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The Current Account and Balance of Payments: Implications towards the Real Exchange Rate, GDP Growth, Asset Prices and Stability
Clarson, Daniel ; Čech, František (advisor) ; Baxa, Jaromír (referee)
The Current Account and Balance of Payments: Implications towards the Real Exchange Rate, GDP Growth, Asset Prices and Stability Abstract in English In the aftermath of the global financial crisis, large global imbalances among countries' current account have been cited as a possible cause. The real exchange rate emerges as a key policy tool among countries within the research literature and in practice to manage a country's Balance of Payments indicators, despite mixed evidence. In this master thesis, we will construct a vector error correction model for cointegrating relationships utilizing the Johansen's test, using time series data for the US, UK, and Australia for the period 1973-2018. We examined the relationships between the real exchange rate, the current account, the financial account, net reserves, the interest rate, and openness to trade as well as employing Granger Causality tests. In the US, we found relationships between net reserves and both the current account and the real exchange rate. In the UK, the interest rate and the real exchange rate have a cointegrating relationship. In both the UK and Australia, we found a cointegrating relationship with the real exchange rate and current account. We examine the various theoretical and practical approaches towards viewing the Balance of Payments...
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State and development of balance of payments of Germany
Sova, Ondřej ; Hnát, Pavel (advisor) ; Procházková Ilinitchi, Cristina (referee)
This thesis focuses on development of balance of payments of Germany, especially on three important historical periods: the international fixed exchange rate system, the unification of Germany and the adoption of euro. The first part of every chapter is based mainly on an economic theory and serves as an introduction to the topic at the same time. In the second part there is a detailed analysis of the balance of payments accounts as well as an analysis of the balance of payments in general at the given period of time and in relation to the given historical events. The first chapter revolves around the international fixed exchange rate system and describes related phenomena. This chapter is little bit different and serves mainly as a theoretical introduction designed to clarify some important economic theorems which are relevant to the following chapters as well. The first half of the second chapter consists in economic aspects of the unification and focuses mainly on the problematic of capital and salary level. In the second half there is a detailed analysis of the international economic relations of the country. The introductory part of the third chapter concerns the development that led to the common European currency as well as some important macro and microeconomic aspects of the euro adoption. Finally there is an analysis in terms of balance of payments of the new common currency establishment.
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Analysis of bank charges and their financing alternatives
Dušková, Markéta ; Bártová, Hana (advisor) ; Jablonský, Petr (referee)
This bachelor thesis deals with the analysis of bank charges associated with the current account. The aim of the thesis is to find the best current account for students by using two model clients for selected accounts. Another objective is to analyze the possibilities of covering the costs incurred with the use of a current account by means of financial rewards provided by some banks in the current account and by other bank products. The partial objective of the thesis is to verify the hypothesis whether small low-cost banks offer a current account associated with lower bank charges than large banks.
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Multicriteria analysis of current accounts on the Czech banking market
Pacovská, Lucie ; Jablonský, Josef (advisor) ; Kuncová, Martina (referee)
This diploma thesis deals with the analysis of current accounts on the Czech banking market. Its goal is to find the most appropriate accounts for different types of clients. The work is divided into three parts. The theoretical part describes the problem of multicriteria decision making, basic concepts and principles, methods for calculating weight of the criteria and individual methods of multicriterial evaluation of alternatives. The second part is devoted to the description of the currently offered current accounts for individuals and a description of the selected criteria according to which the individual alternatives are evaluated. The last computational part tries to find the most appropriate accounts for those clients. Weights are calculated using the scoring method and DEMATEL method. Subsequently, the best accounts are selected by WSA, TOPSIS, ELECTRE III and MAPPAC. The calculations are made by using MS Excel add-in application Sanna.
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Current Accounts in Monetary Union: The Role of Euro, Fiscal Policy and Financial System
Olešňaník, Tomáš ; Baxa, Jaromír (advisor) ; Švarcová, Natálie (referee)
This thesis examines the implications of euro for current account balances of countries using it. First, we summarize the main theoretical and empirical findings about determinants of current account deficits and possible implications of monetary union. Second, an empirical analysis of possible effects of single currency on current account is presented. We employ time-specific fixed effect estimator, corrected for possible endogeneity between fiscal policy stance and current account deficits. Our results support hypothesis of certain impact on current account balances as such. We also document positive effect of single currency on gross saving and investment rates. Our regression indicates that the role of fiscal balance and financial sector increased with introduction of single currency therefore implying less Ricardian behavior of private sector in eurozone. We further examined eventual break in the relationship between fiscal and current account balances suggesting that eurozone economies tend to become less Ricardian. Powered by TCPDF (www.tcpdf.org)
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Current Account Contract
Kladenská, Barbora ; Liška, Petr (advisor) ; Elek, Štefan (referee)
Current Account Contract The thesis focuses on the matter of a current account. The aim of the thesis is an excursion to the previous legislation, but primarily an analysis of the current applicable and effective legislation of the Czech Republic. The main goal is a comparison of the regulation of a curent account in the Commercial Code with the regulation in the "Payment System Act", since this act brought significant changes to the adjustment of payment systems. The thesis is divided into ten chapters. The first two chapters provide a general introduction of a current account and describes the importance of a current account in an everyday life. Chapter Three presents general legal characteristic of the Current Account Agreement according to the applicable and effective legislation at the moment of thesis handover and also contains the evolution of the related legislation. Chapter Four is dedicated to the subjects of the Current Account Agreement. This chapter offers a comprehensive view on the subject from the perspective of the Commercial Code and the Payment System Act as well. Chapter Five discusses the requirements of a current account. First subchapter contains obligatory requirements, second subchapter consists of facultative requirements, mainly according to the Commercial Code. Chapter...
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Banks and their role in the economy
Forštová, Iveta ; Tichá, Milena (advisor) ; Havlík, Radomír (referee)
This bachelor thesis refers to banks and their role in economy. The aim is to characterize the bank system, central bank, commercial banks and bank system in the Czech Republic and to compare provided current accounts of different commercial banks in the Czech Republic. First, the bank system and its components are theoretically explained, focusing on the function of banks in economy. Furthermore it refers to specific concrete bank products - the current account. The thesis compares current accounts of three commercial banks in the Czech Republic in 2011 and 2012 and evaluates which one is the best for different types of clients.
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