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Exchange Rates in the Global Crisis: the Role of Fundamentals
Růžičková, Pavla ; Teplý, Petr (advisor) ; Průša, Jan (referee)
This thesis studies the equilibrium real effective exchange rates and the degree of misalignment of currencies. It focuses on the real effective exchange rates of Icelandic króna and Chinese renminbi, with special attention paid to the evolution of these exchange rates in the period of crisis. It identifies key factors influencing the real effective exchange rates of króna and renminbi, calculates their equilibrium level and confirms that these currencies were misaligned in the pre-crisis period. It stresses the impact of real interest rate differential in the case of króna and of sterilization operations applied by the People's Bank of China in the case of renminbi. It further examines whether the relationship between real exchange rates and economic fundamentals was distorted in the crisis. Finally, the thesis provides an insight into whether the crisis led to narrowing the degree of misalignment of renminbi and króna.
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Exchange Rates in the Global Crisis: the Role of Fundamentals
Růžičková, Pavla ; Teplý, Petr (advisor) ; Průša, Jan (referee)
This thesis studies the equilibrium real effective exchange rates and the degree of misalignment of currencies. It focuses on the real effective exchange rates of Icelandic króna and Chinese renminbi, with special attention paid to the evolution of these exchange rates in the period of crisis. It identifies key factors influencing the real effective exchange rates of króna and renminbi, calculates their equilibrium level and confirms that these currencies were misaligned in the pre-crisis period. It stresses the impact of real interest rate differential in the case of króna and of sterilization operations applied by the People's Bank of China in the case of renminbi. It further examines whether the relationship between real exchange rates and economic fundamentals was distorted in the crisis. Finally, the thesis provides an insight into whether the crisis led to narrowing the degree of misalignment of renminbi and króna.
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Iceland: The journey from welfare state to financial crisis
Faltisová, Tereza ; Němcová, Ingeborg (advisor) ; Bartušková, Hana (referee)
The thesis deals with the financial crisis that affected Iceland in the autumn of 2008. The aim is to analyze the Icelandic financial crisis, with emphasis on its causes. The basic question I asked is how can the originally strong and advanced economy find themselves on the brink of bankruptcy? This thesis is divided into three parts. The first chapter is also the theoretical part of this thesis. Here I define the term "financial crisis", introduce traditional typology of financial crises and describe models of financial crises. The second chapter introduces the Republic of Iceland. Basic facts about this small island state located in the northern part of the Atlantic Ocean are described here. The third largest chapter focuses on the question of the financial crisis - its causes and course of the crisis period. The whole chapter is ended by different ways of solving the crisis, which were effective. Iceland is now given as an example to other countries thanks to an efficient solution to the crisis.
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The economic development of Iceland at the beginning of the 21st century
Mrážiková, Ivana ; Karpová, Eva (advisor) ; Nováková, Jana (referee)
The main aim of this bachelor thesis is to describe the economic development of Iceland at the beginning of the 21st century. The thesis consists of three parts. The first part briefly describes the development of Icelandic economy in the second half of the 20th century. The second section of this paper focuses on economic development of Iceland from 2001-2009, with emphasis on the Icelandic financial crisis and collapse of the banking sector in 2008. The last chapter analyses positive economic development after the crisis and describes its future perspectives.
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