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Monetary policy of the ECB and the CNB since the creation of the euro area: convergence or divergence?
Vránová, Veronika ; Janíčko, Martin (advisor) ; Kubíček, Jan (referee)
The thesis is based on the assumption that, given the expected adoption of the euro in the Czech Republic, there should be a convergence also in monetary policy. The aim is to compare the final impact of monetary policy of the ECB and the CNB on the monetary indicators - inflation, interest rates and the exchange rate since 1999 and, consequently, to assess their convergence using simple statistical models. Concerning the thesis composition, the introductory section briefly describes the historical development of the euro area, which allows a better understanding of its initial composition and the nature of the EMU. Subsequently, the paper deals with the actual monetary policy of both central banks. It outlines institutional arrangements, objectives, strategies and instruments, which shaped their activity. Further, some convergence issues are presented. Final part focuses on the comparison of selected indicators and their assessment of convergence within euro area and the Czech Republic.
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Development of foreign exchanges reserves from 1992 - 2002
Rýglová, Michaela ; Vostrovská, Zdenka (advisor) ; Řežábek, Pavel (referee)
This bachelor thesis focuses on the development of foreign exchange reserves before and after the dissolution of Czechoslovakia and on the changes resulting from the establishment of the Czech National Bank. The purpose of this bachelor thesis is to make an overview of the development of foreign exchange reserves in the Czech Republic after the dissolution of the State Bank of Czechoslovakia, to point out problems connected with the dissolution and to describe the consequent currency changeover. The introduction chapter of this thesis provides a definition of the basic terms in the field of foreign exchange reserves and their development before the dissolution of Czechoslovakia. The bachelor thesis shows the effects of world events on foreign exchange reserves as well as on the operations of the Czech National Bank with foreign exchanbe reserves. I will also describe the impact of world crises on the changes of the instruments used by the Czech National Bank between 1992 and 2002, a period that saw the major changes in Czech banking.
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Audit in banking
Sedláček, Jiří ; Půlpánová, Stanislava (advisor)
The bachelor thesis is focused on audit in banking. In the beginning there is the explanation of differences between internal and external audit, attitude of auditor toward a bank and relations among bank, auditor and central bank. In the next part there is the determination of control system and procedures during the review of financial statements and related regulations. Regulations are described in connection with capital adequacy and compliance as well. Necessary part of audit is formal requirements as for example the audit verdict. In conclusion is explained, what basic regulations created in Czech National Bank are, and how CNB exacts them. Audit is also important for CNB's supervision at the distance. In the end of the chapter there is short note of internal audit in central bank to allow readers the comparison with previous information.
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Inflation targeting in circumstances of low interest rates
Vránková, Martina ; Koderová, Jitka (advisor) ; Petrušová, Martina (referee)
The thesis "Inflation targeting in circumstances of low interest rates" describes the monetary policy of the Czech National Bank with main aim on its current problems. The target of the thesis is to analytically prove the disruption of a section of the transmission mechanism when the repo rate should determine the interest rates on the czech interbank market. This disruption should have been caused by the recent financial crisis.
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Inflation Targeting in the Czech Republic
Klukavý, Petr ; Koderová, Jitka (advisor) ; Langer, Miroslav (referee)
This diploma thesis is focused on the description of Inflation Targeting regime in the Czech Republic. The paper is divided into three parts. The first part deals with inflation and its targeting and with the economical circumstances that led to the launch of this monetary policy regime in the Czech Republic. The next part concerns the central bank reaction function, transmission channels, evaluation of the inflation target sets and the description of prognostic models that the central bank uses for forecasting. Then main stress is laid on the new structural dynamic model "g3". The last part describes my own inflation prognosis, which is based on the time series analysis.
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The impact of monetary policy of the Czech National Bank on economic growth in the Czech Republic in the 90s
Šefr, Michal ; Dočkal, Dalibor (advisor) ; Czesaný, Slavoj (referee)
The theme of the bachelor thesis focuses on the analysis of monetary policy and the research of its effect because monetary policy can heavily influence the behavior of economic subjects. Monetary policy of the Czech National Bank passed in the 90's of significant development, which is described in this thesis. There is no binding precisely defined between monetary policy and economic growth. Therefore the thesis focuses more on signals that the central bank "carries" in the economy and the consequences of their actions. The theoretical part is mainly devoted to the role of the Central bank, its importance and functions. It also describes the tools and aims of monetary policy. It desribes the relationship between monetary policy and economic growth in theoretical way. Analysis of the analytical section is mainly based on empirical -- deductive method. It focuses on actual monetary strategy of the Czech National Bank in the 90's, its development and its implications in the context of economic development in the Czech Republic.
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The development of monetary policy in the Czech Republic since 1990
Málek, Jakub ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The thesis deals with monetary policy applied by the central bank in Czech republic in the last 20 years. On the established theoretical basis analysis performed monetary policy since the transformation economic environment in 90's 20th century to the present. The aim thesis is to assess the results of the applied monetary policy in certain stages of economic development in the Czech republic and its impact on the economy and macroeconomic indicators. In the second half of analytical part connected to the analyzes of the applied monetary policy influence European union on the Czech monetary policy and requirement on its harmonization with European central bank's monetary policy, which is essential assumption to entry our country into higher degree of integration, thus joining into the European monetary union.
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Financial market (in context of South Bohemia)
ZEDNÍK, Jan
You have in your hands bachelor thesis, which deals with interaction of finance market and macroeconomics arrows from czech economics and firstly economics of South Bohemia. This bachelor thesis monitors developement of selected element South Bohemia´s real ecomonics. The accent is laying on describe this problems, statistical investigation and explication of results. The main objective of this bachelor thesis is using our results for predication of developement South Bohemia´s real economics with possibility to aplication our results for developement of particular sectors of regional economics. The secondary objective is confronting our regioanl results with results from statistical survey in national context. The subobjective is tendency about opening discussion in this thesis among economics experts and amateur public. The subobjective is very important in this time, when we are founding in global economics recession. We want to public our results in media and on internet professional website.
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The issuing of the Czech National Bank (ČNB)
ŠTIKA, Petr
Issuing is the oldest macroeconomical function of a central bank and it involves issuing cash (banknotes and coins) in the territory of every country. This thesis is focused especially on banknotes and coins when people use them every day but hardly anybody realizes the origin of the Czech currency, the material of the banknotes and coins, their history, symbolism etc.
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Compensatory processes balance of payments and the meaning of the Czech national bank
OHRAZDOVÁ, Jiřina Sára
In this bachelor thesis I dealt with balance of payments, its structure and role in international relations and first of all with compensatory processes balance of payments. I analyzed the meaning of the Czech national bank for balance of payments, position of CNB, its purposes, functions and tools. I did the balance of payments development, its partial segments and other important indicators from 1993 till 2008. I judged functionality of compensatory mechanism on the example of the Czech Republic, namely compensatory processes of price, income, monetary and course. In conclusion, I mentioned future trends of important economic indices which influence balance of payments.
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