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Critical Analysis of Monetary Policy of the EU and its Impact on Countries in the Eurozone
Vavříková, Andrea ; Gabzdylová, Jana (referee) ; Škapa, Stanislav (advisor)
Diplomová práce se zabývá problematikou měnové politiky v Evropské unii, respektive v Evropské měnové unii. Samotnému vzniku Evropské měnové unie předcházelo dlouhé období integračních procesů a je spojováno se dvěma mezníky. Prvním mezníkem byl vznik Evropské centrální banky, která představuje jednu z nejdůležitějších institucí a je zodpovědná za provádění jednotné měnové politiky v eurozóně. Druhým důležitým momentem bylo zavedení společné evropské měny, eura. Navzdory podstatným obchodním výhodám spojených s přijetím eura se brzy ukázalo, že jednotná měnová politika nemusí vyhovovat všem zemím kvůli jejich odlišným ekonomickým potřebám a schopnostem, které vyžadují různou měnovou politiku. Tato práce se soustředí na současnou ekonomickou situaci v eurozóně se zvláštním důrazem na otázku dluhové krize.
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Internal and external factors influencing the cost of equity capital
Mokhova, Natalia ; Kožená, Marcela (referee) ; Živělová, Iva (referee) ; Lace, Natalja (referee) ; Zinecker, Marek (advisor)
Náklady vlastního kapitálu, jež jsou ovlivňovány řadou interních a externích činitelů, významným faktorem ovlivňujícím rozhodovací procesy v podnikové sféře. Cílem této disertační práce je na základě primárních a sekundárních dat formulovat původní metodiku řízení nákladů vlastního kapitálu. Zdrojem sekundárních dat je rozsáhlá literární rešerše zahrnující zahraniční a tuzemské vědecké studie a databáze. Primární data, na základě nichž byl zkoumán vztah mezi teoretickými přístupy řízení nákladů vlastního kapitálu a podnikovou praxí, byla získána formou dotazníkového šetření od finančních manažerů působících v podnicích se sídlem na území ČR. Data byla zpracována s využitím statistických metod. Výsledky disertační práce přispívají k hlubšímu porozumění vztahu mezi náklady vlastního kapitálu a jejich determinantů a odhalují rozdíly mezi teorií a manažerskou praxí. Navrhovaná metodika řízení nákladů vlastního kapitálu je určená k použití v podnikové praxi a lze předpokládat její další rozvíjení v rámci navazujících výzkumných aktivit.
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A Critical Analysis of Eurozone Expansion Possibilities
Antal, Dominik ; Sághy Estélyi, Kristína (referee) ; Škapa, Stanislav (advisor)
Diplomová práce se zaměřuje na kritickou analýzu rozšíření Evropské měnové unie - Eurozóny, s důrazem na to, které ekonomiky jsou vhodní potenciální kandidáti a podmínky jejich připojení, s pro makroekonomický užitek měnové unie. Práce bere na zřetel rozlišení pohledu na Eurozónu z úrovně ekonomiky členského státu Eurozóny a EU jako celku, a také z makroekonomického pohledu globální ekonomiky. Práce má záměr sloužit jako prostředek pro ekonomické rozhodování na úrovni Evropské Unie zaměří se na racionální zvážení možností v rámci kompetencí a návrhy pro směrování do budoucna.
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The spillover effects of quantitative easing on major emerging economies: the case of South Africa
Kaulinge, Ndilimeke Nelao Mbabyona
In this study, I analyse the potential spillover effects of large-scale asset purchases (LSAP) or quantitative easing (QE) implemented by the US Federal Reserve Bank (US Fed) and European Central Bank (ECB) on the South African economy. To start, I survey the literature and summarize the general themes that arise. The two main themes that I focused on for my research were that QE depreciated global currency rates and raised sovereign bond rates and that strong country fundamentals mitigated against the spillover effects of QE. I highlight the importance of macroeconomic and financial variables in determining the effects of QE, therefore the chosen model incorporates interest rates, credit default swap spreads, debt to GDP ratio, GDP growth, inflation, market capitalization to GDP and credit ratings. I quantify the effects of QE on South African long-term government bond yields and foreign exchange rates using a vector autoregressive (VAR) model, while making use of monthly data from March 2009 to December 2021. I measure the shock of QE using impulse response functions with a 24-month horizon. I found that QE implemented by the US Fed and the ECB significantly affected long-term government bond yields and foreign exchange rates in South Africa, and that they responded more to US QE than to ECB QE. While acknowledging that the model does not account for certain structural and socio-economic issues prevalent in South Africa today, I recommend that policymakers take steps toward developing domestic policies and institutions, maintaining a robust current account balance, reducing energy shortages, and maintaining political stability.
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Monetary policy and income Inequality– evidence from Slovakia
Henein, Joseph
The effect of monetary policy conduct on income and wealth inequality has been widely researched and spiked renewed interest after the introduction of unconventional monetary policy tools. The effect of monetary policy on asset prices channel has been identified as the key determinant of widening the wealth and income distribution In this research, I test the hypothesis if there is an effect of the large-scale asset purchase program by the European Central Bank had any effect on the income inequality in the euro-zone and with focus on the results for Slovakia. The scope of this research is the period from 2014 to 2018, focusing on the income inequality effect for the top 1% of earners, the top 10% of earners, the and bottom 50% of earners. And the effect on the Gini coefficient is tested as well for the effect on the overall income distribution. Through panel data analysis, the study found no material effect of the large-scale asset purchase program on income inequality. The coefficient of the estimation using several estimation procedures was not found statistically significant.
