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Bilateral relations between interest rates and exchange rates (in selected countries)
Kočí, Tomáš ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
This thesis deals with the relation between interest differential and exchange rate. First part is about the exchange rate system explanation and about explanation of theoretical background of relation between interest rate and exchange rate (i. e. Asset Market Model, Interest Rate Parity, etc.). The goal of second part is to verify theoretical assumptions on empirical data. There is a sample of ten European countries which is used for applying of graphical analysis, regression analysis and VAR model analysis.
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Impact exchange rates on the companie´s sphere of Czech republic
Borovička, Vladimír ; Ševčík, Miroslav (advisor) ; Pojsl, Zdeněk (referee)
In context of czech membership in the Europen Union we always discuss the question if the acceptance of the euro as official currency is for our country and czech companies beneficial or not. The aim of this thesis is to describe microeconomic benefits of join the euro for company TECHO, a.s. that I have been working for over two years. TECHO, a.s. is an important provider of comprehensive services for the furnishing of commercial interiors in the Czech republic and its products are available on three continents -- Europe, Asia and Africa. Because of this fact is the question of acceptance or non-acceptance of the euro for this company very important and actual. The method of research is the analysis of exchange rates that I apply on economic results of the firm for years 2005-2009. The analysis should answer the question if the acceptance of the euro is for the firm TECHO, a.s. profitable or not.
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Managing Foreign Exchange Risk in ŠKODA JS a.s.
Nolč, Libor ; Černohlávková, Eva (advisor) ; Přenosil, Kamil (referee)
This paper deals with the management of foreign exchange risk and focuses on ŠKODA JS a.s. Its aim is to evaluate the process of risk managing in the company, assuming that foreign exchange risk has a substantial impact on business. The analysis itself is based on interpretation of foreign exchange position, forecasts of both exchange rate and expected losses, explicit hedge strategy and details of financial derivatives used for hedging.
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Fractal analysis of economic time series
Krýcha, Josef ; Tichý, Vladimír (advisor) ; Smrčka, Pavel (referee)
This thesis focuses on fractal analysis of economic time series. Chapter One introduces fractal analysis as a method of exploring time series and gathers information about progress and current state of understanding in this field. Chapter Two focuses on design and development of computer software, which will calculate selected fractal indices. Chapter Three is experimental and shows the results and discussion of economic time series (popular stock market indexes and currency exchange rate) analysis that have been obtained from the software developed in Chapter Two.
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Development of the Czech exchange rate policy and its effects on the balance of trade
Gajdušková, Kateřina ; Plchová, Božena (advisor) ; Korandová, Jiřina (referee)
This thesis focuses on the development of exchange rate policy in the Czech Republic and its effect on the balance of trade. The first part considers the exchange rate and its regimes, balance of trade and factors that determine them. The most of the exchange rate theories is not valid in the Czech Republic, it is caused by the fact that the development of the exchange rate is influenced by all the factors together. In my thesis there I concerned with the exchange rate compensatory mechanism in more detail. The relation between the exchange rate and the balance of trade is in the case of small open economy like the Czech Republic evident, but the exchange rate is not always the determined factor that affects the final height of Czech exports or imports. These facts are confirmed in the second part of this thesis that analyses the development of exchange rate policy in the Czech Republic during the period 1993-2008.
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Analysis of selected aspects of the balance of payments of the Czech Republic
Němeček, Přemysl ; Plchová, Božena (advisor) ; Nigrinová, Lenka (referee)
Balance of payments is a key tool for the analysis of external equilibrium of a country. In this paper I present the analysis of selected aspects of the balance of payments of the Czech Republic from 2003 to 2008. It was found out, that the basic characteristic is a deficit on current account, backed by a surplus on financial account, especially by inflow of direct foreign investements. Several risks for Czech economy may be assumed: trade balance deficit at the end of 2008, growing deficit on the current account, outflow of gains from direct investments, deteriorating investment position and rising external debt. Some relations were confirmed (effect of portfolio and direct investments on exchange rate, effect of interest rate differential on portfolio investments, effect of investment incentives on trade balance), others were not confirmed (effect of the exchange rate on trade balance).
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The entry of the Czech Republic to the ERM II and expected impacts on the price level
Kulířová, Petra ; Maleček, Petr (advisor) ; Chytil, Zdeněk (referee)
This work deals with the entry of the Czech Republic to the Exchange Rate Mechanism and an evaluation of impacts, primarily on the price level which comes out from the membership of ERM II. After that it focuses on the history of mechanism ERM II and its basic characteristics. This paper also discusses the view of the state, which is now a part of this mechanism. It's trying to describe possible risks that can occur if the Czech Republic enters to this mechanism of fixed rates with narrow exchange rate fluctuation zone.
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Development of Czech Republic's exchange rate policy since the beginning of the transformation
Kovářová, Petra ; Kalínská, Emílie (advisor) ; Žamberský, Pavel (referee)
The bachelor thesis deals with exchange rate policy in the Czech Republic. Preliminary, there are described types of exchange rate regimes and methods of influencing exchange rate by central banks. The work is focused on the development of the Czech Republic's exchange rate policy since the beginning of the economic transformation. It starts with the Czech Republic's introduction of internal convertibility in January 1991. Further the dissolution of Czechoslovakia and the monetary separation is mentioned. In 1995, external convertibility is introduced and it is followed by currency crisis in 1997. Attention is paid to the central bank's attempts to solve crisis which lead to exchange rate regime change in the end. In the next part, further development of exchange rate is described. At the end our chance to join euro in future is analysed.
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Reciprocal corelations of interest rates and exchange rate described in the example of selected countries
Mihalik, Miroslav ; Durčáková, Jaroslava (advisor) ; Mandel, Martin (referee)
This final work is aimed at the concept of relationship between exchange rate and interest rate differential. The introductory part briefly describes exchange rate as a macro-economical parameter, which can be seen in many different systems of exchange rate. Next part consists of theoretical principles of uncovered interest parity and the dynamics of this process and also the process of international Fisher effect. In the analysis part the relation between interest rate and exchange rate is explored in various conditions of exchange rate arrangements in the countries of Denmark, Norway, Sweden and Slovakia. The uncovered interest parity is valued by graphic analysis made by calculation of the theoretical rate based on uncovered interest parity and the off-set index rate. International Fisher effect is tested on the graph of change in exchange rate depending on the interest rate differential. The graphic analysis is followed by the analysis of linear regression. Afterwards with the use of VAR model we find not only the dependence of exchange rate on interest rate differential but also whether the interest rate differential is dependent on exchange rate or not.
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Menový kurz z pohľadu teórie a praxe
Mihalik, Miroslav ; Žďárek, Václav (advisor) ; Čajka, Martin (referee)
Práca sa venuje problematike menového kurzu. Popisuje jeho stručnú charakteristiku, fundamentálnu a technickú analýzu. Bližšie sa zaoberá fundamentálnou analýzou a jej vybranými teóriami. Praktická časť sa zaoberá overením platnosti parity kúpnej sily a parity úrokovej miery na vývoji kurzu slovenskej koruny a amerického dolára v rokoch 1996 až 2006.
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