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Development of the Nominal Exchange of the Dollar and its Consequences
Černík, Petr ; Dvořák, Pavel (advisor) ; Votava, Libor (referee)
Development and description of the nominal exchange rate of the dollar since 1945. Specification of determinants, which affected dollar exchange rate in the period. Consequences for United states economy and stability of the world fiscal system. Relation between dollar exchange rate and price of gold, relation between dollar exchange rate and price of crude oil. Relation betweén dollar exchange rate and significant financial crisis. Deskripce vývoje nominálního kursu dolaru v období od r. 1945 do současnosti. Určení faktorů, které tento vývoj ovlivňovaly. Důsledky pro ekonomiku USA a stabilitu světového finančního systému. Souvislost vývoje kursu dolaru se změnami cen zlata a ropy. Souvislost s významnějšími finančními krizemi.
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Analysis of Mortgage Market in the Czech Republic
Malý, Vratislav ; Votava, Libor (advisor) ; Marek, Svatoslav (referee)
1. This work should focus at the progress of mortgages in the Czech republic. In the teoretical part is possible to focus on the specifics of the mortgage compared with other loan priducts. 2. In the practical part is possible to follow on the progress of mortgage market in time and in quantities. Also is possible to follow the progress of other characteristics as interest rate, assessment of client and so on. 3. In the practical part is also possible to compare mortgage products in some banks. The work can show some of the differences between the banks on a practical example.
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Development of European Central Bank´s monetary policy in connection with financial crise
Klíč, Dalibor ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The purpose of the thesis is to analyze monetary policy of European Central Bank during the financial and economic crise. Key issue of the research is to chronologically and virtually examine usage of monetary intruments which ECB dispose of. The thesis is composed of two main parts. Part one focuses on theoretical introduction of ECBs instruments and institutional background. Second part consists of three chapters. First chapter describes application of instruments and its impact on national economies of Euro area. Second chapter analyses implementation of monetary instruments of Federal Reserve System. Third chapter provide comparison of monetary policies of ECB and Federal Reserve System. Paper draws a conclusion from comparison of the implemented policies and tries to give recommendation.
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The fulfillment of the Maastricht convergence criteria by Greece
Furicová, Veronika ; Kalínská, Emílie (advisor) ; Čajka, Radek (referee)
The main objective of this work is the fulfillment of the Maastricht convergence criteria by Greece. The first chapter deals with the general characteristics, historical, political and economical development since World War II to the present. The second chapter shows and explains the Maastricht convergence criteria. The third chapter assesses the performance of Greece's convergence criteria before joining the EMU and fiscal performance during the membership in EMU. The first will focus on the implementation of the nominal convergence criteria in the 3rd stage of EMU, under which the Greeks as the only candidate country for membership were not admitted. The second objective pursued is the implementation of the fiscal criteria for membership in EMU from 2001 to present.
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Evaluation of the previous policy of the ECB in terms of its impact on national economies of the eurozone
Kleštinec, Ivan ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The ECB was established during the third phase of the economic and monetary union and its activities launched on 1. 7. 1998. It has become a new independent institution whose primary task became the conduct of monetary policy for countries that have accepted the euro currency. This bachelor thesis examines the impact of monetary policy in selected countries of the euro area. ECB affects individual national economies using its strategies and instruments, such as interest rates, minimum reserve requirements or change over the amount of money in circulation, whether through expansive or restrictive policy. It tries to act counter-cyclically to stabilize the price level and economic growth or to promote it. Monetary policy is the same for all countries, although the results are different because every country in the euro zone determines its own fiscal policy.
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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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The monetary policy of the European Central Bank
Šebestová, Kateřina ; Neumann, Pavel (advisor)
The objective of this thesis is to analyse and to evaluate the monetary policy of the European Central Bank (ECB) since the establishment of the European monetary union until the financial crisis in 2008. The thesis is divided into three parts. The first part introduces operating principles of monetary policy, which types of monetary policy exist and which instruments it uses. The second part deals with the process of its establishment and its formal requirements. In the third part, the analytical one, is presented the ECB's monetary policy implementation scheme and the single periods of reducing/raising of key ECB interest rates depending on economic and monetary developments in the euro area are analysed. By virtue of the analysis the ECB's monetary policy efficiency is being evaluated in author's view. The conclusion of this part contains changes in monetary policy instruments during the financial crisis.
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Development of the euro exchange rate in relation to the ECB interest rates
Houštecký, Martin ; Kalínská, Emílie (advisor) ; Čajka, Radek (referee)
The first part of this bachelor thesis describes the monetary policy of the ECB. This chapter is linked together with the second chapter, where the analysis of the development of the interest rates of the ECB is carried out. The third chapter tries to fulfil the main objective of this thesis - the empirical analysis of the relationship between the exchange rates of the euro against four different currencies, US dollar, British pound, Swiss franc and Czech crown, and the interest rate differential of the interest rates of relevant central banks. The last chapter shortly illustrates the impacts of the euro exchange rates development on companies in the euro area.
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Usage possibilities of nontraditional quantitative methods for financial crises prediction.
Hájek, Petr ; Koderová, Jitka (advisor) ; Nováček, Jan (referee) ; Dvořák, Pavel (referee)
Práce je rozdělena na tři části. V teoretické části práce jsou přiblíženy významné krize za posledních několik set let, typologie krizí, selhání finančních trhů dle P. Krugmana, generační modely, cenové bubliny, souvislost kapitálových toků a dluhového problému, nákaza, prevence před krizemi a jejich management. V druhé části jsou v rámci popisu současného stavu bádání v oblasti predikce finančních krizí citovány desítky studií. Jejich výsledky jsou následně porovnány. Pozornost je také věnována definici finanční krize. Ve třetí části je provedena aplikace metody Latent Semantic Indexing (LSI) na úlohu predikce finančních krizí. Testovanou hypotézou je předpoklad, že akciové trhy dokáží během jednoho čtvrtletí (64 pozorování akciového trhu) reflektovat budoucí vývoj v měnové politice (během dalších 128 pozorování). Tato hypotéza byla na vzorku 39 zemí, intervalu let 1985 - 2007 a interpretace vývoje úrokových sazeb a měnového kurzu domácí měny vůči USD v disertační práci potvrzena. Uvedená metoda LSI a její studovaná aplikace na akciovém trhu, přestože dokázala nalézt několik krizí i přesně na den, je vhodná spíše pro specifikaci a analýzu křehkých období, kdy ke krizi může dojít, než přímo k předpovídání krizí.
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