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The Czech National Bank and Inflation Targeting as an Instrument of Maintaining Price Stability
Pokorný, Tomáš ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Title: The Czech National Bank and Inflation Targeting as an Instrument of Maintaining Price Stability Author: Ing. Tomáš Pokorný Supervisor: doc. JUDr. Michael Kohajda Ph.D. When performing monetary policy, the central bank can follow inflation targeting or other monetary policy rules. Following a rule, the central bank can efficiently stabilize economic development in the long run, because the changes in the mon- etary policy given by the policy rule are included in the rational expectations of agents. It might seem that the consistency of monetary policy is secured by following the policy rule only. The potential discretion, however, remains in the different preferences of the bank board members, which may completely change monetary policy decisions within the given monetary policy rule. Current leg- islation does not prevent this discretion by any means as the decision of bank board members' appointment is awarded to the Czech president exclusively, who can completely disrupt the monetary policy consistency with the previous bank board. The changes in the bank board preferences are analyzed using the GMM method on two subsamples in the period of 1996 Q3 - 2021 Q2. The empirical analysis shows that the Czech National Bank followed its constitutional duty and reacted with its policy rates to the...
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European Central Bank Digital Currencies: Lessons from Central Bank Experiments and Scenario Analysis
Pramod Kumar, Kumar Chandrakamal ; Dědek, Oldřich (advisor) ; Havránek, Tomáš (referee) ; Ramesh, Sangaralingam (referee)
The dramatic increase in popularity of cryptocurrencies like Bitcoin has motivated central banks to research central bank digital currencies (CBDC). The key central bank R-CBDC experiments are reviewed. It is found that central banks of advanced economies like the Federal Reserve, European Central Bank and Swiss National Bank are relatively less motivated to issue R-CBDC. This is because current retail payment systems and settlements are already fast and efficient and the advantages of R-CBDC may not be as large as initially expected. Financial inclusion and need for traceable payment systems is less attractive in advanced economies and central banks would lose credibility if CBDC were implemented unsuccessfully. A scenario analysis is used to explore the implications of R-CBDC on financial stability and monetary policy. The results show that CBDC implementation in all scenarios is expected to positively impact financial stability and monetary policy. Results from the scenario analysis are more optimistic than the literature and urges central banks to continue their research. Finally, it is found that ECB's ability to issue CBDC is uncertain. The risks to traditional monetary policy tools and banking system should encourage both to become more efficient and focus on the needs of users.
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Relationship between the central bank and commercial bank
Pastorčák, Jan ; Bakeš, Milan (advisor) ; Karfíková, Marie (referee)
Relations of Central bank to Commercial banks The purpose of my thesis is to analyse relations among central bank and commercial banks in current view with emphasising on situation in the Czech Republic. This analysis is a critical appraisal of issues in relation to current legislation, and last but not least also the planned changes, which are currently under discussion. The thesis is divided into five chapters with introduction and abstract. Chapter One is introductory and defines basic terminology used in the thesis like banking system, central bank and commercial banks. This chapter is subdivided into four parts. Part One describes central bank and banking system. Part Two describes central bank, its position, activity and tools. Part Third is focused on commercial banks. Final part deals with trends in the development of the banking sector. Chapter Two characterises subjects of banking system in the Czech Republic and is divided into two parts. Part One outlines organizational structure of the CNB and its main functions. Part Two outlines organizational structure of commercials banks in the Czech Republic. Chapter Three concentrates on banking regulation and supervision and its division. Part One analyzes arguments for and against bank regulation. Part Two is focused on banking regulation and...
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Legal aspects of the status and activities of the Czech National Bank
Růžička, Roman ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
The aim of this thesis is to describe and analyse the law position and activities of Czech national bank. The content of thesis is composed of three imaginary parts. In first one the historical development of central banking on Czech territory is described. It is devided into four chapters respecting the chronological development. The thesis is focused on a state of current legislation mainly, therefore the second and third part creates a widest portion of the thesis. The second part examines a framework of constitutional relations of Czech national bank and president, Parliament and goverment particularly, and the independency and aim of CNB in 7 chapters. The third part concerns with statutory law and is composed of 7 chapters also. It deals with a variety of activities of Czech national bank. Introduction, conclusion, abstract, key words and source list are drawn in other parts.
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The status and the role of central banks in the EU
Malíčková, Jana ; Bažantová, Ilona (advisor) ; Borkovec, Aleš (referee)
RESUMÉ - THE STATUS AND THE ROLE OF CENTRAL BANKS IN THE EU This diploma thesis compares the Czech National Bank, the Slovak National Bank, the Bundesbank and the European Central bank. Central banks play a significant role in every state and they have big influence on economy of each state. Therefore, their legal regulation as well as precise definition of their competencies are essential. The thesis focuses on their establishment, legal base and legal form, organisation and independence (institutional, financial, personal and functional). Its aim is also to compare tasks, monetary policy, issuance of banknotes and coins, banking and financial regulation and supervision. Establishment of a central bank depends significantly on the historical background of the given state (or union). All of the described banks are settled in regulations of the highest legal importance on the particular state (or union), which is not usual, and also in many other legal acts. Members of the highest body are selected after the agreement of the legislative and executive powers. The Czech National Bank is an exception, since the members of its Bank Board are appointed by the president without a counter signature. The budgets of the central banks are separated from the states' budgets and they are approved by the central banks....
