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Relations among balance of payments, exchange rate and foreign reserves
Daňhel, Tomáš ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The bachelor thesis is focused on the relations among the balance of payments, exchange rate and foreign reserves in period from 1999 to 2009 in the Czech Republic. The first part presents the theory behind the balance of payments, exchange rates and foreign reserves. The analysis of each variable was performed by using both graphical interpretation and regression analysis. The time-series consisted of quarterly data. Lagged values were used to improve the describing power of econometric models. The models themselves were analyzed bilaterally by using OSL method. The results show that the exchange rates have higher influence on the balance of payments than vice versa.
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Internal exchange rate risk management techniques with application to import-oriented company
Malý, Jan ; Brůna, Karel (advisor) ; Čermáková, Daniela (referee)
The work is focused on exchange rate risk, its description and typical situations in which firms have to face to the uncertainty caused by variability of exchange rates. It specifies selected internal (operational) techniques which are used to manage exchange rate risk as well. These methods are connected with financial management of companies and it is possible to apply these techniques to every size of company. The principle and the implementation of internal methods might be tighter to smaller companies. These companies do not know a lot about a wide scale of instruments of financial market, so hedging through external methods may not be suitable. Internal methods contrary to external are also suitable for hedging economic exposure (substantial part of the work is focused on economic exposure). In response to current events, exchange rate risk is also discussed in connection with continuing economic depression and pending fiscal situation of the countries which are part of euro area. In analytic part the work is focused on a Czech import-oriented firm which purchases machines from Taiwanese suppliers for euro and dollars and consequently sells these goods in the Czech market mostly in Czech koruna. In some cases the firm negotiates invoicing in euro. Currency mismatch of receipts and payments gives rise to exchange rate risk. In addition, firm's business contracts are specific to high nominal value and longer maturity. With the growth of these two parameters increases exchange rate risk.
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Methods and processes for managing exchange rate risks
Kliment, Martin ; Kuncl, Martin (advisor)
The development od international markets comes along with a price of risk changes in foreign exchange rates. The purpose of this bachelor thesis is to help the reader understand the methods for managing of foreign exchange risks. Foreign exchange risks are caused by development of exchange rates. It caues the danger of volatility in revenues as well as expenditures. The work is devided into several chapters in which I am trying to familiarize the reader with the world of foreign exchange risks. From the definitions and basic relations to primary hedging possibilities that are financial derivates. The last part I devoted to the assessing and practical findings emerging from the work itself.
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American dolar as a international reserve currency
Kozlerová, Pavlína ; Durčáková, Jaroslava (advisor) ; Čermáková, Daniela (referee)
The work is dedicated to the development of the U.S. dollar as the international reserve currency. In this context, the work also focuses further describe the evolution of U.S. balance of payments and other important macroeconomic factors like interest rates, which over the years had an impact on the dollar in international finance. The first part describes the development of the dollar's exchange rate and other factors in the period after the Second World War. In the second, then encounter has a more detailed analysis of the U.S. national currency and balance of payments between the years 1999 to 2009. Concluding part two periods are compared and concludes the current view on the U.S. dollar.
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Comparison of Currency Board and Crawling Peg exchange rate arrangements in transition economies
Štolc, Michal ; Brůna, Karel (advisor) ; Čermáková, Daniela (referee)
This bachelor thesis discusses the issue of adopting appropriate exchange rate arrangement in transition economies of Eastern Europe during the 90's of 20th century. It more closely focuses on two of those arrangements, Currency Board and Crawling Peg. In the theoretical part, it describes the division of exchange rate regimes, problems of transition economies and specific features of Currency Board and Crawling Peg regimes. In the following analytical part, it compares the effects of adoption of one of these exchange rate regimes in Estonia, Lithuania, Bulgaria, Poland and Hungary.
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Methods of prediction of the exchange rate and exchange rate analysis of selected countries
Shchehlyuk, Oleksandr ; Brůna, Karel (advisor)
In this thesis the author deals with the exchange rate prediction methods, namely the theory of purchasing power parity, interest parity theory and the theory of balance of payments. At the beginning of the work, all these methods briefly described in the next section are applied to the currency pair USD / JPY. The analysis was performed on 20 years period between 1990 and 2010. For the analysis of the theory of rates, purchasing power and interest were used monthly data for the analysis of balance of payments authors used annual data, given the length of the period under review more detailed breakdown would be unclear. At the end of the analysis, I analyzed the different factors and explanations that could affect the currency pair USD / JPY over the period. In this section I emphasized the official institutions intervention in the foreign exchange market. In conclusion, I summarize the identified knowledge and express their own opinions on the matter.
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The movement of the tenge exchange rate depending on macroeconomic variables.
Tussupbekov, Anuar ; Kuncl, Martin (advisor)
In this bachelor work I tried to describe the movement of the tenge exchange rate depending on the macroeconomic variables : GDP, inflation, import,export, current account balance of payments. The first part contains the general theory of exchange rate and it`s determinants. The second part describes the movement of the tenge exchange rate during the period from creation to 2009. The third part contains an explanation of the theory of Resouce Curse and its relation with the movement of the tenge exchange rate.
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Does appreciation of the Czech crown lead to growth of the unemployment rate in the Czech Republic?
Svobodová, Lucie ; Mičúch, Marek (advisor) ; Lahvička, Jiří (referee)
The paper investigates the impact of changes in the exchange rate of the Czech crown against the Euro on the rate of unemployment in the Czech Republic. The survey is using time series from 2000 to 2010 and there are used two models. A brief theoretical framework discusses several papers on this topic. The results of empirical testing confirm the hypothesis of the work. Appreciation of the Czech crown against the Euro by 1 crown causes an increase in the unemployment rate by 0.028% and by 0.023% with inclusion of average real wage into the model. Moreover German GDP, Czech import, labour productivity and average real wage have statistically significant effect (at least on the 10% significance level) on the growth of unemployment.
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Hedging currency risks in the context of Czech export
Renč, Jan ; Žamberský, Pavel (advisor) ; Šaroch, Stanislav (referee)
The main focus of this work is on hedging of currency risks with special emphasis on the case of Czech export. In the first chapter, I create a motivation for further studying of the problem. I describe the state of export industries and the economy as a whole and how these aspects are connected to the exchange rates. In the second chapter, I explain how firms create their assumptions about future exchange rates. I also run a Monte Carlo analysis on historical data and come with predictions of my own. In the third chapter, I am discussing the relevance of using VaR models for estimating the maximum possible loss of funds due to unwanted moves in the exchange rate. Furthermore, I describe various instruments usable for hedging of currency exposure including forwards, options, swaps and other derivatives. In the final chapter of this work, I am asking financial and sales directors of 51 Czech firms about how currency risks influence their businesses and how they protect themselves against these threats.
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