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Reflection of the Czechoslovak Monetary Policy in the thoughts and writings of German-speaking Economist that worked at the Charles-Ferdinand University during 1918 - 1938
Zatřepálková, Hana ; Baxa, Jaromír (advisor) ; Doležalová, Antonie (referee)
The thesis focuses on German-speaking economists, specifically Oskar Engländer, Alfred Amonn, and Hugo Müller, who taught economically oriented subjects at the German University in Prague during the interwar period. Through a combination of historical research and textual analysis of their works, the thesis explores the extent to which these economists expressed interest in the monetary policy of Czechoslovakia and its notable figures, Alois Rašín and Karel Engliš. Additionally, it investigates the predominant themes in their works during this period and provides insights into the potential applications of computer-based textual analysis in the field of the history of economic thought.
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The impact of monetary policy and the housing market in the Czech republic
Šuslik, David
I analyse impacts of monetary policy on housing prices and real household credit in the Czech Republic using structural VAR model identified by Cholesky decomposition. I focus on the period after the financial crisis from 2008, through the period of near zero interest rates from 2014 to 2017 until the end of 2022. I dedicate a chapter to major policy decisions of Czech National Bank in relation to housing market and household credit. My empirical strategy closely follows Bjørnland and Jacobsen, (2010). I identify six economic variables, namely exchange rate, GDP, inflation, interest rate, household credit and house price index. Subsequently I calculate their impact on housing prices and household credit in the Czech Republic. My estimations confirm findings of Robstad, (2018) that house prices respond stronger to monetary policy shocks in comparison with household credit. Yet, another finding is that household credit does not respond to interest rate shock while real house prices exhibit positive response. However, magnitude of this effect is relatively small in comparison with shocks from remaining variables.
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The correlation between the automotive industry output cycle and the business cycle in the Czech Republic
Yin, Shiqi ; Jeřábek, Petr (advisor) ; Merrino, Serena (referee) ; Čech, František (referee)
This paper aims to investigate the correlation between the output cycle and the business cycle of the Czech Republic's core industry, the automotive industry. The paper begins by analysing the volatility of each variable, and finds that the trends of the automotive industry output cycle and the business cycle align, while the automotive industry output cycle keeps lagging behind the business cycle. Secondly, this paper adopts the VAR model to examine the relationship between the Czech automotive output and its macroeconomic indicators, using the real GDP and the Gross Value added (GVA) to represent the macroeconomic situation. The results show that there is a correlation between Czech automotive industry output and the macroeconomy, but the correlation is asymmetric, which means the automotive industry is more sensitive to macroeconomic shocks but has weaker impact on the macroeconomy. Finally, this paper also measures the correlation between the automotive industry and monetary policy (M2) and finds that the monetary policy shows strong stability and independence, which can affect the progress of the automotive industry, but no reverse effect has been observed.
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Macroeconomic consequences of Covid-19 and the role of stabilisation policies
Karhánek, Tomáš ; Holub, Tomáš (advisor) ; Baxa, Jaromír (referee)
The thesis applies panel data analyses supported by vast stream of empirical literature with aim to capture and quantify effects of the monetary and fiscal stabilization policies on the macroeconomic indicators during COVID-19 pandemic, while also comparing effects of UMP and CMP monetary regimes. The results show that both the monetary and fiscal stabilization policies had positive and statistically significant impact on the real GDP growth. On the other hand, the effect of the stabilization policies did not have significant effect on the inflation during 2020-2021. The thesis also presents a small subsample of forecasting utilizing properties of VECM and comparing recovery paths of 3 European countries with different monetary regimes. We also conclude that there is no significant difference between monetary regimes utilizing UMP or CMP in terms of effectivity of the GDP growth stimulus and recovery paths of the macroeconomic indicators. Furthermore, we have concluded that the GDP sectoral composition played an important role in the economic impact on the country as countries with larger share of services suffered larger decrease of the real GDP and countries with large industrial sector faced higher inflation due to supply chain disturbtion. JEL Classification E52, E31, E470, H51, H68, H61...
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The Use of Monetary Policy in the Simulator of Economic Instruments
PŘIBYL, Matěj
This thesis describes monetary policy and the use of its instruments in the modern economy. Monetary policy is a set of tools used by a nation's central bank to control the overall money supply and promote economic growth and employ strategies. The tools used and described in this thesis are for example, open market operations, discount rate and reserve requirements. These tools are used as a solution to random events that happen in a nation's economy. All these events are contained in a script which describes and suggests correct economic instruments to use. The main objective of this thesis is implementing the script into a diagram. The diagram also contains various choices and options to resolve events contained in this diagram. For example, rising inflation is dealt with by increasing interest rates. The output of the thesis will help banks to resolve various economic events and can also be used as a tool to educate students in economy oriented schools.
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