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Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Moravcová, Michala (referee)
Housing market has a considerable impact on the macroeconomic stability. There is an attempt to regulate housing market using a set of macroprudential tools. The first aim of this thesis is to describe and compare macroprudential regulation aiming at the contract between lenders and borrowers in the European Union and Norway. The second aim is to assess the influence of central banks in macroprudential policy-making on the probability that these instruments are implemented. The probability is estimated using a probit model. The comparison shows that there are considerable differences in implemented regulation between individual countries and that countries with high proportion of foreign currency denominated loans use macroprudential measures to mitigate borrowing in foreign currencies. Using the data from the European union and Norway, statistically significant influence of central bank involvement was not identified. The effect of central bank became significant when using larger dataset including non-European countries. In this dataset, the leading role of central bank is associated with lower probability that instruments targeting borrowers are implemented.
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A comparison of the regulation of activities of national banks of the Czech Republic and Slovakia in their supervision over financial markets
Chvojková, Šárka ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
In the era of constant advancing of the globalization and quick development of the financial markets, the financial markets supervision is still the current topic. Lately, these tendencies have been significantly strengthened under the influence of ongoing world financial crisis. In the light of the crisis, which started as a "credit crisis", the topic of the financial markets supervision has become discussed in countries worldwide and also at the international level, because finding of an effective arrangement and supervision execution could substantially help to overcome the crisis. The main goal of this paper is the analysis and comparison of the legislation on the activities of the Czech and Slovak National Bank in the field of the execution of financial market supervision. The development of Czech and Slovak legislation is interesting as they both emerged from the same legal foundation, went through the phase of individual development and then they became closer again influenced by the European Union. The first two chapters of this thesis focus on the definition of basic terms used further in the thesis and then characteristics of the basic models of the supervision institutional organization. The second chapter deals with the subjects of the financial markets supervision and contains list of...
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Economic and legal position of the CNB in the environment of inflation and deflation
Husník, Karel ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
Karel Husník: Economic and Legal Position of the Czech National Bank in the Environment of Inflation and Deflation The aim of this thesis is to analyse the position of the Czech National Bank (CNB) from the legal and economic point of view and to analyse the monetary policy instruments which the central bank can use efficiently in inflation targeting. The primary criterium is macroeconomic environment of inflation, respectively deflation. The thesis newly divides the monetary policy instruments on conventional and non-conventional. The thesis uses multidisciplinary approach, it combines economic and legal point of view. The methodology of this thesis is analysis, description in historical projection and comparation. The laws of the Czech Republic and the documents of CNB, which are available online, are used. Author also worked with data from the Czech Statistical Office and with various economic studies and papers. The first chapter of the thesis analyses position of independent Czech National Bank in its constitutional and lawful position. The Law of the Czech National Bank and the Constitution of the Czech Republic defines the purpose of the CNB and her relationship with other components of state power. The CNB's monetary policy objective is set forth in Article 98 of the Constitution of the...
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Institutional reforms of monetary policy in Azerbaijan
Guliyev, Farid
Bachelor thesis engages in the institutional reforms of monetary policy in Azerbaijan. The aim of this paper is to describe the institutional reform of the monetary policy of the country and to assess the economic impact of these reforms. Thesis is focused on outstanding situation in country economy and monetary institution building after collapse of the United Socialist Soviet Republics. Author studies transition period of economy from central planned system to free market system, building of monetary authority, independence of central bank and monetary policy performance. In practical part author evaluates the changes in institutional reforms of monetary policy for three different periods of time. The institutional reforms of monetary policy were evaluated by effect on main economic indicators. Based on the data, it is possible to say that reforms had a positive impact on first two analysed periods, however recent reforms did not have expected positive influence.
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Rola centrálných bank v rȏznych interpretáciach Veľkej depresie
Makita, Matej
Bachelor thesis concerns the role of central bank of USA in different interpreta-tions of Great depression. First part describes outbreak and impacts of crisis on economy of United States of America and explaining causes of origin crisis from interpretation John Maynard Keynes and representatives of monetarist. Subsequently the role of Federal reserve system is identified in both theoretical explanations along with comparison of these interpretations. In the next part there is introduced policy of Federal Reserve System and discussion about importance of central bank during financial crisis from 2008. The main aim of bachelor thesis is to identify the role of central bank in different interpretations of the Great depression from theoretical view of John Maynard Keynes and representatives of monetarist.
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