the agency must take. ECAs have long history and are influenced by the many events that contribute to the current form of ECA. The last major event that affected the meaning of the ECA is the recent financial and economic crisis, thanks to which the agency gained an even stronger position than before. In the theoretical part of the diploma thesis will be summarized information about export credit agencies gained from existing bibliography. There will be described various models of ECA, the types of provided services and the risks which are connected with process of granting loans in this part. The analytical part will be focused on a detailed description of the selected export credit agencies. There will be analyzed their way of working, structure, types of products and the impact of the aid. In the conclusion, a comparison is made of selected ECAs using selected indicators. There will be summary of results gained from analysis in the conclusion of the thesis.

This master's thesis deals with the comparison of export support systems in the Czech Republic and Austria. In the first chapter, the terms "export support" and "export credit agencies" are defined and instruments of export supporting policies as well as their positive and negative aspects are listed and EU regulation and policies in this field are briefly described. A short description of the Czech Republic and Austria follows. Special attention is paid to the following analysis of export strategies and export credit agencies in both economies. This descriptive theoretical part is complemented by a practical case study carried out in cooperation with TOSHULIN, a.s. -- a successful producer and exporter of machinery. Both systems of export support are evaluated from the point of view of the company's sales department. The thesis concludes with an evaluation of the topic, a comparison of the effectiveness of both export support systems, and the author's suggestions for potential innovation and improvement in this area.