{"id":10430,"date":"2023-02-23T14:28:42","date_gmt":"2023-02-23T13:28:42","guid":{"rendered":"https:\/\/www.euroekonom.sk\/?p=10430"},"modified":"2024-05-13T14:57:43","modified_gmt":"2024-05-13T12:57:43","slug":"meranie-rizika-financnych-investicii","status":"publish","type":"post","link":"https:\/\/www.vrtulniky.sk\/news\/meranie-rizika-financnych-investicii\/","title":{"rendered":"Meranie rizika finan\u010dn\u00fdch invest\u00edci\u00ed"},"content":{"rendered":"<h2>N\u00e1stroje na meranie a riadenie rizika invest\u00edcie<\/h2>\n<p>Priradi\u0165 portf\u00f3liu ur\u010dit\u00fa hodnotu znamen\u00e1 mera\u0165 trhov\u00e9 riziko, ktor\u00e9 charakterizuje, ako ve\u013emi sa m\u00f4\u017ee odch\u00fdli\u0165 od s\u00fa\u010dasnej hodnoty a \u010di je pravdepodobn\u00e9, \u017ee to nastane. Interpret\u00e1cia z\u00e1vis\u00ed na zvolenej metrike. \u010ealej v podkapitole si charakterizujeme preh\u013ead n\u00e1strojov na meranie trhov\u00e9ho rizika:<\/p>\n<ul>\n<li>Pl\u00e1novanie situ\u00e1cie &#8211; jedn\u00e1 sa o inform\u00e1cie o hodnote portf\u00f3lia, vtedy ak rizikov\u00e9 faktory dosiahnu ur\u010dit\u00fa hodnotu, ktor\u00e1 je stanoven\u00e1 u\u017e\u00edvate\u013eom, scen\u00e1re v\u00fdvoja s\u00fa relat\u00edvne zmeny rizikov\u00fdch faktorov od s\u00fa\u010dasn\u00e9ho stavu alebo od strednej hodnoty. Zauj\u00edmav\u00fdm pojmom je aj stress testing, pri ktorom doch\u00e1dza k extr\u00e9mnej zmene rizikov\u00e9ho faktora.<\/li>\n<li>Mark-to-market &#8211; je hlavne o sledovan\u00ed s\u00fa\u010dasnej trhovej hodnoty portf\u00f3lia, pri ktorom je vypracovan\u00e1 politika limitov a stropov, kde je mo\u017eno dr\u017ea\u0165 otvoren\u00e9 poz\u00edcie, alebo ve\u013emi sofistikovan\u00e1 politika obchodovania. Jedn\u00e1 sa o riadenie riz\u00edk, ktor\u00e9 spo\u010d\u00edva v syst\u00e9mov\u00fdch rie\u0161eniach, reportingu, zostavovan\u00ed a kontroly politiky obchodovania.<\/li>\n<li>Anal\u00fdza senzit\u00edvnosti &#8211; pri tejto anal\u00fdze sa po\u010d\u00edta zmena hodnoty akt\u00edva alebo portf\u00f3lia, vzh\u013eadom na dan\u00fa premenn\u00fa, naj\u010dastej\u0161ie cenu podkladov\u00e9ho akt\u00edva pri deriv\u00e1toch a \u00farokov\u00fa mieru pri bondoch. Po\u010d\u00edta sa pomocou diferenci\u00e1lneho po\u010dtu v z\u00e1vislosti od vstupnej premennej. Je tu Greeks delta, \u010do je prv\u00e1 deriv\u00e1cia pod\u013ea ceny risk faktora, gama, druh\u00e1 deriv\u00e1cia pod\u013ea ceny risk faktora, teta, ktor\u00e1 je prv\u00e1 deriv\u00e1cia a pod\u013ea jednotky \u010dasu a vega, \u010do je prv\u00e1 deriv\u00e1cia pod\u013ea volatility risk faktora. Pri dlhopisoch sa jedn\u00e1 o dur\u00e1ciu, teda o trvanie splatenia dlhopisu vyjadruj\u00facu line\u00e1rnu zmenu ceny dlhopisu v z\u00e1vislosti od posunu krivky \u00farokov\u00fdch mier. Konvexicita spolu s dur\u00e1ciou vyjadruj\u00fa jemnej\u0161ie zmeny ceny dlhopisu od pohybu krivky \u00farokov\u00fdch sadzieb.<\/li>\n<li>Optimaliz\u00e1cia portf\u00f3lia je bu\u010f akt\u00edvna alebo pas\u00edvna spr\u00e1va portf\u00f3lia, pri akt\u00edvnej hovor\u00edme o<a href=\"https:\/\/www.euroekonom.sk\/financie\/instrumenty-a-nastroje-ft\/teoria-portfolia\/\"> Markowitzovej optimaliz\u00e1cii<\/a>, ktor\u00e1 minimalizuje volatilitu portf\u00f3lia pri stanovenej miere v\u00fdnosov pod\u013ea vz\u0165ahu k riziku, pas\u00edvna spr\u00e1va portf\u00f3lia dlhopisov, zameran\u00e1 na dur\u00e1ciu.