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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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Měnová politika a současná krize: Co lze vyčíst z „minutes“?
Gryčová, Marta ; Hurník, Jaromír (advisor) ; Sedláček, Petr (referee)
Abstract Based on the Romer and Romer (1989) methodology this paper analyzes behavior of the US Federal Reserve System (FED) and the Czech National Bank (CNB) during the recent crisis. It explores minutes and press releases from the meetings of the Bank Board of the CNB and the Federal Open Market Committee of the FED, i.e. on one hand from the side of a small open economy that has been hit mainly through decline in foreign demand, on the other from the side of a big closed economy, in which the recent crisis has originated. It compares reaction in interest rate and adequacy of unconventional measures with a prediction of a simple 'Taylor rule' (Taylor, 1993) and tries to evaluate the adequacy of the overall reaction of mentioned central banks to the crisis.
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US Monetary policy in new millenium: analysis and influences on domestic and global economy
Vaško, Dan ; Neumann, Pavel (advisor) ; Žamberský, Pavel (referee)
This Diploma thesis analyses monetary policy management in USA during the passed decade and proposes some changes regarding the future decision making of central banks. In particular, a considerable deviation of the actual monetary policy from the Taylor rule right before the housing bubble was proved by an econometric model. As a consequence, too low interest rates in this period caused significant higher magnitude of real estate prices. However, it can be said that monetary policy was not the main cause of the creation of this bubble. Regarding the FED's reaction on financial crisis, new perspectives are provided. According to this study, credit risk is thought to have been the main cause of financial stress. This is in contradiction with FED's measures that were mainly focused on lack of liquidity in financial markets. Last but not least, this thesis argues that nowadays, international development should be more reflected in monetary policy decision making.
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Common and different aspects of monetary policy in Austria and Czechoslovakia in the years 1918-1929
Middeldorp, Markéta ; Doležalová, Antonie (advisor) ; Koderová, Jitka (referee)
The main thesis of this paper is to identify and describe the common and different aspects of the monetary policies of Austria and Czechoslovakia in the years 1918-1929, as one of the possible determinants of post-war economic development of both countries. As the successor states to the Austro-Hungarian monarchy both countries faced the same currency problems, although Czechoslovakia was on the winning side and Austria on the losing side, which determined the economic conditions in both countries in their beginnings. To address monetary issues each country had a different approach, while for example Austria experienced post-war hyperinflation Czechoslovakia executed the first wave of deflation. Despite the successes of the Czechoslovak economy in the period under review, only by comparing them to Austria showed that against all odds the economic performance of Austria was better. One of the possible causes was a different implementation of monetary policy, which is the central theme of this paper. Although the two countries are once again "reunited" in the European Union, their mutual relations are still impeded by specific problems whose origins can also be traced to the interwar period.
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History and monetary policy of Banque de France
Hejda, Josef ; Koderová, Jitka (advisor) ; Čech, Tomáš (referee)
This work aims to bring readers the relatively in the Czech Republic unknown issue of central banking in France. During the 210 years-long history of operation of the Banque de France has been quite a substantial development of its legal status and monetary policy, which the author tries to show. As part of this development is also described the participation of France and its central bank in the international monetary integration, in which helping shape this country very much involved. In addition, this work deals with the circumstances and ways of creating a modern French monetary policy making, and being represented by the Banque de France as part of national economic policy as part of a supranational European System of Central Banks. The work complements the analysis of the current state of the French economy from the perspective of the Banque de France.
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Development of European Central Bank´s monetary policy in connection with financial crise
Klíč, Dalibor ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The purpose of the thesis is to analyze monetary policy of European Central Bank during the financial and economic crise. Key issue of the research is to chronologically and virtually examine usage of monetary intruments which ECB dispose of. The thesis is composed of two main parts. Part one focuses on theoretical introduction of ECBs instruments and institutional background. Second part consists of three chapters. First chapter describes application of instruments and its impact on national economies of Euro area. Second chapter analyses implementation of monetary instruments of Federal Reserve System. Third chapter provide comparison of monetary policies of ECB and Federal Reserve System. Paper draws a conclusion from comparison of the implemented policies and tries to give recommendation.
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The impact of monetary policy of the Czech National Bank on economic growth in the Czech Republic in the 90s
Šefr, Michal ; Dočkal, Dalibor (advisor) ; Czesaný, Slavoj (referee)
The theme of the bachelor thesis focuses on the analysis of monetary policy and the research of its effect because monetary policy can heavily influence the behavior of economic subjects. Monetary policy of the Czech National Bank passed in the 90's of significant development, which is described in this thesis. There is no binding precisely defined between monetary policy and economic growth. Therefore the thesis focuses more on signals that the central bank "carries" in the economy and the consequences of their actions. The theoretical part is mainly devoted to the role of the Central bank, its importance and functions. It also describes the tools and aims of monetary policy. It desribes the relationship between monetary policy and economic growth in theoretical way. Analysis of the analytical section is mainly based on empirical -- deductive method. It focuses on actual monetary strategy of the Czech National Bank in the 90's, its development and its implications in the context of economic development in the Czech Republic.
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The effect of monetary policy on the Japanese economy during the 90 years
Čížek, Pavel ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The aim of this paper is to analyze the effects of monetary policy to the Japanese real economy during the eighties and nineties, whichare often referred to as the the Lost Decade. The theoretical part is devoted to the basic description and comparison of selected theories of monetary policy. It focuses primarily on the Liquidity trap, Friedman's monetarism and also deals with the benefits of mainstream economics and Austrian School. The maen finding is analysis of selected data in the Japanese economy sensitive to monetary policy. On the basis of evaluated data shows to what extent the real product influenced monetary policy. As exploration of the data is chosen short-term interest rate at which banks offer loans to investors, share prices, changes in money supply and demand and the development of gross domestic product. The result of the examination is to determine the proportion of the impact of monetary policy to fluctuations in the so-called Lost decade.
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The Influence of Monetary and Fiscal Policy on Business Cycle
Pikhart, Zdeněk ; Czesaný, Slavoj (advisor) ; Rybáček, Václav (referee)
The purpose of this diploma thesis is to examine the impact of monetary and fiscal policy upon business cycle and the long term growth on the example of Swiss economy. The research approach is the analysis of monetary and fiscal indicators related with gross domestic product. Theoretical part explains business cycle theories, which consider cause of economic fluctuations in monetary and fiscal policy and further describes stabilization role of this particular policies and develop relevant problems within it. In practical part there is conducted research of monetary and fiscal influence upon Swiss business cycle with eligible indicators. The final part summarizes the most important knowledge and provides appropriate recommendations to reduce cyclical volatility of the product and to create a suitable economic and political framework for a functioning economy in the long term.
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Spain and the Euro
Vašutová, Helena ; Němcová, Ingeborg (advisor) ; Šaroch, Stanislav (referee)
Spain is one of the founding countries of the European Monetary Union, that adopted the single currency in 1999. The aim of this thesis is to evaluate the overall impact of the Euro on the Spanish economy. The first part briefly introduces Spain's economy. The second part is about the European Central Bank's monetary policy. This part analyses the suitability of the single monetary policy and then examines its specific implications on the Spanish economy. The third part deals with the fiscal policy and the Stability and Growth Pact. This part analyses the impact of the Euro on the public finances.
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