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Menové vojny
Gažo, Ivan ; Brůna, Karel (advisor) ; Marek, David (referee)
The importance of a currency war and its consequences is nowadays a hot topic of all economies around the world. My master thesis is designed to explain this concept, to introduce the main actors of the currency wars, the ways, in which national economies were and are trying to boost and improve their economic situation and highlight the main tools that are usually used by major powers within currency wars. The practical part is divided into three main sub-chapters that analyze the causes and consequences of currency wars, which we have previously witnessed. Analysis of the currency war I. relates to the years 1921-1936, the currency war II. relates to the period around World War II. and the formation of Bretton Woods system, and finally currency war III. relates to last years, when a superpowers like US, China and EU entered the war as a result of economic recessions of 2007.
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Politika kvantitativního uvolňování jako možná příčina budoucí finanční krize
Náhlík, Tomáš
This thesis deals with the issue of quantitative easing and the risks associated with this policy. Specifically, it is analysing the possibility of a price bubble in the stock market and real estate market as a result of quantitative easing. To identify the presence of a speculative bubble in the stock market are used indicators CAPE and Tobin's Q. It is also analysed the development of the loans granted to purchase shares. For the evaluation of real estate prices is used the ratio between the index of real estate prices and rents index. It also analyses the evolution of the number of newly issued homes and their sales. The values of those indicators show that the stock market is currently highly overvalued. On the contrary, the real estate market situation does not depart from the norm. The main result of this thesis is identification of overvaluation of the US stock market and putting into context with quantitative easing.
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Vyhodnocení závislosti mezi kvantitativním uvolňováním a vybranými ekonomickými ukazateli v USA
Herec, Jiří
This thesis deals with the evaluation of how the implementation of quantitative easing in the USA between 2008 - 2014 affects various economic indicators. The influence of particular waves of quantitative easing is analyzed by changing the levels of selected macroeconomic indicators and rep-resentative indicators of the capital market - stock index S&P 500 and the yields on government treasuries with different maturities. Dependence between the realized monetary expansion and changing the level of individual economic indicators is discussed through correlation coefficients.
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Kvantitativní uvolňování a riziko růstu inflace v USA
Jarošová, Marie
The thesis is focused on quantitative easing, which used the U.S. central bank for the third time in a few years, to deepen the expansionary monetary policy. There is examining the relationship between quantitative easing and inflation, as the sharp rise in inflation is considered a major risk associated with quantitative release an. Relationship between quantitative easing and inflation is observed by means of simple regress analysis (using the OLS) and the moving correlation (rolling correlation) between each wheel QE with regard to the development of mortgage, financial and debt crisis.
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Cenová bublina na světových dluhopisových trzích
Pouchlá, Kristýna
Pouchlá, K., Price bubble in the global bond markets. Diploma thesis. Brno: Mendel University in Brno, 2014 This diploma thesis is focused on the issue of price bubbles in the bond markets, namely the market for Japanese, German and U.S. government bonds with maturities of 2, 5, 10 and 30 years in the observed trend over the last fifteen years. The goal of the thesis is identification of price bubble in selected markets after taking into account various criteria. Then will be determined investment recommendation for upcoming period within government bonds of chosen markets.
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Unconventional monetary policy in theory and empirical evidence
LEXA, David
The Diploma thesis deals with unconventional monetary policies,that important central banks used in order to cope with global financial and economic crisis in recent years. Goals of the paper is to introduce the most significant unconventional monetary policies, analyze their effectivity in selected countries (Japan, USA, Great Britain, eurozone and Czech republic), and statistically test impact of these nonstandard approaches on international trade.
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Quantitative easing and its impact on Czech economy
Řehák, Martin ; Petrášek, František (advisor) ; Misic, Viktorija (referee)
The master thesis analyses potential impacts of introduction of the quantitative easing by the Czech National Bank as a new monetary instrument in the Czech Republic, which would be used as a means of fight against the economic cycle. Instruments which a central bank can use in the area of monetary policy become limited in the era of major interest rates inclining to zero. Power of conventional means becomes insufficient. As a result, more and more central banks consider introduction of a relatively new instrument -- quantitative easing which is applied e.g. by the FED or the ECB at present. The main goal of the thesis is to assess advantages and disadvantages of introduction of quantitative easing by the Czech National Bank and its ability to influence the economic cycle when basic principles of quantitative easing are applied on a real small opened economy. The output should present analysis and assessment of costs and benefits arising from introduction of quantitative easing. Actual data from the economies, where the quantitative easing has been applied, are analyzed in the thesis. The results of the analysis are used as a basis for creation of a simple universal model of functioning of quantitative easing which is after customizing according to specifics of the Czech economy, applied to the Czech Republic. Three possible scenarios of development of economy after introduction of quantitative easing by the CNB were developed on the basis of the model which differs from each other as they relate to a different phase of economic cycle.
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Response of the Federal Reserve System to the current financial crisis
Zelba, Michal ; Koderová, Jitka (advisor) ; Dohányos, Vojtech (referee)
Objective of this paper is to assess efficacy and feasibility of measures undertaken by the Federal Reserve system during the financial crisis that erupted in the year 2007. Firstly, origin of central banking in USA is described, then structure and mandate of Fed. Discussion of causes of the financial crisis follows. This work sheds light on policies of Fed after the beginning of the crisis and analyzes their efficiency and suitability. The biggest focus is on quantitative easing and on its effects on long-term interest rates.
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