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How True is the True Money Supply?
Vostal, Ondřej ; Svoboda, Miroslav (advisor) ; Hurník, Jaromír (referee)
The Austrian economists hold that the so called true money supply is theoreticaly superior to the classical M1, M2 and M3. Using the data from the Czech Republic I verify in my thesis whether it really could be the case. The true money supply is the sum of the amount of cash and goods (cash equivalents) which could be redeemed during a period not exceeding the horizon specified at a fixed rate known in advance in cash. In addition, most market participants have to think that the amount of cash available for the purpose of such exchange is unlimited. Several true money supplies, that differ in the horizons of the included cash equivalents, are constructed based on the Czech National Bank (ČNB) data spanning the years from 2002 to 2012. For the comparison of the true money supplies and the M an elementary model is used based on the equation of exchange. The main finding is that the indicators don't considerably differ. Thus it seems that the true money supplies and M are practically the same. For all the indicators, however, the estimates of the coefficient of the model are significantly different from the quantitative theory of money predictions. That's why the results are to be interpreted with caution.
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Monetary and Financial Statistics in the Czech National Bank - statistics of monetary aggregates
Barkhanskyy, Kostyantyn ; Brada, Jaroslav (advisor) ; Nejman, Milan (referee)
This work focuses on the problems of monetary aggregates in the Czech Republic within compilation of balance sheet items statistics of monetary financial institutions. The content of this paper comprises the methodological basis for the compilation of monetary aggregates and the overall balance sheet statistics with focus on detailed description of the procedure of compiling of this statistics in the Czech National Bank. The goal is to provide an overview of the methodology of balance sheet statistics, practical aspects of its composition and compiling of monetary aggregates.
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Causality between money and economic growth in Czech republic
Krhovský, Karel ; Hudík, Marek (advisor) ; Janíčko, Martin (referee)
The aim of this work is to explore in the spirit of Monetary Economics various correlations and links between economic growth on the one hand and monetary aggregate M2, credits, government spending and interest rates on the other hand. Using macro-economic aggregates and statistical methods in empirical verification of selected assumptions, however, indirectly we get to the heart of the dispute on its own methodology in economics. Leaned to Milton Friedman's methodological positivism on quarterly data related to CR in the period 1996 - 2008 we will seek to determine to what extent and whether economic growth is affected by excessive monetary expansion and growth of debt. Therefore, the extent to which money was served as a source of economic growth. The data confirmed the expected dependence of GDP on cash variables, however, in transforming the data on first-order difference was the explained variation of models not too high. Inclusion of interest rates in the multiple regression model, the model did not increase the quality and the correlation between economic growth and it has not been demonstrated.
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Monetary policy of The Czech National Bank between the years 1993 and 2008
Foksová, Eva ; Pichaničová, Ludmila (advisor) ; Maleček, Petr (referee)
This bachelor thesis deals with the characteristics of monetary policy of The Czech National Bank between the years 1993 and 2008. It describes the contents of monetary policy, its tools and mechanism. It analyses the development of monetary policy of The Czech National Bank, in particular the development of money stock and exchange rate. In the period of transformation of the Czech economy. It deals with reciprocal compatibility of laid out goals, a disharmony of these goals was one of the reasons for moving to new transmission mechanism of inflation targeting. It inquires into impacts of inflation targeting on the real inflation rate. It summarizes the effectivity of monetary policy of The Czech National Bank considering the laid out goals on the basis of found out facts.
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