|
|
Relations between balance of payments and exchange rate (analysis and comparison of selected countries)
Toperczerová, Michaela ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
This master thesis examines mutual relations between components of the balance of payments and the foreign exchange rate. The first part briefly describes the structure of the balance of payments and the theory of the foreign exchange rate as a macro-economical variable, which can be seen in many different systems. The next part brings the characteristics of historic and recent economic conditions and challenges of four selected countries: Brazil, Russia, India and China (BRIC). In the empirical part, relations between components of the balance of payments and the development of the exchange rate are analyzed by methods of the linear regression. The time-series consisted of annual data for a period of fifteen to seventeen years.
|
|
|
The swiss franc as a reserve currency
Sabo, Roman ; Durčáková, Jaroslava (advisor) ; Doležal, Jiří (referee)
This bachelor thesis deals with the real and potential status of the swiss franc as a reserve currency. For this aim it compiles the present knowledge and opinions on the issues of foreign exchange reserves, their adequacy and reasons for possessing them. It further summarizes the advantages and disadvantages associated with issuing a reserve currency and the criteria it should satisfy. The swiss franc does not meet all the criteria. Relatively small size of Switzerland's economy undermines its potential to be used on the international scale. The current account and the balance of payments have been generating surpluses for a long time. The current exchange rate floor against the euro shows that Switzerland is not willing to suffer the negative aspects of issuing a reserve currency.
|
|
|
Monetary policy of the ECB from the external and internal balance point of view
Šindlerová, Zuzana ; Durčáková, Jaroslava (advisor) ; Čermáková, Daniela (referee)
The European Central Bank implements its monetary policy within the Euro Area -- the biggest project of monetary union in the history. This fact itself draws our attention and gives rise to the questions about the efficiency of the adopted steps in the scope of fulfilling the main objective -- price stability. However when evaluating the overall economic balance we are not only interested in price stability. This paper is focused on ECB monetary policy from a theoretical point of view as well as through comprehensive analysis of its practical effects on economic performance. External and internal balance indicators help us to evaluate the ECB's achievement from 1999 till now. Therefore we can see the origins of the current miserable state of the common currency not in the bad decisions undertaken by the ECB, but in the general conditions, which enabled the formation of the EMU on a very unstable foundation.
|
|
|
Technical analysis in the foreign exchange market
Procházková, Martina ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The main goal of this bachelor thesis is to analyse and assess the technical analysis as a method of foreign exchange rate prediction, clarify the calculation, usage, advantages and disadvantages of technical indicators widely used on foreign exchange market and define the utilization by foreign exchange market participants. The first part presents the principles of technical analysis and delivers a comparison to fundamental and psychological analysis. The second and main part is dedicated to analysing the foreign exchange rate by particular technical indicators. To conclude, the foreign exchange market analyst's perspective and advantages and disadvantages of technical analysis applied on foreign exchange market is added.
|
|
|
The foreign exchange market and the causes of its instability based on the analysis in selected countries
Derner, Tomáš ; Durčáková, Jaroslava (advisor) ; KUNZ, Tomáš (referee)
The subject of this thesis is to evaluate the main causes of instability in the foreign exchange market in selected countries. The first part is devoted to a summary of the basic theoretical knowledge about the foreign exchange market, its organization and operations of entities intended to hedge against exchange rate risk. The second part focuses on the exchange rate systems. The third chapter focuses on chosen economies, which are included in the final analysis. The main point of the analytical part is focused on the development of turnover on the foreign exchange market in selected countries in terms of the nature of the operations, currency and traded entities. The comparison of the dynamics and structure of the foreign exchange market turnover in selected countries, the system takes into account the applicable exchange rate. Sweden, Denmark, Hungary and Bulgaria were chosen for the analysis, performed during the period 2002 - 2011
|
|
|
Riadenie devízového rizika v spoločnosti zaoberajúcej sa sofwarovým vývojom – prípadová štúdia spoločnosti FFastFill plc
Zeľo, Tomáš ; Durčáková, Jaroslava (advisor) ; Doležal, Jiří (referee)
This master thesis discusses the field of foreign exchange risk management and assesses efficiency of this type of risk management within FFastFill plc. The thesis contains two major parts. The first part, which contains the first and the second chapter, focuses on theoretical characteristics of foreign exchange market and sequentially defines the terms of foreign exchange exposure and foreign exchange risk. This part of thesis discusses hedging strategies and matters that are related to the selection of optimal hedging strategy. The second part of thesis contains the third and the fourth chapter. This part analyses the company from various perspectives and consequently analyses and quantifies the magnitude of company's translation and transaction exposure. The aim of this analysis is to assess company's current hedging strategy and to propose the optimal hedging strategy.
