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The impact of monetary policy and the housing market in the Czech republic
Šuslik, David
I analyse impacts of monetary policy on housing prices and real household credit in the Czech Republic using structural VAR model identified by Cholesky decomposition. I focus on the period after the financial crisis from 2008, through the period of near zero interest rates from 2014 to 2017 until the end of 2022. I dedicate a chapter to major policy decisions of Czech National Bank in relation to housing market and household credit. My empirical strategy closely follows Bjørnland and Jacobsen, (2010). I identify six economic variables, namely exchange rate, GDP, inflation, interest rate, household credit and house price index. Subsequently I calculate their impact on housing prices and household credit in the Czech Republic. My estimations confirm findings of Robstad, (2018) that house prices respond stronger to monetary policy shocks in comparison with household credit. Yet, another finding is that household credit does not respond to interest rate shock while real house prices exhibit positive response. However, magnitude of this effect is relatively small in comparison with shocks from remaining variables.
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Independence and Transmission of Monetary Policy in Small Open Economies: The Case of Canada and the Czech Republic
Budinský, Jan ; Havránek, Tomáš (advisor) ; Buliskeria, Nino (referee)
The question of whether a small open economy (SOE) with highly integrated financial markets can shield itself from the influence of foreign monetary policy and preserve its monetary independence has been the subject of extensive research over the last decades. The growing integration of world economies owing to globalization, the impacts of recent global pandemic on them leading to the use of unconventional monetary policies, and the consequent high levels of inflation across the globe have highlighted the importance of further study of this problematic. This thesis focuses on two small open economies from different currency areas, Canada and the Czech Republic, and evaluates the monetary policies of their central banks, concentrating primarily on their independence, secondarily on the transmission mechanism of the respective policies, and also on their foreign exchange reserves. A comparative analysis of these two countries and their monetary policies on such scale and complexity has not yet been made before. The results of cointegration testing of vector autoregression models consisting of three-month interbank interest rates representing the monetary policies of the countries under investigation revealed that both Canada and the Czech Republic exhibited a considerable degree of monetary...
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Vliv měnové politiky na vybrané akciové trhy
Šikula, Jiří
The diploma thesis deals with the identification of influence of the monetary policy on stock markets in the developed countries where central banks accepted usage of the unconventional tools of monetary policy. The effect of monetary policy is observed on stock prices of 200 blue chip stocks of companies emitted in USA, UK, EU and JAP. The influence of the unconventional monetary policy will be examined in empirical part of the diploma thesis via panel regression analysis with focus on verification of portfolio rebalance channel of the transmission mechanism.
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Kvantitatívne uvoľňovánie v Japonsku a jeho dopad na HDP
Balážová, Jana
During the period known as Two Lost Decades Japan suffered by weak economic growth, deflation and negative output gap. By the end of 2012, Shinzo Abe was elected as prime minister of Japan and his plan so called Abenomics included extensive quantitative easing by Bank of Japan, fiscal consolidation and structural reforms. Quantitative easing included a significant increase of monetary base and its goal was to achieve the 2% inflation target. It should have encouraged the private consumption and closed the output gap. The aim of this paper is analysis of macroeconomic indicators related to quantitative easing and finding whether inflation and real GDP have increased and the output gap has been closed or not.
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Nekonvenčné nástroje Európskej centrálnej banky v období finančnej krízy
Bírošík, Roman
The bachelor thesis is focused on monetary policy of the European Central Bank. This thesis describes the causes of the use of unconventional monetary policy measures and explains their functioning in practise. Subsequently, the effectiveness of non-standard measures is evaluated on the basis of the relevant economic indicators in relation to the objectives, which was set. One chapter of the thesis is devoted to the functioning of the transmission mechanism of monetary policy and the causes of disruption.
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Vliv monetární politiky na investiční aktivitu firem v zemích V4
Růžičková, Elena
Růžičková, E. The influence of monetary policy on firm investment activity in countries of V4. Diploma thesis. Brno: Mendel University, 2019. The aim of this thesis is to determine the influence of monetary policy on firm investment activity in the automotive industry in countries of V4, together with the further verification of the influence of other company-specific characteristics. The analysis uses the panel data of microeconomic character, which was drawn from the Amadeus database in the period from 2006 to 2015. As an independent variable representing the influence of monetary policy, a 12-month interest rate PRIBOR, BRIBOR, EURIBOR, BUBOR and WIBOR, representing each of states, was chosen. Other independent variables were selected as company-specific characteristics. Net fixed assets have been chosen as a dependent variable, which can be used to express investment in fixed assets. The models for selected countries will verify the influence of monetary policy on the development of investment activity in the selected industry.
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Vplyv monetárnej politiky na konkurencieschopnosť vybraného odvetvia
Bendíková, Monika
The aim of the thesis is to determine the impact of monetary policy on the industry and also to determine the impact on the specific company characteristics. The panel data drawn from the Amadeus database is used for analysis. This is data of approximately nine thousand companies in the period from 2006 to 2015. The exogenous variables are defined as financial and non-financial characteristics of firms and the indicator of monetary policy is defined as three months interest rate, PRIBOR. The endogenous variables are defined as return on assets, return on equity and profit margin. The models will show whether there is a relationship between the central bank´s activity and the prosperity of the construction industry.
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The transmission mechanism of the monetary policy impact on the Czech banking sector
Bohovicová, Petra ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
This thesis analyzes the impact of the monetary policy of the Czech Republic on the Czech banking sector. It explains the monetary transmission mechanism in an inflation targeting regime and its channels: interest rates channel, asset price channel, exchange rate channel and credit channel. The aim of the thesis is to introduce and analyze channels of the Czech transmission mechanism by Correlation and Graphical Analysis of chosen time series and using Linear Regression Model. The analyses are calculated in MS Excel and Gretl.
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The Comparison of Monetary Policy of ECB and FED and their Reaction to the Financial Crisis
Hajíčková, Tereza ; Raková, Marie (advisor) ; Jašová, Martina (referee)
Central banks are institutions which play an important role in today's market economies and which have an influence on economic development. Their influence was obvious during the last financial crisis when the measures taken by them were expected with impatience. This thesis is focused on the two important central banks in contemporary world - European Central Bank (ECB) and Federal Reserve System (FED). The first part of the thesis is a general description of central banking. It is followed by description of both banks with respect to their monetary politics. The last part of the thesis deals with the reactions of ECB and FED to the financial crisis. An analysis of the measures they have taken is also made. It is possible to conclude that monetary politics of ECB and FED was successful.
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Mutual link between the monetary and exchange rate policy and economic development on the example of Romania and Bulgaria
Mleziva, Daniel ; Brůna, Karel (advisor) ; Obešlo, František (referee)
This bachelor's thesis focuses on the possible link between the monetary and exchange rate policy and economic development. The first part presents basic theoretical aspects of monetary and exchange rate policies which are then applied to the case of two selected countries, namely Romania and Bulgaria. The practical part analyses the evolution of monetary and exchange rate policies in both countries and also follows the development of both economies with the help of several indicators. The objective of the thesis is to describe a possible dependence of the economy's evolution on monetary policy regime using the evaluation and comparison of collected data.
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