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Vliv monetární politiky na cenu Bitcoinu
Endelová, Kateřina
The diploma thesis deals with the influence of the monetary policy of the Europe-an Central Bank on the price of Bitcoin during the Covid-19 crisis and after it. This relationship is explored using data on monetary policy announcements and Bitcoin returns. Along with announcements, other price determinants are also ex-amined. The OLS regression method is used in conjunction with rolling regression. The results provide evidence that the relationship between Bitcoin and monetary policy is not stable. Bitcoin reacts to announcements at the beginning of the crisis, later announcements are insignificant for Bitcoin. The joint movement of the stock index and Bitcoin indicates the speculative motives of holding this cryptocurrency. At the same time, Bitcoin is not a hedge against inflation and cannot be considered a safe haven.
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Vplyv nekonvenčnej menovej politiky na devízové kurzy
Gáťová, Jana
Gáťová, J. The impact of unconventional monetary policy on exchange rate. Diplo-ma thesis. Brno: Mendel University, 2023 The diploma thesis deals with the impact of unconventional monetary policy on the exchange rate. The literary review deals with the instruments of unconven-tional monetary policy and their specific use by the central banks ECB and FED. The aim of the thesis was to identify the impact of unconventional monetary poli-cy, primarily quantitative easing, on the USD/EUR exchange rate. In the empirical part of the diploma thesis, an analysis was carried out that examined this relation-ship using graphs and a VAR model, from which Granger causality and Impulse-response analysis were subsequently derived. Based on the analysis, the relation-ship between the quantitative easing of the central banks of the ECB, the FED and the movement of the USD/EUR exchange rate was proven.
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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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Bitcoin and the world-systems theory: the case of El Salvador
Černý, Ondřej ; Hornát, Jan (advisor) ; Fiřtová, Magdalena (referee)
This bachelor's thesis revolves around the acceptance of Bitcoin as legal tender in El Salvador and the subsequent reactions from the international community, particularly the United States and the International Monetary Fund. Using the case of El Salvador as a study, the thesis seeks to explore a broader phenomenon concerning Latin America and the potential for Bitcoin to be the key for positive socio-economic transformation in the region. The theoretical part of the thesis delves into the concepts of dollarization and the governance of Bitcoin, in addition to the world-systems theory proposed by Immanuel Wallerstein. Subsequently, the thesis applies these theories to concrete facts and conducts an analysis. The timeframe for this research spans from September 2021, when Bitcoin was officially adopted as legal tender in El Salvador, until the end of 2022.
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Monetárna politika a finančná nestabilita
Bunta, Filip
The diploma thesis deals with the issue of the deflation at the current monetary conditions. The starting point for the identification and differentiation of the ob-served deflationary phenomena in the Japanese and Chinese economies is the comparison of the theoretical approaches of the mainstream and alternative eco-nomics. Using the example of the United States, economic cycle is analysed accord-ing to the concept of the theory of the Austrian business cycle, which is then used in analysing the economic situation of China and Japan in the observed period.
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Forex interventions of CNB in front of the door to Eurozone
Kadlec, Tomáš
Kadlec, T. Forex interventions of CNF in front of the door to Eurozone. Di-ploma thesis. Brno: Mendel University, 2015. This thesis study the foreign exchange intervention of Czech National Bank, launched in November 2013. Under the circumstances have been chosen to use the Marshall-Lerner condition which finds the economy suitable for cur-rency devaluation or not. For reach this goal have been calculated regression analysis with two alternative results for calculating the condition. In the first alternative, full Marshall-Lerner equation, could not be satisfaction of condi-tion proven, but nor was dissatisfaction. In the second one, where was import of Czech Republic calculated with zero value according to regression analysis result, was the condition satisfied. Results have been compared with numbers from United Kingdom and found opposed. In comparison to Slovak Republic was found Czech development of macroeconomic indicators better.
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