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The Global Financial Crisis and Steps of the Fed and the ECB during its Solution in the Period of 2008–2015
Jetmar, Jan ; Vostrovská, Zdenka (advisor) ; Zamrazilová, Eva (referee)
This thesis comprehensively summarizes the global financial crisis. Its main causes consist of government support for home ownership, artificially set interest rates, and the conduct of economic actors in the context of financial innovation. Thus, this thesis considers external interventions into the economy as the primary causes of the crisis. Furthermore, chronologically summarized are the steps taken by the Federal Reserve System (Fed) and the European Central Bank (ECB) during the crisis itself. In a short period of time, these central banks exhausted the standard tools of monetary policy, which led to the use of unconventional measures. The Fed mainly used quantitative easing, while the ECB used a set of various tools available to help solve problems on multiple fronts - especially the debt crisis in the Eurozone countries. With the exception of a description of the chain of events leading to the financial and economic crisis, the main contribution of this thesis lies in mediation and confrontation of views by selected economists from various spectrum of opinions in regards to the steps of the Fed and the ECB in their solutions to the crisis. This discussion reveals that the biggest concerns associated with these interventions consist of price bubbles, inflation, distortion in market mechanisms, Europe's unsustainable integration at the monetary level, and the inexorable rise of the another crisis caused by the failure to solve the real causes of the last crisis. Finally, the opinions of the author of this thesis match with the conclusions and recommendations that arise from this discussion.
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Influance of international integration process for Czech national Bank
Zamrazil, Václav ; Vostrovská, Zdenka (advisor) ; Cieslar, Vladislav (referee)
This bachelor study evaluates the relationships between the Czech National Bank and selected international institutions -- ECB, IMF and WB, focusing on gradual integration of the Czech Republic into international economic and financial structures, in particular to EU. The Czech national Bank and its role are introduced, as well as those of the other three institutions. The description of individual institutions is followed by brief analyses of mutual relationships between them and the CNB. The main findings of the study are firstly strong intensification of mutual cooperation, secondly gradually changing role of CNB. While the CR and the CNB were net recipient of technical assistance, expert advisory acticvities and financial assistance in the Nineties, the CNB has been playing more and more active role in the field of international cooperation.
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The role of the central bank during the transition in Czechoslovakia and the Czech republic and impact of its activities on economy
Bělíková, Lucie ; Chalupecký, Petr (advisor) ; Johnson, Zdenka (referee)
The thesis analyzes the development of macroeconomic indicators and central bank monetary instruments. The introduction briefly describe the development of the economy of the socialist countries till 1989, the changes related with transition and transition itself. The main section is an analysis of the causes and nature of the economic recession and the causes of the banking crisis in the late 90s in the Czech Republic. I partially confirmed the hypothesis that in the case of the CNB was not made the right decisions on banking supervision and monetary policy of the central bank. The main causes of the economic downturn is considered too restrictive monetary policy of the central bank and insufficient flexibility of offer to domestic demand. Unlikely the crisis of the banking sector was caused due to lack of control of the Bank in the implementation of financial liberalization.
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Evaluating the Czech inflation targeting regime as a framework for monetary policy and maintaining price level stability between years 1998 and 2014
Kratěna, Tomáš ; Šimíček, Petr (advisor) ; Štěpánek, Pavel (referee)
After the colapse of pegged currency rate policy, which was excersised by the Czech national bank in period between 1993 and 1997, a demand for a new framework of monetary policy for Czech Republic arised. This demand was satisfied by inflation targeting regime, which CNB, as a first central bank in the former socialist region, started to exercise on january 1st 1998. This step started a discussion about suitability of this policy for small opened and transitive economy. The aim of this thesis is to evaluate how succesfull inflation targeting as a framework of monetary policy for price level stability was. The main research method is comparison between inflation target and actual inflation rate measured on CPI by CZSO in the time horizon between years 1998 and 2014.
