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The Monetary Policy of the Central Bank of Armenia
Gevorgyan, Kristine ; Koderová, Jitka (advisor) ; Čermáková, Daniela (referee)
My thesis titled The Monetary Policy of the Central Bank of Armenia starts with characteristics of Armenia, where I focus on economic attributes of the country, international conflicts and their effects on Armenia, population development, poverty and corruption. The second part is focused on economic development of Armenia, the country's employment rate, particular items of the balance of payments and international trade. Furthermore, this part also consists of information related to the development of Armenian currency and the country's foreign debt. The third, significant part of my thesis deals with the Central Bank of Armenia and Armenia's financial system, concentrating mainly on history and the present of the subject central bank. Later in this part, I inquire into Armenia's monetary policy, where I focus on its applied transmission mechanisms and the CBA's instruments.The final part of this thesis is about what effects the CBA has on Armenia's economic development. I look into effects of monetary policy on price level development and meeting the inflation objectives. The conclusion part summarizes and gathers all pieces of information I have obtained by studying numerous literature resources and conducting personal interviews with several representatives of the Armenian banking system.This part also summarizes benefits of the CBA and its effects on economic development of Armenia, credibility evaluation and effectiveness in the objectives.
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Analysis of balance of payments in relation with currency crises occurence
Kučera, Adam ; Mandel, Martin (advisor) ; Vejmělek, Jan (referee)
The bachelor thesis is concerned with issue of an external economic imbalance and its possible implication in a currency crisis. The theoretical part of the thesis defines basic terms related to the theme and describes the mechanism of an emergence of the external economic imbalance. It also establishes economic variables, whose progress is related to an emergence of the imbalance and an appearance of a currency crisis. In the practical part of the thesis an empirical research is conducted -- it is based on an analysis of a historical progress of these chosen variables in four countries, which were affected by a currency crisis -- Mexico, Russia, Brazil and Argentina. At the end, a synthesis of empirically ascertained findings is made, together with construction of a simple regression model.
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The Influence of Foreign Direct Investments on the External Balance of an Economy (the Example of the Czech Republic)
Smolová, Petra ; Mandel, Martin (advisor) ; Kuncl, Martin (referee)
The aim of this thesis is to analyze the influence of foreign direct investment on selected indicators of the external balance of the Czech Republic. The first part focuses on the definition of foreign direct investment forms, motivation for realization and a financial life cycle of investments. The second part characterizes investment incentives, including their positives and negatives, and the role of the CzechInvest Agency. The third part is dedicated to the balance of payments. The last part analyses the impact of foreign direct investment on selected entries of the balance of payments and particularly on current account. It also analyses the overall efect on the external balance.
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Analysis of short-term and long-term impact of FDI on the balance of payments of the Czech Republic
Nosek, Martin ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
This thesis is focused on the impact of FDI on the host economy and balance of payments of the Czech Republic. First, there are defined the different definitions and forms of FDI, followed by the theoretical foundations of FDI. The analytical part deals with impact on the economy receiving direct investment, technology transfer and the impact on the labor market. The next part analyzes the impact on balance of payments of the Czech Republic, on the current account deficit, which is part of the currency crisis indicator, and the income balance. In the statistical program is tested the dependence of the income balance on stock of FDI in the Czech economy.
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External Economic Balance of the Czech Republic
Kudličková, Anna ; Žamberský, Pavel (advisor) ; Neumann, Pavel (referee)
The thesis analyses the external economic balance of the Czech Republic from 2000 till 2011 based on the balance of payments, investment positions and the external debt statistics. in conjunction with the exchange rate development. The main evaluation indicators used in the thesis are the current account balance, the basic balance and external debt. The thesis explains the causes of the development of these indicators and their consequences, considers the trend and then assess whether we can speak about a sustainable form of the external economic balance in the case of the Czech Republic.
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The relations of the USA and China on the current and financial account of the balance of payments
Šebestová, Kateřina ; Hnát, Pavel (advisor) ; Jiránková, Martina (referee)
The objective of this thesis is to analyse relations between the United States and China on the current and financial account of the balance of payments in the quantitative and the qualitative point of view and to evaluate the impact of mutual operations on the external equilibrium. The partial objective of the thesis is to create the entry analysis for assessment of the global imbalances of the current accounts. Current external imbalances and mutual trade and investment relations between the USA and China are the key factors of the global imbalances. The thesis is divided into two chapters. The first chapter is theoretical and it is divided into two component parts. The first part is dedicated to the definition of single components of the balance of payments (current, financial and capital account), to its determinants and to mutual relations. The balance of payments theory is based on IMF's methodology. In the second part of the first chapter are introduced the main approaches to the balance of payments, the income (keynesian, multiplier), price (elasticity) and monetary approach. The analysis of the relations in terms of balance of payments is presented in the second chapter. The current account relations are assessed in the first part of the second chapter with the focus on domestic savings, investment, processing trade and effect of the Chinese monetary policy on mutual relations. The second part of the thesis deals with financial account matters, especially with Chinese build-up of the foreign exchange, American federal debt and character of the investment that flows between the USA and China.
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The U.S.-China economic relationship and its impacts on U.S. economy in 2000-2011
Kmetíková, Nina ; Jílek, Josef (advisor) ; Ježek, Tomáš (referee)
China is the largest import partner of the United States. At the same time, China is the majority holder of U.S. Treasury securities. Moreover, both of these characteristics of the U.S.-China economic relations have become deeper over the last decade. The Chinese government gives its exporters a competitive advantage over American goods by undervaluing the exchange rate. This requires holding of foreign currency in reserve assets, or investing of foreign currency by buying dollar assets -- especially U.S. Treasury securities. One is supported by another and between both countries there is an increase of interdependence which is not based solely on the market principles. As the international trade and financial flows are affected by government's behavior -- both Chinese and American -- the economic interdependence creates certain risks. These risks can be reduced by fiscal discipline of the U.S. government together with the liberalization of the U.S.-China international trade.
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Migration and Its Impact on the Balance of Payments in the Czech Republic
Burdová, Markéta ; Melcher, Ota (advisor) ; Čajka, Radek (referee)
The aim of this thesis is to analyze the impact of the migration process on the balance of payments in the Czech Republic, more accurately the impact of migration on the current account of the balance of payments in the Czech Republic. The first chapter contains general introduction to the migration process in the European context. At the same time it summarizes the main positive and negative effects of migration on the states economies. The second chapter compares the migration flows in the Czech Republic and it also describes the development of the immigration flow and the development of the emigration of the Czech citizens to foreign countries. The third chapter explains the term remittances and shows their importance in the world as remittances relate to the migration process and also influence the balance of payments of the states. The fourth chapter provides a necessary theoretical frame of the balance of payments. The main fifth chapter analyzes the impact of migration on the balance of payments in the Czech Republic.
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Position of France in international trade
Res, Filip ; Štěrbová, Ludmila (advisor) ; Čajka, Radek (referee)
The aim of this paper is to analyze France's position in international trade in relation with its economic development in recent years and the current economic situation. It also analyzes the country's trade policy on both multilateral and bilateral level. A separate chapter is devoted to business relations of France and the Czech Republic.
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