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The foreign exchange interventions of Czech national bank in 2013
Petrusová, Aneta ; Jiránková, Martina (advisor) ; Jedlinský, Jakub (referee)
This bachelor thesis analyzes development of selected macroeconomic indicators. In 2013 the foreign exchange interventions has started by Czech national bank. CNB made a commitment that the exchange rate is on the level of 27 CZK/EUR. The main reason for implementation of this foreign exchange interventions was the risk of deflation. In this thesis there is shown the analysis of macroeconomic indicators before and after implementation of the foreign exchange interventions. In the end there is an evaluation of the development selected macroeconomic indicators.
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The impacts of foreign exchange interventions on economy of the Czech Republic
Koblížková, Petra ; Žamberský, Pavel (advisor) ; Šaroch, Stanislav (referee)
The main aim of this thesis is to evaluate both short term and long term impact of foreign exchange interventions, which were initiated by Czech central bank in November 2015, on the Czech economy. The first part of the text deals with theoretical aspects of the thesis, especially with the role of central bank and exchange rate, and with the historical development of both the monetary policy in the Czech Republic and Czech crown. Second part of the work investigates the causes that have led to the initiation of intervention régime and tries to clarify whether the triggering was truly justified. The main part of the thesis deals with the launch of interventions itself and also with the short term and longterm impacts on macroeconomic indicators. The end of the work is dedicated to a discussion of intervention regime exit, both to the time aspect and possible scenarios.
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Consequences of foreign exchange intervention on the economy of the Czech Republic
Košická, Monika ; Titze, Miroslav (advisor) ; Štěpánek, Pavel (referee)
Czech Republic is currently struggling with the threat of deflation, therefore the CNB has used the foreign exchange interventions to prevent this. The thesis examines the current state of the economy and aims to answer the question whether the depreciation of the crown truly prevent deflation and a possible deflationary spiral. To achieve the objective are used comparison methods, descriptions, observations and analysis, including relational analysis. The theoretical part focuses on the theoretical impacts of depreciation of the crown from a macroeconomic point of view. Furthermore, solves the problem of deflation and for example describes the deflation in Japan. In the practical part I compare the views of the CNB and other alternative views on this situation. In the final part I analyse GDP, export and import, terms of trade, consumption and inflation. Based on this analysis, I conclude that although that there was an improvement of some macroeconomic indicators, we can't ascribe the improvement to the foreign-exchange interventions.
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The current decision-making process of SNB as a possible way for CNB
Hořáková, Gabriela ; Vostrovská, Zdenka (advisor) ; Pavelek, Petr (referee)
The aim of this bachelor thesis is to compare the reasons that encouraged SNB to abandon its peg against the euro in January 2015 with potential decision-making process of ČNB in conjunction with the current situation of currency interventions in the Czech Republic. The subject is chosen considering its high topicality and macroeconomic importance. The basis of the empirical research is the theoretical grounding of central banking and the issue of price level changes with focus on monetary policy and deflation. Based on the observed macroeconomic indicators, the text continues by the analysis of the Czech economy 1,5 years after currency interventions and the Swiss currency interventions since 2009. With reference to the reasons of their abandonment by SNB the thesis is completed with the application on the current situation in the Czech Republic. According to the paper's findings, it was concluded that the situation in the Czech Republic does not indicate similar decision-making process of ČNB.
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The impact of Czech national bank foreign exchange interventions on czech economy during 2014
Hladík, Tomáš ; Vostrovská, Zdenka (advisor) ; Řežábek, Pavel (referee)
This thesis analyzes development of selected macroeconomic indicators in the last two years. Czech National Bank selected foreign exchange interventions as the most suitable instrument for further easing of monetary policy and the main reason for their initiation was the risk of deflation at the beginning of 2014. This research compares condition of Czech economy in the period before interventions and then one year after. By combining data analysis with theoretical findings I reached the conclusion that interventions could not affect price developments in such a short period of time. On the other hand, other indicators showed significant improvement, which supported economic growth during 2014.
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Inflation targeting in case of imminent deflationary pressures - the example of CNB
Plachý, Matěj ; Koderová, Jitka (advisor) ; Dvořák, Michal (referee)
This diploma thesis focuses on the use of inflation targeting as monetary policy regime in a situation of imminent deflation. The thesis is divided into three main parts. The first part introduces the basic mechanism of inflation targeting with its basic elements and describes its possible failure. The second part focuses mainly on the analysis of the economic factors which contributed to achieving the zero lower bound for the repo rate of CNB. The third part presents an alternative (unconventional) monetary policy instruments in case of achieving zero lower bound, in particular the use of the exchange rate. The end of the last part of this thesis analyzes the development of key macroeconomic indicators in the Czech Republic.
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Is economic growth compatible with deflation? A case study of the United States in the 19th century
Němec, Petr ; Potužák, Pavel (advisor) ; Kadeřábková, Božena (referee)
In this thesis I examine the compatibility of deflation and economic growth. I summarize the negative effects of deflation and the conditions in which it works contrary to growth. Then I introduce arguments in favor of deflation as a phenomenon leading to the effective allocation of resources. I use the ordinary least squares method in order to estimate the relationship between deflation and economic growth. Data derived from the USA during the time period from 1800 to 1913 confirm the hypothesis that deflation is compatible with economic growth. Deflation is unambiguously compatible with economic growth in cases of growing productivity of factors of production.
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Central bank monitoring - March 2012
Česká národní banka
Latest monetary policy developments at selected central banks and news. Spotlight: „Openness and monetary policy stratégy of Fed“. Selected speech: „The bank of Japan’s efforts towards overcoming deflation“ by Masaaki Shirakawa (Bank of Japan Governor).
Fulltext:  PDF; PDF
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The Exchange Rate as an Instrument at Zero Interest Rates: The Case of the Czech Republic
Franta, Michal ; Holub, Tomáš ; Král, Petr ; Kubicová, Ivana ; Šmídková, Kateřina ; Vašíček, Bořek
This study examines the use of the exchange rate by the Czech National Bank as a monetary policy instrument at the zero lower bound on interest rates. It provides a review of the economic literature on unconventional monetary policy instruments and particularly on the possibility of using the exchange rate. It explains the CNB’s reasons for further easing monetary policy and for choosing the exchange rate instrument and its specific level, and discusses its expected benefits in the case of the Czech Republic. It also explains why the CNB ultimately decided to transparently declare a one-sided exchange rate commitment with potentially unlimited foreign exchange interventions. The article concludes by assessing the impacts of the exchange rate weakening on the Czech economy to date, as compared to what the CNB had expected, and by describing the public debate of the CNB’s action and related changes in its communication strategy.
Fulltext: PDF; PDF
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