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Advantages and disadvantages of Slovakia joining tha European monetary union in terms of exchange rate issues
Mocková, Ivana ; Kuncl, Martin (advisor)
The aim of this bachelor work is to describe and analyze selected advantages and disadvantages that flow from Slovakia's entry into the EMU.First part of the bachelor work is focused on the development of the SKK/EUR while in the ERM 2, and to assess the exchange rate convergence criterion.Second part describes the determination of the conversion rate, determining the potential impacts of conversion ratio on the Slovak economy and the reasons which led to the selected value of the conversion rate(assumption inflationary pressures, the Balassa - Samuelson effect).The last part describes the effects of entry into EMU in microeconomics - the elimination of transaction costs and eliminating exchange rate risk.
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Exchange rate and interest rate in the floating exchange rate regime
Skoupil, Lubomír ; Kuncl, Martin (advisor)
This bachelor thesis deals with the relationship between interest and exchange rates in the floating exchange rate regime from a theoretical and practical point of view. The first part of the thesis addresses the covered interest rate parity theory. The second part examines the uncovered interest rate parity theory, which is analyzed on empirical data. The last part describes the overshooting exchange rate model of Rudiger Dornbusch.
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Alternative methods of estimating potential output and the output Gap: An application to Czech
Krasnovský, Pavol ; Brůna, Karel (advisor) ; Kuncl, Martin (referee)
The text discusses some used methods for estimating potential product and output gaps based on aggregated data for the Czech Republic. Though these methods exhibit some common features, an empirical comparison demonstrates that the various techniques differ substantially. In particular, the correlation of output gaps calculated with different methods is generally low , the methods imply different turning points. To conclude, the methods for estimating potential product a used have only limited information content for macroeconomics.
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Inflation targeting policy - the experience of Czech Republic
Stoklásková, Martina ; Kuncl, Martin (advisor)
This bachleor thesis deals with the subject of inflation targeting and the experience of using this system in the Czech Republic. First part considers monetary policy in general, its instruments and targets. Following part of the thesis focuses on the principal functions of the inflation targeting system, its basic mechanism and target fixing. The major part is devoted to the situation in the Czech Republic, esencial preconditions for implementation of the system, the method of forecasting, target fixing and reaction of the central bank.
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The devolopment of the structure of foreign exchange market in the Czech Republic
Kučera, Lukáš ; Kuncl, Martin (advisor)
Foreign exchange market in the Czech Republic has not existed for a long time in the form as how we know it today. It started to develop after the fall of socialism and it had to catch up everything that the world foreign exchange market already have gone through. It was necessary to pass through several periods which were for developement very specific. The structure of the market was also changing, mainly the instruments. In the beginning there was interest only for spot operations, the more the market was developing it focused more on the term operations-derivatives. Today we meet transactions dealt mainly for speculation, hedging or just because of lack of likvidity of another currency. These transactions can be for example outright forward, FX swap, options or futures.
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Methods of hedging the exchange rate risk
Schichman, Roman ; Kuncl, Martin (advisor)
Work deals with the instruments that can be used to hedge exchange rate risk with accent on outright forward and currency options. The target is to not to suggest a complex solution how to deal with exchange rate risk, but to find out which instruments are more suitable to hedging opened foreign exchange.
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Komparativní makroekonomická analýza zemí Visegrádské skupiny
Kuncl, Martin ; Kambová, Anna (advisor) ; Kalínská, Emílie (referee)
Předmětem práce je srovnání makroekonomického vývoje zemí Visegrádské skupiny. Po stručném charakterizování vývoje analyzovaných zemí v posledních 15 letech se práce soustředí na determinování vývoje vybraných složek HDP, konkrétně spotřeby domácností, importu a exportu. Na konkrétních časových řadách pro léta 1995 ? 2005 je ověřován význam faktorů předpokládaných základní makroekonomickou teorií při determinaci vývoje těchto složek HDP. Na základě výsledků z ekonometrických modelů je konstatováno, že se v případě analyzovaných zemí makroekonomická teorie uplatňuje pouze omezeně. Neshody s teorií jsou podobné u všech analyzovaných zemí a souvisí především s jejich transformací.
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The causes of american mortgage and global financial crisis
Julinová, Karolína ; Kuncl, Martin (advisor) ; Žúdel, Branislav (referee)
The main goal of my work is to identify the causes of financial crisis, their analysis and explanation. The work, in its particular sections, focuses on the process of securitization, as well as on development on american mortgage market. The causes are identified in the chronological order. The work also explains why the crisis could have grew up so simply and what are the main effects on global economy worldwide.
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Analysis of External Economic Stability of the Czech Republic
Kuncl, Martin ; Žamberský, Pavel (advisor) ; Taušer, Josef (referee)
The purpose of this paper is to analyse external economic stability of the Czech Republic. The external economic stability is defined and basic theory related to especially intertemporal approach to external balances is reviewed. Special consideration is given to the transition character of the economy. The descriptive as well as econometric analysis (VAR and cointegration models) find that the Czech Republic is not dangerously imbalanced. A potential threat is found to be reresented by government budget deficits due to the problem of twin deficits.
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Analysis of External Economic Stability of the Czech Rebulic
Kuncl, Martin ; Žamberský, Pavel (advisor) ; Taušer, Josef (referee)
The purpose of this paper is to analyse external economic stability of the Czech Republic. The external economic stability is defined and basic theory related to especially intertemporal approach to external balances is reviewed. Special consideration is given to the transition character of the economy. The descriptive as well as econometric analysis (VAR and cointegration models) find that the Czech Republic is not dangerously imbalanced. A potential threat is found to be reresented by government budget deficits due to the problem of twin deficits.
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