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Inflation targeting- comparison of realization in Slovak and Czech Republic
Burdeláková, Ingrida ; Koderová, Jitka (advisor) ; Vránková, Martina (referee)
This thesis deals with the realization of inflation targeting in the Slovak and the Czech Republic, and compares successfulness in fulfilling of inflation target. It is divided into three chapters. The first chapter characterizes monetary policy in general and two transmission mechanisms used in both countries. The next chapter is concerned with the practical application of monetary transmission mechanism after the monetary separation. Problems connected with the realization of this monetary policy regime that led to the change in the transmission mechanism in both central banks are also mentioned. In the last chapter there is the comparison of conditions in Slovakia and the Czech Republic during the implementation and application inflation targeting. We also compare trend in the actual and target inflation rate, and describe changes in the key interest rates of both national banks as a result of it.
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The Monetary Policy of the Central Bank of Armenia
Gevorgyan, Kristine ; Koderová, Jitka (advisor) ; Čermáková, Daniela (referee)
My thesis titled The Monetary Policy of the Central Bank of Armenia starts with characteristics of Armenia, where I focus on economic attributes of the country, international conflicts and their effects on Armenia, population development, poverty and corruption. The second part is focused on economic development of Armenia, the country's employment rate, particular items of the balance of payments and international trade. Furthermore, this part also consists of information related to the development of Armenian currency and the country's foreign debt. The third, significant part of my thesis deals with the Central Bank of Armenia and Armenia's financial system, concentrating mainly on history and the present of the subject central bank. Later in this part, I inquire into Armenia's monetary policy, where I focus on its applied transmission mechanisms and the CBA's instruments.The final part of this thesis is about what effects the CBA has on Armenia's economic development. I look into effects of monetary policy on price level development and meeting the inflation objectives. The conclusion part summarizes and gathers all pieces of information I have obtained by studying numerous literature resources and conducting personal interviews with several representatives of the Armenian banking system.This part also summarizes benefits of the CBA and its effects on economic development of Armenia, credibility evaluation and effectiveness in the objectives.
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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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Inflation targeting after the crisis
Zůna, Zdeněk ; Koderová, Jitka (advisor) ; Vránková, Martina (referee)
The subject of the presented thesis is the relationship between monetary policy executed within inflation targeting, asset prices and financial stability in the broader sense in order to identify key problems of the current approach and draw some conclusions on how inflation targeting could possibly further evolve. Flexible inflation targeting remained the best available monetary policy framework, despite some revisions are apparently needed. It turned out, that changes in the financial sector have much greater impact on economic activity, than previously thought, and which the new approach will need to take into account.
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The theory of optimum currency areas and the entry of the Czech Republic into the EMU
Vála, Vladimír ; Koderová, Jitka (advisor) ; Kučera, Lukáš (referee)
The aim of this bachelor thesis is to determine, whether the Economic and Monetary Union fulfills criteria of optimum currency area, to evaluate the nominal and real convergence of the Czech Republic to EMU and to assess benefits and costs resulting from the implementation of common currency in the Czech Republic. I present basic criteria of optimum currency area and I try to find out whether they are met within the EMU. There are three economic criteria, three political criteria, the criteria of alignment of the business cycle, and also to mention Brown's tests and criteria of Václav Klaus. It also analyses whether the Czech Republic meets the Maastricht (nominal) convergence criteria and the extent to which is achieved real convergence. The benefits and costs associated with membership in the European Monetary Union for the Czech Republic are described in the conclusion.
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Money, Time and Information: An Austrian Approach
Nohejl, Jiří ; Koderová, Jitka (advisor) ; Plíva, Rostislav (referee)
Thesis "Money, Time and Information: An Austrian Approach" presents analysis on theory of money through classic view of Austrian economics which is combined with mutual dependence of system complexity, time and information. Money are considered as market emergent phenomena and therefore as its basic element. Spontaneous processes leads into origin of complex economic structures which are not static, but in constant evolution. Emerging complexity makes reduction of economic phenomena to aggregates or index numbers impossible. It is therefore important to comprehend these problems in context of structure and time in which structural change come into existence. This thesis emphasizes relation of money to informational and intertemporal role of prices and interest rate. This approach is then applied to possibility of monetary and regulatory policy to perceive all those complex interdependencies.
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Comparison of FEDs monetary policy in times of Great Depression and financial crisis 2007 – 2009
Piliarkinová, Eva ; Koderová, Jitka (advisor) ; Dohányos, Vojtech (referee)
The main goal of this thesis is comparison of FEDs monetary policy in times of Great Depression and financial crisis 2007 -- 2009. Both of them began when the speculative bubble burst (in the first case it was in stock market, in the second one it occurred in real estate market). The effect of speculative bubbles bursting had very negative impact on global economic system. The FEDs monetary reaction to the both crises was very different. It differentiates in many aspects -- in times of Great Depression FED acted passive -- did not provide large open market purchases, did not lowered the interest rate quick enough to avoid the money stock fall-down. In current crisis, FED did not repeat mistakes made during Great Depression. In response to the market pressure, FED created several unconventional tools to support liquidity of depository institutions, primary dealers and commercial paper market. Via these new-invented programs, FED did not allow the money stock to fall and as the financial strains eased, they slowly disappeared. Besides these liquidity programs, FED supported economy with fast interest rate lowering and providing quantitative easing. Steps taken by FED helped to stabilize financial markets.
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European monetary union - its developement and current problems
Vaverková, Zuzana ; Koderová, Jitka (advisor) ; Hýla, Pavel (referee)
This bachelor work concerns a beginning of monetary integration in Europe since the time of signature of Treaties of Rome. It mentions unsuccessful plans of monetary and economy integration in European countries. It presents conditions of an entrance to European Monetary Union, its forming and rules of running. It indicates a problem of debt crisis in Eurozone, its significance and consequences in affected countries. It also presents how EFSM, EFSF and IMF help affected countries to deal with their situation and another possible development.
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The monetary policy of the European Central Bank
Ježková, Tereza ; Koderová, Jitka (advisor) ; Vránková, Martina (referee)
This thesis deals with the monetary policy of the European Central Bank. At the beginning of the work is described historical development. The next section focuses on the implementation of monetary policy, including the performance goals in the first twelve years of operation, with emphasis on the consequences of the global financial crisis. The last section summarizes the problems of the euro area financial and economic crisis of the years 2007/2008. In addition to the ECB's response to the crisis in the form of non-standard measures is decommissioned range of issues relating to fiscal policy and debt crisis euro area.
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