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Knowledge the dependence between risk factors is very importance in risk management. The failure of traditional approaches to market risk measure motivates to investigate the relationship between financial markets. The aim of this paper is to examine the dependence between stock index returns and foreign exchange rate returns for six selected economies. In this context, it is detected evidence of dynamic and asymmetric dependence. It is empirically demonstrated that application of asymmetric dynamic copula improves the Value at Riks as well as Expected Shortfall estimates. Overall, the results show that the dependence structure of international financial markets is more complicated than the structure predicted by the traditional approaches to market risk measure. [ABSTRACT FROM AUTHOR]

The commodity markets are currently subject to significant changes, especially after the technology bubble in 2000 and its subsequent bursting. After 2000 investors began to look for new investment opportunities in order to extend the diversification of their investment portfolios and create new ways of speculation. Since that time the emergence of a commodity boom can be traced. This has had a significant effect on the development of commodity and financial markets which in turn has considerably affected the functioning of the world economy. The paper deals with the modern day trends in commodity exchange trading, focusing specifically on the issue of financialization of commodity markets. Firstly the paper defines and describes these trends in detail and then analyzes it from a range of perspectives. The aim of this paper is to determine which factors are the driving force in the contemporary rapid development of the financialization of commodity markets and what are the implications and consequences for the functioning of the global economy. The end of the paper will discuss the question of whether the process of financialization of commodity markets is beneficial or harmful for further development of the world economy, or more precisely whether it is appropriate to leave these markets to spontaneous development or is it necessary to begin to regulate commodity trading worldwide. [ABSTRACT FROM AUTHOR]

The paper deals with contemporary economic importance of interest rates, with special focus on methods of using as a tool of monetary regulation when solving actual problems of world economy. Firstly, results and impacts, achieved by expedient decreasing of interest rates are analyzed and mechanisms activating this method of use of this tool of monetary regulation are described. Secondly, theoretical aspects of these issues, namely the differences of actual macroeconomic policy of governments and central banks and commonly valid theoretical principles are dealt with. In conclusion, these results are synthesized and, based on final results, future development of world economy is predicted, including risk factors that will probably be influencing it forever and that will finally result in collapse with disastrous impact on the future of mankind. [ABSTRACT FROM AUTHOR]

There is a crucial change in the German financial system and listed corporations: The influence of the financial markets has grown in both fields. Subsequently, shareholders can enforce their interests more efficiently than other stakeholders (e.g. affiliates, NGOs, political communities, and employees). In the paper, diverse explanations for this development are presented and evaluated: disintermediation, financial market capitalism and 'financialization'. Afterward, the topic is discussed in the perspective of theological ethics. Catholic Social Teaching features no financial ethics, but it includes some thoughts that offer an orientation for economic policy, the concept of an economy in service of the common good, the idea of a cooperation between state, market and civil society and socially anchored entrepreneurship as well as the conception of a serving financial economy. In conclusion, action perspectives are described. [ABSTRACT FROM AUTHOR]

The paper is discussing CNB FX intervention and its impact on all segments of Czech financial markets from process and volumes of transactions point of view and possible consequences. The focus is on foreign exchange, bond and stock market. Although the impact of FX intervention was evident on all markets under discussion, it was not so significant having macroeconomic effects. The only exception is the FX market. The Czech National Bank contributed to the widening gap between market and equilibrium exchange rate. The undervalued Czech currency will have a temporal positive impact on the macroeconomic external balance. [ABSTRACT FROM AUTHOR]