|
|
The effects of quantitative easing on the USA, Japan, Eurozone and Great Britain
Novoselova, Ksenia ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
This master thesis aims to describe problematics of the effects of unconventional monetary policy, also known as quantitative easing, on economics of USA, Japan, Eurozone and Great Britain, by using empirical analysis of events related to quantitative easing and large BVAR model. In theoretical part of the thesis there are described transmission mechanisms of conventional monetary policy still effective in conditions of interest rates close to zero, as well as channels of unconventional monetary policy. Practical part of the thesis demonstrates analysis of impact of events related to quantitative easing in all the in-scope economics by applying a method of empirical observation of interest rates reactions on every event. Further, based on the received results of the empirical analysis, broader economic effects of quantitative easing are examined by using large BVAR model and afterwards the conclusion is made.
|
|
|
The transmission mechanism of the monetary policy impact on the Czech banking sector
Bohovicová, Petra ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
This thesis analyzes the impact of the monetary policy of the Czech Republic on the Czech banking sector. It explains the monetary transmission mechanism in an inflation targeting regime and its channels: interest rates channel, asset price channel, exchange rate channel and credit channel. The aim of the thesis is to introduce and analyze channels of the Czech transmission mechanism by Correlation and Graphical Analysis of chosen time series and using Linear Regression Model. The analyses are calculated in MS Excel and Gretl.
|
|
|
TARGET 2 a krize platební bilance v Eurozóně
Vilímovský, Petr ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
This thesis aims to analyse the connection between the Eurozone's balance of payments crisis and the TARGET 2 balances. These balances represent mutual clearing relationship of the individual euro area member states to the European Central Bank inside the TARGET 2 system, which serves as a heart of the Eurozone's payment settlements. In fact, the central banks of the core countries hold significant positive balances while the peripheral central banks accumulated substantial negative positions. The TARGET 2 balances appeared mainly as a consequence of the liquidity outflow from the peripheral countries to the core due to the large imbalances in fundamental factors such as the NCA deficits, net foreign debt, public and private debt or competitiveness. The development of the balances was further facilitated via uneven liquidity provisions from the Eurosystem, as the peripheral countries effectively financed their balance of payments disequilibrium by issuing new liquidity that almost immediately moved to the core. The banking systems of the core started to operate in the liquidity excess status as the monetary base increased in 2011 and 2012. Assets with questionable quality collateralized the increasing refinancing operations in the periphery as the collateral requirements were repeatedly lowered. It resulted in an increase in the credit risk of these operations primarily in the periphery countries. This situation, among many others presented in this thesis, raises further questions about the parameters of the future single monetary policy as well as the continuance of the European monetary union.
|
|
|
LIQUIDITY MANAGEMENT PROBLEMS OF FED DURING BANKING PANIC 1929 - 1933
Titze, Miroslav ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
Main goal of the diploma thesis is to research liquidity management problems of the Federal Reserve System during banking crisis 1929 -- 1933. Monetary policy implementation based on the implicit reserve targeting was not convenient in times of sharp expansion of the demand for reserves. FED was misled by Real-bills and Riefler-Burgess doctrine and considers monetary condition to be easy. Money interest rates responded very moderately to the shortage of the banking system's liquidity. We can find origin of the first quantitative easing in 1932 when FED first bought larger quantities of the government securities. Expansionary monetary policy during the banking crisis 1929 -- 1933 was also potentially limited by the conflict among U.S. financial stability and sustainability of the gold standard.
|
|
|
Myths and Realities of Negative Interest Rates
Strach, Jakub ; Jakl, Jakub (advisor) ; Kučera, Lukáš (referee)
This bachelor's thesis examines the issue of negative interest rates with focus on its application within monetary policy. The theoretical part describes important interest rates and their interlinkages. Further it addresses the Taylor rule that often figures as an argument for their implementation. The last chapter mentions breakthrough theoretical opinions on the issue of negative nominal interest rates. The analytical part of the thesis focuses on the situations that would gain from the usage of negative interest rates. It deals with the problem of zero lower bound that hinders said usage and three main proposals how to deal with this problem. Following chapter describes the events of the past years particularly in Europe when the negative interest rates were used by central banks of Switzerland, Denmark and ECB. The closing chapters explain dangerous trends in the conditions of long lasting negative interest rates and obstacles in the legislation.
|
|
|
Alternatives of central banking and ways of their practical application
Chaloupková, Jana ; Koderová, Jitka (advisor) ; Jakl, Jakub (referee)
This thesis at the theoretical level deals with possible alternatives of two-tier banking system with the central bank. Then in details it describes the analysis of one of them -- currency board. The application section focuses on three completely different countries that have been met with this system and have been strongly influenced by it. It is meant: European country Estonia, Latin American Argentina and Hong Kong Special Administrative Region of the People's Republic of China. This submitted work analyzes each currency board separately, discusses the economic situation before and after its implementation and also outlines the current developments in the economy. At the conclusion, there is their comparison and evaluation of the success of the currency boards.
|
|
|
Foreign exchange swaps in liquidity management of global banking system
Minařík, Petr ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
This thesis focuses on solving financial crisis throught foreign exchange swaps. Facilities, which provided help to Banks around the world called swap lines. These facilities introduced U.S. Federal Reserve (Fed) in late 2007. The swap lines were one of the many liquidity programs that Fed conducted in order to provide liquidity to the global banking system. Using indicator 3M Libor -- OIS spread, which informs about the problems in the interbank markets, is studied the impact of these swap facilities to the global banking system. It was found, that impact of swap lines were positive, but not because of announcement effect. Swap lines had positive impact only after an enormous increase in the volume of U.S. dollars in transactions. In other part of thesis is estimated revenue and expenses for the Fed. Revenues are campared with the data in the annual report. Revenues are estimated as a sum of all the interest payments in all banks, which dollars from the swap lines "spilled" into their jurisdictions. Costs are estimated as a opportunity costs.
|
|
|
Quantitative Easing and its impact on commodity prices
Jakl, Jakub ; Hurník, Jaromír (advisor) ; Potužák, Pavel (referee)
The main focus of this thesis rests in the assessment of the quantitative easing policy impact on commodity prices and prices of commodity derivatives in the US. Several VAR models have been constructed in this paper to capture the relations between time series of monetary policy variables and commodity markets indices. The impulse-response analysis applied in the VAR models has discovered the causal connection between the QE policy and the value of commodity indices. The official announcement of initiation (extension) of the policy of the QE policy and its realization consisting of purchases of vast amount of treasury securities and federal agency debt and MBS has lead to the major commodity indices increase. Since this fact has been overlooked by Fed so far, its acceptance might enhance the realization of possible future QE policy and the valuation of the QE as a monetary policy alternative in conditions of zero-bound.
|
|
|
Comparison of public and private forests
Jakl, Jakub ; Slavíková, Lenka (advisor) ; Vejchodská, Eliška (referee)
The work deals with conflict between public and private ownership of forests and solves the question, which of these concepts is more suitable in the area of forestry economy. This work takes into account various phenomenon, which are connected with this problematic. The work uses the method of historical comparison of time period before land reform in 1918, when the majority of forests were private and the presence, when the majority of forests is state owned. Next method, that work uses, is method of institutional analysis, which deals with influence of particular institutions and interactions among them.
|
guest ::
