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Equlibrium exchange rate : Effect of the degree of competition on the real equlibrium exchange rate - evidence from a panel of exporting companies
Raková, Marie ; Derviz, Alexis (advisor) ; Cahlík, Tomáš (referee)
This thesis analyzes the real equilibrium exchange rate. It consists of two parts. The purpose of the first part is to introduce the main equilibrium exchange rate theories and their empirical results. This part also focuses on the present empirical approaches, which are used by economists for testing the equilibrium exchange rate. The aim of the second part is to analyze the impact of market structure, expressed in degree of competition, on the equilibrium real exchange rate. Here we examine the following questions: What are the causes of misalignment of the real exchange rate? Does it depend on the market structure? And could, under certain degree of competition, be every move of nominal exchange rate assessed as equilibrium? Powered by TCPDF (www.tcpdf.org)
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Business stratégie Call centra
Janotková, Dagmar ; Gregor, Martin (advisor) ; Raková, Marie (referee)
The theme of bachelor's thesis is "Business strategies of Call center". Purpose of this paper is to study the dependancy of the number of calls to the Contact center of Czech Railways (České dráhy, a. s.) to year season factor and to the weather factor. The teorethical part is devoted to the introduction of Czech Railways company and the Contact center itself. The practical part describes the procedure for examining the impact of factors on the number of contacts and the resulting conclusions. Then presents suggestions for future business strategies of Contact center.
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The IMF and its role in the Czech Republic and Hungary since 1989
Malešová, Jana ; Duršpek Raková, Marie (advisor) ; Parrák, Radovan (referee)
This thesis focuses on the International Monetary Fund. The first part consists of three chapters and it examines the Fund as a respected, yet disputes sparking institution. The first chapter describes the history of the Fund from its founding in Bretton Woods in 1944 to the recent financial crisis. The second chapter focuses on the Fund's operation nowadays. Information about special drawing rights, member quotas system, and about Fund's financial resources and their use can all be found there. Recent reforms and the organizational structure are also a part of the second chapter. The third chapter presents the main points of critique of the Fund. The second part of the thesis examines specific Fund activities in two central European countries with the focus on periods in which the Fund's assistance was the most significant. The fourth chapter concentrates on Fund operations in the Czech Republic after the membership resumption in 1990. The fifth chapter explains Fund activities in Hungary, which has been a member since 1982 but has drawn particular attention in recent years since the outburst of the financial crisis.
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Exit strategy - new challenge to central banking : European Central Bank's experience
Bezvoleva, Tatiana ; Holub, Tomáš (advisor) ; Raková, Marie (referee)
To date, three years into the first global financial and economic crisis of the XXI century, central banks find themselves with significantly expanded balance sheets as a result of the substantial support they provided to the markets through both conventional and unconventional monetary policy tools implemented in response to the turmoil. As the crisis loses its intensity, new policies need to be designed in order to unwind the significant support so as not to derail the recovery and not to pose risks to price and financial stability. For this a proper exit strategy needs to be designed. In the literature to date there is no well-defined notion to what an exit strategy is and, most importantly, there is no unique answer on the principles it should follow. In this thesis the author attempts to identify the determinants of a successful exit strategy and analyse the main challenges policymakers face when designing one. Additionally, the author places a great emphasis on the risks of premature and delayed exits and on the past experiences with this issue. The results are based, to a large degree, on extensive review of literature, which, due to the recent provenience of the problem and its acute importance, is represented in a big part by central bank authorities' speeches, conference papers and some very...
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The IMF and its role in the Czech Republic and Hungary since 1989
Malešová, Jana ; Duršpek Raková, Marie (advisor) ; Parrák, Radovan (referee)
This thesis focuses on the International Monetary Fund. The first part consists of three chapters and it examines the Fund as a respected, yet disputes sparking institution. The first chapter describes the history of the Fund from its founding in Bretton Woods in 1944 to the recent financial crisis. The second chapter focuses on the Fund's operation nowadays. Information about special drawing rights, member quotas system, and about Fund's financial resources and their use can all be found there. Recent reforms and the organizational structure are also a part of the second chapter. The third chapter presents the main points of critique of the Fund. The second part of the thesis examines specific Fund activities in two central European countries with the focus on periods in which the Fund's assistance was the most significant. The fourth chapter concentrates on Fund operations in the Czech Republic after the membership resumption in 1990. The fifth chapter explains Fund activities in Hungary, which has been a member since 1982 but has drawn particular attention in recent years since the outburst of the financial crisis.
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Future of Inflation Targeting in the Russian Federation
Navrátilová, Alice ; Fungáčová, Zuzana (advisor) ; Raková, Marie (referee)
Hereby presented Master Thesis deals with an analysis of preparedness of the Russian monetary policy for adoption of inflation-targeting regime. We define the impact of different factors on the level of inflation and consequently their importance in the process of predicting inflation in the period from January 2006 to September 2012 in the Russian Federation. The selection of the factors is based on theory and on the examination of the Russian monetary policy environment, taking into account the credibility, transparency and accountability of the monetary institutions and the financial sector and real economy specifications. The analysis of interconnections among the factors is based on a vector autoregressive regression model VAR(4) as well as on Granger causality test and impulse-response analysis. Our results indicate that the major role in inflation formation among the chosen variables, the exchange rate prevailed in the observed period and the interest rate gained in importance to certain extent. Thus the Russian Central Bank has proceeded to prepare the monetary policy rule for the adoption of inflation-targeting regime. Nevertheless, building more sound monetary and financial institutions, successful implementation of flexible exchange rate and abandoning exchange rate targeting, as...
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The Comparison of Monetary Policy of ECB and FED and their Reaction to the Financial Crisis
Hajíčková, Tereza ; Raková, Marie (advisor) ; Jašová, Martina (referee)
Central banks are institutions which play an important role in today's market economies and which have an influence on economic development. Their influence was obvious during the last financial crisis when the measures taken by them were expected with impatience. This thesis is focused on the two important central banks in contemporary world - European Central Bank (ECB) and Federal Reserve System (FED). The first part of the thesis is a general description of central banking. It is followed by description of both banks with respect to their monetary politics. The last part of the thesis deals with the reactions of ECB and FED to the financial crisis. An analysis of the measures they have taken is also made. It is possible to conclude that monetary politics of ECB and FED was successful.
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Exit strategy - new challenge to central banking : European Central Bank's experience
Bezvoleva, Tatiana ; Holub, Tomáš (advisor) ; Raková, Marie (referee)
To date, three years into the first global financial and economic crisis of the XXI century, central banks find themselves with significantly expanded balance sheets as a result of the substantial support they provided to the markets through both conventional and unconventional monetary policy tools implemented in response to the turmoil. As the crisis loses its intensity, new policies need to be designed in order to unwind the significant support so as not to derail the recovery and not to pose risks to price and financial stability. For this a proper exit strategy needs to be designed. In the literature to date there is no well-defined notion to what an exit strategy is and, most importantly, there is no unique answer on the principles it should follow. In this thesis the author attempts to identify the determinants of a successful exit strategy and analyse the main challenges policymakers face when designing one. Additionally, the author places a great emphasis on the risks of premature and delayed exits and on the past experiences with this issue. The results are based, to a large degree, on extensive review of literature, which, due to the recent provenience of the problem and its acute importance, is represented in a big part by central bank authorities' speeches, conference papers and some very...
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