<\/li>\n<li>Value- at- risk pon\u00faka hodnotu najv\u00e4\u010d\u0161ej mo\u017enej straty, ktor\u00fa m\u00f4\u017eeme dosiahnu\u0165 vzh\u013eadom na vlastnen\u00e9 portf\u00f3lio s vopred danou pravdepodobnos\u0165ou a vo vopred zadan\u00fd \u010dasov\u00fd horizont. Je to jeden z najbe\u017enej\u0161\u00edch n\u00e1strojov merania trhov\u00e9ho rizika. (\u0160TALMACH, M., 2007)<\/li>\n<\/ul>\n<p>Jednoduch\u00fd indik\u00e1tor vyu\u017e\u00edvan\u00fd v akt\u00edvnom pr\u00edstupe pri riaden\u00ed invest\u00edcie, ale aj ako ukazovate\u013e aktivity trhu je ukazovate\u013e standard deviation. Tento n\u00e1stroj pracuje na z\u00e1klade denn\u00fdch cien zvolen\u00e9ho trhu a jej aktu\u00e1lnej odch\u00fdlky. Indik\u00e1tor je vypo\u010d\u00edtan\u00fd na z\u00e1klade peri\u00f3dy, ktor\u00e1 nie je dan\u00e1 pevne, ale m\u00f4\u017eeme ju meni\u0165 na z\u00e1klade po\u017eadovan\u00fdch vlastnost\u00ed, ktor\u00e9 potrebujeme z\u00edska\u0165 pre investi\u010dn\u00e9 rozhodnutia. Ni\u017e\u0161ie peri\u00f3dy, z ktor\u00fdch sa vypo\u010d\u00edtava odch\u00fdlka sa pou\u017e\u00edva pre intradenn\u00e9 obchodovanie na ni\u017e\u0161\u00edch timeframe, a naopak vy\u0161\u0161ie peri\u00f3dy pre pozi\u010dn\u00e9 obchody.<br \/>\nIndik\u00e1tor standard deviation sa zobrazuje ako osobitn\u00fd graf a jeho hodnota osciluje okolo nulovej hodnoty, indik\u00e1tor meria odch\u00fdlku moment\u00e1lnej ceny od priemernej ceny. Sl\u00fa\u017ei aj ako vhodn\u00fd dopl\u0148uj\u00faci n\u00e1stroj pre ur\u010dovanie momentu vstupu na trh charakterizovan\u00e9 ako otvorenie poz\u00edcie, alebo uzavretie poz\u00edcie a ukon\u010denie obchodu. Sl\u00fa\u017ei ako ukazovate\u013e volatility dan\u00e9ho trhu, teda ve\u013ekosti odch\u00fdlky od priemernej ceny pre dan\u00fa \u010dasov\u00fa peri\u00f3du, a t\u00fdm vyjadruje aj riziko dan\u00e9ho trhu a teda celkovej invest\u00edcie. (VR\u00c1BEL, J., 2013)<\/p>\n<h2>Riziko ako jeden z hlavn\u00fdch vrcholov investi\u010dn\u00e9ho trojuholn\u00edka<\/h2>\n<p>Invest\u00edcie znamenaj\u00fa vzdanie sa spotreby, teda s\u00fa\u010dasnej hodnoty pre z\u00edskanie ur\u010ditej bud\u00facej hodnoty v\u00fdnosu. Investovan\u00e9 finan\u010dn\u00e9 prostriedky nestr\u00e1caj\u00fa svoju re\u00e1lnu hodnotu, len prekon\u00e1vaj\u00fa infl\u00e1ciu a t\u00fdm sa zhodnocuj\u00fa. Nie v\u0161etky invest\u00edcie ako bud\u00facu hodnotu z\u00edskaj\u00fa v\u00fdnos, bud\u00faca hodnota je neist\u00e1. Investori o\u010dak\u00e1vaj\u00fa, \u017ee vo\u013ene dostupn\u00e9 invest\u00edcie v pr\u00edpade investovania za ur\u010dit\u00e9 obdobie dosiahnu zisk. V preklade to znamen\u00e1, \u017ee pr\u00edjmy, ktor\u00e9 s\u00fa o\u010dak\u00e1van\u00e9 bud\u00fa vy\u0161\u0161ie ako n\u00e1klady na invest\u00edcie. Viac sa o investi\u010dnom alebo finan\u010dnom trojuholn\u00edku do\u010d\u00edtate v \u010dl\u00e1nku <a href=\"https:\/\/www.euroekonom.sk\/riziko-financneho-investovania-a-financny-trojuholnik\/\">Riziko finan\u010dn\u00e9ho investovania a finan\u010dn\u00fd trojuholn\u00edk<\/a>.<br \/>\nPod pojmom invest\u00edcie rozumieme:<\/p>\n<ul>\n<li>n\u00e1klady<\/li>\n<li>pr\u00edjmy<\/li>\n<li>o\u010dak\u00e1vania<\/li>\n<\/ul>\n<h3>Pr\u00edjmy, n\u00e1klady a o\u010dak\u00e1vania<\/h3>\n<p>Pr\u00edjmy predstavuj\u00fa celkov\u00fd pr\u00edjem je protiv\u00e1hou celkov\u00fdch n\u00e1kladov, m\u00f4\u017eeme ho nazva\u0165 aj ako pe\u0148a\u017en\u00fd obnos, ktor\u00fd firma z\u00edska za v\u0161etok predan\u00fd tovar. Ak invest\u00edcie zaru\u010duj\u00fa dodato\u010dn\u00e9 pr\u00edjmy, je to len vtedy, pokia\u013e s\u00fa adresn\u00e9, \u00faspe\u0161n\u00e9, zmyslupln\u00e9 a umo\u017e\u0148uj\u00fa firme zvy\u0161ova\u0165 objem produkcie a rast v\u00fdkonnosti. (MIKOV\u00c1, O. a kol. 2009)<br \/>\nN\u00e1klady predstavuj\u00fa v\u0161etko to, \u010doho sa mus\u00edme vzda\u0165, aby sme z\u00edskali nie\u010do in\u00e9 prostredn\u00edctvom k\u00fapy, v\u00fdmeny alebo v\u00fdroby. Je to druh\u00fd d\u00f4le\u017eit\u00fd determinant \u00farovne invest\u00edci\u00ed. Cena kapit\u00e1lu, ako aj faktory ovplyv\u0148uj\u00face jej v\u00fd\u0161ku hraj\u00fa d\u00f4le\u017eit\u00fa \u00falohu pri v\u00fdrobe projektov.