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Crowns of Czech kings and royal crowns in the Middle Ages
Krupková, Klára Anna ; Royt, Jan (advisor) ; Ottová, Michaela (referee)
Crowns of Czech kings and royal crowns in the Middle Ages The bachelor's thesis deals with the topic of important medieval royal crowns, which played a key role in the European field of political and ecclesiastical events in the context of the Holy Roman Empire. The text is divided into three main sections, which focus on the historical and art-historical view of the crowns. In the introduction, a basic typology is differentiated and the idea of symbolism of crowns during the Middle Ages is closely studied. In the main part, the work focuses on selected European crowns, whose artistic tendencies intertwine and thus complement the idea of then high-quality goldsmith's craft style. The aim of the work is also to point out the perception of a crown at that time, considerably exceeding an image of a physical jewel, a symbol of a monarch and manifestation of power of majesty over a reigned territory. For example, in connection with the Lands of the Bohemian Crown under Charles IV Luxembourg the relation between the land and the crown was evident. Due to easily accessible sources, the work pays special attention to crowns of Czech origin, especially the crown of St. Wenceslas. In this context, the chosen topic is extended by chapters discussing coronation orders, coronation rituals, and the worship of...
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Medialization of the monetary separation and the Czech koruna formation in 1993
Šimečková, Barbora ; Šoltys, Otakar (advisor) ; Lysoněk, Tomáš (referee)
This diploma thesis describes an unexplored field of study - the medialization of the monetary separation and Czech koruna formation in February 1993. The thesis maps Czech media discourse devoted to this theme and answers the question whether the media, through its contents, could contribute to a positive perception and acceptance of this fundamental economic reform that actually completed the dissolution of Czechoslovakia process on January 1, 1993. For this purpose the thesis uses the qualitative research methods, the semiotic analysis and the discourse analysis. The introduction briefly outlines the sociopolitical situation in the country. The theoretical part describes the role of money and monetary policy, the technical preparation of the currency separation, including a new series of banknotes, and outlines Czech media trends after the 1989. The methodological part contains specific objectives, research questions and widely presents the selected research methods. The practical part analyzes media contents devoted to the currency separation in Czech newspapers Blesk (Flash), Hospodářské noviny (Economic Newspaper), MF Dnes (Today), Rudé právo (Red Law) and selected program of Česká televize (Czech Television) in the first quarter of the year 1993. The main outcome of the analysis is a...
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Three Essays on Central European Foreign Exchange Markets
Moravcová, Michala ; Horváth, Roman (advisor) ; Komárek, Luboš (referee) ; Baumohl, Eduard (referee) ; Pappas, Vasileios (referee)
This dissertation thesis consists of three essays on new EU foreign exchange markets (FX), i.e. the Czech koruna, Polish zloty and Hungarian forint. In the first two essays, the impact of foreign macroeconomic news announcements and central banks' monetary policy settings on the value and volatility of examined exchange rates is analyzed. In the third chapter, the conditional comovements and volatility spillovers on new EU FX markets is examined. The aim of this thesis is to contribute to the existing empirical literature by providing new evidence of the examined currencies during periods, which have not been examined yet (after the Global financial crisis (GFC), during the EU debt crisis and during currency interventions in the Czech Republic). The first essay (Chapter 2) examines the impact of Eurozone/Germany and US macroeconomic news announcements and monetary policy settings of the ECB and the Fed on the value of new EU member states' currencies. It is a complex analysis of 1-minute intraday dataset performed by event study methodology (ESM). We observe different reactions of exchange rates in pair with the US dollar on the US macroeconomic announcements and Euro-expressed FX rates on Germany macro news during the EU debt crisis and after it. We also provide evidence of leaking news, showing...
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What is the equilibrium exchange rate of the Czech koruna?
Jančovič, Pavel ; Baxa, Jaromír (advisor) ; Semerák, Vilém (referee)
The aim of this thesis is to estimate bilateral equilibrium exchange rate of the Czech koruna relative to Euro and to determine if the Czech currency is undervalued or overvalued relative to the market equilibrium. We employ fundamental (FEER) and behavioral (BEER) equilibrium exchange rate models, which enables to measure the currency position relative to the market rate. To tackle the uncertainty of the implied equilibrium exchange rates that differ among alternative specifications of the models, we aggregate the estimates via principal components analysis. The perception on the market is that Czech koruna is undervalued, since the intervention regime imposed by the Czech National Bank in the 2013, was defending the exchange rate floor of 27 Czech korunas to Euro. Then, we extend conventional specifications of BEER models for variables representing exchange rate interventions and forward rates offered on the market because both can have protracted effects not only on spot rates but on adjustment towards long-term equilibrium as well. The original models with fundamental factors show equilibrium exchange rate near to 25 CZK/EUR. However, extended models with interventions show higher equilibrium exchange rate, near to 27 CZK/EUR. Thus, there is possibility of slow adjustment near to the...
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The impact of changing exchange rates on Czech companies
Klečka, Michal ; Baxa, Jaromír (advisor) ; Semerák, Vilém (referee)
This thesis analyses impact of exchange rate exposure in Czech Republic on sample of ten Czech companies. Empirical part of thesis builds on Nazl, Kar, Akel (2014) and through market-based approach states significant impact of exchange rate exposure for 40 % of companies. Higher robustness of results was achieved through improvements in the methodology which, contrary to related literature, eliminates endogeneity of market index through instrumental variable. Surprisingly, the correlations between exchange rates and stocks of Czech companies are positive. An alternative model considering ROA of individual companies as dependent variable was used to confirm these results. The resulting impact of exchange rate exposure of alternative model is opposite. This inconsistency of the results of both models is confusing. The sudden change in exchange rate policy of the Czech National Bank in November 2013 did not affect the sensitivity of the relationship between exchange rates and stocks. The reaction of stock market in November 2013 indicates that policy change made by CNB was not entirely expected. Contrary to the related literature, higher data aggregation decreases the significance of the exchange rate exposure, signifying higher ability of Czech companies to reduce exchange rate risk in longer...
