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The monetary policy of the National Bank of Slovakia and the adoption of euro
Hanuščáková, Valéria ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The topic of the thesis is the monetary policy of the National Bank of Slovakia and the adoption of euro. The content of the thesis is divided into two parts, theoretical and practical. The first part is devoted to the main representative of monetary policy in Slovakia, the National Bank of Slovakia, and description of the activities performed and the tools used while implementing the policy. In addition, the work focuses on the prerequisite of adoption of the common European currency, namely the formation and the history of the economic and monetary union. The main objective, the practical part of the thesis, is the secondary research analysis devoted to the implementation of monetary policy of the National Bank of Slovakia from the Bank's formation itself, through very important events such as change in FX rate in 1998, access to the ERM II system in 2005, adoption of euro in 2009 till the present time. In the final chapter, the thesis focuses on the evaluation of euro adoption in Slovakia via primary research conducted through questionnaire designed for Slovak citizens. Closure part consists of my personal analysis of euro implementation whereby I'll remit to advantages just as disadvantages which have been caused by our new mutual currency.
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The development of monetary policy in the Czech Republic since 1990
Málek, Jakub ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The thesis deals with monetary policy applied by the central bank in Czech republic in the last 20 years. On the established theoretical basis analysis performed monetary policy since the transformation economic environment in 90's 20th century to the present. The aim thesis is to assess the results of the applied monetary policy in certain stages of economic development in the Czech republic and its impact on the economy and macroeconomic indicators. In the second half of analytical part connected to the analyzes of the applied monetary policy influence European union on the Czech monetary policy and requirement on its harmonization with European central bank's monetary policy, which is essential assumption to entry our country into higher degree of integration, thus joining into the European monetary union.
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Instruments of monetary and credit policy and their influence on country´s economy
ĎURIŠOVÁ, Jitka
Tha aim of this BA thesis examines how the Czech National Bank carries out its currency policy. It covers the historical roots of the development of the Bank's policy in this field. The aim of the thesis is an examination and analysis of the instruments used by the Czech National Bank. Another aim is, through dealing with the instruments of currency policy, to analyse and evaluate one of the main tasks of the Czech National Bank {--} namely price stability. Particular attention is given to the Bank's special features. The practical part of the thesis is a comparison of the development of the rates of interest with those of the selected commercial bank, CSOB INC.
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ČNB Bank's board in first years of inflation targeting
Štěpán, Petr ; Hurník, Jaromír (advisor) ; Mičúch, Marek (referee)
This diploma thesis deal with decision making process in the Czech national bank's bank board in first six years after the switch to inflation targeting. Due to the transcripts from monetary policy meetings I analyze propensity and it's trend in preferences of bank's board members and compare it with their votings for change in interest rates. I show which members had the greatest influence on the bank board's decision in particular time. In the last part I compare optimal interest rate due to the Czech national bank's inflation target and external conditions to the member's preferences. Therefore I can evaluate the members and say who was the best monetary decision maker.
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Did Hayek repudiate his own theory of business cycle?
Komrska, Martin ; Potužák, Pavel (advisor) ; Svoboda, Miroslav (referee)
This bachelor thesis answers the question, whether F. A. Hayek repudiated his own theory of business cycle by abandoning his previous criticism of stabilization of the price level. This paper introduces Hayek's business cycle theory as the part of the positive theoretical analysis, so its conclusion does not have to be also proposal for monetary policy. Hayek perceives money neutrality as a theoretical ideal, which cannot be achieved in the real world. Later, he also introduces an alternative aim of monetary policy -- the stability of the purchasing power of money. The publication Denationalisation of Money is an instruction for achieving this goal and so it is not in conflict with Hayek's business cycle theory. The relation between stability of purchasing power and smooth progress of the economy is substitutional and only competition among currencies will show, what type of mix do people prefer. Hayek's later declaration signifies that his business cycle theory is not able in itself to explain disasters such as the Great Depression.
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Economics and deflation
Švec, Marek ; Písař, Pavel (advisor) ; Štěpánek, Pavel (referee)
This thesis deals with deflation. Today the importance of inflation and deflation is creating a false impression about the true meaning of those two economic concepts. The objective of this work is to summarize the concept of deflation and a detailed taxonomy of the Austrian School view contrasted against a traditional view of mainstream economics and the widespread view that deflation is one of the most serious disorders, such as the economy may suffer. But are falling prices really so bad? The theoretical part mainly demonstrates by the value-neutral analysis that the long-declining prices in most cases are beneficial. In the end, these theoretical knowledge is applied in the case study, which analyzes in detail the Japanese economy, for which deflation became synonymous. Findings will be compared with the monetary policies conducted by the Bank of Japan, so I wanted to demonstrate that the persistent economic downturn in Japan is not because of price deflation, but as the result of aggressive fiscal and monetary policies to halt the decline in general level of prices of goods and services.
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Inflation targeting in the Czech Republic
Spurná, Jitka ; Koderová, Jitka (advisor) ; Hýla, Pavel (referee)
This thesis deals with inflation targeting in the Czech Republic. The first part explains the basic concepts associated with inflation targeting. The thesis clarifies the concept of inflation, monetary policy instruments, types of inflation and their quantification. The analytical part is devoted directly to the situation in the Czech Republic. It explains the reason of the implementetion of this scheme in the CR, implementation challanges and how the CNB dealt with these challanges. A large part of the thesis analyses the deviations from the inflation target. The summarizes the advantages and disadvatages that the monetary policy regime introduced. And then it contains the overall assessment of the success of inflation targeting in the Czech Republic.
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Monetary policy of CNB and comparison with monetary policy of NBS
Guziová, Ľubomíra ; Koderová, Jitka (advisor) ; Hýla, Pavel (referee)
The goal of the bachelor thesis is to find out if the admission of euro in the period of crisis was advantageous for Slovakia on the basis of comparison of the czech and the slovak economy. The first part gives a brief overview of the monetary development of Czech and Slovak National Bank from their creation till present. The last part deals with nominal convergence criteria and their fulfilling by Czech republic and Slovak republic and there is also briefly outlined perspective of euro's admission by Czech republic.
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Inflation targeting as a monetary policy in the world and Czech Republic: Appraisal of quality of the unconditional forecasts of CNB
Pivoluska, Jakub ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The aim of the paper is a research of monetary policy based on the concept of inflation targeting in countries including Czech Republic. It systematically monitors the evolution in thinking of policy makers, which led into definition of price stability as the final goal of the monetary policy. It contains a description of transformation of transmission mechanisms in 20th century concluding to inflation targeting mechanisms. The paper defines the main theoretical elements of inflation targeting, surveying some special features of implementation in Czech Republic. The main focus of the paper is assessment of unconditional inflation forecast regularly released by the Czech National Bank. The naive forecast founded on previously known inflation is considered as referential group opposing the CNB forecast. The main conclusion from the analysis is that the CNB has been more successful in long term inflation forecasting than in forecasting of short term changes in inflation dynamics. The analysis did not identify statistically significant deviation of the forecast. This fact was enabled by short term of considerable overshooting of the forecast in 2008. At the same time I have come to conclusion that the CNB forecast is significantly more accurate than naive forecast and that the CNB forecast has an indisputable positive influence on the shape of inflation expectations in the economy.
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