|
|
|
Evaluation Of Exchange Rate Regimes During And After Currency Crises
Zadák, Miroslav ; Durčáková, Jaroslava (advisor) ; Mandel, Martin (referee)
Currency crises have become an essential part of one's economy life. The periodicity of currency crises and its implications towards the real economy is an issue which the international economics should bear in mind. The thesis which I am presenting tries to give an overview how the exchange rate regimes interact with the currency crises. Firstly, the Market Pressure Index (MPI), which is used for catching the crises, is introduced. Then after the introduction chapters I use gathered data to analyze the observed crises. The last chapter is there to give a summary about obtained knowledge. The most valuable information, regarding the currency crises, is that the stricter the monetary regime after the currency crises is the less of the output occurs. This is the main finding emerged from the pre and post analysis of monetary regimes. Another finding is that the loss of output is primarily connected with a shift from any pegged arrangement to a floating arrangement. The shifts which took place under the pegged arrangements completely do not seem to have an impact towards the real output. Finally, Real Exchange Effective Rate seems to be an element which connects all the studied crises. This opinion reflects the current research topic in international economics.
|
|
|
Evaluation of the influence of the ERM II mechanism on the internal and external balance
Šikut, Milan ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The aim of this thesis is to evaluate the ERM II mechanism and to explain it's positives and negatives for the internal and external economic balance. In the first part of this thesis the author engages in the ERM II system and other applied exchange mechanisms. Further he focuses in detail on the theory of internal and external economic balance. In the analytic part of the work the author uses chosen indicators to monitor the influence of ERM II mechanism on the internal and external balance of three selected countries - Malta, Cyprus and Latvia. In the closing part the author summarizes the outcome of the analysis.
|
|
|
Globální finanční krize a měnová politika centrálních bank (příklad vybraných zemí)
Fajnor, Tomáš ; Durčáková, Jaroslava (advisor) ; Ševčíková, Jana (referee)
The purpose of this Master's thesis is divided into two steps. The first step sums up all the relevant theory about financial crises and monetary policies. The second step analyzes not only the past but focuses mainly on the global financial crisis which started in 2007. The cornerstones of this analytical bloc are monetary policies of central banks in China, Venezuela, Denmark and the Czech Republic. Two hypotheses are stated in the beginning of this Master's thesis. These focus on fixed exchange rate regimes and foreign exchange reserves. The analytical part of Master's thesis tries to prove whether these hypotheses can be marked as valid or invalid.
|
|
|
The Japanese yen in the composition of international foreign exchange reserves
Vařenka, Marek ; Durčáková, Jaroslava (advisor) ; Mandel, Martin (referee)
This bachelor thesis mainly aims to characterizeofficial foreign exchange reserves, the reasons for holding reserves, its composition, optimal size and historical development.Impacts of balance of payments and foreign exchange rate regimes are also mentioned. Among other reasons for foreign reserve accumulation, foreign exchange interventions are very important and relatively frequent use of foreign exchange holdings in Japan, therefore there is included one whole chapter dedicated do them. Currencystability,well developed financial markets and other factors are necessary conditions for currency to play a role as a reserve currency. These conditions are listed in the chapter Reserve currency. Recent and also historical development of currency composition of the foreign currency reserves is specified in the last chapter.
|
guest ::
