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Central bank monitoring - December 2014
Česká národní banka
Latest monetary policy developments at selected central banks and news. Spotlight: Monetary policy and inequality. Selected speech: „Patience is a virtue when normalizing monetary policy“ by Charles L. Evans (president of the Federal Reserve Bank of Chicago).
Fulltext:  PDF; PDF
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The comparison of monetary causes of the crisis in 1970s and the current crisis
Jaklínová, Jana ; Šíma, Josef (advisor) ; Řežábek, Pavel (referee)
The magister thesis makes comparison of monetary causes of the crises in 1970s and the current crises in the United States of America. On the basis of theoretical part that analyzes the Austrian theory of the business cycle derives work in analytical part the consequences of monetary policy on the economy in both of observed periods. Through the use of history of monetary policy finds the thesis advice for solution to current crises. The thesis analyzes monetary instruments of American central bank and explains the mechanism of transfer of money into the economy. In the terms of current economic debates the thesis conclusion answers the question if or on what condition can actual situation of the economy of the United States of America leads in stagflation development.
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Comparison of monetary policies of FED and ECB in connection with the mortgage and debt crisis
Husarčík, Marek ; Bič, Josef (advisor) ; Bartušková, Hana (referee)
The paper focuses on the analysis and evaluation of monetary policies of Federal Reserve System and European Central Bank in connection with the mortgage and debt crisis. In the beginning of the paper we describe the history and organisational structure of these banks. Major part of the paper deals with the monetary policies of both FED and ECB, their instruments, strategies and targets. The second part of the paper focuses on the financial crisis and the individual standard and non standard measures that both FED and ECB have used in the process of solving the crisis. We analyse the success of these measures from the perspective of the objectives that FED and ECB wanted to meet using these measures. Analysing this the paper concludes how policies of these central banks have influenced the way their credibility is viewed. The final chapter of the paper focuses on contemporary measures of both banks and the prediction of their impact.
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The impact of monetary policy on stock markets during the crisis
Brodníček, Lukáš ; Pavlík, Zdeněk (advisor) ; Lamač, David (referee)
The following bachelor thesis analyzes the current monetary policy of main central banks and its impact on stock markets. The first chapter describes briefly the history of money and banking which is essential for understanding the current monetary policy of central banks. The second part deals with approach of selected economic schools to implementation of monetary policy. The third chapter describes unconventional measures of monetary policy. The last part is about the impact of monetary policy on stock markets since the recent financial crises up to now.
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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.
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The central banks' non-standard monetary policy: quantitative easing
Čáp, Daniel ; Koderová, Jitka (advisor) ; Osička, Štěpán (referee)
The thesis deals with non-standard monetary policies of three central banks throughout the global financial crisis. The reason for using non-standard measures was also liquidity trap when monetary policy becomes ineffective. An important milestone was collapse of investment bank Lehman Brothers in September 2008. The central banks carried out some non-standard measures before the collapse such as the emergence of new or expanding existing facilities. However, after the collapse there was panic at the financial and capital markets and market interest rate spreads rose. Central banks were forced to respond to expanding its balance sheet and reducing the monetary policy rate to zero. The main reason for increasing total assets was securities purchases by central banks. The measure, which is expanding the balance sheet is called quantitative easing. In the thesis I try to describe and compare the non-standard measures (with a focus on quantitative easing) taken by the three central banks (Bank of England, the Fed and the ECB) and answer the question whether the measures are effective and whether they can replace the standard monetary policy.
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Quantitative easing and its impact on the economy of the United states of America
Löbl, Václav ; Brůna, Karel (advisor) ; Vránková, Martina (referee)
The master thesis analyzes "quantitative easing" policy in the USA which is very controversial. Quantitative easing influences a liquidity of the bank system and has different impact on economic variables. The relationship between growth of total reserves and economic variables is analyzed during 9/2008 - 3/2012 by Eviews program. The conclusion is that impact of quantitative easing policy on economic variables has been different in comparison with former assumptions.
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Financial crisis in the United States of America and chosen anti-crisis measures
Ágošton, Peter ; Půlpánová, Stanislava (advisor) ; Matejašák, Milan (referee)
The aim of bachelor thesis "Financial crisis in the United States of America and chosen anti-crisis measures" is to describe more in details causes which led in 2007 and 2008 to the biggest financial crisis since the Great Depression. In thesis there are also described solutions in the form of measures of U.S. goverment, central bank and other institutions which were realized during years 2008 and 2009. The thesis is devided into three main chapters. The first chapter deals with the definition of financial crisis. The second chapter describes the main causes which led to financial crisis. The third chapter analyzes chosen anti-crisis measures in the point of efficiency.
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An analysis of the U.S. government and FED's bailout programs in times of 2008 financial crisis and their impact on the U.S. public debt
Vilímovský, Petr ; Havlíček, David (advisor) ; Stádník, Bohumil (referee)
The financial crisis of 2008 substantially affected global affairs in the early 21st century. Its epicentre lay in the U.S. real estate, mortgage and derivatives markets. In response to the crisis the U.S. government in cooperation with the Federal Reserve established a number of emergency provisions aimed at stabilizing the economy as well as stimulating growth. The objective of this thesis is to analyse the selected provisions in terms of their respective costs, impact on economic indicators and impact on the U.S. public debt. The practical part of this thesis is based on cost-benefit analysis and graphical analysis. Due to the large number of provisions only the most important ones with the highest actual or estimated costs have been analysed. It seems that the TARP program has been the biggest success as it helped to stabilize the interbank market while being poised to be profitable. The first QE is also deemed successful for it helped to start a desired increase in the price level during the period of deflation. The ARRA on the other hand had a minimal impact on the economy while entailing enormous costs. Same applies to the second QE which only led to a factual monetization of the U.S. public debt.
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Causes, progress, consequences and another aspects of the global financial crisis 2008 in international comparison
Novotný, Martin ; Dočkal, Dalibor (advisor) ; Urban, Luděk (referee)
The subject of this thesis is the description of trends in economy during global financial crisis in 2008. The main object of this work is to find causes and especially to analyze the mortgage bubble in financial markets, panic, uncertainty and risk spreading to other sectors. This work analyzes many consequences, which have been caused by financial crisis on global economy. This thesis also focuses on evaluation of important institution's influence, such as investment banks, insurance companies and rating agencies on financial crises. There are used microeconomic and macroeconomic indicators to analyze financial markets and national economies of countries which were affected by the crisis. Also is analyzed if interventions of central bank and government were eligible. This issue is discussed in part which describes economic cycles from perspective of the Austrian school of economics.
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