Financial stability analysis is also one of the CNB's four research areas . The emphasis being put on financial stability analysis at the CNB and the improving quality of its analytical tools are reflected in a growing number of research publications dedicated to various aspects of financial stability. Some research results from this area are also presented to the public as thematic articles in the Financial Stability Report.

Two issues of the CNB Economic Research Bulletin, specifically No. 2, Vol. 3, November 2005 (pdf, 242 kB) and No. 1, Vol. 5, August 2007 (pdf, 193 kB), have also been devoted to financial stability. Financial stability was also covered in two monothematic issues of Finance a úvěr – The Czech Journal of Economics and Finance: No. 1-2/2007 Financial Stability Analysis in a Developing Economy and No. 6/2009 Financial Crisis, which contained articles written primarily by CNB experts.

• Thematic Articles in the Finacial Stability Reports
• Working Papers
• Research and Policy Notes

Thematic Articles in the Finacial Stability Reports

• Financial stability, systemic risk and macroprudential policy (pdf, 131 kB)
  Jan Frait, Zlatuše Komárková
  FSR 2010/2011, CNB, pp. 96-111.
• Excessive credit growth as an indicator of financial (in)stability and its use in macroprudential policy (pdf, 142  kB)
  Adam Geršl, Jakub Seidler
  FSR 2010/2011, CNB, pp. 112-122.
• An analysis of progress with the sale of residential developments (pdf, 170 kB)
  Michal Hlaváček , Zita Prostějovská a Luboš Komárek
  FSR 2010/2011, CNB, pp. 123-132.
• Retail credit premiums and macroeconomic developments (pdf, 151 kB)
  Jan Brůha
  FSR 2010/2011, CNB, pp. 133-140.
• Stress test verification as part of an advanced stress-testing framework (pdf, 85 kB)
  Adam Geršl, Jakub Seidler
  FSR 2009/2010, CNB, pp. 92-101.
• Financial integration at times of financial (in)stability (pdf, 142 kB)
  Jan Babecký, Luboš Komárek, Zlatuše Komárková
  FSR 2009/2010, CNB, pp. 102-109.
• Procyclicality of the financial system and simulation of the feedback effect (pdf, 82 kB)
  Adam Geršl, Petr Jakubík
  FSR 2009/2010, CNB, pp. 110-119.
• Regulation of alternative funds in the Czech Republic in the context of the debate on their potential regulation in the European Union (pdf, 82 kB)
  Vít Ossendorf, Adam Jekl
  FSR 2009/2010, CNB, pp. 120-129.
• Instruments for curbing fluctuations in lending over the business cycle (pdf, 98 kB)
  Jan Frait, Zlatuše Komárková
  FSR 2008/2009, CNB, pp. 72-81.
• Models of bank financing of Czech corporations and credit risk (pdf, 94 kB)
  Adam Geršl, Petr Jakubík
  FSR 2008/2009, CNB, pp. 92-101.
• Property price determinants in the Czech regions (pdf, 92 kB)
  Michal Hlaváček , Luboš Komárek
  FSR 2008/2009, CNB, pp. 82-91.
• Estimating expected loss given default (pdf, 111 kB)
  Petr Jakubík, Jakub Seidler
  FSR 2008/2009, CNB, pp. 102-109.
• The role of ratings in financial sector stability assessment (pdf, 138 kB)
  Petra Davidová, Renata Opravilová
  FSR 2007, CNB, pp. 65-75.
• Scoring as an indicator of financial stability (pdf, 143 kB)
  Petr Jakubík, Petr Teplý
  FSR 2007, CNB, pp. 76-85.
• Operational risk and its impact on financial stability (pdf, 111 kB)
  Věra Mazánková, Michal Němec
  FSR 2007, CNB, pp. 94-104.
• Competition and efficiency in the Czech banking sector (pdf, 160 kB)
  Anca Podpiera
  FSR 2007, CNB, pp. 86-93.
• Foreign direct investment and the Czech corporate sector: potential risks to financial stability (pdf, 234 kB)
  Adam Geršl, Michal Hlaváček
  FSR 2006, CNB, pp. 80-88.
• Financial stability indicators: advantages and disadvantages of their use in the assessment of financial system stability (pdf, 163 kB)
  Adam Geršl, Jaroslav Heřmánek
  FSR 2006, CNB, pp. 69-79.
• Takeover bids and capital market efficiency (pdf, 289 kB)
  Jan Hájek, Miroslava Jindrová
  FSR 2006, CNB, pp. 89-98.
• Credit risk and stress testing of the banking sector in the Czech Republic (pdf, 302 kB)
  Petr Jakubík, J. Jaroslav Heřmánek
  FSR 2006, CNB, pp. 57-68.
• Summary of the results of stress tests in banks (pdf, 167 kB)
  Jaroslav Heřmánek, Martin Čihák
  FSR 2005, CNB, pp. 73-83.
• Macroeconomic Credit Risk Model. (pdf, 157 kB)
  Petr Jakubík,
  FSR 2005, CNB, pp. 84-92.
• Deteriorating cost efficiency in a bank signals the risk of failure (pdf, 56 kB)
  Anca Podpiera, Jiří Podpiera
  FSR 2005, CNB, pp. 102-105.
• The impact of insolvency law on financial stability (pdf, 73 kB)
  Tomáš Rýdl
  FSR 2005, CNB, pp. 93-101
   

