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Komunikace jako nástroj monetární politiky ČNB
Avramov, Dominik
Avramov, D. Communication as a tool for monetary policy of ČNB. Bachelor thesis. Brno: Mendel University, 2023. Central bank communication is a hot topic because, in a world where in-formation travels at the speed of light, it is in the interest of central banks that their monetary policy is properly understood and does not spread uncertainty. The thesis will focus on the period 2016-2020, during which the Fed, BoE and ČNB changed their key rates in an attempt to tighten monetary policy. The text summarises the current understanding of central bank communication and then analyses three central banks to use the comparison to improve the ČNB's current communication strategy.
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Makroobezřetnosntí politika v kontextu ekonomicko-politické nejistoty
Jetelina, Patrik
The thesis examines credit activity in the context of economic and political uncertainty (EPU index) and macroprudential policy (MPI index). The empirical analysis is carried out by regressing panel data for European Union countries between 1998 and 2015. The dataset for the analysis includes data for 5,176 banks from the Orbis database, macroeconomic data from Eurostat and the ECB statistical warehouse at an annual frequency. The regression analysis is per-formed using fixed effects. The results of the empirical analysis confirm the effect where the interaction between MPI and EPU reduces the negative impact of eco-nomic and political uncertainty on bank’s lending activity.
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Natural Catastrophes and Financial Development
Mikulíková, Pavla ; Horváth, Roman (advisor) ; Jakubík, Petr (referee)
Master's thesis - Natural Catastrophes and Financial Development Pavla Mikul'ıkov'a Academic year 2022/2023 Natural disasters affect lives of many people every year. Using a panel dataset of 214 countries from 1970 to 2021, this thesis analyses the impact of disasters on financial development, namely on depth, efficiency, access, and sta- bility, using fixed effects and system GMM estimators. The main findings imply that depth and stability are negatively affected by disasters, and the impact is more pronounced for lower-income countries. On the other hand, efficiency and access provide no consistent results. There is no type of disasters, e.g., biologi- cal or geophysical, that would have a significant impact on all types of financial development. The effect probably varies due to the different characteristics of disaster types. 1
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Non-bank financial intermediaries and their role in the financial market
Novotná, Tereza ; Pečená, Magda (advisor) ; Nechvátalová, Lenka (referee)
This thesis analyses the role of non-bank financial intermediaries in the Czech financial market, with the emphasis on comparison of efficiencies of banks and non-bank financial corporations engaged in lending. This paper addresses their influence on the financial market both in the global and in the Czech environ- ment. The evaluation of the performance of the individual parts of the Czech financial sector is conducted using the Data Envelopment Analysis, which yields specific efficiency scores. Based on these values, aggregated data on banks and non-bank financial corporations engaged in lending are compared against each other and over the time period from 2013 to 2021.
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European Central Bank Digital Currencies: Lessons from Central Bank Experiments and Scenario Analysis
Pramod Kumar, Kumar Chandrakamal ; Dědek, Oldřich (advisor) ; Havránek, Tomáš (referee) ; Ramesh, Sangaralingam (referee)
The dramatic increase in popularity of cryptocurrencies like Bitcoin has motivated central banks to research central bank digital currencies (CBDC). The key central bank R-CBDC experiments are reviewed. It is found that central banks of advanced economies like the Federal Reserve, European Central Bank and Swiss National Bank are relatively less motivated to issue R-CBDC. This is because current retail payment systems and settlements are already fast and efficient and the advantages of R-CBDC may not be as large as initially expected. Financial inclusion and need for traceable payment systems is less attractive in advanced economies and central banks would lose credibility if CBDC were implemented unsuccessfully. A scenario analysis is used to explore the implications of R-CBDC on financial stability and monetary policy. The results show that CBDC implementation in all scenarios is expected to positively impact financial stability and monetary policy. Results from the scenario analysis are more optimistic than the literature and urges central banks to continue their research. Finally, it is found that ECB's ability to issue CBDC is uncertain. The risks to traditional monetary policy tools and banking system should encourage both to become more efficient and focus on the needs of users.
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Macroeconomic stress-testing of banking systems: survey of methodologies and empirical application
Šimečková, Jana ; Geršl, Adam (advisor) ; Pečená, Magda (referee)
This thesis deals with stress testing as a process that helps to assess the impact of potential adverse shocks on the soundness of a financial system. First section is dedicated to non-technical discussion about stress testing and to some methodological issues. The main focus lies on the system-wide macroeconomic stress testing. The empirical part of the thesis is a contribution to macroprudential analysis of the quality of the aggregate loan portfolio in the Czech Republic. This study adopts a vector autoregression model applied to the Czech banking sector in order to judge its stability and present some evidence on macroeconomic variables affecting the Czech banking system. As a measure of the strength of the loan portfolio is used the stock of non-performing loans vis-à-vis total loans in the sector. The thesis follows the widely used methodology and seeks to identify significant macroeconomic risk factors affecting the loan portfolio quality. The latter part aims also to forecast the most likely development of the loan portfolio.
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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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