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Monetárna politika a finančná nestabilita
Bunta, Filip
The diploma thesis deals with the issue of the deflation at the current monetary conditions. The starting point for the identification and differentiation of the ob-served deflationary phenomena in the Japanese and Chinese economies is the comparison of the theoretical approaches of the mainstream and alternative eco-nomics. Using the example of the United States, economic cycle is analysed accord-ing to the concept of the theory of the Austrian business cycle, which is then used in analysing the economic situation of China and Japan in the observed period.
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Monetary Expansion and Economic Crises: An Austrian Perspective
Jára, Karel ; Průša, Jan (advisor) ; Havránek, Tomáš (referee)
The study of economic crises has been a major topic of interest in economics since at least the Great Depression and it has come to the fore once again after the latest crisis of late 2000s. It has also been one of the key themes for the Austrian school of economics in the form of the Austrian Business Cycle Theory (ABCT), which puts emphasis on monetary factors influencing capital structure of the economy. In this thesis we provide a comprehensive exposition of the distinctive points of Austrian approach to the study of markets, the ABCT's propositions and conclusions and also the most important criticism of the theory and replies to it. The theoretical part is accompanied by an empirical illustration on the economy of the United States of America in the period starting at the end of the latest crisis. Powered by TCPDF (www.tcpdf.org)
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Monetárna politika a finančná nestabilita
Bunta, Filip
The diploma thesis deals with the issue of the deflation at the current monetary conditions. The starting point for the identification and differentiation of the ob-served deflationary phenomena in the Japanese and Chinese economies is the comparison of the theoretical approaches of the mainstream and alternative eco-nomics. Using the example of the United States, economic cycle is analysed accord-ing to the concept of the theory of the Austrian business cycle, which is then used in analysing the economic situation of China and Japan in the observed period.
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Testing validity of the ABCT in case of the Czech Republic between years 1996 and 2012.
Střeleček, Tomáš ; Chytil, Zdeněk (advisor) ; Klesla, Arnošt (referee)
The aim of this thesis is to test the validity of The Austrian Business Cycle Theory (ABCT) for The Czech Republic between years 1996 and 2013 on quarterly data. In the first part, I concentrated on the definition of business cycle and theoretical premises of The Austrian Business Cycle Theory. In application part, I translated the first sector of hypothesis into dynamic models which were then estimated by method called Granger causality. The results show that monetary expansion in any of four previous quarters leads to decrease in monetary interest rate. Concerning mechanism of monetary expansion effect, the crucial are changes of the monetary interest rate in relation to the natural interest rate. I affirmed conformity of the ABCT: monetary expansion changes structure of interest rates and as a result of such shock there is an increase in roundabout productions. The difference between decrease in monetary interest rate and increase in roundabout productions is half a year. Other results were weaker. I have found statistically significant correlation, not a relation of determination, between decrease in monetary interest rate and increase in investments' expenditures. Quantitative methods did not show confirmation of predictions of the ABCT for structure of inflation. Second sector of hypothesis was incorporated into static model which I estimated by ordinary least squares. Results confirmed predictions of the ABCT that at the beginning of economic expansion there is increase in roundabout productions. Additionally, another prediction of the ABCT was confirmed: at the beginning of expansion there is an increase in producers' prices and there is a relative increase in consumers' prices from the second half of expansion. On average, an increase in investment expenditures during expansion was not confirmed. In summary, there is an excessive consumption and there is an excessive increase in production at the peak of economic fluctuation, the economy is pushed beyond its production possibilities frontier. Explanation of the ABCT was not invalidated for Czech economy.
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