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Kurzová politika ČNB v období ekonomické tranformace
Špecián, Petr ; Taušer, Josef (advisor) ; Cibulková, Iveta (referee)
Práce je centrována na kurzový vývoj české koruny v letech 1993 až 1997, zejména pak na související politiku ČNB. Ústřední téma je uvedeno stručným teoretickým rozborem problematiky měnového kurzu a zasazeno do širších historických souvislostí. Samostatná kapitola je věnována i počátkům transformace před rozdělením Československa. Závěr je věnován shrnutí tématu a zhodnocení zkoumaného období i úspěšnosti zásahů centrální banky.
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The function of the exchange rate mechanisms ERM II in the Czech Republic's accession to the euro zone
Vaníková, Lenka ; Blahová, Naděžda (advisor) ; Brada, Jaroslav (referee)
The object of this thesis is the revision of the exchange rate mechanisms ERM II from the point of his effect on the Czech Republic's integration process. In this thesis, there are analyzed benefits and risks cussed by ERM II participation and inferred conclusions relevant for the Czech Republic. This thesis is moreover dealing with hypothetic run of the participation of Czech koruna in ERM II and its incidence on fulfillment of exchange rate criterion. Except that there are analyzed reasons for current negative attitude of Denmark, Great Britain and the Northern Ireland and Sweden to third period of the Economy and monetary union.
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Hedging
Procházková, Petra ; Dvořáček, Jiří (advisor) ; Smolák, Pavel (referee)
This thesis describes hedging transactions against foreign exchange rate risk which is a significant problem for a number of domestic companies trading with foreign partners. The objective of this paper is to characterize possible ways to eliminate or minimize a foreign exchange rate risk and to assess effects on economic results and liquidity of the company arising from the use of hedging instruments compared to the situation without hedging transactions. The practical analysis is shown on two Czech companies exposed to a foreign exchange rate risk. The analysis is focused on currency forwards negotiated with the bank and natural hedging in connection with an application of a hedge accounting.
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Efektivnost inflačního cílování v tranzitivních ekonomikách, případ České republiky
Chytilová, Helena ; Sedláček, Petr (advisor) ; Halás, Vladimír (referee)
This paper examines Czech experience with inflation targeting. It tries to assess empirically character of deviations from inflation targets throughout the time. It assess situation also in an international context. Consequently it analyse ability of IT regime to anchor inflation expectations in context of CNB?s forecasting performance. Results imply that although deviations were quite frequent in the Czech Republic, their occurrence has not been a barrier for delivering lower inflation and its lower volatility. Notwithstanding, its volatility remains significantly above the range experienced in the EU and the EMU countries. Regarding the inflation expectations, monetary policy surprises tend to be smaller over time,signalising that IT regime is priced by the markets. Thus, credibility of the CNB, concerning anchoring of inflation expectations, seems to improve after introduction of IT regime. It also indicates that IT regime is a quite appropriate regime for the upcoming period of time, which will be end up by the entry in the EMU.
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Purchasing Power Parity in Transition Economies
Dúbravská, Pavla ; Taušer, Josef (advisor) ; Kambová, Anna (referee)
The goal of this diploma thesis is to assess purchasing power parity (PPP) under the conditions of transition process. The thesis provides a survey of the purchasing power parity theory and concentrates on the relative version. It outlines main causes of possible deviations and modifications of the model. In the empirical part four transition economies are tested for the PPP theory: the Czech Republic, Hungary, Poland and Slovakia. The diploma thesis concludes with analysis of the role of the exchange rate under conditions of a small open economy. The overall analysis is implemented within the context of real and nominal convergence towards European Union and future accession to the European Monetary Union.
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The usage of derivatives in order to hedge th exchange rate risk
Vrubel, Tomáš ; Taušer, Josef (advisor) ; Štěrbová, Ludmila (referee)
This thesis proposes to the reader the solution of how to quantify and later eliminate the exchange rate risk using the zero cost option strategies. First chapter is dedicated the conception of the exchange rate risk, to its structure and the potential elimination of the sub- risks. Second chapter deals with the methods of quantification of the exchange rate risk. In this chapter a traditional method and Value at risk are mentioned. Third chapter defines the terms- derivative, option, main option positions, factors influencing the option premium and its importance via making option strategies and taking decisions whether to hedge or not. Last chapter uses all the pieces of knowledge in practice. Several zero cost strategies are shown here also with the illustrative examples.
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