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The Determinants of central banking transparency: An Empirical Analysis
Ulrich, Tomáš ; Horváth, Roman (advisor) ; Jeřábek, Jakub (referee)
This thesis examines the central banking transparency and financial stability communication. The main goal is to find the determinants of the updated Monetary policy transparency index and the index for financial stability trans- parency, which cover 110 countries during the period 2000-2011. We analyse the individual components of transparencies and perform regression models with the set of economic and political variables in order to find drivers of all aspects of transparency. As a basic observation we verified the increasing trend in both types of transparencies during last two decades. We found out that economi- cally well developed countries with flexible exchange rates, quality government and stable political institutions tend to be more open about their monetary policies. Moreover, high degree of monetary policy transparency and the occu- rance of past systemic banking crisis implies higher openness of central banks about financial stability issues. The drivers of Financial stability transparency index components display significant variations, especially variables like rule of law or past financial distress. It is concluded that financial stability trans- parency is still a young field of study and many central banks are still in the developing phase of learning. Keywords central banking,...
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The Czech National Bank, its legal status and scope of activities
Kočová, Olga ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Title: The Czech National Bank, its legal status and scope of activities Abstract The aim of this thesis is to analyze the current status of legislation of the Czech National Bank, its content operations and powers with regard to the historical development of this institution, focusing on the banknotes and coins, monetary policy, financial stability, financial market supervision and possible impacts of euro adoption in the Czech Republic. The first part of the thesis will be devoted to the historical development and fundamental characteristics of the Czech National Bank as the central bank and its organizational structure, management and independence will be determined as well as the objectives pursued. The following chapters will deal with particular areas of activities which the Czech National Bank practices in accordance to its primary objective. More detailed focus in the thesis is on the emission function, the conduct of monetary policy and its instruments, analysis of financial stability and supervision of individual financial market segments. The last part of the thesis will be devoted to the issue of adopting the common European currency in the Czech Republic and to the changes which would be connected to that currency adoption. Keywords Czech national bank, central banking, monetary policy,...
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Czech national bank, legal status and content of activity
Semecký, Petr ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Karfík, Zdeněk (referee)
disertační práce Petr Semecký Česká národní banka, právní postavení a náplň činnosti 5 Abstract A. Objectives The main goal of the dissertation "The Czech National Bank, legal status and content of activity" is to quantify, qualify and draw as exact as possible conclusions about some aspects of the development, status and activities of the Czech National Bank in the future. To solve this task, the author has used in the introduction of this work three following key questions: 1. What are the implications for the Czech National Bank of the new bodies supervising the financial markets at european level? 2. What are the benefits and negatives of adopting the euro for the Czech Republic and should the Czech Republic actually join the European Monetary Union? 3. What impact will have the amendment of the Capital Adequacy Directive (the "Basel II") on the activities of the Czech National Bank? B. Methods By creating this work was used a wide range of research methods to ensure that there will be drawn conclusions with the best possible informative value. It is possible to mention particularly the method of recherche, abstraction, comparison and synthesis. C. Sources As the most important sources used by creating the work can be mentioned ecpecially, scientific publications, monographs, articles published...
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The central bank, its legal status and scope of activities
Blažková, Jana ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The Central Bank, its Legal Status and Scope of Activities Central banks are very powerful institution and central banking is a very complex discipline. Monetary policy, the most important activity of central banking, has become the key instrument of macroeconomic stabilisation. The aim of my paper has been to analyse all the areas of central banks' operations, aiming especially at monetary policy and its instruments, and also to tackle the recently emerged doubts about what the main objective of central banks should be. I also provide a review and an analysis of the current legal status of the Czech National Bank from the independence and accountability point of view. The first chapter of my work is dedicated to the history of central banking. Second chapter examines the individual functions that central banks carry out, with third chapter analysing the most important of them, the monetary policy. The last chapter is dedicated to the Czech National Bank (CNB) and is subdivided into four parts: the first one is outlining the history of CNB, the second one gives us the detailed overview of the individual functions of CNB, its main target and instruments CNB uses to reach the target. The third one is devoted to CNB relations with European Union and the fourth part focuses on the legal status of CNB...
