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Indicators of currency and banking crisis
Kašpar, Jan ; Revenda, Zbyněk (advisor) ; Šíma, Ondřej (referee)
This diploma thesis focuses on indicators of currency and banking crises and examines their reliability. The analysis is performed on real economic events - the monetary crisis analysiswill be related to the crisis in Russia in 1998 and in the banking crisis we will examine events in Ireland in 2008-2010. In case of both crises we will try to make a strict definition because the economic literature nor any law regulation do not offer any, whereas for time series analysis is the determination of the outbreak and the end of the crisis crucial. We also look at the change in the understanding of the financial crisis, from the concept of monetary, banking and debt crises typical for the end of the last century and gradually transitioning to a comprehensive approach to the financial crisis as a systemic crisis that represents the current direction of economic thought. The main objective is to analyze the reliability of currency crisis and banking crises indicators on the example of selected economic events. We will try to follow the development of indicators within a few years and look for the development trend, predicting the impending problems. There are also described some methodological problems concerning the research of indicators of financial crises. In the end we will have a comparison of both countries and emphasize what they have in common and what is different.
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External Balance of Southern European Countries within the Context of the Global Economic Crisis.
Rakouský, Tomáš ; Hnát, Pavel (advisor) ; Jiránková, Martina (referee)
This diploma thesis focuses on changes in the external balance of Portugal, Italy, Greece and Spain in the period of financial and economic crisis after 2008. The theoretical framework is based on an exact definition of external balance, ultimately as neither surplus nor deficit of a relevant balance in terms of balance of payments. Potential impacts of monetary and fiscal policies on the external balance are described there as well, using the IS-LM-BP model. The second part of the thesis, which employs this theory, is mainly based on an analysis of relevant balances of payments of the aforementioned countries, focusing on their external balance in the period before as well as during the economic crisis. The aim of the analysis is to identify the main causes of external imbalance in the Southern European countries and to find out whether these played a key role as a trigger and accelerator in their recession after 2008. Specific changes during the crisis identified in balances of payments will also be depicted in the IS-LM-BP model. Leading to the conclusion, the outcomes of a correlation analysis are used as well, looking into causal relationships between specific balance of payments variables on the one hand, and macroeconomic variables on the other. A minor part also deals with the role played in this context by the TARGET2 payment system and answers the question to which extent this system took part in the elimination of the external imbalance of the Southern European countries during the crisis.
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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.
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The Influence of Foreign Direct Investments on the External Balance of an Economy (the Example of the Czech Republic)
Smolová, Petra ; Mandel, Martin (advisor) ; Kuncl, Martin (referee)
The aim of this thesis is to analyze the influence of foreign direct investment on selected indicators of the external balance of the Czech Republic. The first part focuses on the definition of foreign direct investment forms, motivation for realization and a financial life cycle of investments. The second part characterizes investment incentives, including their positives and negatives, and the role of the CzechInvest Agency. The third part is dedicated to the balance of payments. The last part analyses the impact of foreign direct investment on selected entries of the balance of payments and particularly on current account. It also analyses the overall efect on the external balance.
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Economic differences of countries of Eurozone
Břečková, Radka ; Hnát, Pavel (advisor) ; Vrňáková, Irena (referee)
Eurozone is a heterogeneous group of countries with different economic grade. The different economic grade of member countries causes a considerable trade imbalance and economic problems for less economically developed countries. The purpose of this thesis is to compare member countries and identify the countries that create economic centre and those that create economic periphery of Eurozone on the basis of indicators of economic power and long-term economic indicators. The other part of thesis focuses on countries of economic periphery of Eurozone and their most serious problems which are indebtedness, the external balance, competitiveness and unemployment.
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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.
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External Economic Balance of the Czech Republic
Beran, Michal ; Žamberský, Pavel (advisor) ; Jiránková, Martina (referee)
The thesis analyses the trend in external economic balance of the Czech Republic since 2000. The main instruments for the analysis were found in level of balance of payments and external debt statistics. The emphasis is also placed on exchange rate of Czech currency which is considered to be one of the leading determinants of external economic relations. The main goal of this paper lies in examination of past, present and also expected future trend in external balance with respect to various indicators and to comparison with other EU members, especially with Central Europe region (Poland, Slovakia and Hungary). The thesis should provide general overview of external economic relations of the Czech Republic in situation when some European countries are being threatened by deep debt crisis and in some cases the life-line from European union or International Monetary Fund must come.
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Analysis of the Balance of Payments of Slovak Republic
Romaňáková, Anna ; Brůna, Karel (advisor) ; Ondřich, Libor (referee)
The aim of the bachelor thesis is to give compact overview of development of the balance of payments of Slovak Republic from 1993 to 2008. First and second part describe theoretical resources for better understanding of relationship within the frame of balance of payments. Empirical section is divided into two chapters. The third chapter contains description of the development of each account. The fourth chapter focuses on the analysis of both international investment position and external debt along with the analysis of the most important balances, that explain the slovak external relationship with the rest of the world.
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