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Banking System in the USA on the background of the Great Depression
Jiráň, Michal ; Tajovský, Ladislav (advisor) ; Soukup, Jaromír (referee)
This thesis concerns banking and financial systems in the United States of America during the time of the Great Depression. In the first stage, I will focus on the Federal Reserve System's monetary policy and its expansive character. Then I will emphasize on the events taking place in American banking system during the 20's, the linkage between these events and the great contradiction of American economy, which took place at the end of the decade. The key part of my thesis will be devoted to the analysis of the most important state interventions, which were supposed to save the banking and financial system from collapsing between 1930 -- 1933, and make the economy prosperous again. I will devote to the steps taken by Hervert Hoover; the president between years 1929 -- 1933, as well as the steps from the first year of F. D. Roosevelt's presidency. F. D. Roosevelt's era started in March 1933, and it was the time when the American banking system found itself in the most critical situation ever. During this era, the crucial measures were taken, and I will examine the hypothesis in which there were close connections between the political and the big business representatives standing behind their enactment. I will attempt to demonstrate that the officially proclaimed goals of those measures were unlike the real content, and the consequences of the new legislatives being enacted during these times.
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Analysis of selected indicators of activities and powers of central bank in our country since 1989
Kočová, Olga ; Zeman, Karel (advisor) ; Řežábek, Pavel (referee)
The issue of competences of central bank in monetary or foreign exchange policy, the optimal adjustment of regulation and supervision of financial market and also the necessary independence of this institution is subjected to intensive discussion at the present time economic policy. In the theoretical part I will define basic concepts and definitions relating to this issue. From a theoretical point of view I will describe the concept and function of central banking, the independence of central bank, its types and optimal settings. I will also characterize the regulation and supervision of financial markets with regard to the definitions, models, systems, objectives and instruments of this issue. I will define the basic theoretical aspects of monetary and foreign exchange policy. In the analytical part I will process an analysis of selected indicators of activities and powers of the central bank in our country since 1989, mainly from the independence of the central bank, setting of monetary policy, financial market supervision and foreign exchange policy. I will make a comparison of changes in the development and activities of central banks in these areas with regard to trends in the legislation and their powers. The aim of this thesis is to analyze the development of selected indicators of activity of the central bank in our country with a focus on the transformation of the Czech economy with a summary of significant changes.
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Alternatives of central banking and ways of their practical application
Chaloupková, Jana ; Koderová, Jitka (advisor) ; Jakl, Jakub (referee)
This thesis at the theoretical level deals with possible alternatives of two-tier banking system with the central bank. Then in details it describes the analysis of one of them -- currency board. The application section focuses on three completely different countries that have been met with this system and have been strongly influenced by it. It is meant: European country Estonia, Latin American Argentina and Hong Kong Special Administrative Region of the People's Republic of China. This submitted work analyzes each currency board separately, discusses the economic situation before and after its implementation and also outlines the current developments in the economy. At the conclusion, there is their comparison and evaluation of the success of the currency boards.
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Banking regulation with the focus on the goals and the parts of this regulatory concept
Poche, Adam ; Mandel, Martin (advisor) ; Vejmělek, Jan (referee)
The bachelor thesis deals with an actual concept of banking regulation and supervision. The main focus of this work is on the goals and the parts of this regulatory concept. These regulatory parts are analyzed in order to gain an outline of their sufficiency. In the case they are analyzed as insufficient, I add some recommendations how to improve them in my own opinion. In the work are also mentioned the prepared changes of Basel III concept, which will affect contemporary rules of regulation. For better orientation in this theme, there are also described the basic aspects of banking system, which are essential for the regulatory and supervisory part of this system.
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Comparison of monetary policy of FED and BOJ during the financial crisis
Hanuška, Martin ; Pavlík, Zdeněk (advisor) ; Čajka, Radek (referee)
The purpose of this thesis is to examine the causes of the financial crisis and its development in the United States and Japan from the point of view of local central banks -- the Federal Reserve System and the Bank of Japan. The theoretical part is divided into two main chapters. The first one describes factors that played a key role in the making of the financial crisis such as securitization, and excessive lending that triggered the housing bubble. The second chapter focuses on central banking, monetary policy, its goals, and instruments. It also characterizes both the examined central banks as such. The analytical part describes monetary measures introduced by Fed and BoJ between 2007 and 2011 in chronological order. The measures are then compared using the main economic indicators.
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