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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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Tools of monetary policy of the Czech National Bank
Zůna, Zdeněk ; Borkovec, Aleš (advisor) ; Bažantová, Ilona (referee)
Tools of monetary policy of the Czech national bank - summary Zdeněk Zůna The purpose of my thesis is to analyze main factors affecting economic development of Czech Republic and describe in detail the instruments of monetary policy including reasons and consequences of their use. Author chose chronological interpretation with emphasis on inclusion in historical context. Introductory chapter defines the concept of monetary policy and outlines its types and goals. Along with the second and the third chapter, it creates necessary theoretical basis for the practical part. It explains why monetary policy is given to the hands of central banks as independent institutions, and why is price stability in most countries the only main objective of monetary policy. We also get a basic idea of what monetary expansions and monetary restrictions are and what are their consequences. Second chapter deals with process of monetary policy. It describes strengths and weaknesses of different strategies and shows the chain of economic links, through which the instruments used affect final goals. In addition, it presents some problems of monetary policy and discusses the role of time lags. Third chapter looks at the tools of monetary policy in general. Beside basic characteristics, it describes, how they influence monetary base,...
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The legal status and activities of the Czech National Bank
Prokop, Tomáš ; Vondráčková, Pavlína (advisor) ; Novotný, Petr (referee)
Legal status and content of activities of Czech national bank This thesis deals with legal issues of Czech National Bank. The aim of this work is the analysis of the basic institutes, the most important and the most controversial statutory provisions and also to introduce the most important activities of the central bank to the reader and explaining him why are these activities needed and what is their function in the system. Due to limited range of this thesis the author took considerable volume of this topic in account, that's why some chapters aim merely the most important information to explain the issue correctly and to help the reader to understand the contexts. This work is divided to seven chapters (including the Inroduction) and to the Conclusion, list of used shortuts, literature and attachments. In the Introduction the author acquaints the reader with reason, why has he choosen right this issue as the topic of his thesis and lays out the targets to be accomplished by his work. In the second chapter is the reader acquainted with the historical development of central banking on the territory of present Czech Republic - since the Austro-Hungarian monarchy to the evolution of current Czech National Bank. In the conclusion of this chapter the author analysis the possibilities of the immediate future...
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The future of central banking in the economic system of developed countries on a basis of evalution of the experience from the last decade
Vilt, Lukáš ; Ševčík, Miroslav (advisor) ; Munzi, Tomáš (referee)
Thesis is dealing with the development of the central banking on the basis of experience from the last decade. Hypothesis is the statement, whether the central banks of the developed economies are increasingly less capable of the effective reactions on the accelerating development of the global economy and their position in the money emission and regulation of the banking sector is and will be more and more weakened by the alternative banking and monetary systems. This hypothesis is successfully disproved because of the behavior of the four chosen central banks which are CNB, FED, ECB and BoJ. The main reason was an increase in their activities and interventions causing among others multiplication of their balance sheets. On the other hand the alternative in the free banking is further from the reality than before. Virtual currencies also did not show threatening growth of the national currencies substitution in the reference period. Thesis also provides insight into new and potentially new instruments of the central banks.
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Monetary policy and central banking in the Czech Republic
Sloup, Matěj ; Urbánková, Erika (advisor) ; Hrdlička, Pavel (referee)
The subject of my thesis is characteristic of central banking and monetary policy,
conducted by the Czech National Bank in the Czech Republic. The theoretical part is divided
into three main chapters. The first of these chapters describes central banking, indicates its basic
characteristics and functions. The second chapter is more focused on the monetary policy of the
Czech National Bank and its nature. There are also defined the various monetary policy tools
and their use. The third chapter contains a description of basic macroeconomic indicators and
models.
Analytical part is also divided into several chapters that describe several aspects of the
development of the Czech economy in recent years. The first one contains the characteristics of
the Czech economy in terms of sector structure. The second chapter focuses on the development
of key macroeconomic data, the inflation and GDP. The third chapter provides an analysis of
the development of the selected monetary instruments. In the last chapter, the data will be will
evaluated and subjected to paired analysis.
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The comparison of the constitutional conceptions of selected central banks of the world from perspectives of the CNB
Pospíšilová, Kateřina ; Kuba, Jaroslav (advisor) ; Matula, Miloš (referee)
The master´s thesis is about the conceptions of the Czech National Bank, the Federal Reserve System, the European Central Bank and People's Bank of China. It focuses on the comparison of these conceptions with the created universal model of the central bank and its parameters, and finds out that the selected central banks are lot away from this model. Important is also a perspective of the Czech National Bank after joining the euro area and the fact that at this moment her role will be replaced by the European Central Bank. The European Central Bank, compared with the Federal Reserve and the People's Bank deviates the least from its inflation target and therefore is pretty close to reach a price stability. However, ECB clearly financed some government debts, and that is inconsistent with the law. In conclusion can be noted that the central banks of the Czech Republic, the United States and the euro area reach the high level of freedom and are independent of the other components of state power and vice versa People's Bank of China remains strongly dependent on the executive power.
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