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Endogenita peněz v měnových uniích a malých otevřených ekonomikách
Sedláček, Jaroslav
This thesis examines the nature of money in the monetary union and the small open economy. The first part describes the different theories that deal nature of money in economy. Thoroughly discussed here post-Keynesian approach from which is the assumption of endogeneity of money primary based. The empirical part of the thesis is based on the individual theoretical approaches, where are defined the default causal relationship between selected variables. These relationships are tested on real quarterly data in Euro area in the period 1998-2013 and in the Czech Republic in the period 2002-2013. Analysis of collected data was performed by using vector autoregression models, namely Granger Causality. Causal relationships are detected between loans, GDP, money supply and monetary base. From obtained results were made recommendations for monetary policy makers in the Czech Republic and Euro area.

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