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Medialization of the monetary separation and the Czech koruna formation in 1993
Šimečková, Barbora ; Šoltys, Otakar (advisor) ; Lysoněk, Tomáš (referee)
This diploma thesis describes an unexplored field of study - the medialization of the monetary separation and Czech koruna formation in February 1993. The thesis maps Czech media discourse devoted to this theme and answers the question whether the media, through its contents, could contribute to a positive perception and acceptance of this fundamental economic reform that actually completed the dissolution of Czechoslovakia process on January 1, 1993. For this purpose the thesis uses the qualitative research methods, the semiotic analysis and the discourse analysis. The introduction briefly outlines the sociopolitical situation in the country. The theoretical part describes the role of money and monetary policy, the technical preparation of the currency separation, including a new series of banknotes, and outlines Czech media trends after the 1989. The methodological part contains specific objectives, research questions and widely presents the selected research methods. The practical part analyzes media contents devoted to the currency separation in Czech newspapers Blesk (Flash), Hospodářské noviny (Economic Newspaper), MF Dnes (Today), Rudé právo (Red Law) and selected program of Česká televize (Czech Television) in the first quarter of the year 1993. The main outcome of the analysis is a...
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Analysis of the FOREX - case of the exchange rate CZK/USD
Stehlík, Jiří ; Burian, Stanislav (advisor) ; Milan Robin, Milan Robin (referee)
In the first, theoretical part, the Forex is explained, along with its characteristics and basics of technical and fundamental analysis, followed by economic factors affecting the development of currency exchange rates. Second part of this paper, practical part, is developed as a series of experimental trading sessions using demo account. The trades are executed using mainly fundamental data supported by technical analysis. Final part of this thesis evaluates conducted trades and other features discovered during the tradings.
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Analysis of the advantages and disadvantages of adopting the euro in the Czech Republic
Holík, Michal ; Svoboda, Roman (advisor) ; Michal, Michal (referee)
The submitted diploma thesis describes and evaluates selected aspects of adopting the euro in the Czech Republic that membership in the Euro area brings. The analytical part focuses on history which preceded the formation of the euro up to its introduction. Following is a description of the European Central Bank and its activities and organs. This part focuses on the relationship between Czech Republic and the euro which includes the historical events associated with the adoption of the euro in the Czech Republic and especially the National euro changeover plan. The practical part analyses the document entitled Study of the euro introduction impact on the economy of the Czech republic published in 2007, which involves applying the then ideas and opinions of authors to current time, which is greatly influenced by the economic recession, comparing these opinions and thoughts not only with their opponents but especially with the situation in the Slovak Republic, which is already for more than 7 years a member of the Euro area and therefore has a lot of experience with the euro. The second part of the practical part is dedicated to selected aspects of adopting the euro in the Czech Republic which appeared after 2007, after the study was published. The chapter Results and Discussion contains a personal opinion and recommendations of the author. The conclusion is dedicated to a summary of the collected information and the evaluation of these information
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The Comparison of Development of Slovak and Czech Economy
Svobodová, Eliška ; Svoboda, Roman (advisor) ; Michal, Michal (referee)
The diploma thesis deals with the comparison of the development of Slovakian and Czech economy. These countries which together in 1992 are made of a unitary state. The work is focused on their separate economic growth, between the years 1993 - 2015. The theoretical part explains the essence of the various macroeconomic indicators. This part also captures monetary policy which is related to the next chapter - Conditions for having the euro. The main part of the work is to valorize the economic development in the given timeframe. In the begining it is focused on the Czech economy and consequently on the Slovak economy. In tables and graphs for each indicator shown to highest or smallest fluctuations. Included are also the reasons why a given drop / rise occurred. Based on already acquired and calculated data occurs in the next section to compare to the two countries. Economic comparison of these countries are shown in the graph, for each of the macroeconomic indicators. The last part deals with the using the euro in the Slovakian Republic. From the already processeded data are compared to the economic situation that was before and after joining the eurozone. It also identifieds the reasons why the Czech Republic still doesnt have euro. The work even points to the possible impact on the Czech economy after the fulfillment of all convergence criteria.
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Impact of the development of the Czech crown to the export and import of the Czech Republic, focusing on the years 2010 - 2015
Gajdošová, Anna ; Hinčica, Vít (advisor) ; Němečková, Iveta (referee)
The following thesis describes the development of Czech crown, focusing on years 2010 - 2015 and analyse the impact of its progress on the foreign trade of Czech Republic. It contains 5 chapters, 2 in the theoretical part, 3 in the practical part, furthermore 16 graphs and 6 tables. The theoretical part involve the theory of monetary policy as far as the summary of Czech crown development since its establishment, until the end of the year 2009. The practical part applies the outlined theoretical foundations to the real development of the Czech crown and then also in the progress of exports and imports in the main period of time on which the work detail is oriented. The main aim of this thesis is to demonstrate the way the exchange rate of Czech crown affects foreign trade in Czech Republic
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