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Nixon Shock" and the end of the Bretton Woods System
Šálený, Václav ; Kozák, Kryštof (advisor) ; Fiřtová, Magdalena (referee)
The bachelor thesis deals with an important turning point in the international monetary system, which took place in 1971, when American President Nixon, in his New Economic Policy, suspended the convertibility of the dollar into gold and thus ended the Bretton Woods system. This system had worked since the end of World War II and was characterized by fixed exchange rates and the dominant role of the U.S. dollar. The thesis deals with the structural problems of the Bretton Woods system and with domestic problems of the U.S. economy at the beginning of the 1970s, which together led President Nixon to end the system. The thesis contains a description of the short-term consequences of "Nixon shock" and of the New Economic Policy in terms of macroeconomic indicators, rate of inflation and rate of unemployment. The most important long-term consequence of the Nixon shock was the creation of a new monetary system, which is called Jamaica system and is based on floating exchange rates. In the third chapter of this thesis Jamaica monetary system is characterized together with the advantages and disadvantages of floating exchange rates in comparison with fixed exchange rates according to economic theory. The last part is an analysis of the impact of floating exchange rates on the U.S. economy in the 1970 's...
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Economic and Geopolitical Implications of TPP and TTIP for the United States
Šálený, Václav ; Kozák, Kryštof (advisor) ; Fiřtová, Magdalena (referee)
Multilateral trade negotiations within the World Trade Organization have reached a stalemate but there are new trade agreements being currently negotiated, either on bilateral or multinational basis. This thesis deals with two current major trade initiatives, the Trans-Pacific Partnership between the United States and eleven Pacific countries and the Transatlantic Trade and Investment Partnership which includes the United States and the European Union. The thesis uses a comparative analysis to assess economic as well as geopolitical implications of the two trade agreements for the United States. The most apparent geopolitical aspect is the effort of the United States to write the rules of trade for the 21st century before China does so. In regards to economic implications, the thesis works with a concept of intra-industry trade and based on it assesses the possible economic effects on the United States economy, especially in regards to productivity and transactional costs on labor market. Both of the agreements have many critics and their future is not clear. This thesis argues that in certain economic and geopolitical aspects, the Transatlantic Trade and Investment Partnership is more beneficial and strategic for the United States.
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Nixon Shock" and the end of the Bretton Woods System
Šálený, Václav ; Kozák, Kryštof (advisor) ; Fiřtová, Magdalena (referee)
The bachelor thesis deals with an important turning point in the international monetary system, which took place in 1971, when American President Nixon, in his New Economic Policy, suspended the convertibility of the dollar into gold and thus ended the Bretton Woods system. This system had worked since the end of World War II and was characterized by fixed exchange rates and the dominant role of the U.S. dollar. The thesis deals with the structural problems of the Bretton Woods system and with domestic problems of the U.S. economy at the beginning of the 1970s, which together led President Nixon to end the system. The thesis contains a description of the short-term consequences of "Nixon shock" and of the New Economic Policy in terms of macroeconomic indicators, rate of inflation and rate of unemployment. The most important long-term consequence of the Nixon shock was the creation of a new monetary system, which is called Jamaica system and is based on floating exchange rates. In the third chapter of this thesis Jamaica monetary system is characterized together with the advantages and disadvantages of floating exchange rates in comparison with fixed exchange rates according to economic theory. The last part is an analysis of the impact of floating exchange rates on the U.S. economy in the 1970 's...
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Interregionalism in the world economy with focus on EU´s interregional agreements
Šálený, Václav ; Cihelková, Eva (advisor) ; Hnát, Pavel (referee)
This bachelor thesis deals with interregionalism, which has systematically developed in the world economy since the 90's. The thesis focuses mainly on European Union's interregional agreements with Associaton of Southeast Nations, Common Southern Market and Gulf Cooperation Council. The aim of the thesis is to analyze these interregional dialogues in terms of their developement, institutionalization and potential economic impact of free trade areas. The first chapter deals with interregionalism in theory and its functions in the world economy. The second chapter focuses on interregionalism in practice and on the only completed interregional agreement. The final chapter deals with the selected EU's interregional agreements
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