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Analysis of impacts using the non-conventional instruments of the ČNB monetary policy in the period 2013-2016 on stability of the czech economy
Miňhová, Kristýna ; Pekárek, Štěpán (advisor) ; Bednář, Milan (referee)
In reaction on existence of economic cycles, the period of economic growth is changed with the economic recession, which can grow in the crisis eventually. In such a case, the task of economic policy is to direct the economy in the right direction, back to the boom. The thesis focuses on monetary policy and its ability to achieve this task. The aim of the thesis is to analyze the influence of foreign exchange interventions used in the period of 2013-2017 on the restoration of financial and (macro)economic stability of the Czech Republic. For this purpose, time series of indices describing the stability, the financial stress index and the economic stress index are constructed. A comparative analysis proves that the financial and (macro)economic situation in the Czech Republic has started to stabilize shortly before the unilateral exchange rate commitment to the euro and the impact of foreign exchange interventions cannot be certainly confirmed.
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Were CNB's foreign-exchange interventions from November 2013 necessary?
Volf, Matěj ; Vostrovská, Zdenka (advisor) ; Zamrazilová, Eva (referee)
This thesis deals with CNB foreign-exchange intervention from November 2013 in context of assumptions and impacts on the Czech economy. The theoretical part presents important monetary policy aspects, from conventional and unconventional tools to inflation targeting and deflation, to understand theoretical framework of analysis. Analytic part takes a look on Czech economy condition before interventions, especially inflation. Intervention impacts and exit strategies are examined further. Based on the analyzed data this thesis concludes that foreign-exchange interventions by Czech National Bank were not necessary and inevitable action.
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Effect of foreign exchange interventions of the CNB inflation in the Czech Republic in the years 2013-2016
Chalupný, Lukáš ; Peľak, Branislav (advisor) ; Štěpánek, Pavel (referee)
In November 2013 the Czech National Bank decided to use the exchange rate as the new tool of monetary policy. Czech central bank decided to perform interventions in the foreign exchange market so it could prevent the appreciation of the Czech crown below the level of 27 CZK for 1 EUR. The main objective was to stimulate inflation and fight deflationary pressures that occur across Europe. The main objective of this thesis is to evaluate the adequacy of this decision and to assess what actual impacts this policy had on the Czech economy. Comparison and analysis are the methods chosen to achieve the main objective of this thesis. The thesis contains description of the monetary policy and effects of inflation and deflation, also emphasis is given on the reason why Czech National Bank intervenes on foreign exchange market, the inflation targeting. Practical part of the thesis focuses on the analysis of macroeconomic indicators before the interventions, and then after the interventions begun. The major part is devoted to price increases. Based on the analysis results we conclude that foreign exchange interventions had its importance, and that the Czech National Bank has at least managed to keep some very low inflation and prevent deflation. However, it is a question for a further debate whether mild deflation, which is caused by positive cost shock, is really such a threat.
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