|
|
Independence and Transmission of Monetary Policy in Small Open Economies: The Case of Canada and the Czech Republic
Budinský, Jan ; Havránek, Tomáš (advisor) ; Buliskeria, Nino (referee)
The question of whether a small open economy (SOE) with highly integrated financial markets can shield itself from the influence of foreign monetary policy and preserve its monetary independence has been the subject of extensive research over the last decades. The growing integration of world economies owing to globalization, the impacts of recent global pandemic on them leading to the use of unconventional monetary policies, and the consequent high levels of inflation across the globe have highlighted the importance of further study of this problematic. This thesis focuses on two small open economies from different currency areas, Canada and the Czech Republic, and evaluates the monetary policies of their central banks, concentrating primarily on their independence, secondarily on the transmission mechanism of the respective policies, and also on their foreign exchange reserves. A comparative analysis of these two countries and their monetary policies on such scale and complexity has not yet been made before. The results of cointegration testing of vector autoregression models consisting of three-month interbank interest rates representing the monetary policies of the countries under investigation revealed that both Canada and the Czech Republic exhibited a considerable degree of monetary...
|
|
|
Foreign exchange reserves and their influence on performance of Czech National Bank
Sýkora, Tomáš ; Koderová, Jitka (advisor) ; Šíma, Ondřej (referee)
This bachelor's thesis focuses on foreign exchange reserves, which are closely related to performance of central bank, namely Czech National Bank. Theoretical part sketches out general concept of foreign exchange reserves and how to understand them in a balance sheet. Additionally, it shows their purpose in foreign exchange rate systems which are more detailed described bellow and what influence they have on performance of national bank. Practical part shows a development of foreign exchange reserves of Czech National Bank since 1993. First, due to fixed foreign exchange rate and then since 2013 due to intervention of Czech National Bank, it accumulated a huge amount of foreign exchange reserves in its balance sheet. That was the cause of open foreign exchange position. The thesis analyses the relation between foreign exchange reserves and performance of Czech National Bank, which hugely depends on revaluation differences of foreign exchange reserves. It also focuses on a dilemma, whether it truly is a problem for Czech National Bank to suffer a loss from expected appreciation of Czech Koruna after leaving the intervention obligation.
|
|
|
Foreign exchange risk management and changes of the exchange rate system of central banks
Sixtová, Kateřina ; Witzany, Jiří (advisor) ; Málek, Jiří (referee)
The bachelor thesis is focused on foreign exchange risk management used by households, firms and banks. The thesis deals with how the hedging against foreign exchange risk depends on the exchange rate system in particular countries. The first chapter is an introduction to foreign exchange market and its current trends. The second part consists of management of foreign exchange position by particular participants on the FX market. In the third part of the thesis are described the functions and competence of a central bank involving FX operations. The last part focuses on the exchange rate of czech koruna. The main goal is to give a recommedation to the Czech national bank regarding its future exchange rate system and to analyze of the possible impact of the development of the exchange rate of koruna on participants on the czech FX market. The outcome of the thesis consists of two possible suggestions to CNB, involving the immediate end of the exchange rate commitment or its prolonging until the adoption of the euro.
|
|
|
Foreign exchange interventions as an "unconventional" monetary policy tool
Lörinčík, Tomáš ; Žamberský, Pavel (advisor) ; Jedlinský, Jakub (referee)
The thesis analyses the issue of foreign exchange interventions, discovers its historical conditionality and introduces them to the context of other monetary policy instruments. For the purpose of author`s own research, key event is represented by the last financial crisis which determined significant changes in the basic economic fundamentals of foreign exchange interventions on the global level. Synthetizing publicly available information current trends in the development of this phenomenon were identified. Thesis analyses foreign exchange interventions also from the microeconomic perspective. In this sense, the research subject was presented by central banks of two economies (Australia and Czech Republic) which actively used interventions on foreign exchange market in the past. In order to solve given hypotheses scientific studies and statistical data published by international organizations were used, for example IMF or BIS, but also official reports of central banks
|
|
|
Role of Renminbi in the International Monetary System
Le, Thuy Linh ; Durčáková, Jaroslava (advisor) ; Šíma, Ondřej (referee)
The bachelor thesis focuses on Chinese currency, renminbi, which has been much talked about since the outburst of the financial crisis in 2008, especially in regard with its potential reserve currency status. The main goal of this thesis is to analyze the renminbis internationalization process and its role in the international monetary system. The first part is mainly dedicated to theoretical concepts of foreign exchange reserves, currency internationalization and international reserve currency. In the second half, I firstly analyze the development of global foreign exchange reserves and its currency composition, take a closer look at the process of renminbi internationalization and changes undertaken within the country. Last chapter gives us an insight into different aspects of renminbis current path to reserve currency status. Despite the countrys active approach to internationalization, the current position of renminbi does not reflect the significance of Chinese economy in the world. It is further needed to liberalize capital controls and develop domestic financial system. But there is an effect of exogenous factors, beyond governments control, that could greatly undermine the whole process.