<br \/>\nO\u010dak\u00e1vania s\u00fa tret\u00ed determinant ovplyv\u0148uj\u00faci podnikate\u013esk\u00fa d\u00f4veru, investovanie z\u00e1vis\u00ed na bud\u00facich udalostiach, ktor\u00e9 je samozrejme ve\u013emi \u0165a\u017ek\u00e9 ovplyvni\u0165 a dokonca aj predv\u00edda\u0165, preto sa formuluj\u00fa ur\u010dit\u00e9 varianty v\u00fdvoja s ich prepojen\u00edm na o\u010dak\u00e1van\u00e9 pr\u00edjmy. ( POL\u00c1CH, J. a kol.,2012)<\/p>\n<h3>Investi\u010dn\u00e9 riziko<\/h3>\n<p><a href=\"https:\/\/www.euroekonom.sk\/riziko-financneho-investovania-a-financny-trojuholnik\/\">Riziko je spojen\u00e9 s pojmom investovania<\/a>, nako\u013eko nie je mo\u017en\u00e9 s ur\u010ditos\u0165ou dosiahnu\u0165 o\u010dak\u00e1van\u00fd v\u00fdsledok investovania, preto je mo\u017en\u00e9, \u017ee v\u00fdnosnos\u0165 investovania sa bude l\u00ed\u0161i\u0165 od predpokladanej v\u00fd\u0161ky. Pri ur\u010den\u00ed rizika je potrebn\u00e9 aby sme zistili rozptyl, kol\u00edsanie mo\u017en\u00e9ho v\u00fdnosu okolo najpredpokladanej\u0161ej strednej hodnoty.<\/p>\n<ul>\n<li><strong>Riziko cenn\u00e9ho papiera<\/strong> z\u00e1vis\u00ed od mo\u017enej variability jeho v\u00fdnosov, od rozkol\u00edsanosti a od mo\u017enej zmeny skuto\u010dnej v\u00fdnosnosti oproti o\u010dak\u00e1vanej. Vy\u0161\u0161iu variabilitu maj\u00fa napr\u00edklad akcie, pri <a href=\"https:\/\/www.euroekonom.sk\/obligacie\/\">oblig\u00e1ci\u00e1ch<\/a> m\u00f4\u017eeme hovori\u0165 o nie ve\u013ek\u00fdch v\u00fdkyvoch vo v\u00fdnosoch, aj ke\u010f v tomto pr\u00edpade je tu riziko nesplatenia. Kvantifik\u00e1cia rizika pri cenn\u00fdch papieroch sa mus\u00ed ur\u010di\u0165 pravdepodobnos\u0165, ktor\u00e1 m\u00f4\u017ee nasta\u0165, ak sa z\u00edska o\u010dak\u00e1van\u00fd v\u00fdnos z cenn\u00e9ho papiera a s\u00fa\u010dasne ak\u00e1 m\u00f4\u017ee by\u0165 pravdepodobnos\u0165, \u017ee v\u00fdnos bude in\u00fd ak\u00fd o\u010dak\u00e1vame. Pre mo\u017enosti v\u00fdvoja v\u00fdnosov, ktor\u00e9 m\u00f4\u017eu nasta\u0165 sa odhadn\u00fa ich pravdepodobnosti a celkov\u00fd s\u00fa\u010det pravdepodobn\u00fdch mo\u017enost\u00ed sa rovn\u00e1 jednej.<\/li>\n<li><strong>\u00darokov\u00e9 riziko<\/strong>, ktor\u00fdm ch\u00e1peme riziko straty z poz\u00edci\u00ed klienta, je d\u00f4sledkom pri zmene \u00farokov\u00fdch mier. \u0160pecifick\u00fdm sa rozumie riziko straty vypl\u00fdvaj\u00face zo zmeny ceny \u00farokov\u00e9ho n\u00e1stroja zapr\u00ed\u010dinenej \u010dinite\u013emi, ktor\u00ed sa t\u00fdkaj\u00fa emitenta pr\u00edslu\u0161n\u00e9ho finan\u010dn\u00e9ho n\u00e1stroja a pri deriv\u00e1toch emitenta pr\u00edslu\u0161n\u00e9ho podkladov\u00e9ho n\u00e1stroja.<\/li>\n<li><strong>Akciov\u00e9 riziko <\/strong>je riziko straty z poz\u00edcie klienta, a m\u00e1 za n\u00e1sledok zmenu cien majetkov\u00fdch cenn\u00fdch papieroch. Riziko straty je charakterizovan\u00e9 ako \u0161pecifick\u00e9 akciov\u00e9 riziko straty vypl\u00fdvaj\u00face zo zmeny ceny akciov\u00e9ho n\u00e1stroja zapr\u00ed\u010dinenej \u010dinite\u013emi t\u00fdkaj\u00facimi sa emitenta pr\u00edslu\u0161n\u00e9ho finan\u010dn\u00e9ho n\u00e1stroja, a pri deriv\u00e1toch emitenta pr\u00edslu\u0161n\u00e9ho podkladov\u00e9ho n\u00e1stroja.<\/li>\n<li><strong>Riziko krajiny <\/strong>je riziko straty vypl\u00fdvaj\u00face z toho, \u017ee \u0161t\u00e1tne org\u00e1ny nebud\u00fa schopn\u00e9, alebo dokonca ochotn\u00e9 splni\u0165 svoje z\u00e1v\u00e4zky vo\u010di zahrani\u010diu, a dl\u017en\u00edci v danom \u0161t\u00e1te nebud\u00fa schopn\u00ed splni\u0165 svoje z\u00e1v\u00e4zky z d\u00f4vodu, \u017ee s\u00fa rezidentmi tohto \u0161t\u00e1tu.<\/li>\n<li><strong>Riziko vysporiadania obchodu <\/strong>je riziko straty, ktor\u00e9 vypl\u00fdva z toho, \u017ee vysporiadanie finan\u010dnej transakcie sa nerealizuje pod\u013ea dohodnut\u00fdch podmienok.