Subprime crisis a chování centrálních bank v reakci na ní

This essay deals with emergence, collapse and concequences of the credit crisis called subprime crisis culminating in the August of 2007. There are J.A. Schumpeter's economic theories used in this work that are relevant to discuss the beginning and developement of this crisis. As importat of these theories I consider the theory of business cycle which may be applied to Great Depression from the Thirties of Twentieth Century. At the beginning of this thesis I am focusing on the theory of endogenous money as a fundament for financial crisis analyse. Further I argue about the behaviour of bankers changing within the business cycle. I describe the behaviour of Federal Reserve officials over the course of the subprime crisis and subsequently the response of the central banks to the crisis. Finally I deal with the Minsky's perspective on the credit crunch.