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Ideal Crisis Management Mechanism for Credit Institutions and Investment Firms in the European Union
Kropjok, Vít ; Kohajda, Michael (advisor) ; Vybíral, Roman (referee) ; Radvan, Michal (referee)
Ideal Crisis Management Mechanism for Credit Institutions and Investment Firms in the European Union Abstract: The 2007-8 financial crisis brought about the most severe economic contraction since the Great Depression. Regulators on both sides of the Atlantic were taken aback and soon realized that they had no tools to deal with distressed banks and other financial services firms, failure of which could undermine financial stability not only within individual states, but also on a global scale. As a result, central banks of in particular the United States and the Eurozone became the most important actors in the fight against the unfolding crisis and de facto the only "governmental agencies" capable of swift and decisive measures. Their timely and vigorous reaction most likely warded off the collapse of the global financial system, though it was not without controversies. These controversies are analyzed in this dissertation in order to find out what role should central bank have during financial crisis. Governments followed central banks with massive bank bailouts. In many countries, governments went beyond liquidity provision and nationalized their banks, which threatened their own solvency. Although the global financial system has been largely restored in the last decade, it has been achieved at huge...
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ECB monetary policy and commodity prices
Aliyev, S. ; Kočenda, Evžen
We analyze the impact of the ECB monetary policies on global aggregate and sectoral commodity prices using monthly data from January 2001 till August 2019. We employ a SVAR model and assess separately period of conventional monetary policy before global financial crisis (GFC) and unconventional monetary policy during post-crisis period. Our key results indicate that contractionary monetary policy shocks have positive effects on the aggregate and sectoral commodity prices during both conventional and unconvetional monetary policy periods. The effect is statistically significant for aggregate commodity prices during post-crisis period. In terms of sectoral impact, the effect is statistically significant for food prices in both periods and for fuel prices during post-crisis period; other commodities display positive but statistically insignificant responses. Further, we demonstrate that the impact of the ECB monetary policy on commodity prices increased remarkably after the GFC. Our results also suggest that the effect of the ECB monetary policy on commodity prices does not transmit directly through market demand and supply expectations channel, but rather through the exchange rate channel that influences the European market demand directly.
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Intergovernmental Cooperation in Resolving the Eurozone Crisis
Nevola, Jan ; Havelka, Vít (advisor) ; Weiss, Tomáš (referee)
This bachelor thesis focuses on the topic of the Euro crisis intending to identify crisis- solving strategies. It considers the period between 2010 and 2012 during which several key measures were taken and new institutions were established to provide financial assistance to the Eurozone Member States. The work analyses the nature of these institutions and the decisions taken. The intention is to determine whether the steps that led to the protection of the Eurozone were predominantly intergovernmental-driven or whether the main drivers of the processes were supranational institutions. The introductory chapters explain the causes of the crisis, its institutional framework and highlight several views on solving the crisis as presented in the research of other authors. Furthermore, they introduce the theoretical-analytical framework based on the theories of intergovernmentalism, respectively liberal intergovernmentalism and neofunctionalism. The analytical part of the work, first, specifies the research methodology. Then, the discussion presents the findings of the research and confronts them with the research of other authors who analyzed this issue. The conclusion summarizes the work and draws on the results of the analysis to answer the research question that is defined in the introduction.
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Inflation Targeting as a Monetary Indicator of Central Banks
Bilková, Simona ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
Inflation Targeting as a Monetary Indicator of Central Banks Abstract The diploma thesis on the subject "Inflation Targeting as a Monetary Indicator of Central Banks" aims to compare the successfulness of the inflation targeting executed by the Czech National Bank and the European Central Bank. Inflation targeting as a monetary- political regime was used for the first time almost 30 years ago and its merit is to influence the inflation rate based on the adjustments of short-term interest rates and the stabilization of inflation expectations. It is based on the accountability of central banks to fulfill the set target, their transparency and communication with the public, for example via publishing the macroeconomic prognoses. The first chapter of the diploma thesis aims to define the term central bank and inflation targeting. It deals with the purpose of central banks, their instruments to pursue monetary policy, independence and accountability of central banks, and determines the rule of central banks' monetary policy. Additionally, it explains medium- and long-term vertical Phillips curve and Taylor's rule. The second chapter addresses the topic of the Czech national bank and aims to describe its function and inflation targeting. It specifies its main purpose, instruments of the monetary policy and...
