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Unconvential monetary policy adopted by ECB and FED in 2008-2015
Pörner, Marek ; Šetková, Lenka (advisor) ; Ševčíková, Michaela (referee)
The main aim of this thesis is to analyse the accomplishment of the goals set, namely those of the selected unconventional monetary policies approved by the Federal Reserve System and the European Central Bank in response to the last financial crisis. With the FED the attention is focused on Quantitative Easing, whereas with the ECB it is focused on the programmes called Enhanced Credit Support, SMP, OMT and EAPP. Important parts of this thesis are also the explanation of the transmission mechanism of the unconventional monetary policy, the evaluation of macroeconomic impacts of these non-standard tools, the comparison of procedures of the two monitored central banks, but mainly the analysis of selected risks related to those tools. The principal method was an empirical analysis supported by economic studies dealing with the issues mentioned above. In the thesis it was discovered that the individual goals of the monitored programmes were achieved (with the exception of the SMP). With the programme EAPP no conlusion can be drawn because the programme has not been finished yet. Nevertheless, these non-standard tools bring certain risks such as a creation of a bubble in the markets of assets, a redistribution of wealth, a spillover effect, etc. For that reason it will be possible to evaluate the overall effect of the unconventional monetary policies only after a longer time period.
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Economic policy of National front government
Bočák, Jakub ; Szobi, Pavel (advisor) ; Chalupecký, Petr (referee)
The bachelor thesis is focused on economic policy of Czechoslovakia after 1946 up to the rejection of participation in the Marshall plan. Its hypothesis is that development of economic policy was inevitably headed for the transition to a centrally planned economy. At first it focuses on formation of National Front of Czechs and Slovaks which meant a considerable restriction of democracy. After parliamentary elections in 1946 thesis focuses on description of two-year economic plan which was an important instrument of economic policy of the National Front. The last part of thesis describes the circumstances of refusing to participate in the Marshall Plan. The main conclusion of the thesis is that due to political situation was possible other development but transition to centrally planned economy.
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Fed's Easy Money Policy during Alan Greenspan's presidency in Board of Governors (1987-2006)
Mašek, František ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
The main theme of the work is the Fed's monetary policy during the time, when chairman of the Board of Governors was Alan Greenspan. The greatest attention is aimed at the influence of Fed's expansive monetary policy on the so-called dot-com bubble and later mortgage crisis, which subsequently developer into the financial crisis. Through a thorough analysis of many scientific papers written by known economists and my own analysis and evalution I opine that the effect of expansionary monetary policy on the bubble in technological assets and mortgage crisis is rather minor. Fed subordinated all actions to achieve its monetary policy objectives, so criticism of its conducted monetary policy is essentially a critique of these objectives as such. I consider the emergence of new technologies and the so-called theory of feedback as the main cause of dot-com bubble. In the mortgage crisis and subsequent financial crisis as main determinants I consider reluctance of goverment officials strongly regulate activities of investment banks and other investment companies, moral hazard, failure of rating agencies, and federal support for home ownership coupled with the deregulation of the financial sector.
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Journal Katolické noviny between 1968 - 1989
ŠIMKOVÁ, Lenka
This thesis describes, on selected themes in Katolické noviny Journal, how communistic behavior in Czech republic tried to controll public oppinion by abusing its contents. In investigated time period between 1968-1989 is shown, how government policies versus church were changing, as well as Czech state versus Vatican. Separate chapter displaying Biscups life, and how this life was reflected in Katolické noviny. Thesis also describes conteporary government founded and well supported {\clq}qstate church institutions`` operated in Czech Republic and their influence on journal content. This thesis tries to sketch out dilema of state between church relations.
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Strategic Trade Policy in Defence and Security Industry
Neumannová, Pavla ; Žamberský, Pavel (advisor) ; Jiránková, Martina (referee)
The master thesis is devoted to a nontraditional, however, in the todays world to a very current topic, arms industry and its support. The thesis connects the theoretical concept of the strategic trade policy (defined by P. Krugman or J. Brander) to its practical interpretation and application in the defence and security industry. The first chapter explains the strategic trade policy using the Brander Spencer analysis. The topic of the second chapter is strategic industries and this chapter answers the question whether the defence and security industry is a strategic industry or not. The third chapter analyses the possibilities of the support of DSI and compares approaches of different EU member states. The last chapter is devoted to the solution of this problem. The main contribution of this thesis is a new interpretation of the strategic trade policy, analysis of the importance of the defence and security industry and its support and suggestion of practical measures for Czech companies and for the Czech Ministry of Defence.
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Monetary policy of the Central Bank of Russia.
Tyapkin, Andrey ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The subject of the research is the Central Bank of Russia and its monetary policy. The aim of the thesis is to give a definition to Central Bank, to describe the main features of the monetary regulations, to show the main aspects of the monetary policy of the Central Bank of Russia and to make predictions about the future of the Central Bank's policy. The actuality of the topic is very high due to tense geopolitical and economic situation in Russia. In the first part of the thesis, there are general definitions and other information about Central Bank and monetary policy. The other part is dedicated to the main aspects of the monetary policy of the Central Bank of Russia. In the last part of the thesis there are the predictions about the future monetary policy of the Central Bank of Russia with the help of the evaluation and analysis of the expectations about 2015-2017 period.
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Influence of Accounting Policy of Samsung Electronics Czech and Slovak, s.r.o. on the Results of Financial Analysis
Dokoupilová, Barbora ; Pospíšil, Jiří (advisor) ; Vomáčková, Hana (referee)
This Bachelor thesis is focused on an accounting policy of the Samsung Electronics Czech and Slovak, s.r.o., company. Especially, connections between accounting methods and financial analysis of the company are studied. The aim of the thesis is to verify the reflection of accounting policy in resulting values of financial analysis. The work includes two theoretical parts; the first one describes the current state of the art of the company's accounting policy, and the second one presents methods used in the enumeration of financial analysis. Afterwards, described procedures are applied in the following practical part where the analysis of specific accounting methods and the financial analysis calculation of the aforementioned company are proceed. The results are compared with company's five major competitors.
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Exchange rate policy of People's Bank of China under pressure of yuan internationalization
Randl, Tomáš ; Hnát, Pavel (advisor) ; Jedlinský, Jakub (referee)
Chinese economy has reached its export limits and is located in an era of transformation process into new economic model based on domestic consumption and sector of services. Under pressure from foreign entities which require internationalization of yuan as an implementation of free floating exhange rate regime, China must deal with number of problems arising from the process of economic transformation. This thesis examines possible solutions to current problems from the perspective of exchange rate policy of the People's Bank of China.
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