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Theoretical And Practical Aspects Of The Fixed Exchange Rate Regime Applied on Venezuelan Bolivar Between 2003 And 2010
Hőnigová, Nina ; Taušer, Josef (advisor) ; Čajka, Radek (referee)
The Master's thesis analyses the macroeconomic aspects of the exchange rate policy of the administration of president Hugo Chávez Frías in Venezuela in 2003 - 2010. The author focuses first on the comparison of different exchange rate regimes and their compatibility with the commodity depended economies. A special attention is paid to the concept of Peg to Export Price regime (PEP), also called oil standard, of Jeffrey Frankel and its suitability for contemporary Venezuela. The goal of the thesis is to stress that even though the election of a correct exchange rate regime is of great importance for an exporting economy, the success can be achieved only when combining it with an appropriate monetary and fiscal policy. Without an adequate economic policy the regime alone can not provide stability and moderate high inflation.
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The causes of the current economic crisis and its impact on the world economy
Rýdl, Filip ; Jílek, Josef (advisor) ; Mládek, Josef (referee)
The work seeks to analyze the causes and impacts of the current financial crisis. It deals with the theoretical view and definition of financial crisis, along with a brief historical excursion. A significant part of the work is devoted to describe the financial crisis in the United States and in selected, economically important, countries. In the context of the causes of and solutions to the current crisis period are remembered views of different economic schools, which are very different. A significant part is devoted to the description of institutional architecture and function of the financial system. Important part is the description of the functioning of lending money (such interest and regulatory policy), because the author sees in it a long series of "unhealthy" factors, which helped the emergence of a financial crisis. The aim of this work is to give a komplete, non-ideological coloring, look at the biggest financial crisis in modern history.
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Eurozóna jako (ne)jednotná měnová zóna
Pařízek, Jiří ; Pavlík, Zdeněk (advisor) ; Čajka, Radek (referee)
The bachelor thesis analyses current situation in the European monetary union (eurozone). Included are both the classical and modern approaches of the theory of optimum currency area (OCA) and the Maastricht convergence criteria (inflation, long-term interest rate, annual and overall public debt to GDP). These instruments are used to judge the unification of the monetary zone. The theoretical overview of the OCA theory and its development, benefits and cost of a common currency, and a brief history of European monetary integration, are introduced in the first three parts. Meeting the Maastricht convergence criteria is considered a sign that a European country is prepared for joining the eurozone. In the fourth part, their performance in current member countries in the years 1999-2010 is analyzed to show their qualifications for the monetary union. Assessment of the OCA criteria to the eurozone from the classical and modern perspective is then discussed. Finally, the future outlook for the European monetary union regarding the current debt crises is listed.
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Formation attractive investment conditions for foreign investor's on basis development monetary policy (Uzbekistan's problems)
Amonov, Kholnazar ; Tuček, Miroslav (advisor) ; Janáček, Kamil (referee) ; Kmoníček, Zdeněk (referee)
Abstract Attracting foreign investments to the economy in a large scale pursues long-term strategic goals for creating civilized, socially-oriented society in Uzbekistan, which is characterized by a high standard of living based on mixed economy. For stabilizing the economy and for improving the investments climate, it is necessary to take a number of arrangements, which will target on forming general terms of development of civilized market relations as well as on special conditions relating directly to problem solving -- how to attract the foreign investments. When analyzing the investment process in Uzbekistan, it is possible to say that the extent of attracting and efficiency of using the foreign investments on the national level as well on the regional levels very often depends upon the abilities to establish relevant legal and economic conditions within each phase of the development of the society. It is essential for Uzbekistan to try to attract foreign investments, which would help and support the development of the domestic industry and contribute to implementation of advanced technologies. Therefore volume of business exchange between the enterprises with foreign investments and Uzbek enterprises serves as a criterion for evaluation of successful attraction of foreign investments. We assume that positives brought by the involvement of foreign enterprises in the Uzbek market, must lie predominantly in using technologies for processing raw materials, which Uzbekistan is very rich in. Policy of monetary exchange rates is an important part of the reform programs realized in transformed economy of Uzbekistan. This policy is crucial for improvement of relative prices, restoration of price stability and for opening national markets to international business -- markets, which were closed so far. Nonexistent convertibility of domestic currency is a reason for decreasing the volume of investments within the country. It is therefore necessary to introduce liberalization of the monetary market and open a seamless access of the businesses to hard currencies. Issues of investment image of Uzbekistan are closely related to the problem of openness of the national economy, which under the current conditions become extremely meaningful.
