Příčiny a důsledky hypoteční krize v USA

The theme of this thesis is the mortgage crisis in the United States which has started almost two years before after the burst of a price bubble in the American residential real estate market. The aim of the thesis is to analyze causes and implications of this crisis. The theoretical part of the thesis follows characteristics of the asset price bubbles. In this part is also a description of three theories: Austrian business cycle theory, Hyman Minsky's financial instability hypothesis and the theory of Robert Shiller, which interpret causes of bubbles in a variety of ways. The analytical part deals with causes and impacts of the crisis. As the key factors of the crisis are examined mortgage credit expansion, monetary policy of central bank, securitization as an innovation in financial markets and the role of the psychological factors. The last chapter of the thesis analyses impacts of the crisis on the homeowners, real estate market, the whole economy and global financial markets.