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The future of central banking in the economic system of developed countries on a basis of evalution of the experience from the last decade
Vilt, Lukáš ; Ševčík, Miroslav (advisor) ; Munzi, Tomáš (referee)
Thesis is dealing with the development of the central banking on the basis of experience from the last decade. Hypothesis is the statement, whether the central banks of the developed economies are increasingly less capable of the effective reactions on the accelerating development of the global economy and their position in the money emission and regulation of the banking sector is and will be more and more weakened by the alternative banking and monetary systems. This hypothesis is successfully disproved because of the behavior of the four chosen central banks which are CNB, FED, ECB and BoJ. The main reason was an increase in their activities and interventions causing among others multiplication of their balance sheets. On the other hand the alternative in the free banking is further from the reality than before. Virtual currencies also did not show threatening growth of the national currencies substitution in the reference period. Thesis also provides insight into new and potentially new instruments of the central banks.
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Why do not central banks target nominal GDP?
Pavlík, Lukáš ; Komrska, Martin (advisor) ; Slaný, Martin (referee)
The purpose of this thesis is to explore the question why do not central banks target nominal GDP (NGDP). I find out with comparison of inflation targeting to NGDP targeting that they are different at supply-side shock but same at demand-side shocks. NGDP targeting at positive supply-side shock let the price level decline vice versa. Inflation targeting always tries keep inflation on the target, no matter what the direction of the supply-side shock is. In the case of comparison NGDP targeting to free-banking system I find out accordance in the question of fluctuation of the price level during demand and supply-side shocks. However these systems differ in the nature of structural problems of the economy. NGDP targeting has disadvantage in this area against free-banking system that it can cause bubbles on asset markets by unven increase of money supply and it can neglect real problems of the economy. Central banks and academic economists mostly agree that NGDP targeting is not suitable mainly due to problems with GDP data quality, threat of instable inflation and troubles with estimation of nature rate of output. In the meantime they prefer inflation targeting even though this monetary regime has showed its weaknesses too.
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Money, banks and competition
Haloun, Martin ; Žamberský, Pavel (advisor) ; Šaroch, Stanislav (referee)
This paper is concerned with theoretical assumptions and consequences of a free banking system. The main theme is critical inquire of Hayek`s notion of creating the system of free banks independent of central bank, which issue differentiated currencies. The main purpose of this system is to force the government institution to provide a currency more stable than it does now. However there are some crucial objections which target the possibility of operating such system in practice. The main theme is further widen by the question about fractional and full reserve banking. Based on the comparison of the different reserve system, there is a notion of a system combining both, but keeping them strictly separated. The foundation of the paper is analysis of money definition from the austrian school point of view. These arguments are applied to the inflation and deflation. The object of research are conditions of existence and consequences of both effects. The inflation analysis is used to describe current system of central institution and the net of commercial banks.
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Aspects of Chinese hyperinflation in 1937-1949
Petrmann, Milan ; Potužák, Pavel (advisor) ; Chytilová, Helena (referee)
This thesis deals with the hyperinflation in China, which took place in the years 1937-1949. At first, author gives comment on the origin of hyperinflation in terms of economic theory. At the beginning change in the banking system is mentioned, which, together with decisions on monetary and fiscal policies have created an ideal environment for the emergence of the hyperinflation. The main subject of this thesis is the period of war with Japan and the civil war, the identification of the changes within the economy and implemented monetary and fiscal policy. The goal of this thesis is to analyze direct or indirect causes of the hyperinflation, and explain its implications and the consideration of its impact on the various sections of the population.
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What is the Way to Price Stability: Centralization or Liberalization of Banking Sector
Koldus, Miroslav ; Kapinusová, Jana (advisor) ; Štěpánek, Pavel (referee)
This thesis seeks to find an optimal structure for the banking sector from the perspective of price stability, defined as monetary prices that reflect consumer preferences. By comparing the common characteristics of central and free banking theories, four key areas will emerge and will constitute a background for comparative analysis. The key argument in the analysis is a comparison of the relationship between money supply and the information capability of monetary prices across both theories. The result of this analysis will be four conditions for achieving price stability, which together will answer the primary question of this thesis: Which of the two concepts offers better guarantees for price mechanism functioning?
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Central bank - advantages and risks of its independence
Čech, David ; Janáček, Kamil (advisor) ; Potužák, Pavel (referee)
This work is about central bank independence and about advantages and risks resulted from this position. The beginnig of the work is about history of central banking in the world and in our republic. The next capture is dedicated to the question of necessity of central banks and it uses especially the work of F.A.Hayek. It also describes his suggestion to implement the competition between private issuers of money. The last and the largest chapter is about central bank independence. After the definition of independence, there is a part concerned types of independence, mainly the legal and the actual one. The level of independence can be usually measured by few indexes. The way how to calculate them is also in the text of this work. Final part of the work is aimed on advantages and risks resulting from the independent status of central bank. The main advantage is represented by elimination of time inconsistency problem, on the other hand the main risk is the absence of responsibility of central bank for her policy.
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