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Monetary policy of the Czech National Bank in connection with global financial crisis
Martynyuk, Olesya ; Pavlík, Zdeněk (advisor) ; Melcher, Ota (referee)
This bachelor's thesis examines the monetary policy of the Czech National Bank in connection with the current financial crisis. The first chapter explains briefly the main causes of the crisis. The second chapter characterizes the central bank, its monetary policy, and instruments in general. It also describes the formation, functions and main monetary policy principles of the Czech National Bank. This chapter gives also brief information about the European Central Bank. The topics covered in the first two chapters provide theoretical fundation for the rest of the thesis. The third chapter analyses the monetary policy of the Czech National Bank during the crisis between 2008 and 2010 and also shortly examines the measures taken by the European Central Bank. The last part compares the monetary policies of both the central banks.
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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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Spain and the Euro
Vašutová, Helena ; Němcová, Ingeborg (advisor) ; Šaroch, Stanislav (referee)
Spain is one of the founding countries of the European Monetary Union, that adopted the single currency in 1999. The aim of this thesis is to evaluate the overall impact of the Euro on the Spanish economy. The first part briefly introduces Spain's economy. The second part is about the European Central Bank's monetary policy. This part analyses the suitability of the single monetary policy and then examines its specific implications on the Spanish economy. The third part deals with the fiscal policy and the Stability and Growth Pact. This part analyses the impact of the Euro on the public finances.
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Evaluation of the previous policy of the ECB in terms of its impact on national economies of the eurozone
Kleštinec, Ivan ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The ECB was established during the third phase of the economic and monetary union and its activities launched on 1. 7. 1998. It has become a new independent institution whose primary task became the conduct of monetary policy for countries that have accepted the euro currency. This bachelor thesis examines the impact of monetary policy in selected countries of the euro area. ECB affects individual national economies using its strategies and instruments, such as interest rates, minimum reserve requirements or change over the amount of money in circulation, whether through expansive or restrictive policy. It tries to act counter-cyclically to stabilize the price level and economic growth or to promote it. Monetary policy is the same for all countries, although the results are different because every country in the euro zone determines its own fiscal policy.
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The monetary policy of the European Central Bank
Šebestová, Kateřina ; Neumann, Pavel (advisor)
The objective of this thesis is to analyse and to evaluate the monetary policy of the European Central Bank (ECB) since the establishment of the European monetary union until the financial crisis in 2008. The thesis is divided into three parts. The first part introduces operating principles of monetary policy, which types of monetary policy exist and which instruments it uses. The second part deals with the process of its establishment and its formal requirements. In the third part, the analytical one, is presented the ECB's monetary policy implementation scheme and the single periods of reducing/raising of key ECB interest rates depending on economic and monetary developments in the euro area are analysed. By virtue of the analysis the ECB's monetary policy efficiency is being evaluated in author's view. The conclusion of this part contains changes in monetary policy instruments during the financial crisis.
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The entry of new EU member states in ERM II - theory and practical experience
Čuchranová, Mária ; Šaroch, Stanislav (advisor) ; Helísek, Mojmír (referee)
The work deals with the Exchange Rate Mechanism ERM II, explains the reasons for its creation, the gradual evolution and basic principles of its functioning. It refers not only to the common but also different features in comparison with the original mechanism ERM. Furthermore, it adverts to the issue of exchange rate stability assessment from the view of the European Central Bank and the European Commission and describes the procedural steps leading to ERM II participation. The practical part of this work deals with development of the economic situation in selected countries (Finland, Ireland, Denmark, Estonia and Slovak Republic) during their performance in the Exchange Rate Mechanism ERM / ERM II, including the solution of a macroeconomic stability problem so-called Impossible Trinity. In the case of the Czech Republic this work features its ERM II entry strategy with incorporation of the factor of the current global financial imbalance.
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The role of the Czech national bank after the accession of Czech republic to the monetary union
Dráská, Johana ; Ježek, Tomáš (advisor) ; Dočkal, Dalibor (referee)
The accession to the European Monetary Union is fundamentally changing the role of the Czech national bank. Aim of this work is to describe and evaluate this new role of the CNB in connection with the transfer of its former powers to the ECB. The theoretical part of the work deals with the role of central banking in general, the role of the CNB before the accession to the EMU and the role of ECB in monetary union. The work reviews compliance with the conditions required for the accession to the EMU. Further it focuses on the analysis of CNB monetary policy in recent years, particularly its interest rates policy. In view of the future situation in the field of monetary policy the work draws on the experience of Slovakia after its entry into the euro zone and respondes to the question of whether uniform monetary policy is equally applicable to all member states of the euro area by using the Theory of Optimum Currency Area. The work also analyzes the actions of the ECB and the CNB caused by the current economic crisis.
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Monetary policy in Eurozone
Brandlová, Šárka ; Antoš, Ondřej (advisor) ; Štěpánek, Pavel (referee)
The main subject of bachelor essay is monetary policy in Eurozone. First part is dealing with explanation of terms related to Eurozone and European Central Bank (ECB), it is also about their development and history. The second part is a length description of instruments of monetary policy of ECB and characterization of their main targets. Next part analyses influence of instruments used by ECB during particular years in Eurozone countries and related advancement in ECB's decision making. The end of chapter is dealing with development of indebtedness of countries, which are situated in Eurozone. Ending of essay is devoted to solutions to Czech republic's Euro currency adoption questions, this part contains description of important macroeconomic indicators, showing image of actual position of Czech republic's economy. Situation in Czech Republic is compared to other member states, which are situated outside the Eurozone.
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Měnová politika a ECB
Strejc, Daniel ; Klosová, Anna (advisor) ; Coniglio, Nicola (referee)
The thesis evaluates the ECB's monetary policy during the past decade by using policy rules and compares the suitability to particular members of the Eurozone. It examines the central bank's reaction function regarding the output and inflation. The work is divided into two main parts. First, gives the theoretical introduction of monetary policy and evaluation of the Eurozone regarding the theory of optimal currency area. In the second part it provides the econometric models and estimates. As a conclusion the results of two different OLS models show that, we cannot precisely decide to which variable the ECB reacted, as obtained two statistically significant models but with different results. For two models is used different variables GDP gap and IPI gap. The results have also shown that the ECB's monetary policy mostly suits to biggest economies within the Eurozone.
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