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Foreign exchange reserves and their influence on performance of Czech National Bank
Sýkora, Tomáš ; Koderová, Jitka (advisor) ; Šíma, Ondřej (referee)
This bachelor's thesis focuses on foreign exchange reserves, which are closely related to performance of central bank, namely Czech National Bank. Theoretical part sketches out general concept of foreign exchange reserves and how to understand them in a balance sheet. Additionally, it shows their purpose in foreign exchange rate systems which are more detailed described bellow and what influence they have on performance of national bank. Practical part shows a development of foreign exchange reserves of Czech National Bank since 1993. First, due to fixed foreign exchange rate and then since 2013 due to intervention of Czech National Bank, it accumulated a huge amount of foreign exchange reserves in its balance sheet. That was the cause of open foreign exchange position. The thesis analyses the relation between foreign exchange reserves and performance of Czech National Bank, which hugely depends on revaluation differences of foreign exchange reserves. It also focuses on a dilemma, whether it truly is a problem for Czech National Bank to suffer a loss from expected appreciation of Czech Koruna after leaving the intervention obligation.
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Analysis of export and import of the Russian Federation
Romashkina, Natalia ; Mandel, Martin (advisor) ; Koderová, Jitka (referee)
This bachelor thesis deals with analysis of export and import of the Russian Federation between 2005-2015. The primary objective is to analyze the factors affecting the foreign trade of Russia and to evaluate their consequences. The analysis shows the low diversification of Russian export, the dependence of foreign trade on exports of crude oil, petroleum products and natural gas. Furthermore, the dependence on oil prices, world and domestic GDP is identified. During the study of dependence, the statistical methods are used, which are correlation and regression analysis. The theoretical part devoted to basic concepts, description of importance and functions of foreign trade, theories of external economic relations. In the second chapter a comprehensive analysis of commodity and territorial structure of foreign trade is carried out. The importance of foreign trade for balance of payments, GDP creation and foreign exchange relations is determined. The third chapter is more focused on revelation of trends influencing both exports and imports. The final fourth chapter focuses on the empirical analysis of the export and import of the Russian Federation.
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Negative interest rates in the context of deflation threats
Jenis, Filip ; Koderová, Jitka (advisor) ; Metrah, Samy (referee)
The introduction of negative interest rates, as an additional tool of unconventional monetary policy in recent years, leads to many, yet largely polarized debates about the implications of the unconventional monetary policy of central banks. The main reason for their introduction in some economies, namely the threat of deflation, is also questioned, as well as the negative side effects of this instrument on financial stability and economic growth, and finally, their limited scope is under scrutiny. Due to the still insufficient research in this field, the aim of the diploma thesis is to evaluate the concerns and the main long-term risks and impacts of the monetary policy using negative interest rates in the context of deflation threats. The analysis of available data confirms both the concerns about the negative effects of negative interest rates on the banking sector, the recovery process of public finances, the possible rise of a price bubble on the financial markets and real estate markets, or on the possibility of excessive risk taking, and on the other hand draws attention to the direct dependence between negative impacts and the duration of monetary policy using negative interest rates.
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The most significant phases of the monetary policy of the Czech National Bank
Krahulcová, Iveta ; Koderová, Jitka (advisor) ; Revenda, Zbyněk (referee)
The diploma thesis deals with the analysis of the most significant phases of the monetary policy of the Czech National Bank, including the analysis and evaluation of its effectiveness from its origin to the present. The thesis is divided into three individual parts. Each part corresponds to a specific transmission mechanism applied by the Czech National Bank while implementing the monetary policy. Each chapter includes the assessment of the effectiveness of individual approaches and the analysis of the impact of the monetary policy as well as the decision of the Czech National Bank on the Czech economy. The very first chapter is focused on the application of the monetary transmission mechanism in conditions of the fixed exchange rate during which an increasing internal as well as external disequilibrium led to the monetary crisis. The second chapter is dedicated to the transition to the inflation targeting, expert discussion concerning its implementation and the evaluation of the achieved results. The last chapter presents the use of the CNB's additional instrument of the monetary policy in the form of the exchange rate including the reasons that led to this step. The closing part of this chapter focuses on the evaluation of the effectiveness of this policy.
