D53 - General Equilibrium and Disequilibrium: Financial MarketsNávrat zpět

Banks which underwent the privatization process in the Czech Republic, i.e. Česká Spořitelna, a.s., Československá Obchodní Banka, a.s., Investiční a Poštovní Banka, a.s., Komerční Banka, a.s., Živnostenská Banka, a.s., have been very widely discussed by both professional and lay public from several perspectives. Namely, what the actual economic condition of these banks was on the date of completion of the privatization, as well as the transfer of graded loans, or rather low-performing assets, which the state took over and reimbursed to the banks through consolidation institutions (hereinafter CI), and all this obviously in relation to the purchase price obtained within the scope of privatization. The aim of this article, within the possibilities stipulated by its scope, is: 1) To analyse the development of the banks' economic condition in the time interval of 1990-2010; 2) To identify factors that determine the volume of income from the sale of the state's investments in privatized banks; 3) To confirm or refute the hypothesis that the bank rescues before the completion of the privatization process were excessive; 4) To analyse the overall balance of the privatization process, or rather the efficiency of the sale of the banks; 5) To test the practical applicability of the economic theories connected to the issue in question. With regard to the above, the article is structured in the following manner. Firstly, literary research of articles on the theme of The Privatization Of Commercial Banking in reputable economic impact magazines is processed. This is followed by the actual economic analysis of the privatized banks in the Czech Republic, where economic parameters are examined in an interval of approximately 20 years - total assets, costs, revenue, profit, capital adequacy, etc. The conclusion firstly evaluates the development of the economic condition, then identifies factors that determine the volume of income from privatization, the excessiveness of the banks' rescue, the overall balance of the privatization process, and the practical applicability of the economic theories in question.

Market value of derivatives after crisis requires discounting with interest rates that take into account the credit risk of the involved counterparties of the trade. The increase of credit risk is evidenced by the presence of basis swap spreads. Using one curve to both estimating the forward rates and discounting future cash flows is not plausible given the prerequisite of arbitrage free market. The aim of this paper is to derive discount curves which are consistent with market quotes. In the concluding part, we estimate CZK OIS rates, which can be then used to discount derivatives denominated in CZK and collateralized with CZK cash.

D. Patinkin and R.W. Clower belong to the first criticists of the model IS-LM, and they have revealed its theoretical weaknesses. It was in the half of the sixties of the 20 century, i. e. at the time when there was nobody to make the effectiveness of the Keynes's policies dubious. These analyses have become a starting point of the theory of economic disequilibrium. It has reached its full development as late as in the seventies and eighties of the 20 century, especially in France. The research programme of the theory of economic disequilibrium is carried out by searching the microeconomic basic points of the Keynes macroeconomics. This proves, that although in the real economic life an economic subject tries to reach the optimum, he/she is forced to choose a solution which is not an optimum one. The fact that some economic subjects are subject to limitations has very important macroeconomic consequences, unemployment being one of them. The theory of economic disequilibrium brings some interesting facts into the analysis of recent unemployment. They are such facts as limitations, relative rigidity of wages, spill-over effect and finally reasoning the existence of unvoluntary unemployment. Due to these contributions it helped the creation of the new Keynes economy.