<\/li>\n<li><strong>Riziko p\u00e1kov\u00e9ho efektu<\/strong> je riziko, ktor\u00e9mu sa m\u00f4\u017ee investor vystavi\u0165 prostredn\u00edctvom obchodovania na z\u00e1klade z\u00e1lohy, kedy m\u00f4\u017ee investova\u0165 do finan\u010dn\u00fdch n\u00e1strojov vo viac n\u00e1sobne vy\u0161\u0161ej nomin\u00e1lnej hodnote, ako je hodnota jeho disponibiln\u00fdch finan\u010dn\u00fdch prostriedkov. V pr\u00edpade nepriazniv\u00e9ho v\u00fdvoja m\u00f4\u017ee nasta\u0165 situ\u00e1cia, \u017ee investorovi prinesie nieko\u013ekon\u00e1sobne vy\u0161\u0161iu stratu ako by bola strata, keby investoval do finan\u010dn\u00fdch n\u00e1strojov len v sume svojich disponibiln\u00fdch finan\u010dn\u00fdch prostriedkov veden\u00fdch na \u00fa\u010dte. (OTP BANKA. Inform\u00e1cie o rizik\u00e1ch spojen\u00fdch s investovan\u00edm do finan\u010dn\u00fdch n\u00e1strojov. Dostupn\u00e9 na: &lt;htttp:\/\/www.otpbanka.sk\/sk\/mifid\/informacie-o-rizikach-spojenych-s-investovanim-do-financnych-nastrojov\/&gt;)<\/li>\n<\/ul>\n<h2>Finan\u010dn\u00e1 alebo dlhov\u00e1 kr\u00edza<\/h2>\n<p><a href=\"https:\/\/www.euroekonom.sk\/prognozy-vyvoja-financnej-krizy\/\">Finan\u010dn\u00e1 kr\u00edza, v ktorej sa zmietaj\u00fa ekonomiky Eur\u00f3pskej \u00fanie<\/a>, m\u00e1 svoj p\u00f4vod v USA. Impulzom bola kr\u00edza realitn\u00e9ho trhu, ktor\u00e1 vznikla hlavne v d\u00f4sledku poskytovania rizikov\u00fdch hypot\u00e9k skupine obyvate\u013estva s ni\u017e\u0161\u00edm \u017eivotn\u00fdm \u0161tandardom, kde ich banky z\u00edskali pon\u00fakan\u00edm p\u00f4\u017ei\u010diek s n\u00edzkym \u00farokom. V priebehu rokov v\u0161ak \u00faroky za\u010dali narasta\u0165 a dl\u017en\u00edci neboli schopn\u00ed p\u00f4\u017ei\u010dky spl\u00e1ca\u0165. T\u00fdm p\u00e1dom hypotek\u00e1rne \u00fastavy nemali z \u010doho poskytova\u0165 \u010fal\u0161ie \u00favery a n\u00e1vratnos\u0165 poskytnut\u00fdch p\u00f4\u017ei\u010diek za\u010dala by\u0165 skoro nulov\u00e1. Preto invest\u00edcie do finan\u010dn\u00e9ho sektora neprich\u00e1dzali. M\u00f4\u017eeme v\u0161ak poveda\u0165, \u017ee kr\u00edza, ktor\u00e1 svetov\u00fa ekonomiku najviac napadla v roku 2008, sa za\u010dala formova\u0165 u\u017e ove\u013ea sk\u00f4r. M\u00f4\u017eeme poveda\u0165, \u017ee to za\u010dalo liberaliz\u00e1ciou americkej ekonomiky, z\u00e1konom o podpore b\u00e1nk a poskytovan\u00ed hypotek\u00e1rnych \u00faverov etnick\u00fdm men\u0161in\u00e1m. Nesk\u00f4r finan\u010dn\u00e9 in\u0161tit\u00facie dostali povolenie by\u0165 s\u00fa\u010dasne investi\u010dnou aj komer\u010dnou bankou, ako aj pois\u0165ov\u0148ou spolu s povolen\u00edm obchodovania deriv\u00e1tov, a t\u00fdch predaj neprebiehal pod kontrolou \u017eiadnych ofici\u00e1lnych in\u0161tit\u00faci\u00ed, \u010do podporovalo celkov\u00fa nekontrolovate\u013en\u00fa hypotek\u00e1rnu expanziu.<br \/>\nNako\u013eko nastalo zn\u00ed\u017eenie \u00farokov\u00fdch sadzieb a prudk\u00fd n\u00e1rast dopytu po hypot\u00e9kach, vzniklo riziko na realitnom trhu, ktor\u00fd sa stal rizikov\u00fdm a nebezpe\u010dn\u00fdm. Z tohto d\u00f4vodu poskytovatelia \u00faverov, \u010do boli banky, sa sna\u017eili rizika zbavi\u0165 a za\u010dali vyd\u00e1va\u0165 \u0161trukt\u00farovan\u00e9 produkty &#8211; dlhopisy. Pred\u00e1vali tieto \u00favery vo forme cenn\u00fdch papierov vo forme MBS (mortage backed security), m\u00f4\u017eeme ich nazva\u0165 ako nebezpe\u010dn\u00e9 a nestabiln\u00e9 invest\u00edcie, dost\u00e1vali vysok\u00e9 ratingy a t\u00fdm p\u00e1dom o nich prejavovali z\u00e1ujem aj hedgeov\u00e9 fondy, banky, ako aj investi\u010dn\u00e9 spolo\u010dnosti. Postupne prenikli do Eur\u00f3py a \u00c1zie.<br \/>\nV\u0161etko fungovalo, ale iba dovtedy, k\u00fdm \u013eudia boli schopn\u00ed spl\u00e1ca\u0165 svoje \u00favery. Realitn\u00fd trh sa v\u0161ak nas\u00fdtil a za\u010dala klesa\u0165 hodnota domov, ceny n\u00e1jmov. T\u00fdm sa zv\u00fd\u0161ili \u00farokov\u00e9 sadzby, ako aj pokles dopytu po hypot\u00e9kach spolu s ni\u017e\u0161ou schopnos\u0165ou b\u00e1nk spl\u00e1ca\u0165 svoje z\u00e1v\u00e4zky vo\u010di investorom podnietilo vznik rozvratu b\u00e1nk, \u010d\u00edm vznikol chaos.