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National Repository of Grey Literature 1 records found  Search took 0.01 seconds. 
Analysis of the impact of currency intervention on financial markets and analysis of speculative activity
 Langr, Matěj ; Dvořák, Petr (advisor) ; Mazáček, David (referee)
Abstract Objective of this thesis is calculation of the speculative position that is held by the subjects of such speculation on appreciation of Czech currency. Thesis inspects the impacts of currency interventions on domestic financial spot and future markets. Thesis also describes development in the speculative capital inflow, which was conducted with support of quantitative and qualitative data extracted from ARAD database, which runs on Czech national bank domain. Calculation were also conducted by the author of this thesis using Bloomberg Terminal data. The results of this study shows that in total 68,2 billion EUR entered Czech financial market in the form of speculative capital, as well as detailed analysis of speculative capital inflow periods and speculative strategies through which the capital entered. It was also discovered that because of the speculative capital inflow, negative deposit interest rates occurred. Impacts on future/forward markets were discovered as well as impacts on spot markets. Thesis also describes the impact on hedging activity of domestic exporters in the period of exchange rate commitment. Also the impact on inter-bank markets were described with the impact on their balance sheet. Czech republic finds itself in the era of massive foreign exchange reserves, since Czech national bank was forced to buy out EUR liquidity, thus fulfilling exchange rate commitment
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