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Monetary policy Trilemma of CBRT in the context of economic and political development of Turkey
Daněk, Jakub ; Žamberský, Pavel (advisor) ; Hnát, Pavel (referee)
The aim of this thesis is to verify the validity of The Theory of Exchange Rate and The Theory of Monetary Policy Trilemma in the real environment and to analyze the effect of the trilemma on the monetary policy of the Central Bank of the Republic of Turkey. I chose Turkey as an object of research because of its economic, political and monetary policy development in the second half of the twentieth century and in the twenty-first century. This thesis consists of three chapters. The first chapter summarizes the theoretical framework related to the topic. In the second chapter, I describe and analyze the political and economic development of Turkey. In the third chapter, I verify the validity of the theories and analyze the relationships between macroeconomic variables using econometric methods and further evaluate these relationships based on the findings from the second chapter.
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Independency of central banks
Pištej, Daniel ; Vejmělek, Jan (advisor) ; Šíma, Ondřej (referee)
Bachelor thesis focuses on the topic of central bank independence and its relation on inflation development. The main point of the thesis is description and formation of the coefficient of independence, its distribution on individual parts and subsequent examination of influence of the degree of independence on the course of inflation and the magnitude of the deviations of inflation from target inflation rate on the selected sample of countries. Further, the thesis focuses on the analysis of the independence of monetary policy according to the trilemma and its subsequent comparison with the coefficient of independence. It is assumed that higher levels of central bank independence will lead to more favorable inflation developments, smaller deviations from targeted inflation rate and long-term sustainability. At the same time, the coefficient of independence will very much resemble the independence of monetary policy.
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The capital controls and their impact in the short and long term
Papežík, Ondřej ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
The present thesis analyzes the application of capital controls and their impact on the economy in the short and long term. These regulatory measures have gone through many periods and opinions in which they were considered as both positive and negative instrument not only of monetary policy. Global financial crisis of 2008 has again raised a lot of questions dealing with this topic. Capital controls may help ease the acute problems associated with inflows or outflows in the short term but they will not solve the issue of the country's susceptibility to movements of primarily debt capital. Long-term capital closeness (whether in terms of export or import) may causes, inter alia, the excessive accumulation of savings in the domestic closed economy or lack of capital for economic development. Therefore, when applying capital controls it is also necessary to improve the country's institutional quality which proved to be an important determinant of capital flows.
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