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Causes and possible consequences of the end of U.S. dollar excusivity on oil markets
Zukerstein, Jaroslav ; Kozák, Kryštof (advisor) ; Svoboda, Karel (referee)
The United States are today the most indebted country in the world. However, they do not face the distrust of financial markets as some European countries. Washington, until now, could afford rapidly growing and de facto risk-free debt thanks to the exclusive position of the U.S. dollar on oil markets and the petrodollar recycling system. With the implementation of the new common European currency, however, the dominant position of the dollar on oil markets came to the end, important oil producers, including OPEC members, turned away from the U.S. currency, so the sustainability of the current, unusually favorable system for the Americans, is questionable. Bachelor thesis entitled Causes and possible consequences of the end of U.S. dollar exclusivity on oil markets reflects the unprecedented influence of the United States in the international monetary system which they controlled through the oil business, it presents the risks and benefits of petrodollar recycling, it analyzes the effects of changes on oil market, it assess the importance of oil bourses that explicitly reject the U.S. dollar and in the conclusion, on the basis of information and experience from the era when the dollar was backed with oil, it answers the question whether this system, maintained by force and controversial alliances,...
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Analysis of the FOREX - case of the exchange rate CZK/USD
Stehlík, Jiří ; Burian, Stanislav (advisor) ; Milan Robin, Milan Robin (referee)
In the first, theoretical part, the Forex is explained, along with its characteristics and basics of technical and fundamental analysis, followed by economic factors affecting the development of currency exchange rates. Second part of this paper, practical part, is developed as a series of experimental trading sessions using demo account. The trades are executed using mainly fundamental data supported by technical analysis. Final part of this thesis evaluates conducted trades and other features discovered during the tradings.
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Causes and consequences of the global economic crisis in 2008
Cincibus, Ivan ; Severová, Lucie (advisor) ; Soukup, Alexandr (referee)
The thesis is divided into two parts, theoretical and practical. The theoretical part is made in the format of literary research. It defines and describes the basic terms that are closely related to the topic. It devotes to the key aspects that contributed to the crisis. It specifies the beginning of the crisis and its impact on the participants.
The analytical part uses the techniques of financial analysis. Based on the analysis of financial data it explains the course of the crisis in two organizations. Through cross-comparison of outputs of financial analysis is possible to monitor the course of the crisis in the specific companies BYSTROŇ Group a.s. and LUCEO, s.r.o.
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Analysis of the Factors of Collapse of the Bretton Woods Monetary System
Havlíček, Jiří ; Johnson, Zdenka (advisor) ; Chalupecký, Petr (referee)
This bachelor thesis focuses on the Bretton Woods monetary system which was the important factor influencing the international economic situation since the end of World War II until the beginning of the 1970s. Specifically, the thesis focuses on the analysis of factors which led to the collapse of the Bretton Woods monetary system and tries to answer the question if the main reason of the collapse was irresponsible fiscal policy of the USA. In the first part, there is a description of creation, final version of the Bretton Woods agreement, and key institutions of the system. Main part of thesis is divided into the three subchapters. Each one adresses one of the three major problems of the Bretton Woods monetary system, which were adjustment problem, liquidity problem, and confidence problem. There is an analysis of causes and consequences of each issue. Conclusion of the thesis is the statement that fiscal policy of the USA was not either underlying, or original cause of the collapse of the system, however the fiscal policy of the USA worsened the situation and greatly accelerated the collapse of the system. But it is not possible to identify the key problem, the issues were too much interrelated to determine the most critical.
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Role amerického dolaru jako světové měny ve druhé polovině dvacátého století
Pavelec, Boris ; Johnson, Zdenka (advisor) ; Chalupecký, Petr (referee)
This thesis maps the role of the U.S. dollar as an international currency with a main focus on the second half of the 20th century and the role of dollar in the world economy. The thesis spans from the end of the Second World War to the eve of the last global financial crisis. The thesis documents, how dollar became the leading international currency during the Bretton Woods system era. Although the inner conflicts led to breakup of the system, dollar remained the most important currency. Despite many attempts, a successful reform of the international monetary system never happened since then. In the last 30 years, the uncoordinated U.S. monetary policy led to rapid growth of imbalances in the world economy and consequently to the 2007/08 Financial crisis. The thesis shows that the viable reform can build on the original plan of John M. Keynes, which prepared for the Bretton Woods conference.
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The role of the United States dollar as world’s reserve currency since the Bretton Woods monetary system to the present
Schödel, Michael ; Šimíček, Petr (advisor) ; Štekláč, Jiří (referee)
The aim of this bachelor thesis is to analyze the role of the United States dollar since The Bretton Woods monetary system to the present. During the Bretton Woods monetary system US dollar gained the dominant position. It was taken from British pound and is maintained till now. Neither crash of this system in the seventies of the 20th century nor establishment of the common European currency -- Euro, did not end the privileged position of US dollar. In my thesis I deal with advantages and disadvantages of this privileged position for USA and for other countries. Further I analyze the position of the US dollar and USA within The International Monetary Fund and I also compare selected indicators of relevant global currencies. Then I focus on the present biggest currency competitor of the US dollar -- the Euro, and the currency with the greatest potential for the future -- the Chinese yuan.
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Methods of the exchange rate determination and the analysis of the MDL/USD currency pair
Panfile, Mariana ; Brůna, Karel (advisor) ; Kučera, Lukáš (referee)
The aim of this bachelor thesis is to describe the basic theories of the exchange rate determination in the case of the MDL/USD currency pair. The first part of the thesis describes the exchange rate as one of the basic economic quantities, its importance in the current economic environment and the basic approaches to its determination. Next part is focused on the three fundamental models of prediction of the exchange rate: the purchasing power parity, the interest rate parity, the international Fisher effect and the balance of payments theory. Application of the described models is included in the analytical part, where the theoretical evidence is verified upon the real economic data. The results of the empirical analysis and the possible reasons that limit holding of the characterized models in the real economic environment are discussed in the conclusion of the bachelor thesis.
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Twin Deficit Theory: Comparison of Public Finance and Balance of Payments (Im)balance on the Example of the U.S.A.
Jiránek, Roman ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The thesis deals with the problems of the state budget and the current account budget balance on the example of the USA. The general problems of the state budget and the current account, Keynesian and monetarist approaches to external economic balance, twin deficit theory in Keynesian conventional and Ricardian classical approach are used as the theoretical foundation. In the practical part the thesis characterizes the USA economy development from the Second World War to nowadays. It stresses especially the American economic policy in each period, the economic growth, the rate of inflation and unemployment. The (im)balances of state budget and current account and its mutual development are discussed on this base. In the end the twin deficit theory and empirical analysis are confronted and some problems are discussed (e.g. the causality in both balances relations, time lag, external and internal factors concerning both balances etc.).
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The Status of USD as the World's Reserve Currency and the Main Currency in International Trade Relations
Miller, David ; Mandel, Martin (advisor) ; Kuncl, Martin (referee)
This thesis aims to identify, define and analyze the role of the United States dollar as the most important currency of the present day, its influence on international monetary policy, the composition of foreign currency reserves in central banks and trading on the global foreign exchange market. Subsequently, the historical development since the introduction of Bretton-Woods system is presented, along with the phenomenon of Eurodollar market, which shaped the status of the United States dollar in the world. Last but not least, the US balance of payments is analyzed and the functioning of the dollar hegemony described, followed by naming of the essential requirements for a currency to become the most important global reserve currency and the main currency in the international trade.
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