E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment SystemsReturn

The aim of this paper is to make a comparison of the banking sector in the Czech Republic and United Kingdom. Selected banking sectors are compared according to independence of their central bank, the regulation and supervision of financial markets in these countries, the type of banking, financial institutions, inflation targeting, interest rates and capital adequacy. The banking sector in the Czech Republic and the United Kingdom are part of the European financial market. Yet they show differences that are caused by the historical development and the different position of central banks and their policy during financial crises. Comparison of banking systems and central banks is performed based on descriptive and measurable indicators. Selected central bank used unconventional monetary policy response to the challenges of the financial crisis. The biggest difference lies in the regulation of banking sectors monitored and used instruments of monetary policy in times of financial crisis and they differ also in the used models of banking systems.

This article deals with interest rates set up by the CNB and their relation to loan and economic activity. It shows complexity of economic systems where simple comparisons may give various numbers but principles stay the same. We have to take into account factors like economic stability, overall economic performance, sentiment and expectations. The monetary policy interest rates are not the only factor but definitely they have some power in the direction which is in line with basic economic laws and there are no data, logics, or nexuses denying this fact. The article comes to the conclusion that the Czech monetary policy is quite systematic and we cannot definitely talk only about the "interest rates - loans - economic activity" channel but it also works in an opposite direction, where the ČNB reflects economic activity in its decision making process when setting the interest rates.

The main aim of the article is to point out ways of integrating liquidity risk into basic VaR model. Liquidity risk in the VaR model is incorporated through the cost of disposal in the form of a bid - ask spread. The main idea of the approach incorporating exogenous liquidity risk in the model is to add maximal possible changes of the market range to maximum possible loss of assets price (mid price) for a certain degree of probability. Changes in the market range is understood as an independent random variable, which is defined by the mean and variance and probability distribution. The models are often considered only the normal distribution, which can distort the Vaule at risk, especially in markets with illiquid assets. An important factor in the liquidity risk is the time factor, which is understood as liquidity risk due to the variability of the market range over the liquidation of assets.From those methods of quantification, is known, that, the longer time of liquidation asset, the higher is VaR.

This paper deals with completing and making public of a balance according to international standards of accounting audit.At first general information on financial accounting are described in context of international accounting harmonisation. The paper also describes basic accounting principles and presumptions to make balance of accounts. The goal of the paper is to analyse agreements and disagreements which result during completing of balance according to international accounting standards and czech accounting legislature.

Sustainable tourism development should be proposed and realised on the bases of monitoring its impacts, among them also tourism burden of a concrete region. Presented article deals with hiking and tourism burden in the protected landscape area Kokořínsko. Concretely the article analyses tourism supply and demand in the region and further monitors the burden of hiking trails. To monitor the burden of hiking trails the GIS (geographical information systems) are used, as new methods for evaluating tourism impacts in the Czech Republic.