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Non-standard Monetary Policy Instruments of Central Banks
Šikulová, Markéta ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
Non-standard Monetary Policy Instruments of Central Banks Abstract The aim of this study is to analyze non-standard monetary instruments of central banks and their impact on the example of concrete use of these instruments by the Czech National Bank and the European Central Bank. The first part of this study defines the essence, the implementors, the tasks, and the objectives of the monetary policy. Its tools are also disassembled, both standard and nonstandard. From non-standard instruments, closer attention is paid to the theoretical definition of quantitative easing, negative interest rates and long-term maintenance of the exchange rate commitment. I also deal with the legal anchor, organization, purpose, history, and concept of the monetary policy of two selected central banks, namely the CNB and the ECB. The next part of the study presents the concrete form of non-standard measures used by the CNB and the ECB, it deals with the specific reasons that the central banks led to their implementation, the objectives with which they were adopted and the impact these measures had on the Czech economy and the euro area. Based on the analysis, it is possible to confirm the tested hypothesis that the Czech National Bank and the European Central Bank have succeeded in meeting the objectives set before their...
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Legal aspects for the adoption of common European currency in the Czech Republic
Růžička, Michal ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Legal aspects of the single European currency adoption in the Czech Republic The Czech Republic as a member state of the European Union is obliged to adopt the single European currency as soon as possible. This commitment is connected with plenty of tasks that have to precede the euro adoption. The fulfilment of convergence and legal criteria belongs to main assignments. The purpose of my thesis is to define the main aspects connected with the adaptation process of the Czech legal environment according to demands of the European law that have to precede the euro introduction and prepare a suitable environment for its troublefree functioning. The thesis consists of five chapters, each of them dealing with different aspects of the single European currency adoption. First chapter is introductory and outlines the main questionable issues that I deal with in my thesis. Second chapter brings general aspects of the single European currency introduction, especially explains briefly a history of the constitution of the economic and monetary union, further specifies legal and economic conditions necessary for euro adoption. A brief appraisal of the functioning of this unique concept is included at the end of this chapter. Third chapter focuses at the beginning on evaluation of fulfilment of legal and...
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EU linguistic regime in practise: comparison of availability of documents in Czech, French and English language on the website of the ECB
DEVEROVÁ, Edita
The topic of this bachelor thesis is European linguistic regime in practise: comparison of availability of documents in English, French, and in Czech language, published on the European central bank's website. The thesis is divided into two parts. The theoretical part introduces European Union as a whole and focuses especially on the European central bank. Theoretical part is also concerned with the problem of multilingualism and its impact on the European central bank's website. The practical part focuses on a description of the structure and visual appeareance of the website as well as on the following analyses of availability of documents in English, French, and in Czech language.
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Relation between central bank independence and accountability at the example of quantitative easing of the ECB and the Fed in 2005 - 2016
Pýchová, Jitka ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
The thesis deals with relation between central bank independence and accountability. The relation is examined on example of quantitative easing implemented in the period 2005 - 2016 by the European central bank and the Federal Reserve System. From the theoretical and practical point of view the thesis proves that the relation between central bank independence and accountability are influenced by the specification of targets of monetary policy to a great extent. The thesis also proves that the specific definition of both central bank independence and accountability influenced the characteristics of quantitative resp. credit easing. Moreover, such monetary policy can potentially endanger the independence of both central banks in many ways. Thus, the implementation of quantitative easing itself and its potential consequences evidences that the contemporary conception of central bank independence and accountability is insufficient and needs to be reviewed.
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The impact of quantitative easing on fiscal restriction of Greece government
Šanda, Jan ; Young, Mitchell (advisor) ; Karasová, Nikola (referee)
This bachalor thesis deals with quantitative easing of the European central bank and its impact on fiscal restriction of Greece government. The analysis is divided into four main parts. The first one focuses on the EMU institutional framework, especially in relation to the fiscal policies of member states. The second chapter deals with European central bank and quantitative easing on general level and also in relation with the last economic crises. Third chapter examines the interaction between monetary and fiscal policy and the last chapter is devoted to the evaluation of Greece fiscal policy and the impact which quantitative easing may have on it. Results of this thesis suggest that quantitative easing have an impact on fiscal policies of EMU member states. However, taking current situation of Greece state financing into consideration, this is not the case in Greece.
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