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The Status of USD as the World's Reserve Currency and the Main Currency in International Trade Relations
Miller, David ; Mandel, Martin (advisor) ; Kuncl, Martin (referee)
This thesis aims to identify, define and analyze the role of the United States dollar as the most important currency of the present day, its influence on international monetary policy, the composition of foreign currency reserves in central banks and trading on the global foreign exchange market. Subsequently, the historical development since the introduction of Bretton-Woods system is presented, along with the phenomenon of Eurodollar market, which shaped the status of the United States dollar in the world. Last but not least, the US balance of payments is analyzed and the functioning of the dollar hegemony described, followed by naming of the essential requirements for a currency to become the most important global reserve currency and the main currency in the international trade.
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Development of the Nominal Exchange of the Dollar and its Consequences
Černík, Petr ; Dvořák, Pavel (advisor) ; Votava, Libor (referee)
Development and description of the nominal exchange rate of the dollar since 1945. Specification of determinants, which affected dollar exchange rate in the period. Consequences for United states economy and stability of the world fiscal system. Relation between dollar exchange rate and price of gold, relation between dollar exchange rate and price of crude oil. Relation betweén dollar exchange rate and significant financial crisis. Deskripce vývoje nominálního kursu dolaru v období od r. 1945 do současnosti. Určení faktorů, které tento vývoj ovlivňovaly. Důsledky pro ekonomiku USA a stabilitu světového finančního systému. Souvislost vývoje kursu dolaru se změnami cen zlata a ropy. Souvislost s významnějšími finančními krizemi.
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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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The Japanese yen in the composition of international foreign exchange reserves
Vařenka, Marek ; Durčáková, Jaroslava (advisor) ; Mandel, Martin (referee)
This bachelor thesis mainly aims to characterizeofficial foreign exchange reserves, the reasons for holding reserves, its composition, optimal size and historical development.Impacts of balance of payments and foreign exchange rate regimes are also mentioned. Among other reasons for foreign reserve accumulation, foreign exchange interventions are very important and relatively frequent use of foreign exchange holdings in Japan, therefore there is included one whole chapter dedicated do them. Currencystability,well developed financial markets and other factors are necessary conditions for currency to play a role as a reserve currency. These conditions are listed in the chapter Reserve currency. Recent and also historical development of currency composition of the foreign currency reserves is specified in the last chapter.
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Crisis of international liquidity and disintegration of Bretton-Woods monetary system
Sekerešová, Zuzana ; Durčáková, Jaroslava (advisor) ; Čermáková, Daniela (referee)
The thesis analyses the main reasons that caused disintegration of Bretton-Woods international monetary system. The United States played a significant role within this system whose long-range deficit of the balance of payments weakened the position of US dollar like major world currency and thereby the stability of entire system. By cancelling of the direct convertibility of the US dollar to gold in 1971 was broken one of the basic principles of Bretton-Woods system what meant its ultimate end. Another important factor participating in crash of that monetary system is crisis of international liquidity. The problem of insufficient international liquidity was developed by slow tempo of growth of foreign exchange reserves in relation to international trade. The shortage of foreign exchange reserves menaced continuity of international system of payments and thereby development of world trade. Despite the hastened solution of the problem of liquidity by emission of new reserve unit SDR it was impossible to avert the collapse of Bretton-Woods system.
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Relations among balance of payments, exchange rate and foreign reserves
Daňhel, Tomáš ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The bachelor thesis is focused on the relations among the balance of payments, exchange rate and foreign reserves in period from 1999 to 2009 in the Czech Republic. The first part presents the theory behind the balance of payments, exchange rates and foreign reserves. The analysis of each variable was performed by using both graphical interpretation and regression analysis. The time-series consisted of quarterly data. Lagged values were used to improve the describing power of econometric models. The models themselves were analyzed bilaterally by using OSL method. The results show that the exchange rates have higher influence on the balance of payments than vice versa.
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The role of the US dollar as a global reserve currency and major currency in international trade
Škodáčková, Marcela ; Mandel, Martin (advisor)
Bretton Woods established a system of payments based on the dollar. Despite declining value in time, US dollar still plays an important role in foreign exchange markets and in in-ternational trade. This bachelor thesis examines the status of the U.S. dollar as a global re-serve currency and major international currency across several key areas. Dollar dominates in foreign exchange markets (foreign exchange intervention), in banking (reserve accumula-tion), in trade or financial transactions and it is mostly used as monetary anchor. Since 1970s, American dollars has been held by foreign institutions outside the United States. Herewith, a new element in the global economy -- Eurodollars -- arose. Eurodollar deposits are attractive for investors because they are free of most regulatory burdens imposed by U.S. authorities. The emergence of the euro as a major currency and global competitor fuelled the debate over the dollars international role. Accordingly, there are some predictions whether euro or some supranational currency might in the future rival or surpass the dollar as the world's reserve and major currency in international trade.
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Analysis and description of progress of balance of payments in India
Sedliak, Tomáš ; Ondřich, Libor (advisor)
This work is concerned with the analysis and description of progress of balance of payments in India during the years 1975--2008. In the theoretical part there is a brief description of the structure of partial functions of balance of payments and also displaying ability of the balances of balance of payments. Furthermore, there is a historical-economic development of India in this part. The practical part is concerned with demonstration and interpretation of individual accounts development and of the balances of balance of payments.
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Mutual relations of balance of payments, exchange rate and foreign exchange reserves
Zelba, Michal ; Durčáková, Jaroslava (advisor) ; Čermáková, Daniela (referee)
This work assesses influence of balance of payments on exchange rate movement, whether nominal or real, and feed back. First part defines balance of payments and content of its items. Further, main theories of exchange rate movements are presented. In the ensuing empirical section economies of similiar type are compared, firstly two large, rather open economies of USA and United Kingdom. The next comparation analyzes differences between two small, rather open economies, and that is Czech republic and Switzerland.
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Foreign exchange reserves and international liquid assets
Jedlička, Vít ; Taušer, Josef (advisor) ; Karlíček, Miroslav (referee)
Práce se zabývá historií, současností a budoucností globálních devizových rezerv. Na problematiku nahlíží z pohledu ?rakouské školy?, která současný monetární systém vidí jako od základu nestabilní. Práce analyzuje dnešní kritéria přiměřenosti a poukazuje na náklady, které jsou spojené s držením devizových rezerv. Dále analyzuje příčiny enormně velkého obchodního deficitu USA a popisuje současný postoj čínské vlády k hromadícím se devizových rezervám. V další části práce rozkrývá kompozici měnových agregátů dolaru a porovnává je s devizovými rezervami v dolarech a množstvím zlata drženého USA. Dále práce kriticky hodnotí měnovou politiku České národní banky ve vztahu k devizovým rezervám, a to především prodej ?českého národního pokladu?. V závěrečné fázi analyzuje budoucnost českých devizových rezerv v souvislosti se vstupem do eurozóny.
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