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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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Ekonomická krize a role Evropské centrální banky
Staněk, Dominik
The thesis provides an evaluation of monetary policy of the European central bank during the last financial crisis, mainly by using the Taylor rule. Different modifications of the Taylor rule will be compared and the best version will be used for an estimation of desired interest rate of member states of the eurozone. It will allow to compare their preferences with monetary policy of the European central bank.
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Monetary policy of the Visegrad group countries in comparison with the Euro area
Alibrahim, Jalaa
Abstract: Alibrahim, Jalaa. Monetary policy of the Visegrad Group countries in comparison with the Euro area. Master thesis, Mendel University in Brno, Brno 2018. The aim of this diploma thesis is to compare monetary policy of Visegrad Group countries and the Euro area (European central bank’s monetary policy within Slovakia) during the observed period from 2001 to 2017 and the focus will be on the inflation in these countries. Research was focused on the long- run relationship between variables under study during the period, application of granger causality and the impulse responses. The empirical results will demonstrate how the variables were moving and related to each other during the period. This will show how the monetary policy in the Visegrad Group countries affected the inflation rate and in comparison, with the ECB policy within Slovakia after 2009.
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Oprávněnost intervencí ČNB na devizovém trhu
Hynková, Marie
Hynková, M. The eligibility of the CNB interventions in the foreign exchange mar-ket. Diploma thesis. Brno: Mendel University in Brno, 2018. This diploma thesis deals with the monetary policy of the Czech National Bank after the financial crisis. The monetary policy of the CNB is compared with doings of the Federal Reserve and the European Central Bank. Attention is paid to the monetary policy of the CNB and to the reasons why the CNB has provided inter-ventions on the foreign exchange market in order to depreciate the CZK/EUR ex-change rate. The diploma thesis described in detail foreign exchange interventi-ons, which the CNB acceded on November 7, 2013, and subsequently abandoned them on April 6, 2017. The CNB wanted to influence the impending deflationary development in the country, so the diploma thesis also deals with the consequen-ces caused by the use of this non-conventional tool. The work also evaluates the benefits and costs of foreign exchange interventions. The empirical part of the diploma thesis demonstrates the relationship of inflation and the exchange rate CZK/EUR. There is also an appreciation of factors influencing the development of inflation during the intervention period.
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The Effect of Unconventional Monetary Policy of ECB on Housing Prices
Górecki, Vojtěch ; Horváth, Roman (advisor) ; Kučera, Adam (referee)
Thethesisexaminestherelationshipbetweentheunconventional monetary policyofECBandhousing markets. Weconducttheempiricalanalysison quarterlypaneldataconsistingofvariablesfromselectedeuroareacountries overtheperiod2007Q4-2017Q4. Theunconventional monetarypolicyis measuredwiththe Wu-XiaShadowrate. Thepanel VAR modelestimation providesonlyweakevidenceonthepositiveeffectoftheunconventionalmon- etarypolicyonhousingprices. Theevidenceonthe mortgageratesis more convincinginestimatingsignificantresponsethatspansovertwoyearswith peakatoneyearmark.Theresultsoftheindividualcountryanalysisindicate theheterogeneityofresponses,whiletheeffectislesssignificantincountries thatweremoreaffectedbythefinancialandsovereigndebtcrisis. JEL Classification C30,E00,R30, Keywords panel vector autoregression, unconventional monetarypolicy, ECB,housing market,euro area,shadowrate Author'se-mail vojtech.gorecki@gmail.com Supervisor'se-mail roman.horvath@fsv.cuni.cz
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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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