<br \/>\nFinan\u010dn\u00fa a hospod\u00e1rsku kr\u00edzu m\u00f4\u017eeme pova\u017eova\u0165 za jednu z najv\u00fdznamnej\u0161\u00edch v\u00fdziev na udr\u017eate\u013enos\u0165 globaliza\u010dn\u00e9ho procesu. Aj napriek tomu, \u017ee globaliz\u00e1cia svetovej ekonomiky mala viacero pr\u00ednosov, nie v\u0161etky krajiny maj\u00fa rovnak\u00e9 v\u00fdhody pokia\u013e ide o liberaliz\u00e1ciu mobility glob\u00e1lneho kapit\u00e1lu, slu\u017eieb a tovarov. Hlavne vzh\u013eadom na interdependenciu glob\u00e1lnej ekonomiky doch\u00e1dza aj k vz\u00e1jomn\u00e9mu negat\u00edvnemu vplyvu v \u010dasoch bankov\u00fdch, hospod\u00e1rskych a menov\u00fdch kr\u00edz. Kr\u00edza sa zo za\u010diatku brala ako prebiehaj\u00faca kr\u00edza v\u00fdlu\u010dne v USA, uk\u00e1zalo sa v\u0161ak, \u017ee ide o najz\u00e1va\u017enej\u0161iu celosvetov\u00fa hospod\u00e1rsku kr\u00edzu.<br \/>\nVtedy sa do probl\u00e9mov dostali aj ve\u013ek\u00e9 banky, ako napr\u00edklad Lehman Brothers, ktorej p\u00e1d 15.septembra 2008 sa vyzna\u010duje ako za\u010diatok prepuknutia kr\u00edzy. Za\u010dali prepada\u0165 aj akciov\u00e9 trhy. Odvtedy pova\u017eujeme realitno \u2013 \u00faverov\u00fa kr\u00edzu v USA za ekonomick\u00fa kr\u00edzu.<br \/>\nNajd\u00f4le\u017eitej\u0161\u00edmi ot\u00e1zkami bola pr\u00ed\u010dina mas\u00edvnej hospod\u00e1rskej kr\u00edzy, a pre\u010do nebolo mo\u017en\u00e9 kr\u00edzu prejudikova\u0165, kto je za t\u00fato kr\u00edzu zodpovedn\u00fd, ak\u00e9 n\u00e1stroje hospod\u00e1rskej politiky s\u00fa vhodn\u00e9 na zastavenie kr\u00edzy a na rie\u0161enie jej d\u00f4sledkov, do akej miery m\u00f4\u017eu bal\u00edky hospod\u00e1rskych stimulov ovplyvni\u0165 bud\u00face spr\u00e1vania podnikov ako aj jednotlivcov a hlavne vn\u00edmanie riz\u00edk. Najhlavnej\u0161ou ot\u00e1zkou je to, \u010do by sa malo urobi\u0165, aby sa podobn\u00e1 kr\u00edza u\u017e nezopakovala a pod. Vl\u00e1dy jednotliv\u00fdch kraj\u00edn sa zhodli v tom, \u017ee s\u00fa nevyhnutn\u00e9 mimoriadne z\u00e1sahy do ekonomiky, aby sa zastavil prepad hospod\u00e1rskeho rastu a alarmuj\u00faci rast nezamestnanosti. Aj napriek tomu snaha vl\u00e1d nazna\u010duje, \u017ee hospod\u00e1rska politika je bezradn\u00e1, preto\u017ee k vidite\u013en\u00e9mu pozastaveniu kr\u00edzy zatia\u013e nedo\u0161lo. (LUNGOV\u00c1, M.,2011) ( TIRUNEH, M., a kol.,2009)<\/p>\n<h2>Dopad kr\u00edzy na vn\u00edmanie rizika a menov\u00e1 politika<\/h2>\n<p>Kr\u00edza mala, m\u00e1, a bude ma\u0165 e\u0161te st\u00e1le n\u00e1sledok na jednotliv\u00e9 krajiny. Aby sme vedeli lep\u0161ie zhodnoti\u0165 dopad kr\u00edzy, mus\u00edme si charakterizova\u0165 vn\u00edman\u00e9 riziko. Pred p\u00e1dom b\u00e1nk sa objavovali te\u00f3rie niektor\u00fdch finan\u010dn\u00fdch expertov, ktor\u00e9 mali nasta\u0165. Nikto nepo\u010d\u00edtal s tak\u00fdmto ve\u013ek\u00fdm dopadom. N\u00edzka pravdepodobnos\u0165 v\u00fdskytu rizika a m\u00e1lo pravdepodobn\u00fdch faktorov d\u00e1vala investorom falo\u0161n\u00fa istotu, a t\u00fdm p\u00e1dom sa elimin\u00e1cia rizika s\u00fastre\u010fovala do in\u00fdch sekci\u00ed.<br \/>\nP\u00e1dy v\u00fdznamn\u00fdch in\u0161tit\u00faci\u00ed a toxick\u00e9 akt\u00edva preh\u013abili ned\u00f4veru na finan\u010dnom trhu. Banky si prest\u00e1vali navz\u00e1jom po\u017ei\u010diava\u0165 peniaze, \u010do viedlo k ne\u010dakane ve\u013ek\u00e9mu rastu referen\u010dn\u00fdch sadzieb. (Finan\u010dn\u00e1 kr\u00edza. Dostupn\u00e9 na : &lt;www.investujeme.sk\/vsetko-o-krize-dopad -na svetove-hospodarstvo.html&gt;)<br \/>\nV\u00fdvoj menovej politiky a r\u00f4zne opatrenia priamo odzrkad\u013euj\u00fa snahu subjektov ako riziko v bud\u00facnosti eliminova\u0165. Kv\u00f4li tomu boli vytvoren\u00e9 komisie, ktor\u00fdch \u00falohou bolo dohliada\u0165 na zni\u017eovanie