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Monetary policy of ČNB and prospects of euro adoption
Hojková, Tereza ; Koderová, Jitka (advisor) ; Petrušová, Martina (referee)
The thesis "Monetary policy of ČNB and prospects of euro adoption" focuses on assessment of current monetary policy of the Czech National Bank its role in the process of preparation for the adoption of the single European currency and the Czech Republic's preparations for joining the European Monetary Union. The second part deals with the monetary policy of the Czech National Bank in connection with the entry into the European Monetary Union and its alignment with the monetary policy of the European Central Bank. The third section examines the impact of financial crisis on the monetary policy of the Czech National Bank, and development of economy of the Czech Republic in comparison with the European Monetary Union.
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Monetary policy of the ECB and the CNB since the creation of the euro area: convergence or divergence?
Vránová, Veronika ; Janíčko, Martin (advisor) ; Kubíček, Jan (referee)
The thesis is based on the assumption that, given the expected adoption of the euro in the Czech Republic, there should be a convergence also in monetary policy. The aim is to compare the final impact of monetary policy of the ECB and the CNB on the monetary indicators - inflation, interest rates and the exchange rate since 1999 and, consequently, to assess their convergence using simple statistical models. Concerning the thesis composition, the introductory section briefly describes the historical development of the euro area, which allows a better understanding of its initial composition and the nature of the EMU. Subsequently, the paper deals with the actual monetary policy of both central banks. It outlines institutional arrangements, objectives, strategies and instruments, which shaped their activity. Further, some convergence issues are presented. Final part focuses on the comparison of selected indicators and their assessment of convergence within euro area and the Czech Republic.
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Financial stability in terms of the Czech republic
Hustolesová, Lucie ; Čermáková, Klára (advisor) ; Sedláček, Petr (referee)
This bachelor thesis is supposed to evaluace financial stability in terms of the Czech Republic. To evaluace financial stability, I adopted three criterions from the economist Frederic S. Mishkin, which are in correspondence with financial stability's assumptions of the Czech national bank. These criterions are 1. the price stability, 2. the coordination of monetary and fiscal policy and 3. the bank sector supervision. I use tools of regression analysis as well as datas international comparison. I evaluate all three assumptions gradually and consecutively I draw a conclusion about financial stability of the czech economy based on the criterions' state of fulfilment.
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Monetary policy of the U.S. central bank and its impact on U.S. economy
Pozděchová, Lenka ; Koderová, Jitka (advisor) ; Dohányos, Vojtech (referee)
The aim of this thesis is monetary policy of the Federal Reserve during the global financial crisis and its impact on the U.S. economy. Intensively carried out the financial crisis in 2007 - 2009. At that time, the Fed has created several tools to support liquidity of depository institutions and primary dealers, which are represented mainly by investment banks and other businesses, such as money market funds. The balance sheet of the central bank has fundamentally transformed. Securities accepted in open market operations have expanded and amount of the balance sheet has increased several times. Operations that change size of liabilities and composition of assets are called quantitative easing. After the interventions of the U.S. central bank the financial markets stabilized and Fed set aside some of the new tools. From December 2007 to June 2009 was the U.S. economy officially in recession. Since then has economic activity been growing but only very slowly.
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Business cycle in Slovakia 1993-2009
Lipka, Vladimír ; Czesaný, Slavoj (advisor) ; Halás, Vladimír (referee)
The thesis deals with monitoring and analysis of the economic cycle in Slovakia between 1993 - 2009. Its aim was to assess the impact of fiscal and monetary policies on the economic cycle. Both policies should cooperate with each other and create a favorable environment for economic development. The goal of the monetary policy should be securing currency stability. The fiscal policy should aim for stable development in public finance. The thesis consists of five parts, which intersect each other. The first part explains the theoretical foundations of the economic cycles. It is followed by a chapter, in which different Slovak economy phases of the economic cycle are analyzed, with the help of indicators of internal and external balance, demand and supply side of GDP and indicators of monetary conditions. Work also includes an assessment of Slovakia's entry into the EMU in terms of revenues and expenses. This part is also focused on the process of nominal and real convergence of the Slovak economy before adopting Euro. The penultimate part of this thesis deals with a comparison of business cycles of V4 countries. The conclusion is focused on forecasting the economic development of the Slovak economy in 2011.
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