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National Repository of Grey Literature 2 records found  Search took 0.01 seconds. 
Vliv měnové politiky na tržní sentiment v době krize
 Winter, Lukáš ; Pavlík, Zdeněk (advisor) ; Cséfalvaiová, Kornélia (referee)
The aim of this work is to investigate the real impact of monetary policies on market sentiment. This work deals with the analysis of monetary policy of central banks of selected countries and focuses on the actions taken by central banks in the years 2008 to 2012, as a response to the global economic crisis. This work defines the global economic crisis as the financial and debt crisis, whose origin is associated with the collapse of U.S. bank Lehman Brothers in 2008 as a reaction to the collapse of the U.S. real estate market. In the theoretical part is defined monetary policy, monetary policy objectives and monetary instruments used. In the practical part of the thesis describes the monetary measures taken by the Czech National Bank and the European Central Bank, as well as a brief description of the two central banks. In the last part of the thesis is examined the impact of adopted measures on market sentiment.
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The central banks' non-standard monetary policy: quantitative easing
 Čáp, Daniel ; Koderová, Jitka (advisor) ; Osička, Štěpán (referee)
The thesis deals with non-standard monetary policies of three central banks throughout the global financial crisis. The reason for using non-standard measures was also liquidity trap when monetary policy becomes ineffective. An important milestone was collapse of investment bank Lehman Brothers in September 2008. The central banks carried out some non-standard measures before the collapse such as the emergence of new or expanding existing facilities. However, after the collapse there was panic at the financial and capital markets and market interest rate spreads rose. Central banks were forced to respond to expanding its balance sheet and reducing the monetary policy rate to zero. The main reason for increasing total assets was securities purchases by central banks. The measure, which is expanding the balance sheet is called quantitative easing. In the thesis I try to describe and compare the non-standard measures (with a focus on quantitative easing) taken by the three central banks (Bank of England, the Fed and the ECB) and answer the question whether the measures are effective and whether they can replace the standard monetary policy.
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