fi\u0161k\u00e1lnych deficitov kraj\u00edn, dlhov\u00e9 rizik\u00e1 a plnenie z\u00e1v\u00e4zkov \u0161t\u00e1tu. Banky aj v r\u00e1mci SR za\u010dali uplat\u0148ova\u0165 konzervat\u00edvnej\u0161ie invest\u00edcie a podnikate\u013esk\u00e9 aktivity. N\u00e1rodn\u00e1 banka SR spr\u00edsnila pravidl\u00e1 pre likviditu. Z tohto d\u00f4vodu boli prijat\u00e9 nasledovn\u00e9 opatrenia:<\/p>\n<ul>\n<li>Z\u00e1kon \u010d\u00edslo 276\/2009 Z.z o opatreniach na zmiernenie vplyvov glob\u00e1lnej finan\u010dnej kr\u00edzy na bankov\u00fd sektor a o zmene a doplnen\u00ed niektor\u00fdch z\u00e1konov<\/li>\n<li>Z\u00e1kon \u010d\u00edslo 186\/2009 Z.z o finan\u010dnom sprostredkovan\u00ed a finan\u010dnom poradenstve a o zmene a doplnen\u00ed niektor\u00fdch z\u00e1konov<\/li>\n<li>Z\u00e1kon \u010d\u00edslo 492\/2009 o platobn\u00fdch slu\u017eb\u00e1ch a o zmene a doplnen\u00ed niektor\u00fdch z\u00e1konov.<\/li>\n<\/ul>\n<p>V roku 2010 prijala Eur\u00f3pska komisia stabiliza\u010dn\u00e9 opatrenia, ak\u00fdmi s\u00fa napr\u00edklad bruselsk\u00e1 direkt\u00edva o alternat\u00edvnom investovan\u00ed fondov, z\u00e1kazy priamych n\u00e1kupov \u0161t\u00e1tneho dlhu \u010dlensk\u00fdch kraj\u00edn EU, \u010di z\u00e1kaz kr\u00e1tkodob\u00fdch obchodov pre deriv\u00e1tov\u00fdch n\u00e1strojoch. Kv\u00f4li z\u00e1chrane eura bol vytvoren\u00fd fond na stabiliz\u00e1ciu finan\u010dn\u00fdch trhov v Eur\u00f3pe. Hlavn\u00fdm cie\u013eom tak\u00fdchto opatren\u00ed je hlavne pred\u00eds\u0165 riziku nap\u00e4tia na finan\u010dn\u00fdch trhoch, av\u0161ak t\u00fdm priamo ovplyv\u0148uj\u00fa premenn\u00e9 v investi\u010dnom prostred\u00ed, ako napr\u00edklad volatilitu \u00farokov\u00fdch mier. (VR\u00c1BEL, J. 2013)<\/p>\n<h2>Tri alternat\u00edvy v\u00fdvoja kr\u00edzy<\/h2>\n<p>Po\u010das narastaj\u00facej <a href=\"https:\/\/www.euroekonom.sk\/ekonomika\/hospodarska-kriza\/\">ekonomickej alebo hospod\u00e1rskej kr\u00edzy<\/a> boli definovan\u00e9 3 r\u00f4zne alternat\u00edvy jej v\u00fdvoja v investovan\u00ed. Tieto tri alternat\u00edvy s\u00fa:<\/p>\n<ul>\n<li>ekonomick\u00e1 obnova<\/li>\n<li>hlbok\u00e1 depresia<\/li>\n<li>dlhotrvaj\u00faca recesia<\/li>\n<\/ul>\n<h3>Ekonomick\u00e1 obnova ako prv\u00fd scen\u00e1r<\/h3>\n<p>Avizovanie ekonomickej kr\u00edzy politici d\u00e1vaj\u00fa u\u017e koncom roka 2009, t\u00fdm p\u00e1dom aj relat\u00edvne skor\u00e9 oto\u010denie negat\u00edvneho hospod\u00e1rskeho trendu. Mohlo by sa sta\u0165 \u017ee o mas\u00edvnych fi\u0161k\u00e1lnych stimuloch mohol op\u00e4\u0165 nasko\u010di\u0165 na p\u00f4vodne vybudovan\u00e9 ko\u013eaje ekonomick\u00e9ho rastu.<br \/>\n\u201e<em>V tomto pr\u00edpade by glob\u00e1lna obnova bola zalo\u017een\u00e1 na pokra\u010duj\u00facej spotrebe USA, ktor\u00e1 op\u00e4\u0165 so sebou potiahne zvy\u0161ok sveta, ktor\u00fd je takmer v\u00fdhradne orientovan\u00fd na v\u00fdrobu tovarov a ich expertov pre toho najv\u00e4\u010d\u0161ieho svetov\u00e9ho spotrebite\u013ea, ktor\u00fd konzumuj\u00fa 40 % svetov\u00e9ho HDP<\/em>.\u201c (Investi\u010dn\u00e9 scen\u00e1re. Dostupn\u00e9 na: &lt; www.investujeme.sk\/ako-investovat-ked-investicne-scenare-v-case-krizy\/ &gt;)<br \/>\nPri tomto pr\u00edpade by bol ide\u00e1lny \u010das na op\u00e4tovn\u00fd n\u00e1kup komod\u00edt alebo akci\u00ed, a t\u00fdm pokra\u010dovanie \u00faverovej expanzie, a pr\u00e1ve na tej je zalo\u017een\u00fd svetov\u00fd hospod\u00e1rsky rast. Bude ma\u0165 za n\u00e1sledok n\u00e1kup finan\u010dn\u00fdch akt\u00edv, hlavne t\u00fdch, ktor\u00e9 s\u00fa najviac podhodnoten\u00e9. Najzauj\u00edmavej\u0161\u00edmi sa javia vypredan\u00e9 regi\u00f3ny novovznikaj\u00facich trhov ako je Braz\u00edlia, India, V\u00fdchodn\u00e1 Eur\u00f3pa a akciov\u00e9 sektory, ktor\u00e9 najviac utrpeli ako finan\u010dn\u00edctvo, priemysel a nehnute\u013enosti.