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The Currency Exchange Effect on the Financial Situation of the Company
Česalová, Iveta ; Burget, Jaroslav (referee) ; Rompotl, Jaroslav (advisor)
This work deals with the currency exchange effects on the financial situation of the company, whose incomes are made up of exports in particular. The theoretical part is aimed at the definition of basic concepts such as currency, exchange rate, currency risk, appreciation and terminology of the financial analysis. The second part deals with the theory of financial derivatives market. The practical part is concentrated on the financial analysis of selected company and its change because of the fluctuation rate of the Czech crown. In the last section provides suggestions for improvement of protection against foreign exchange risk.
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Hodnocení vlivu devizových intervencí ČNB na export České republiky
Prejdová, Jana
This paper is studying forex interventions implemented by the Czech national bank since November 2013 and their effects on the Czech Republic's export. The area of interest of this paper is the period since 2005 to January 2016. The first section of the bachelor thesis studies monetary policy and foreign trade of the Czech Republic in the period of focus. Next part focuses on the change in strategy of central banks after the global financial crisis and theoretic findings of the Marshall-Lerner condition and the J-Curve for foreign trade. In the second main section of this paper there are estimated import and export elasticities using Mandel's (1994) methodology. The elasticities are later used to determine if the Marshall-Lerner condition is met in the studied period for the trade between the Czech Republic and its main trading partners.
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Dopady depreciace rublu na ruskou ekonomiku
Potapova, Tatiana
This bachelor thesis deals with the analysis of the influence of rouble depreciation on the overall state of the Russian economy. The first part of the thesis explains the theoretical background, which relate to the mentioned problems. The thesis also describes and analyses the historical depreciation of selected currencies, including the rouble. The practical part analyses the pre-crisis development and the conse- quent impact of the exchange rate drop on the state economy, using the results of analyses of selected economic indicators, based on comparison analysis of the largest branches and enterprises, and based on the conclusions of the impact of the exchange rate depreciation on the economy.
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Foreign-exchange interventions as an unconventional tool of monetary policy of the CNB: the Swiss National Bank and the Bank of Israel experience comparison
Poláková, Aneta ; Vejmělek, Jan (advisor) ; Šíma, Ondřej (referee)
This thesis deals with the use of foreign-exchange interventions as an unconventional tool of monetary policy in inflation targeting regime. It is primary focused on monetary policy of the Czech National Bank and foreign-exchange interventions that have been executed since November 2013. Further, it is devoted to interventions executed by the Swiss National Bank and the Bank of Israel. The main aim is to analyse the experience of previously mentioned central banks with foreign-exchange interventions, to describe main reasons and goals, and especially impacts of interventions on economies of related countries while focusing on inflation, GDP and unemployment. The last part provides the evaluation of referred intervention regimes and their comparison.
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The Currency Exchange Effect on the Financial Situation of the Company
Česalová, Iveta ; Burget, Jaroslav (referee) ; Rompotl, Jaroslav (advisor)
This work deals with the currency exchange effects on the financial situation of the company, whose incomes are made up of exports in particular. The theoretical part is aimed at the definition of basic concepts such as currency, exchange rate, currency risk, appreciation and terminology of the financial analysis. The second part deals with the theory of financial derivatives market. The practical part is concentrated on the financial analysis of selected company and its change because of the fluctuation rate of the Czech crown. In the last section provides suggestions for improvement of protection against foreign exchange risk.
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Currency interventions: comparison of czech and suisse central bank.
Kohout, Eduard ; Vejmělek, Jan (advisor) ; Šíma, Ondřej (referee)
This thesis aims at currency interventions executed by Czech and Suisse central bank and their following comparison. Currency interventions became lately monetary instrument that both central banks adopted. Effect of intervention on real economic situation in both countries will be content of this thesis. Because of the scale off the interventions, this issue is still current and it is still publicly debated. First part of this thesis introduces systems of exchange rate arrangements and describes the role of central bank. Second part of this thesis deals with currency interventions in Czech Republic and focuses on intervention impacts on real economics. Third part is devoted to Suisse currency intervention.
