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Comparison of the activities of the Fed and the ECB
Khakimova, Nurgul ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
This bachelor thesis is devoted to the activities of the Federal Reserve System and European Central Bank. It is consistent with the historical development since the FED and ECB came into existence. The aim of the thesis is to compare these two central banks. The first chapter describes the history of the FED, its' organizational structure and the tasks that it is responsible for, as about second part, it deals with the historical development of the European central bank, its' structure and tasks and third chapter focuses directly on a comparison of activities of the FED and ECB, particularly of their monetary policies. This part compare FED and ECB in terms of independence, accountability and transparency. The last chapter tries to analyse the economic developments in the USA and euro area and the answer to the question what the role FED and ECB plays in managing the economy.
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Impacts of monetary policy of the ECB on the financial stability of individual eurozone countries
Bohatec, Martin ; Pfeifer, Lukáš (advisor) ; Štěpánek, Pavel (referee)
This work makes an effort to find main causes of recent crisis in the countries of Eurozone with regard to Austrian Business Cycle Theory. This work stands critical towards integrated monetary policy of the European Central Bank which through unitary interest rate for heterogenous economics facilitated excessive amount of loans for countries like Spain or Irleand, which according to Austrian theory led into economic recession. Chosen countries are subjected to closer analysis of economic indicators for entire period in the monetary union.
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Legal Framework of Monetary Stability in the Euro Area
Dendisová, Zuzana ; Moravec, Tomáš (advisor) ; Patočka, Radim (referee)
"Legal Framework of Monetary Stability in the Euro Area"analyses the European monetary cooperation since the Second World War from the economic and juridical point of view. The first chapter describes the evolution of the economic monetary integration and also caracterises legal aspects of the European System of Central Banks. The second chapter is dedicated to the European Central Bank. The third chapter explains advantages and disadvantages of the unified European monetary policy.
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Monetary policy of the Czech National Bank in connection with global financial crisis
Martynyuk, Olesya ; Pavlík, Zdeněk (advisor) ; Melcher, Ota (referee)
This bachelor's thesis examines the monetary policy of the Czech National Bank in connection with the current financial crisis. The first chapter explains briefly the main causes of the crisis. The second chapter characterizes the central bank, its monetary policy, and instruments in general. It also describes the formation, functions and main monetary policy principles of the Czech National Bank. This chapter gives also brief information about the European Central Bank. The topics covered in the first two chapters provide theoretical fundation for the rest of the thesis. The third chapter analyses the monetary policy of the Czech National Bank during the crisis between 2008 and 2010 and also shortly examines the measures taken by the European Central Bank. The last part compares the monetary policies of both the central banks.
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The monetary policy of the European Central Bank
Ježková, Tereza ; Koderová, Jitka (advisor) ; Vránková, Martina (referee)
This thesis deals with the monetary policy of the European Central Bank. At the beginning of the work is described historical development. The next section focuses on the implementation of monetary policy, including the performance goals in the first twelve years of operation, with emphasis on the consequences of the global financial crisis. The last section summarizes the problems of the euro area financial and economic crisis of the years 2007/2008. In addition to the ECB's response to the crisis in the form of non-standard measures is decommissioned range of issues relating to fiscal policy and debt crisis euro area.
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Monetary policy of the ECB and the CNB since the creation of the euro area: convergence or divergence?
Vránová, Veronika ; Janíčko, Martin (advisor) ; Kubíček, Jan (referee)
The thesis is based on the assumption that, given the expected adoption of the euro in the Czech Republic, there should be a convergence also in monetary policy. The aim is to compare the final impact of monetary policy of the ECB and the CNB on the monetary indicators - inflation, interest rates and the exchange rate since 1999 and, consequently, to assess their convergence using simple statistical models. Concerning the thesis composition, the introductory section briefly describes the historical development of the euro area, which allows a better understanding of its initial composition and the nature of the EMU. Subsequently, the paper deals with the actual monetary policy of both central banks. It outlines institutional arrangements, objectives, strategies and instruments, which shaped their activity. Further, some convergence issues are presented. Final part focuses on the comparison of selected indicators and their assessment of convergence within euro area and the Czech Republic.
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The theory of optimum currency area with application to the EU
Janíček, Jan ; Dočkal, Dalibor (advisor) ; Urban, Luděk (referee)
The goal of this work is to apply the theory of optimum currency areas in the euro area, and outline the positive and negative effects of monetary policy of the European Central Bank (ECB). Furthermore, it should highlight the benefits and risks arising from the entry of the Member States of the European Monetary Union (EMU) and the related macroeconomic implications. Start of work will be aimed at the theory of optimum currency area, which will be developed this issue from different angles, which is essential for the understanding of other contexts. Subsequently, work will be devoted to the European Union in terms of creation and development of the European Monetary Union and the ruling of the European Central Bank. The next section will explore the benefits and risks of the monetary union. In this context, the important concepts of transaction processing costs, exchange rates and costs of monetary union, but also increase inequality between richer and poorer regions, and others. In the final part of the work will focus on the macroeconomics effects of European monetary union, such as economic growth, inflation and unemployment.
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Spain and the Euro
Vašutová, Helena ; Němcová, Ingeborg (advisor) ; Šaroch, Stanislav (referee)
Spain is one of the founding countries of the European Monetary Union, that adopted the single currency in 1999. The aim of this thesis is to evaluate the overall impact of the Euro on the Spanish economy. The first part briefly introduces Spain's economy. The second part is about the European Central Bank's monetary policy. This part analyses the suitability of the single monetary policy and then examines its specific implications on the Spanish economy. The third part deals with the fiscal policy and the Stability and Growth Pact. This part analyses the impact of the Euro on the public finances.
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