<br \/>\nCentr\u00e1lne banky a vl\u00e1dy svojimi krokmi dok\u00e1zali zamedzi\u0165 prehlbovaniu kr\u00edzy, aj ke\u010f to nebolo jednoduch\u00e9. Vl\u00e1dy sa postarali aj o to, aby svojimi neefekt\u00edvnymi fi\u0161k\u00e1lnymi stimulmi vytl\u00e1\u010dali efekt\u00edvnej\u0161ie s\u00fakromn\u00e9 invest\u00edcie, \u010do bude ma\u0165 za n\u00e1sledok aj stratu produktivity. Podarilo sa im stabilizova\u0165 \u00faverov\u00fd trh, iba na z\u00e1klade garanci\u00ed a zmeny \u00fa\u010dtovn\u00fdch \u0161tandardov. Aj ke\u010f tak\u00e9to konanie \u010falej preh\u013abilo trhov\u00fa nerovnov\u00e1hu, neexistuj\u00fa lep\u0161ie d\u00f4vody na r\u00fdchlu obnovu a jej scen\u00e1r sa tak jav\u00ed menej pravdepodobn\u00fd. (VLACHYNSK\u00dd, K. a kol., 2006)( VR\u00c1BEL, J., 2013)( Investi\u010dn\u00e9 scen\u00e1re. Dostupn\u00e9 na: &lt; www.investujeme.sk\/ako-investovat-ked-investicne-scenare-v-case-krizy\/&gt;)<\/p>\n<h3>Hlbok\u00e1 depresia ako scen\u00e1r druh\u00fd<\/h3>\n<p>Pravdepodobnos\u0165 tohto scen\u00e1ra je pomerne vysok\u00e1 a je opa\u010dn\u00fdm scen\u00e1rom ekonomickej obnovy. Tak\u00fdto scen\u00e1r nast\u00e1va v pr\u00edpade, ak s\u00fa\u010dasn\u00e1 politika vl\u00e1d a centr\u00e1lnych b\u00e1nk nepadne na dobr\u00fa p\u00f4du a s\u00fa\u010dasne nastane obrovsk\u00e9 zad\u013a\u017eenie a narastie nezamestnanos\u0165, ktor\u00e1 si vyberie svoju da\u0148 vo forme nasleduj\u00faceho kolapsu ekonomickej aktivity. M\u00f4\u017ee nasta\u0165 pokra\u010duj\u00faci krach finan\u010dn\u00fdch in\u0161tit\u00faci\u00ed, ale aj samotn\u00fdch kraj\u00edn. A pr\u00e1ve preto krajiny ktor\u00e9 maj\u00fa najhor\u0161iu obchodn\u00fa bilanciu utrpia najviac.<br \/>\n\u201e<em>V prvej f\u00e1ze tohto procesu bude pokra\u010dova\u0165 vysok\u00e1 defl\u00e1cia, ktor\u00e1 reprezentuje de\u0161trukciu \u00faverov\u00fdch pe\u0148az\u00ed . T\u00e1 m\u00f4\u017ee trva\u0165 e\u0161te minim\u00e1lne rok a zn\u00ed\u017ei\u0165 hodnotu v\u0161etk\u00fdch finan\u010dn\u00fdch akt\u00edv, pri\u010dom investovanie do \u010dohoko\u013evek in\u00e9ho ako je hotovos\u0165 alebo bonitn\u00e9 dlhopisy sa bud\u00fa javi\u0165 nezmyslenou. Po\u010das tejto defl\u00e1cie m\u00f4\u017eu akciov\u00e9 trhy, alebo komodity klesn\u00fa\u0165 o \u010fal\u0161\u00edch 50 %.\u201c<\/em><br \/>\n\u201e<em>Druh\u00e1 f\u00e1za tohto scen\u00e1ra po\u010d\u00edta s vysokou infl\u00e1ciou, ak nie hyperinfl\u00e1ciou. Ako bud\u00fa vl\u00e1dy v snahe zabr\u00e1ni\u0165 defl\u00e1ci\u00ed pokra\u010dova\u0165 v zadl\u017eovan\u00ed sa a kvantitat\u00edvnom uvo\u013e\u0148ovan\u00ed, tak \u013eudia m\u00f4\u017eu razom strati\u0165 d\u00f4veru z meny najzadl\u017eenej\u0161\u00edch kraj\u00edn, ktor\u00e9 by tak prudko oslabili. Hor\u00facim adeptom straty d\u00f4very je americk\u00fd dol\u00e1r, britsk\u00e1 libra, alebo japonsk\u00fd jen. To by v\u0161ak znamenalo rozpad s\u00fa\u010dasn\u00e9ho glob\u00e1lneho finan\u010dn\u00e9ho syst\u00e9mu a jedin\u00fdm v\u00ed\u0165azom by sa stali drah\u00e9 kovy. Pr\u00e1ve v takejto extr\u00e9mnej situ\u00e1ci\u00ed sa zlato jav\u00ed ako najlep\u0161ia investi\u010dn\u00e1 alternat\u00edva<\/em>\u201c.<\/p>\n<h3>Dlhotrvaj\u00faca recesia scen\u00e1r tret\u00ed<\/h3>\n<p>\u201e<em>Moment\u00e1lne (2009) sa ako najpravdepodobnej\u0161ia alternat\u00edva jav\u00ed dlhodob\u00e1 glob\u00e1lna recesia. T\u00fa by od\u00f4vodnila strata z\u00e1ujmu svetov\u00fdch producentsk\u00fdch kraj\u00edn po\u017ei\u010diava\u0165 svoj kapit\u00e1l USA. Zadl\u017eenos\u0165 z\u00e1padn\u00fdch ekonom\u00edk dosiahla tak\u00e9 \u00farovne, \u017ee verite\u013esk\u00e9 krajiny nemaj\u00fa \u010fal\u0161\u00ed z\u00e1ujem riskova\u0165. Svetov\u00e1 ekonomika sa tak dlh\u00e9 roky nedostane do kladn\u00e9ho hospod\u00e1rskeho rastu a hlavne z\u00e1padn\u00e9 krajiny bud\u00fa \u010deli\u0165 v\u00fdrazn\u00fdm probl\u00e9mom, najm\u00e4 pri tom, ako