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CNB's foreign exchange intervention and their influence on foreign trade of the Czech Republic
Kramoliš, Jan ; Chytil, Zdeněk (advisor) ; Slaný, Martin (referee)
This thesis analyzes impact of domestic currency depreciation caused by foreign exchange intervention of Czech National Bank (CNB) in November 2013 on foreign trade between Czech Republic and Eurozone. The total volume of Czech foreign trade has been growing, but in recent years Czech Republic loses price competitiveness and comparative advantage on the European market. Foreign exchange intervention promote export, but only if the J-curve occurs. Concept of the J-curve states that in the short run depreciation of domestic currency causes decrease of net export and only in the long run increase of net export. The reason is that while in the long run Marshall-Lerner condition is met, in the short run it is not. Thesis verifies the hypothesis that in the short run foreign exchange intervention lead to lower values of net export, while in the long run net export will rise and even above the values at the very beginning of the intervention. To verify this hypothesis is used method of least squares that uses monthly data from the middle of 2005 to the middle of 2015. The results of the study confirm a hypothesis of a fall in net export in the short run due to foreign exchange intervention. However, in the long run hypothesis of the growth of net export compared to the values of net export at the very beginning of the intervention is not confirmed.
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Consequences of foreign exchange intervention on the economy of the Czech Republic
Košická, Monika ; Titze, Miroslav (advisor) ; Štěpánek, Pavel (referee)
Czech Republic is currently struggling with the threat of deflation, therefore the CNB has used the foreign exchange interventions to prevent this. The thesis examines the current state of the economy and aims to answer the question whether the depreciation of the crown truly prevent deflation and a possible deflationary spiral. To achieve the objective are used comparison methods, descriptions, observations and analysis, including relational analysis. The theoretical part focuses on the theoretical impacts of depreciation of the crown from a macroeconomic point of view. Furthermore, solves the problem of deflation and for example describes the deflation in Japan. In the practical part I compare the views of the CNB and other alternative views on this situation. In the final part I analyse GDP, export and import, terms of trade, consumption and inflation. Based on this analysis, I conclude that although that there was an improvement of some macroeconomic indicators, we can't ascribe the improvement to the foreign-exchange interventions.
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The impact of foreign exchange intervetion of CNB on international trade of Czech Republic
Mikšík, Matěj ; Chytil, Zdeněk (advisor) ; Kadeřábková, Božena (referee)
The goal of this thesis is to analyze the impact of currency depreciation caused by foreing exchange intervention of Czech National Bank in November 2013 on international trade between Czech Republic and Germany. The volume of foreign trade of Czech Republic has been growing, but Czech Republic gradually loses commercial potential. The standart view of the impact of foreign exchange intervention is to stimulate export. But the theoretical concept called J-curve states that currency depreciation leads at first to the decrease of net export in the short run. To increase net export the Marshall-Lerner condition has to be met. The work verifies the hypothesis that after foreign exchange intervention the decrease of net export occurs before improving. Research uses cointegration analysis and Error correction model on the basis of quarter data from the first quarter of year 2005 to the second quarter of year 2014. The results confirms the concept of J-Curve in the bilateral trade of Czech Republic and Germany. In the first two quarters after foreign exchange intervention there is the decrease in net export. The Marshall-Lerner condition is met during the second quarter and the depreciation of the crown leads to the expected growth in net export.
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Menové vojny
Gažo, Ivan ; Brůna, Karel (advisor) ; Marek, David (referee)
The importance of a currency war and its consequences is nowadays a hot topic of all economies around the world. My master thesis is designed to explain this concept, to introduce the main actors of the currency wars, the ways, in which national economies were and are trying to boost and improve their economic situation and highlight the main tools that are usually used by major powers within currency wars. The practical part is divided into three main sub-chapters that analyze the causes and consequences of currency wars, which we have previously witnessed. Analysis of the currency war I. relates to the years 1921-1936, the currency war II. relates to the period around World War II. and the formation of Bretton Woods system, and finally currency war III. relates to last years, when a superpowers like US, China and EU entered the war as a result of economic recessions of 2007.
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