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Riadenie devízového rizika v spoločnosti zaoberajúcej sa sofwarovým vývojom – prípadová štúdia spoločnosti FFastFill plc
Zeľo, Tomáš ; Durčáková, Jaroslava (advisor) ; Doležal, Jiří (referee)
This master thesis discusses the field of foreign exchange risk management and assesses efficiency of this type of risk management within FFastFill plc. The thesis contains two major parts. The first part, which contains the first and the second chapter, focuses on theoretical characteristics of foreign exchange market and sequentially defines the terms of foreign exchange exposure and foreign exchange risk. This part of thesis discusses hedging strategies and matters that are related to the selection of optimal hedging strategy. The second part of thesis contains the third and the fourth chapter. This part analyses the company from various perspectives and consequently analyses and quantifies the magnitude of company's translation and transaction exposure. The aim of this analysis is to assess company's current hedging strategy and to propose the optimal hedging strategy.
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Evaluation Of Exchange Rate Regimes During And After Currency Crises
Zadák, Miroslav ; Durčáková, Jaroslava (advisor) ; Mandel, Martin (referee)
Currency crises have become an essential part of one's economy life. The periodicity of currency crises and its implications towards the real economy is an issue which the international economics should bear in mind. The thesis which I am presenting tries to give an overview how the exchange rate regimes interact with the currency crises. Firstly, the Market Pressure Index (MPI), which is used for catching the crises, is introduced. Then after the introduction chapters I use gathered data to analyze the observed crises. The last chapter is there to give a summary about obtained knowledge. The most valuable information, regarding the currency crises, is that the stricter the monetary regime after the currency crises is the less of the output occurs. This is the main finding emerged from the pre and post analysis of monetary regimes. Another finding is that the loss of output is primarily connected with a shift from any pegged arrangement to a floating arrangement. The shifts which took place under the pegged arrangements completely do not seem to have an impact towards the real output. Finally, Real Exchange Effective Rate seems to be an element which connects all the studied crises. This opinion reflects the current research topic in international economics.
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Evaluation of the influence of the ERM II mechanism on the internal and external balance
Šikut, Milan ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The aim of this thesis is to evaluate the ERM II mechanism and to explain it's positives and negatives for the internal and external economic balance. In the first part of this thesis the author engages in the ERM II system and other applied exchange mechanisms. Further he focuses in detail on the theory of internal and external economic balance. In the analytic part of the work the author uses chosen indicators to monitor the influence of ERM II mechanism on the internal and external balance of three selected countries - Malta, Cyprus and Latvia. In the closing part the author summarizes the outcome of the analysis.
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Globální finanční krize a měnová politika centrálních bank (příklad vybraných zemí)
Fajnor, Tomáš ; Durčáková, Jaroslava (advisor) ; Ševčíková, Jana (referee)
The purpose of this Master's thesis is divided into two steps. The first step sums up all the relevant theory about financial crises and monetary policies. The second step analyzes not only the past but focuses mainly on the global financial crisis which started in 2007. The cornerstones of this analytical bloc are monetary policies of central banks in China, Venezuela, Denmark and the Czech Republic. Two hypotheses are stated in the beginning of this Master's thesis. These focus on fixed exchange rate regimes and foreign exchange reserves. The analytical part of Master's thesis tries to prove whether these hypotheses can be marked as valid or invalid.
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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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Czech Corporate Hedging
Puc, Jiří ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
This bachelor thesis tries to describe how medium size and large nonfinancial companies in Czech Republic hedge against their currency exposure by examining two companies. The thesis is focused on transaction and economic currency exposure, but not on translation exposure. None of the companies hedge against this type of exposure. In addition, the thesis describes condition for hedging in Czech Republic, especially the movement of foreign exchange exposure and its influence on the use of derivatives. For introduction to the subject, there is a theoretical part at the beginning of the thesis. It defines all types of currency exposures and explains various methods how to hedge them.
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The monetary policy of the National Bank of Slovakia and the adoption of euro
Hanuščáková, Valéria ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The topic of the thesis is the monetary policy of the National Bank of Slovakia and the adoption of euro. The content of the thesis is divided into two parts, theoretical and practical. The first part is devoted to the main representative of monetary policy in Slovakia, the National Bank of Slovakia, and description of the activities performed and the tools used while implementing the policy. In addition, the work focuses on the prerequisite of adoption of the common European currency, namely the formation and the history of the economic and monetary union. The main objective, the practical part of the thesis, is the secondary research analysis devoted to the implementation of monetary policy of the National Bank of Slovakia from the Bank's formation itself, through very important events such as change in FX rate in 1998, access to the ERM II system in 2005, adoption of euro in 2009 till the present time. In the final chapter, the thesis focuses on the evaluation of euro adoption in Slovakia via primary research conducted through questionnaire designed for Slovak citizens. Closure part consists of my personal analysis of euro implementation whereby I'll remit to advantages just as disadvantages which have been caused by our new mutual currency.
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American dolar as a international reserve currency
Kozlerová, Pavlína ; Durčáková, Jaroslava (advisor) ; Čermáková, Daniela (referee)
The work is dedicated to the development of the U.S. dollar as the international reserve currency. In this context, the work also focuses further describe the evolution of U.S. balance of payments and other important macroeconomic factors like interest rates, which over the years had an impact on the dollar in international finance. The first part describes the development of the dollar's exchange rate and other factors in the period after the Second World War. In the second, then encounter has a more detailed analysis of the U.S. national currency and balance of payments between the years 1999 to 2009. Concluding part two periods are compared and concludes the current view on the U.S. dollar.
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