si bud\u00fa musie\u0165 zvykn\u00fa\u0165 na ove\u013ea men\u0161iu spotrebu, ke\u010f v\u00e4\u010d\u0161ina rozpo\u010dtu p\u00f4jde na spl\u00e1tky \u00faverov a vy\u0161\u0161ie dane. V\u00ed\u0165azom tak\u00e9hoto scen\u00e1ra by mal by\u0165 \u00e1zijsk\u00fd regi\u00f3n, ktor\u00fd opl\u00fdva obrovsk\u00fdm kapit\u00e1lom. Str\u00e1ca\u0165 bude glob\u00e1lny sektor luxusn\u00fdch statkov a slu\u017eieb, cestovn\u00e9ho ruchu alebo finan\u010dn\u00edctvo. Z\u00edskava\u0165 m\u00f4\u017ee po\u013enohospod\u00e1rsky sektor, sektor komun\u00e1lnych slu\u017eieb alebo nerastn\u00fdch surov\u00edn. Akciov\u00e9 a komoditn\u00e9 trhy by pod\u013ea tak\u00e9hoto scen\u00e1ra stagnovali nieko\u013eko rokov, ke\u010f\u017ee zabr\u00e1nenie bankrotov v\u00e4\u010d\u0161\u00edch firiem by malo za n\u00e1sledok vytvorenie \u201ezombie\u201c ekonomiky na sp\u00f4sob Japonska. Cel\u00fd svet by tak mohla \u010daka\u0165 straten\u00e1 dek\u00e1da v podobe 70-tych rokov minul\u00e9ho st<\/em>oro\u010dia\u201c. (VR\u00c1BEL, J. 2013)(Investi\u010dn\u00e9 scen\u00e1re. Dostupn\u00e9 na: &lt; www.investujeme.sk\/ako-investovat-ked-investicne-scenare-v-case-krizy\/&gt;)<br \/>\nSpojen\u00edm druhej a tretej alternat\u00edvy n\u00e1m vznikla hrub\u00e1 predikcia, ktor\u00e1 sa naplnila vo viacer\u00fdch bodoch. Riziko bolo vn\u00edmane aj nechu\u0165ou investorov vklada\u0165 svoje akt\u00edva inam ako do drah\u00fdch kovov.<\/p>\n<h2>Pou\u017eit\u00e1 literat\u00fara<\/h2>\n<p>MIKOV\u00c1, O. a KOL. 2009. Finan\u010dn\u00e9 invest\u00edcie. Ekonomick\u00e1 univerzita v Bratislave. Vydavate\u013estvo EKON\u00d3M 2009. ISBN 978-80-225-2929-3. 170<br \/>\nPOL\u00c1CH, J. a KOL. Re\u00e1ln\u00e9 a finan\u010dn\u00ed investice. Nakladatelstv\u00ed C H Beck, 2012. ISBN 8074004368. 263s<br \/>\nVR\u00c1BEL, J. 2013, Bratislava. Hodnotenie riz\u00edk finan\u010dn\u00fdch invest\u00edci\u00ed v obdob\u00ed kr\u00edzy , Diplomov\u00e1 pr\u00e1ca Paneur\u00f3pska vysok\u00e1 \u0161kola..Bratislava.80 s.<br \/>\n\u0160TALMACH, M. , Value-at-risk: n\u00e1stroj na meranie trhov\u00e9ho rizika, Bratislava, 2007, diplomov\u00e1 pr\u00e1ca Univerzita Komensk\u00e9ho v Bratislave, Fakulta matematiky, fyziky a informatiky. Dostupn\u00e9 na: http:\/\/www.iam.fmph.uniba.sk\/studium\/efm\/diplomovky\/2007\/stalmach\/diplomovka.pdf<br \/>\nLUNGOV\u00c1, M., Hospod\u00e1rsk\u00e1 krize 2008-2009, Anal\u00fdza pr\u00ed\u010din. E+M Ekonomie a Management: Ekonomie (online). Liberec ( Technick\u00e1 univerzita v Liberci, Ekonomick\u00e1 fakulta, Redakce \u010dasopisu E+M Ekonomie a Management), 2011, \u010d.2, s.22-30, 2012. Dostupn\u00e9 na: http:\/\/eee.ekonomie-management.cz\/archiv\/detail\/740-hospodarska-krize-2008-2009-analyza-pricin\/<br \/>\nTIRUNEH, M., a kol., V\u00fdvoj a perspekt\u00edvy svetovej ekonomiky:Glob\u00e1lna a finan\u010dn\u00e1 kr\u00edza( pr\u00ed\u010diy-n\u00e1klady- v\u00fdchodisk\u00e1) 2009, Ekonomick\u00fd \u00fastav SAV, Bratislava .ISBN 978-7144-175-5. S.280<\/p>\n","protected":false},"excerpt":{"rendered":"<p>N\u00e1stroje na meranie a riadenie rizika invest\u00edcie Priradi\u0165 portf\u00f3liu ur\u010dit\u00fa hodnotu znamen\u00e1 mera\u0165 trhov\u00e9 riziko, ktor\u00e9 charakterizuje, ako ve\u013emi sa m\u00f4\u017ee odch\u00fdli\u0165 od s\u00fa\u010dasnej hodnoty &hellip; <\/p>\n","protected":false},"author":9,"featured_media":25165,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,551],"tags":[148,53],"class_list":["post-10430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investovanie","category-podnikam","tag-globalizacia","tag-peniaze"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Meranie rizika finan\u010dn\u00fdch invest\u00edci\u00ed<\/title>\n<meta name=\"description\" content=\"N\u00e1stroje na meranie rizika a riadenie rizika invest\u00edcie. 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