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The influence of the Asian crisis on the position of the Asian Tigers in the current crisis
Bříza, Pavel ; Hnát, Pavel (advisor) ; Jiránková, Martina (referee)
The thesis examines the influence of the Asian crisis on the position of the Asian Tigers in the current crisis. The aim of the thesis is to identify the main reasons due to which these countries relatively quickly overcame the current crisis. The aim will be achieved by comparison of the reactions of Asian Tigers' economic policies on impacts of the Asian and the current crisis. The thesis is divided into three chapters. The first chapter sets out the main causes of the Asian currency and financial crisis, analyzes the course of crisis and its impact on Asian newly industrialized countries. The second chapter describes the economic development of the countries in the period between the crises. Stabilization measures taken under overcoming the Asian crisis are also evaluated in this chapter. Furthermore, the second chapter analyzes the economic policy of Southeast Asian countries, which in response to the Asian crisis began to accumulate huge amount of foreign exchange reserves. The countries contributed with their policies to the deepening of global imbalances, which are related to the emergence of the current crisis. The third chapter is devoted to the current crisis. As in the first chapter, there are explained the main causes of the crisis, described the course of the crisis in the Southeast Asian countries and then discussed the most significant stabilizing measures that helped to Asian Tigers to overcome the crisis.
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Analysis of trends in the management of foreign exchange reserves of central banks
Gluhov, Anastasiya ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
This diploma thesis is focused on analysis of foreign exchange reserves of central banks. The first part of the work explains the most important theoretical concepts, that are necessary for further understanding of the topic of the work. This section will also describe the main criteria which determines the optimal level of foreign exchange reserves. It will be also discussed about a new trend that is known as accumulation of foreign exchange reserves and about the sourcrces, the lead to accumulation. The following part explains in detail the concept of reserves currency and tells about the currency structure of reserves. The empirical part will be devoted to the analysis and management of the foreign exchange reserve in Israel.
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Relations between balance of payments and exchange rate (analysis and comparison of selected countries)
Toperczerová, Michaela ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
This master thesis examines mutual relations between components of the balance of payments and the foreign exchange rate. The first part briefly describes the structure of the balance of payments and the theory of the foreign exchange rate as a macro-economical variable, which can be seen in many different systems. The next part brings the characteristics of historic and recent economic conditions and challenges of four selected countries: Brazil, Russia, India and China (BRIC). In the empirical part, relations between components of the balance of payments and the development of the exchange rate are analyzed by methods of the linear regression. The time-series consisted of annual data for a period of fifteen to seventeen years.
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Analysis of Foreign Exchange Reserves of Bank of Russia in the Years 2004 - 2012
Vlazneva, Anna ; Brůna, Karel (advisor) ; Kučera, Lukáš (referee)
This bachelor thesis focuses on the analysis of foreign exchange reserves of Bank of Russia in the years 2004 -- 2012. The first chapter explains the most important theoretical terms, knowledge of which is necessary to understanding the topic, and describes the theoretical approaches to determining the minimum or optimal level of reserve holdings. The next section is devoted to the Bank of Russia, instruments of monetary policy it uses and a special regime of exchange reserves accumulation, related to Russia's position as one of the world's largest exporters. The last part concerns with the analysis of Russia's foreign exchange reserve holdings in the years 2004 -- 2012 from the various views and is closed with calculating the minimum level of reserve holdings required by indicators described in the theoretical part.
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The swiss franc as a reserve currency
Sabo, Roman ; Durčáková, Jaroslava (advisor) ; Doležal, Jiří (referee)
This bachelor thesis deals with the real and potential status of the swiss franc as a reserve currency. For this aim it compiles the present knowledge and opinions on the issues of foreign exchange reserves, their adequacy and reasons for possessing them. It further summarizes the advantages and disadvantages associated with issuing a reserve currency and the criteria it should satisfy. The swiss franc does not meet all the criteria. Relatively small size of Switzerland's economy undermines its potential to be used on the international scale. The current account and the balance of payments have been generating surpluses for a long time. The current exchange rate floor against the euro shows that Switzerland is not willing to suffer the negative aspects of issuing a reserve currency.
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Foreign exchange reserves in developing coutries
Parmová, Jana ; Brůna, Karel (advisor) ; Petrušová, Martina (referee)
The thesis deals with a role of foreign exchange reserves in developing countries. Main attention is devoted to the trends in development in foreign exchange reserves in recent years. The individual questions are analyzed in the context of accumulation of foreign exchange reserves. There are described connections between exchange reserves and individual periods of economic emergence in the developing countries. The thesis presents the meaning of exchange reserves in different types of foreign exchange regimes. There is described influence of exchange reserves on implementation of monetary policy. Foreign exchange reserves are divided in dependence on their origin. There is defined the relationship between accumulation of exchange reserves and net international investment position. The thesis deals with the role of foreign exchange reserves in global imbalances too. In the empirical part there are analyzed some questions described in theoretical part, using the cases of the Czech Republic, Poland and Hungary.
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Efficiency of investment metals and coins analysis
Tůmová, Kateřina ; Musílek, Petr (advisor) ; Stádník, Bohumil (referee)
This project deals with historical precious metals price development as gold, silver, platinum and palladium in connection to analysis of the precious metals investment benefits. There are discussed international market prices and retail prices as well. There is also mentioned the issue of price structure from the premium and other costs point of view, including possible risks coupled with investment. Approximated are also basic terms and forms of investment metals, alternative options of precious metals investment as well. The project also includes the issue of tax investment aspects and other advantages connected to it. Further there is indicated medial disinformation criticism and insufficient legal support for customers investing to the precious metals.
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The relations of the USA and China on the current and financial account of the balance of payments
Šebestová, Kateřina ; Hnát, Pavel (advisor) ; Jiránková, Martina (referee)
The objective of this thesis is to analyse relations between the United States and China on the current and financial account of the balance of payments in the quantitative and the qualitative point of view and to evaluate the impact of mutual operations on the external equilibrium. The partial objective of the thesis is to create the entry analysis for assessment of the global imbalances of the current accounts. Current external imbalances and mutual trade and investment relations between the USA and China are the key factors of the global imbalances. The thesis is divided into two chapters. The first chapter is theoretical and it is divided into two component parts. The first part is dedicated to the definition of single components of the balance of payments (current, financial and capital account), to its determinants and to mutual relations. The balance of payments theory is based on IMF's methodology. In the second part of the first chapter are introduced the main approaches to the balance of payments, the income (keynesian, multiplier), price (elasticity) and monetary approach. The analysis of the relations in terms of balance of payments is presented in the second chapter. The current account relations are assessed in the first part of the second chapter with the focus on domestic savings, investment, processing trade and effect of the Chinese monetary policy on mutual relations. The second part of the thesis deals with financial account matters, especially with Chinese build-up of the foreign exchange, American federal debt and character of the investment that flows between the USA and China.
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