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Velocity of money and its relevance for monetary policy
Boháčik, Ján ; Koderová, Jitka (advisor) ; Metrah, Samy (referee)
The thesis discusses some issues on the topic of money velocity. Its goal is to summarise theroretical contributions in this area, which are followed by a practical application through the monetary analysis of the Slovak Republic from 1993 to 2000. The theoretical part involves the first approaches to money velocity, explanation of the quantity theory of money and monetarism and their critique. It also describes the monerary transmission mechanism. The practical application part evaluates the impact of the stability of money velocity on the decision of the National Bank of Slovakia to abandon monetary targeting. It also focuses on the other variables that influenced monetary policy execution. The last chapter is devoted to the importance of money velocity if the central bank uses inflation targeting as its policy.
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Advantages and disadvantages of common currency euro in the current crisis ( on the example of Slovak Republic)
Pohorelcová, Mária ; Koderová, Jitka (advisor) ; Gevorgyan, Kristine (referee)
The aim of this thesis is to assess the impact of the introduction of the euro on the Slovak economy during the global economic crisis. The work is divided into three chapters. The first chapter presents short historical development of the euro and the process of integration within the European area, leading to the creation of economic and monetary union. The second chapter presents a technically and administratively demanding process of preparing for the new currency. The progress in the implementation of fiscal and nominal convergence criteria conditioning the membership in the euro area is also evaluated. The third chapter provides an analysis of selected advantages and disadvantages of euro. Compares the forecasts of the National Bank of Slovakia with the actual development of the Slovak economy in the context of the ongoing crisis.
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Deflation and monetary policy
Vošková, Martina ; Koderová, Jitka (advisor) ; Kaimova, Nadira (referee)
The thesis aims to explain different theoretical approaches to definition of deflation, categorize deflation, define positive and negative connotations typical for each economical school, define the role of monetary policy in relation to price stability and monetary instruments with an emphasis on unconventional. The last part applies theoretical knowledge on Swiss situation, describes the interventions between years 2009 and 2016 and presents their initially predicted and subsequently real, graphically illustrated impact on economy. The theoretical part of diploma concludes that mainstream economy perception is the most suitable for definition of deflation, therefore perceive it as a negative phenomenon and calls for elimination. Each step of SNB monetary policy was controversial. The author opens the question of the necessity of intervention from 2009, explains the reasons of SNB steps from 2011 and exit strategy from 2015. However, the author do not forget on negative connotations. In the final part, thesis outlines the most discussed topics raised by Swiss interventions and opens the topic of negative rates as unconventional monetary instrument.
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Hong Kong's Currency Board
Baroniak, Jozef ; Koderová, Jitka (advisor) ; Kováč, Michal (referee)
This bachelor thesis deals with the characteristic of currency board in Hong Kong. The aim of this thesis is to characterize using currency board in this country and describe possible future scenarios. It is divided into three chapters. First chapter focuses on the definition of orthodox and non-orthodox currency board. Second chapter deals with the development of monetary regimes in Hong Kong until the present day, when the currency board pegged to U.S. dollar is used. This part also contains description of monetary policy and banking under this monetary regime. Last chapter deals with the analysis of macroeconomic indicators, focused on GDP, inflation, foreign trade and balance of payments. In the last chapter there is also description of the possible future scenarios for Hong Kong's currency board arrangement.
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Business Cycle from The Viewpoint of Monetary and Credit Variables
Metrah, Samy ; Mandel, Martin (advisor) ; Koderová, Jitka (referee)
The master's thesis critically analyses the works of John Maynard Keynes and Friedrich August von Hayek concering the explanation of business cycles based on monetary determinants. The analysis is primarily based on J. M. Keynes's Treatise on Money (1930) and Prices and Production (1935) author of which is F. A. Hayek. The thesis, on one hand, refutes the main explanation of the cause of business cycles of the Austrian business cycle theory and, on the other hand, it argues the imcompatibility of the main analytical tool of Treatise with the theory of innovation by J. A. Schumpeter.
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