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Central Bank of Armenia
Gevorgyan, Kristine ; Čermáková, Daniela (advisor)
The thesis of the Armenian Central Bank deals with a summary of how the central banks operate in general and especially focuses on system functioning in Armenian Central Bank. The thesis starts with a theoretical interpretation of the characteristics of central banking functions and central banks. A substantial part of my work is about Armenian Central Bank. It focuses on the history of the Armenian Central Bank since the beginning of the 1920s to the present. There is monitoring of the development of the bank within one century, when the economy changed from centrally planned to market oriented and thus changed the central banking system and functions of the Armenian banking system. Following the history of the Armenian financial system, in this thesis I go into depth of the system of the Central Bank of Armenia with its all positives and negatives. Furthermore I engage in monetary policy, which is concentrated mainly on cooperation between the central bank and commercial banks, and the activities between these institutions. Last but not least part is about coordination of monetary and fiscal policies. As far as foreign relations in the banking areas are concerned, in the next chapters I explain the foreign exchange policy conducted by central banks, and management of international reserves. In conclusion, the main part of my work deals with the national currency of Armenia and its historical evolution to the current period. The conclusuion of my work summarizes all the knowledge that I gained in the course of my study, from literary resources and personal experience. I refer to all these aspects in this thesis of mine. In this part the thesis stresses the importance of central banks in the national and multinational area and its integration into the international trust. It depicts the achivements and areas that need to be improved over the period of the Armenian Central Bank existence.
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Inflation targeting policy - the experience of Czech Republic
Stoklásková, Martina ; Kuncl, Martin (advisor)
This bachleor thesis deals with the subject of inflation targeting and the experience of using this system in the Czech Republic. First part considers monetary policy in general, its instruments and targets. Following part of the thesis focuses on the principal functions of the inflation targeting system, its basic mechanism and target fixing. The major part is devoted to the situation in the Czech Republic, esencial preconditions for implementation of the system, the method of forecasting, target fixing and reaction of the central bank.
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Indebtedness of households-causes, impacts, comparison
Suchánková, Martina ; Jílek, Josef (advisor) ; Rybáček, Václav (referee)
The thesis will deal with reasons that lead to households becoming in debt on one hand, and on the other hand, the impacts that are caused by this process. Households are the biggest economic subject that create savings. They are also the second biggest debtor of the financial sector. From this point of view, there is an important role for the banks and financial institutions that offer households many kinds of credit products. The role of the central bank and its monetary policy and supervision are also important. In the theoretical part of the thesis some approaches of various economists will be described and monetary policy and defined economic subjects will be explained . In the second part of the thesis, ways that can run people into debt and the evolution of interest rates will be analysed. Focus will be also put on innovation that has arisen in financial markets, that have made credit expansion possible, mainly securitisation. After that an analysis of negative and positive macroeconomic impacts will follow, which are brought on by excessive financing of consumption and housing. The thesis will finish with a comparison of the households' debt in the Czech Republic and in other developed countries.
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The Monetary policy of The Federal Reserve System to 1929
Pariľáková, Jana ; Tajovský, Ladislav (advisor) ; Jeřábková, Zdenka (referee)
This diploma thesis is trying to analyze the monetary policy of The Federal Reserve System in context of the economic process in the period 1913 -- 1929 and its reverse influence on the economy of The United States. In an effort to expose incompetence of the central control of money stock it brings more complex view including preceding development from the end of 18 century, trough the foundation The Federal Reserve System in the year 1913, the period of the world war I., trough era of prosperity of the twenties to the beginning of The Great Depression. In the theoretical part it brings monetary centralism face to face with liberalism of the Austrian school. Theoretical ground is based on the Austrian theory of business cycle which considers the reasons of economic fluctuation to be inflationary character of the commercial banking system at the head of central bank.
