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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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Development of foreign exchanges reserves from 1992 - 2002
Rýglová, Michaela ; Vostrovská, Zdenka (advisor) ; Řežábek, Pavel (referee)
This bachelor thesis focuses on the development of foreign exchange reserves before and after the dissolution of Czechoslovakia and on the changes resulting from the establishment of the Czech National Bank. The purpose of this bachelor thesis is to make an overview of the development of foreign exchange reserves in the Czech Republic after the dissolution of the State Bank of Czechoslovakia, to point out problems connected with the dissolution and to describe the consequent currency changeover. The introduction chapter of this thesis provides a definition of the basic terms in the field of foreign exchange reserves and their development before the dissolution of Czechoslovakia. The bachelor thesis shows the effects of world events on foreign exchange reserves as well as on the operations of the Czech National Bank with foreign exchanbe reserves. I will also describe the impact of world crises on the changes of the instruments used by the Czech National Bank between 1992 and 2002, a period that saw the major changes in Czech banking.
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Globální finanční krize a měnová politika centrálních bank (příklad vybraných zemí)
Fajnor, Tomáš ; Durčáková, Jaroslava (advisor) ; Ševčíková, Jana (referee)
The purpose of this Master's thesis is divided into two steps. The first step sums up all the relevant theory about financial crises and monetary policies. The second step analyzes not only the past but focuses mainly on the global financial crisis which started in 2007. The cornerstones of this analytical bloc are monetary policies of central banks in China, Venezuela, Denmark and the Czech Republic. Two hypotheses are stated in the beginning of this Master's thesis. These focus on fixed exchange rate regimes and foreign exchange reserves. The analytical part of Master's thesis tries to prove whether these hypotheses can be marked as valid or invalid.
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The Japanese yen in the composition of international foreign exchange reserves
Vařenka, Marek ; Durčáková, Jaroslava (advisor) ; Mandel, Martin (referee)
This bachelor thesis mainly aims to characterizeofficial foreign exchange reserves, the reasons for holding reserves, its composition, optimal size and historical development.Impacts of balance of payments and foreign exchange rate regimes are also mentioned. Among other reasons for foreign reserve accumulation, foreign exchange interventions are very important and relatively frequent use of foreign exchange holdings in Japan, therefore there is included one whole chapter dedicated do them. Currencystability,well developed financial markets and other factors are necessary conditions for currency to play a role as a reserve currency. These conditions are listed in the chapter Reserve currency. Recent and also historical development of currency composition of the foreign currency reserves is specified in the last chapter.
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Crisis of international liquidity and disintegration of Bretton-Woods monetary system
Sekerešová, Zuzana ; Durčáková, Jaroslava (advisor) ; Čermáková, Daniela (referee)
The thesis analyses the main reasons that caused disintegration of Bretton-Woods international monetary system. The United States played a significant role within this system whose long-range deficit of the balance of payments weakened the position of US dollar like major world currency and thereby the stability of entire system. By cancelling of the direct convertibility of the US dollar to gold in 1971 was broken one of the basic principles of Bretton-Woods system what meant its ultimate end. Another important factor participating in crash of that monetary system is crisis of international liquidity. The problem of insufficient international liquidity was developed by slow tempo of growth of foreign exchange reserves in relation to international trade. The shortage of foreign exchange reserves menaced continuity of international system of payments and thereby development of world trade. Despite the hastened solution of the problem of liquidity by emission of new reserve unit SDR it was impossible to avert the collapse of Bretton-Woods system.
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Analysis and description of progress of balance of payments in India
Sedliak, Tomáš ; Ondřich, Libor (advisor)
This work is concerned with the analysis and description of progress of balance of payments in India during the years 1975--2008. In the theoretical part there is a brief description of the structure of partial functions of balance of payments and also displaying ability of the balances of balance of payments. Furthermore, there is a historical-economic development of India in this part. The practical part is concerned with demonstration and interpretation of individual accounts development and of the balances of balance of payments.
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