|
|
The monetary policy of the European Central Bank
Šebestová, Kateřina ; Neumann, Pavel (advisor)
The objective of this thesis is to analyse and to evaluate the monetary policy of the European Central Bank (ECB) since the establishment of the European monetary union until the financial crisis in 2008. The thesis is divided into three parts. The first part introduces operating principles of monetary policy, which types of monetary policy exist and which instruments it uses. The second part deals with the process of its establishment and its formal requirements. In the third part, the analytical one, is presented the ECB's monetary policy implementation scheme and the single periods of reducing/raising of key ECB interest rates depending on economic and monetary developments in the euro area are analysed. By virtue of the analysis the ECB's monetary policy efficiency is being evaluated in author's view. The conclusion of this part contains changes in monetary policy instruments during the financial crisis.
|
|
|
Analysis of the development of competencies of the Czech National Bank since 1993 including an analysis of the consequences of the Czech Republic's entry into the eurozone at competencies of the Czech National Bank
Krejčová, Jana ; Zeman, Karel (advisor) ; Řežábek, Pavel (referee)
That theme is very topical because of intense debate about the real possibilities of the Czech Republic's entry into the eurozone. The introduction of the euro in the CR could significantly affect the position of the Czech National Bank, particularly in terms of transfer of competences in the field of monetary policy to the European Central Bank. The theoretical part covers the general theory of central banking. The scope, functions, objectives and instruments of the central bank are characterized in this part. The analytical part is focused on the development of competencies of the CNB from 1993 to the present and on the comparison of main functions, goals and tools between the CNB and the ECB. The European System of Central Banks and the role of CNB in the system before the adoption of the euro are also defined in this part. The main accent is put on changes in the competences and activities of the CNB's monetary policy, regulation and supervision and monetary circulation after joining the eurozone. The aim of this thesis is to analyze the development of competencies of the CNB from the date of its establishment to the present and the consequences of the CR's entry into the eurozone at competencies of the CNB in relation to the ECB.
|
|
|
The adoption of the european currency in Slovakia - aplication for Czech republic
Kolenič, Ondrej ; Jílek, Josef (advisor) ; Drahotský, Daniel (referee)
The diploma thesis deals with detailed description of adoption the european currency in Slovakia. The opening focus is dedicated to the transformation of Czechoslovakian economy, upon which the current monetary policy has been built. Next section depicts Slovak pro-european policy that culminates in entering the European monetary union. The center point of the thesis closely anatomizes changes that the new course of monetary policy has brought and defines benefits and costs of introducing Euro. By means of the analyze, established findings are applied on specifications of Czech republic.
|
|
|
German monetary crisis 1914-1923 - lessons for today?
Kaňka, Adam ; Kollár, Miroslav (advisor) ; Janíčko, Martin (referee)
The work deals with the reasons for the conversion of the German postwar inflation to hyperinflation. Further, it dwells with contemporary unconventional monetary policies, especially with quantitative easing, which shall bring some economies back from the depression to the path of conjuncture. By assessment of this instrument, with regard to the experience from Japan, the work seeks to answer the question whether it is successful or not. At the same time, it argues possible side effects which could, in the case of late start of an exit strategy, cause financial instability. It tries to find out whether the instability could possibly reach such dimension as in postwar Germany
|
|
|
The Economic Situation of the Second Republic
Ráček, Martin ; Doležalová, Antonie (advisor) ; Kunert, Jakub (referee)
The diploma thesis deals with the economic situation of the Second Republic. Second Republic is a sign of the political system in Czechoslovakia between the two occupation, namely from 1 October 1938 to 15 March 1939. The aim of the work is according to analysis adopted economic policies determine what form of state in fact the Second Republic was. Another intention of the work is to identify the objectives of economic and monetary policy and to compare the views of prominent representatives of economic and monetary policy. The work is based on the analysis of archival documents from the archives of the Czech National Bank, the National Archive of the Czech Republic and the Central Statistical Library. It became clear that in the significantly weakened Czechoslovak Republic, in which political regime showed signs of becoming increasingly authoritarian state, since the first days after the Munich Agreement promote both the left and right-wing economic policy recommendations and requirements. One of the key features of the economic situation of the Second Republic was characterized by mutual co-existence of state controlled economy and private property.
