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Velocity of money and its relevance for monetary policy
Boháčik, Ján ; Koderová, Jitka (advisor) ; Metrah, Samy (referee)
The thesis discusses some issues on the topic of money velocity. Its goal is to summarise theroretical contributions in this area, which are followed by a practical application through the monetary analysis of the Slovak Republic from 1993 to 2000. The theoretical part involves the first approaches to money velocity, explanation of the quantity theory of money and monetarism and their critique. It also describes the monerary transmission mechanism. The practical application part evaluates the impact of the stability of money velocity on the decision of the National Bank of Slovakia to abandon monetary targeting. It also focuses on the other variables that influenced monetary policy execution. The last chapter is devoted to the importance of money velocity if the central bank uses inflation targeting as its policy.
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The analysis of the Slovak currency evolution from its origin up to the adoption of the euro
Halásová, Brigitta ; Čajka, Radek (advisor) ; Kalínská, Emílie (referee)
The bachelor thesis describes the evolution of the modern Slovak crown since its inception in 1993 to the adoption of the euro in 2009. It includes the evolution of the currency rate during the transformation process and ends with the crown as a part of the ERM II exchange rate mechanism. After that it focuses on the issue of fulfilling the convergence criteria and the necessary preparation that preceded the euro. At the end, the attention is paid to a few basic effects of the currency replacement that can be observated so far.
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Monetary policy of NBS and convergence to EMU
Čačková, Anna ; Durčáková, Jaroslava (advisor) ; KUNZ, Tomáš (referee)
Diploma thesis is entitled Monetary policy of NBS and convergence to EMU. Introductory theoretical section describes the development of monetary unions in the past and the causes of their extinction. Subsequently, it is devoted to the foundation of the European Monetary Union in various stages, of its crisis and transition to the ERM II exchange rate system. It characterizes the nominal Maastricht criteria in theory. Following chapters constitute the practical part of the thesis. Chapters 2-4 discuss the monetary policy of the NBS and its roles and objectives. They outline monetary policy of NBS in the individual periods followed by an evaluation of measures and compliance with the main objectives, such as exchange rate stability, inflation targeting and inflation targeting in ERM II. The last chapter discusses the costs and benefits of euro, their comparison and evaluation of the appropriateness of the timing of entry into EMU. Real convergence is emphasised and represented by GDP per capita, the adjustment of price levels, employment and foreign trade. Nominal convergence is represented by Maastricht convergence criteria and their implementation. The development of various criteria is compared with the countries of V4 -- Czech republic, Poland and Hungary. Finally it summarises the overall functioning of the National Bank in the field of monetary policy, the appreciation of the euro advantages and appropriateness of the timing.
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