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American dolar as a international reserve currency
Kozlerová, Pavlína ; Durčáková, Jaroslava (advisor) ; Čermáková, Daniela (referee)
The work is dedicated to the development of the U.S. dollar as the international reserve currency. In this context, the work also focuses further describe the evolution of U.S. balance of payments and other important macroeconomic factors like interest rates, which over the years had an impact on the dollar in international finance. The first part describes the development of the dollar's exchange rate and other factors in the period after the Second World War. In the second, then encounter has a more detailed analysis of the U.S. national currency and balance of payments between the years 1999 to 2009. Concluding part two periods are compared and concludes the current view on the U.S. dollar.
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Comparison of Currency Board and Crawling Peg exchange rate arrangements in transition economies
Štolc, Michal ; Brůna, Karel (advisor) ; Čermáková, Daniela (referee)
This bachelor thesis discusses the issue of adopting appropriate exchange rate arrangement in transition economies of Eastern Europe during the 90's of 20th century. It more closely focuses on two of those arrangements, Currency Board and Crawling Peg. In the theoretical part, it describes the division of exchange rate regimes, problems of transition economies and specific features of Currency Board and Crawling Peg regimes. In the following analytical part, it compares the effects of adoption of one of these exchange rate regimes in Estonia, Lithuania, Bulgaria, Poland and Hungary.
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Exchange rate prediction using fundamental analysis
Parmová, Jana ; Brůna, Karel (advisor) ; Čermáková, Daniela (referee)
Bachelor project is focused on forecasting of exchange rate development. There are used basic economic fundamentals for this prediction: price level, inflation, interest rate and balance of payments. Models of exchange rate determination, based on these fundamentals, are introduced in the project. There are described concretely: purchasing power parity, interest rate parity, international Fisher effect and balance of payments theory. Validity of these theories is analyzed in practical part of this project. There are used economic dates from Czech Republic, Poland and Hungary. Analysis is processed according to methods described in theoretical part. Results show, that using of methods based on inflation or interest rate is incorrect. Balance of payment theory seems to hold, but prediction of exchange rate development through this method is very complicated. Central banks of analysed countries present in financial stability reports, that exchange rate is determined by a lot of factors. So it is very difficult to comprise the factors into one model.
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Methods of prediction of exchange rate and analysis of the exchange rate of selected country
Burdeláková, Ingrida ; Brůna, Karel (advisor) ; Čermáková, Daniela (referee)
This bachelor thesis deals with possibilities of prediction of future development of exchange rate. The exchange rate is shortly characterized at the beginning together with approaches of its determination like technical and fundamental analysis. Further three methods of long-time forecasting like purchasing power parity, interest rate parity and balance of payments theory are explained in more details. Practical part begins with description of the euro and real development of its exchange rate to U.S. dollar from the implementation of the euro in 1999 till the end of the year 2009. The validity of individual theories from the theoretical part is verified through formulas and other methods based on information about inflation rate, interest rate and balances of payments. Results of selected approaches are summarized in conclusion together with suitability of their practical application and possible reasons of differences between theory and reality.
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Mutual relations of balance of payments, exchange rate and foreign exchange reserves
Zelba, Michal ; Durčáková, Jaroslava (advisor) ; Čermáková, Daniela (referee)
This work assesses influence of balance of payments on exchange rate movement, whether nominal or real, and feed back. First part defines balance of payments and content of its items. Further, main theories of exchange rate movements are presented. In the ensuing empirical section economies of similiar type are compared, firstly two large, rather open economies of USA and United Kingdom. The next comparation analyzes differences between two small, rather open economies, and that is Czech republic and Switzerland.
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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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Currency risk management by financial derivates in Czech Republic
Davídková, Veronika ; Čermáková, Daniela (advisor)
The focus of this bachelor thesis is on the description of financial derivates and Czech derivates market situation. Financial derivates are fast developing instruments, which development we have been watching from 80's last century until now. In the first part of the bachelor thesis financial risks with its categorization is described. The main attention is focus on characterization of financial derivates and their role in the currency risk management. In the practical part Czech derivates market situation is analyzed. There area three analysis of czech derivates market - the whole Czech derivates market analysis, the bank subject analysis and the last one is futures contract in Prague stock exchange analysis. At the end of bachelor thesis the proposals of sources of discovered development are written.
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Exchange Rate Arrangements
Hrušková, Tereza ; Čermáková, Daniela (advisor)
The thesis deal with the basic exchange rate arrangements and focuses especially on their advantages and disadvantages. The main accent lies on comparison of fixed peg arrangements and floating arrangements presented in both teoretical and practical part of the thesis. Practical part concerns comprison of some macroeconomic figures of Poland and Ukraine, that represent these two basic types of exchange rate arrangements.
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Zadejte název práce
Kípeť, Ondřej ; Čermáková, Daniela (advisor)
The first part of this thesis is focused on definition of currency risk. Internal and external methods of management of currency risk are mentioned. In the second part, all types of financial derivatives - forwards, futures, swaps and options - are characterized. The final part is a concrete example of hedging of currency risk with all types of financial derivatives. The contracts are compared and their advantages and disadvantages are mentioned.
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Analýza měnové krize v Jihovýchodní Asii
Proroková, Olga ; Čermáková, Daniela (advisor)
Tématem této práce je měnová krize v JV Asii, která probíhala v letech 1997 až 1998. V první části práce je nastíněna teorie měnových krizí. V úvodu jsou vysvětleny pojmy, které budou v práci používány. V dalších kapitolách jsou postupně vysvětleny příčiny měnových krizí, modely popisující měnové krize, dopady krizí na ekonomiku, metody predikce měnových krizí a role MMF při řešení krizí. Na část teoretickou navazuje část analytická, ve které jsou klíčové teoretické poznatky aplikovány na krizi v JV Asii. První část se zabývá ekonomickou situací před příchodem krize, dále jsou popsány příčiny měnové krize, její průběh, vývoj vybraných makroekonomických proměnných a účast MMF na řešení asijské měnové krize.
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