|
|
|
Monetary regimes and global imbalances: the case of China
Nguyenová, Ngoc Anh ; Hnát, Pavel (advisor) ; Žamberský, Pavel (referee)
The thesis deals with the exchange rate policy of the People's Republic of China. The objective is to evaluate the effect of exchange rate policy on the current account balance and the monetary policy. The theoretical part of the thesis outlines basic concepts of the foreign exchange market and relevant theories. The following section deals with the evolution of exchange rate policies. The final part is devoted to the analysis of influence of renminbi exchange rate on current account deficit and monetary policy. When assessing the impacts of renminbi exchange rate on monetary policy, open market operations and reserve requirements of banks can be considered as a vital tool of monetary policy of China. The central bank employs interest rate adjustments as a secondary instrument of the Chinese monetary policy.
|
|
|
The role of the United States dollar as world’s reserve currency since the Bretton Woods monetary system to the present
Schödel, Michael ; Šimíček, Petr (advisor) ; Štekláč, Jiří (referee)
The aim of this bachelor thesis is to analyze the role of the United States dollar since The Bretton Woods monetary system to the present. During the Bretton Woods monetary system US dollar gained the dominant position. It was taken from British pound and is maintained till now. Neither crash of this system in the seventies of the 20th century nor establishment of the common European currency -- Euro, did not end the privileged position of US dollar. In my thesis I deal with advantages and disadvantages of this privileged position for USA and for other countries. Further I analyze the position of the US dollar and USA within The International Monetary Fund and I also compare selected indicators of relevant global currencies. Then I focus on the present biggest currency competitor of the US dollar -- the Euro, and the currency with the greatest potential for the future -- the Chinese yuan.
|
|
|
The influence of the Asian crisis on the position of the Asian Tigers in the current crisis
Bříza, Pavel ; Hnát, Pavel (advisor) ; Jiránková, Martina (referee)
The thesis examines the influence of the Asian crisis on the position of the Asian Tigers in the current crisis. The aim of the thesis is to identify the main reasons due to which these countries relatively quickly overcame the current crisis. The aim will be achieved by comparison of the reactions of Asian Tigers' economic policies on impacts of the Asian and the current crisis. The thesis is divided into three chapters. The first chapter sets out the main causes of the Asian currency and financial crisis, analyzes the course of crisis and its impact on Asian newly industrialized countries. The second chapter describes the economic development of the countries in the period between the crises. Stabilization measures taken under overcoming the Asian crisis are also evaluated in this chapter. Furthermore, the second chapter analyzes the economic policy of Southeast Asian countries, which in response to the Asian crisis began to accumulate huge amount of foreign exchange reserves. The countries contributed with their policies to the deepening of global imbalances, which are related to the emergence of the current crisis. The third chapter is devoted to the current crisis. As in the first chapter, there are explained the main causes of the crisis, described the course of the crisis in the Southeast Asian countries and then discussed the most significant stabilizing measures that helped to Asian Tigers to overcome the crisis.
|
|
|
Analysis of trends in the management of foreign exchange reserves of central banks
Gluhov, Anastasiya ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
This diploma thesis is focused on analysis of foreign exchange reserves of central banks. The first part of the work explains the most important theoretical concepts, that are necessary for further understanding of the topic of the work. This section will also describe the main criteria which determines the optimal level of foreign exchange reserves. It will be also discussed about a new trend that is known as accumulation of foreign exchange reserves and about the sourcrces, the lead to accumulation. The following part explains in detail the concept of reserves currency and tells about the currency structure of reserves. The empirical part will be devoted to the analysis and management of the foreign exchange reserve in Israel.
|
|
|
Relations between balance of payments and exchange rate (analysis and comparison of selected countries)
Toperczerová, Michaela ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
This master thesis examines mutual relations between components of the balance of payments and the foreign exchange rate. The first part briefly describes the structure of the balance of payments and the theory of the foreign exchange rate as a macro-economical variable, which can be seen in many different systems. The next part brings the characteristics of historic and recent economic conditions and challenges of four selected countries: Brazil, Russia, India and China (BRIC). In the empirical part, relations between components of the balance of payments and the development of the exchange rate are analyzed by methods of the linear regression. The time-series consisted of annual data for a period of fifteen to seventeen years.
|
guest ::
