Analýza příčin a dopadů finanční krize

Abstract

The world economy is currently affected by the consequences of financial crisis, which has evolved from the mortgage crisis on the U.S. market. Over a few months, it hit other sectors of American economy and started to break over all the world's economies. This thesis analyses the current course of the crisis in the U.S. market, possible causes of the crisis and its impact on the U.S. economy. It is divided into three chapters. The first, theoretical chapter presents the main categories of financial crises, the causes of their origin, their course, mutual relations between them and the impact on the real economy. The practical part is focused on the U.S. mortgage market crisis. The second chapter presents the structure of the U.S. housing market, together with the institutions involved in it, interest rates and U.S. market development, preceding the crisis itself. In addition, the thesis describes the course of the mortgage crisis, the behavior of the banking sector, financial and non-financial institutions and other market operators who were responsible for the creation of a mortgage crisis or were affected by it; chapter deals with financial instruments and innovations due to which it spread from the banking sector to other sectors of the U.S. economy. The third and final chapter tries to identify possible indicators and immediate causes of the crisis in the U.S. mortgage market and last but not least its impact on the economy.