Working Papers:

• Who Borrows and Who May Not Repay?
  Alena Bičáková, Zuzana Prelcová and Renata Pašaličová
  CNB WP 10/2010
• Financial Integration at Times of Financial Instability
  Jan Babecký, Luboš Komárek and Zlatuše Komárková
  CNB WP 9/2010  
• Relationship Lending in the Czech Republic
  Adam Geršl and Petr Jakubík
  CNB WP 1/2010
• Banking Crises and the Rules of the Game
  Charles W. Calomiris
  CNB WP 14/2009
• The Merton Approach to Estimating Loss Given Default: Application to the Czech Republic
  Jakub Seidler and Petr Jakubík
  CNB WP 13/2009
• Housing Price Bubbles and their Determinants in the Czech Republic and its Regions
  Michal Hlaváček, Luboš Komárek
  CNB WP 12/2009
• Funding Costs and Loan Pricing by Multinational Bank Affiliates
  Alexis Derviz, Marie Raková
  CNB WP 9/2009
• Heterogeneity in Bank Pricing Policies:The Czech Evidence
  Roman Horváth, Anca Maria Podpiera
  CNB WP 8/2009
• Measuring Excessive Risk-Taking in Banking
  Jiří Podpiera, Laurent Weill
  CNB WP 3/2009
• Stress testing credit risk: Is the Czech Republic different from Germany?
  Petr Jakubík, Christian Schmieder
  CNB WP 9/2008
• Monetary policy rules with financial instability
  Sofia Bauducco, Aleš Bulíř, Martin Čihák
  CNB WP No. 8/2008
• Determinants of house prices in Central and Eastern Europe
  Balázs Égert, Dubravko Mihaljek
  CNB WP No. 1/2008
• Foreign Direct Investment and Productivity Spillovers: Updated Evidence from Central and Eastern Europe
  Adam Geršl, Ieva Rubene and Tina Zumer
  CNB WP No. 8/2007
• Financial Integration of Stock Markets among New EU Member States and the Euro Area
  Ian Babetskii, Luboš Komárek and Zlatuše Komárková
  CNB WP No. 7/2007
• Market Power and Efficiency in the Czech Banking Sector
  Anca Pruteanu-Podpiera, Laurent Weill and Franziska Schobert
  CNB WP No. 6/2007
• Bad Luck or Bad Management? Emerging Banking Market Experience
  Jiří Podpiera and Laurent Weill
  CNB WP No. 5/2007
• Housing Wealth and Household Indebtedness: Is there a Household 'Financial Accelerator'?
  Richard Disney, Sarah Bridges, John Gathergood
  CNB WP No. 12/2006
• Cross-Border Lending Contagion in Multinational Banks
  Alexis Derviz and Jiří Podpiera
  CNB WP No. 9/2006
• Deteriorating cost efficiency in commercial banks signals an increasing risk of failure
  Anca Podpiera, Jiří Podpiera
  CNB WP No. 6/2005
• Effects of Macroeconomic Shocks to the Quality of the Aggregate Loan Portfolio
  Ivan Babouček and Martin Jančar
  CNB WP No. 1/2005
• Credit Risk and Bank Lending in the Czech Republic
  Narcisa Kadlčáková, Joerg Keplinger
  CNB WP No. 6/2004
• The Role of Banks in the Czech Monetary Policy Transmission Mechanism
  Anca Pruteanu
  CNB WP No. 3/2004
• Predicting Bank CAMELS and S&P Ratings: The Case of the Czech Republic
  Alexis Derviz, Jiří Podpiera
  CNB WP No. 1/2004
• Credit Risk, Systemic Uncertainties and Economic Capital Requirements for an Artificial Bank Loan Portfolio
  Alexis Derviz, Narcisa Kadlčáková, Lucie Kobzová
  CNB WP No. 9/2003

Research and Policy Notes:

• Eligibility of External Credit Assessment Institutions
  Helena Sůvová, Eva Kozelková, David Zeman, Jaroslava Bauerová
  RPN 3/2005
• Stress Testing the Czech Banking System: Where Are We? Where Are We Going?
  Martin Čihák, Jaroslav Heřmánek
  RPN 2/2005
• Designing Stress Tests for the Czech Banking System
  Martin Čihák
  RPN 3/2004
• Stress Testing: A Review of Key Concepts
  Martin Čihák
  RPN 2/2004