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Institutional reforms of monetary policy in Azerbaijan
Guliyev, Farid
Bachelor thesis engages in the institutional reforms of monetary policy in Azerbaijan. The aim of this paper is to describe the institutional reform of the monetary policy of the country and to assess the economic impact of these reforms. Thesis is focused on outstanding situation in country economy and monetary institution building after collapse of the United Socialist Soviet Republics. Author studies transition period of economy from central planned system to free market system, building of monetary authority, independence of central bank and monetary policy performance. In practical part author evaluates the changes in institutional reforms of monetary policy for three different periods of time. The institutional reforms of monetary policy were evaluated by effect on main economic indicators. Based on the data, it is possible to say that reforms had a positive impact on first two analysed periods, however recent reforms did not have expected positive influence.
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Comparison of legal status and activities of the Czech and Slovak central banks
Drobná, Tereza ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
- Comparison of legal status and activities of the Czech and Slovak central banks This thesis describes and compares legal status and activities of two european banks, the National bank of Slovak republic (hereinafter "NBS"), which has became the member of euro area since 1. 1. 2009, and the Czech national bank (hereinafter "CNB"), which has not became the member of this monetary union. The aim of this thesis is to identify identical aspects and different elements in legal status of above mentioned banks and in activites they carry out. Hypothesis of this thesis says that CNB and NBS are very similar in the way of legal regulations but different in activities they carry out. Purpose is to verify this hypothesis and think about possible causes of these similarities and differences in legal status and activities of CNB and NBS. The first part of this thesis deals with the State bank of czechoslovakia which was form in 1950 and which operated in the area of ČSFR just before the establishment of two separate central banks, CNB and NBS. This part is focused on legal regulation which established the State bank of czechoslovakia and which has became an inspiration for these new rising central banks, CNB and NBS. The second part of this thesis targets on the constitutional and legal regulations of CNB and...
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Central Banks' Gold Holdings and Independence
Kamenská, Monika ; Havránek, Tomáš (advisor) ; Teplý, Petr (referee)
In this thesis, we aim to unveil potential relation between gold in the reserves of central banks and the independence of these institutions. As a reaction to several statements of central bank representatives, we assume that gold might be a determinant of central banks' independence. Following these statements, the key contribution of this thesis was defined: to verify these declarations and the general belief of gold's role within central banks' reserves in the relation to their independence, using empirical data. For that purpose, we examine panel data consisting of information from 145 countries between years 1970 and 2012. As for the control variables, economic variables such as GDP per capita, inflation, exchange rate regime, current account to GDP and broad money and political variables from the range of word governance indicators are employed. The regression results of basic model obtained by fixed effects estimation suggest that, indeed, there might be a significant effect of share of gold on the central bank independence index. However, as the results imply negative relation, we cannot confirm if the effect is real due to endogeneity problem. Moreover, the effect of gold reserves on the central bank independence was not confirmed when employing a different estimation technique -...
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Relation between central bank independence and accountability at the example of quantitative easing of the ECB and the Fed in 2005 - 2016
Pýchová, Jitka ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
The thesis deals with relation between central bank independence and accountability. The relation is examined on example of quantitative easing implemented in the period 2005 - 2016 by the European central bank and the Federal Reserve System. From the theoretical and practical point of view the thesis proves that the relation between central bank independence and accountability are influenced by the specification of targets of monetary policy to a great extent. The thesis also proves that the specific definition of both central bank independence and accountability influenced the characteristics of quantitative resp. credit easing. Moreover, such monetary policy can potentially endanger the independence of both central banks in many ways. Thus, the implementation of quantitative easing itself and its potential consequences evidences that the contemporary conception of central bank independence and accountability is insufficient and needs to be reviewed.
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Relation between central bank independence and accountability by an example of Fed and Czech National Bank
Hýblová, Monika ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
This paper compares economical and political independence to a success rate of monetary policy of national banks, on a case of Fed and the Czech National Bank. Based on my definition of independence and accountability based on literature, I show that price stability defined as a main goal is the key factor. If the goal consists of more indicators, there is space for political pressure and the success rate decreases. Some rate of independence is necessary in order to achieve a healthy economy, however, total independence cannot be the target. Accountability then works towards independence as a system of achieving legitimacy, not as a substitute. Public inflation aversion is also considered as an important factor for achieving price stability.
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Central bank independence
Ďurík, Peter ; Baran, Jaroslav (advisor) ; Zetek, Pavel (referee)
Aim of my thesis "Central bank independence" is closer detail of central bank independence as one of the factors influencing macroeconomic stability from the long term. Before particular analysis of central bank degree of independence and macroeconomic values relationship, it is necessary to clarify development of central banking. At the end, there is approximated current position of central bank. The thesis is divided into five interconnected and logically follow-up chapters.
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The Analysis of the Central Bank autonomy of the Russian Federation
Bobrova, Emilia ; Antoš, Ondřej (advisor) ; Ježek, Tomáš (referee)
The aim of this Bachelor thesis is the determination of degree of the Central Bank autonomy in the Russian Federation, which is based on an analysis of the most important determinants of the CB autonomy. In this thesis will be examined the effects of the central banks autonomy are on inflation in the countries and the changes in the position of the Central Bank of Russia for the past few years. The thesis is divided into 3 chapters. The first chapter describes the methods of classification, criteria and indices of the central bank autonomy in the economic theory. The second chapter deals with the economic factors of the central bank autonomy and an inverse relation between the degree autonomy CB and inflation. The third chapter contains an assessment of the current status of the Central Bank of Russia and their monetary policy. In conclusion it is pointed out why the central bank autonomy is a very important factor in the economy and what autonomy has the Central Bank of Russia and how this autonomy affects the rate of inflation in the country.
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Central Bank Independence
Parobková, Martina ; Janáček, Kamil (advisor) ; Havel, Jan (referee)
Téma mé bakalářské práce je nezávislost centrální banky. Práce je rozdělena do čtyř hlavních kapitol. V první kapitole se zabývám druhy nezávislosti, jejím měřením, souvisejícími pojmy jako je kredibilita centrální banky a časová nekonzistence. Druhá kapitola analyzuje studii Alberta Alesiny a Lawrence Summerse, která pojednává o makroekonomických souvislostech nezávislosti centrální banky. Další kapitola se zabývá několika důležitými centrálními bankami ve světě. Poslední kapitola se týká České národní banky. Závěr shrnuje mé poznatky a navrhuje změnu postavení české centrální banky.
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