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Monetary policy of the Czechoslovak Republic between 1918 and 1938
Eder, David ; Korda, Jan (advisor)
The thesis is focused on description and introduction into the monetary policy of the Czechoslovak Republic from the creation of the independent state in 1918 to the German occupation in 1938. Since there is always confrontation of different opinions when public matters are being solved and discussed -- historical data and events in the thesis are clarified by more options and ideas that have been also proposed or theoretically possible. Moreover where it is possible the examples of progress in countries which have chosen different steps in the monetary policy than Czechoslovakia are given.
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Měnová politika, opatření a nástroje Federálního rezervního systému v době Velké deprese
Lamaczová, Michaela ; Antoš, Ondřej (advisor) ; Štěpánek, Pavel (referee)
Bakalářská práce je zaměřena na období Velké deprese v USA v letech 1929 - 1933, příčiny jejího vzniku, průběh a měnovou politiku Federálního rezervního systému (FED) v tomto období. První část práce se orientuje na stručnou všeobecnou historii, podstatu a důvod vzniku Federálního rezervního systému (FED), jakožto centrální banky USA. Záměrem práce v druhé části je stručně charakterizovat období před před Velkou hospodářkou krizí, zejména sociální vývoj, politické klima a hospodářské pozadí ve Spojených státech. Dále se práce snaží nastínit postupy FEDu v oblasti měnové politiky a jeho chování ve dvacátých letech, především jeho politiku ?levných peněz?. Poslední, třetí a závěrečná část se zaobírá myšlenkami, názory a pohledy předních světových ekonomů a jejich hodnoceními na podmínky, příčiny a důvody vzniku hospodářské a finanční deprese v USA v letech 1929-1933.
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Asset price bubbles (with focus on real estate market)
Mládek, Josef ; Koderová, Jitka (advisor) ; Žďárek, Václav (referee)
Ceny dlouhodobých, úrokově citlivých aktiv se vyvíjejí jinak než ostatní ceny v ekonomice. Aktiva, jako jsou například nemovitosti, jsou důležitým faktorem hospodářského cyklu. Vznik cenových bublin a jejich následné splasknutí vede ke ztrátě prosperity, ale ohrožuje i samotnou stabilitu společenského systému založeného na dělbě práce a obchodu. V této práci se proto zabýváme možnými příčinami vzniku cenových bublin. Bližšímu zkoumání podrobíme reálné faktory, umělou úvěrovou expanzi i psychologické příčiny. Získané poznatky následně využijeme k rozboru některých vývojových tendencí v americké ekonomice a jejich dopadů na trh nemovitostí. V poslední kapitole zvážíme důsledky existence cenových bublin pro politiku centrálních bank.
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Přístupy centrálních bank k měnové politice
Táborská, Veronika ; Mikulec, Tomáš (advisor) ; Řežábek, Pavel (referee)
Ve své bakalářské práci na téma ?Přístupy centrálních bank k měnové politice? jsem zkoumala dopady měnové krize v 90. letech 20. století v České republice a Slovenské republice. První část je zaměřená na příčiny, průběh a důsledky měnové krize v ČR a reakci České národní banky, coby hlavní a jedinou institucí vykonávající měnovou politiku. Ve druhé části jsem popsala dopady měnové krize na Slovensko a opatření Národní banky Slovenska. Cílem práce bylo porovnat přístupy jednotlivých centrálních bank k měnové politice v období měnové krize a její dopady na národní hospodářství obou zemí.
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The function of the exchange rate mechanisms ERM II in the Czech Republic's accession to the euro zone
Vaníková, Lenka ; Blahová, Naděžda (advisor) ; Brada, Jaroslav (referee)
The object of this thesis is the revision of the exchange rate mechanisms ERM II from the point of his effect on the Czech Republic's integration process. In this thesis, there are analyzed benefits and risks cussed by ERM II participation and inferred conclusions relevant for the Czech Republic. This thesis is moreover dealing with hypothetic run of the participation of Czech koruna in ERM II and its incidence on fulfillment of exchange rate criterion. Except that there are analyzed reasons for current negative attitude of Denmark, Great Britain and the Northern Ireland and Sweden to third period of the Economy and monetary union.
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