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Currency warfare in civil war: The impact of the weaponisation and targeting of currencies in the Biafran war
Confidence, Jennifer Ezi-Nwa ; Dowd, Caitriona (advisor) ; Ludvík, Jan (referee)
Currency warfare is an actor's use of monetary or military force against an enemy's monetary power. This could manifest in the form of counterfeiting, and currency change, among others. Currency warfare is used as part of a military campaign, either prior to a military conflict or implemented side by side with a military conflict. This kind of warfare plays a crucial role in cutting off the war financing capability of an enemy. Despite its strategic usefulness in military campaigns, our knowledge of currency warfare is poor, even more in internal conflict, because most of the available research focuses on international conflict. For this research, the focus is on civil war to identify how the currency changes by both the government and rebel group (Biafrans) helped to increase or decrease the duration and severity of the conflict. This study on the Biafran war case developed a currency warfare theory for lack of available theory to guide the research. The theory established certain strategic functions; bankruptcy, arms shortage, loss of territory, limited access to foreign currency, hunger and famine, and static conflict zone, as the themes that determine currency warfare's impact on severity and duration. Relying on this, findings indicate that the currency change by Nigeria helped shorten the...
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Deflation and Its Implications for Macroeconomic Stability in Europe
Gorobetchi, Marina ; Ryska, Pavel (advisor) ; Kočenda, Evžen (referee)
The subject of this thesis is the relationship that exists between deflation and the macroeconomic stability of the economy. Much literature has been published on this topic, but there is still a dearth of quantitative research based on strong empirical work. In the present work I have used a set of large panel data composed of 18 countries over 34 years in order to analyze the relationship between changes in inflation and output growth in a more complete and rigorous fashion. I use 3 different econometric models, namely fixed effects, random effects and the generalized method of moments. I chose these models in order to more appropriately examine the contemporaneous and lagged correlation between prices and output of countries. I also introduced foreign direct investment as a control variable to avoid the presence of potential bias. The empirical work presented in this paper leads to several findings. First, there is an insignificant relationship between a country's GDP growth and its deflation rate. Second, the relation between inflation and GDP growth is significant, and this relation becomes even positive when the econometric model is conducted on the data excluding outliers. Third, FDI positively contributes to and is partly responsible for the level of economic growth of the countries...
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Globální finanční krize a měnová politika centrálních bank (příklad vybraných zemí)
Fajnor, Tomáš ; Durčáková, Jaroslava (advisor) ; Ševčíková, Jana (referee)
The purpose of this Master's thesis is divided into two steps. The first step sums up all the relevant theory about financial crises and monetary policies. The second step analyzes not only the past but focuses mainly on the global financial crisis which started in 2007. The cornerstones of this analytical bloc are monetary policies of central banks in China, Venezuela, Denmark and the Czech Republic. Two hypotheses are stated in the beginning of this Master's thesis. These focus on fixed exchange rate regimes and foreign exchange reserves. The analytical part of Master's thesis tries to prove whether these hypotheses can be marked as valid or invalid.
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