|
|
|
Analysis of macroeconomic implications of Czech households indebtedness
Binderová, Anna ; Ježek, Tomáš (advisor) ; Mládek, Josef (referee)
The thesis analyses the rapid growth of indebtedness of Czech households, which have created concerns both among economists and general public. The thesis is aimed not only on development of indebtedness but also on causes of recent developments and structure of indebtedness. The thesis also deals with household savings, which are opposite of debts and according to neoclassical theory are the bottom line of economic growth. Main part of the thesis closely examines impacts of indebtedness upon Czech economy. It tries to describe and assess these impacts using economic theories, which are described in theoretical part of the thesis. International comparisons are an integral part of analysis, without them the analysis would be incomplete. The thesis uses up-to-date statistical data and widely used measures of indebtedness.
|
|
|
Monetary policy of NBS and convergence to EMU
Čačková, Anna ; Durčáková, Jaroslava (advisor) ; KUNZ, Tomáš (referee)
Diploma thesis is entitled Monetary policy of NBS and convergence to EMU. Introductory theoretical section describes the development of monetary unions in the past and the causes of their extinction. Subsequently, it is devoted to the foundation of the European Monetary Union in various stages, of its crisis and transition to the ERM II exchange rate system. It characterizes the nominal Maastricht criteria in theory. Following chapters constitute the practical part of the thesis. Chapters 2-4 discuss the monetary policy of the NBS and its roles and objectives. They outline monetary policy of NBS in the individual periods followed by an evaluation of measures and compliance with the main objectives, such as exchange rate stability, inflation targeting and inflation targeting in ERM II. The last chapter discusses the costs and benefits of euro, their comparison and evaluation of the appropriateness of the timing of entry into EMU. Real convergence is emphasised and represented by GDP per capita, the adjustment of price levels, employment and foreign trade. Nominal convergence is represented by Maastricht convergence criteria and their implementation. The development of various criteria is compared with the countries of V4 -- Czech republic, Poland and Hungary. Finally it summarises the overall functioning of the National Bank in the field of monetary policy, the appreciation of the euro advantages and appropriateness of the timing.
|
|
| |
|
|
The development of central bank's activity in Czech republic since 1989
Divíšková, Lenka ; Zeman, Karel (advisor) ; Koblovský, Petr (referee)
The aim of this thesis is to analyse central bank's status progress in Czech Republic and its functioning with focus on crucial changes in Czech financial framework since 1989. Reason I chose this topic was that we currently find ourselves in financial and economic crisis, behind which occurrence are logically activities of central banks. Theoretical part is aiming to describe general theory of central banking, determination of banking system and scope, functions and instruments of the central bank. Analytical part is going to describe legislative scope of activities of the Czech central bank since 1989 until now at first. Afterwards, I am going to analyse activities' progress of the central bank in two basic areas, i. e. monetary policy and supervision.
|
|
|
Sustainability and the future of managed floating in China
Švarc, Jiří ; Antoš, Ondřej (advisor) ; Ježek, Tomáš (referee)
The purpose of this thesis is to study the Balance of Payments and the Exchange Rate of the People's Republic of China, and it aims to assess whether the current performance of their Managed Floating Exchange Rate is sustainable in the future (given the equilibrium of China's Balance of Payments) and examine what effect would a Free Floating Renminbi Exchange Rate have on the Chinese economy. The work uses the method of compilation - gathering and organizing information on the development of China's External Balance of Payments, renminbi, and foreign exchange reserves. Government, together with the Central Bank initially practiced the Fixed Exchange Rate of the domestic currency against the U.S. dollar. The Stable Exchange Rate regime has been replaced by a system of Managed Floating since the second half of 2005. In this context the work uses the method of comparison -- comparing the situation before the mentioned replacement, and subsequent development. Based on the individual findings, it has become obvious that a significant imbalance in China's equilibrium Balance of Payments continues. Furthermore, the work suggests effects the Free Floating Exchange Rate of renminbi would have on the Chinese economy. The conclusion points out the possible complications of China's currency management that may affect the Chinese economy.
|
guest ::
