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Bitcoin and the world-systems theory: the case of El Salvador
Černý, Ondřej ; Hornát, Jan (advisor) ; Fiřtová, Magdalena (referee)
This bachelor's thesis revolves around the acceptance of Bitcoin as legal tender in El Salvador and the subsequent reactions from the international community, particularly the United States and the International Monetary Fund. Using the case of El Salvador as a study, the thesis seeks to explore a broader phenomenon concerning Latin America and the potential for Bitcoin to be the key for positive socio-economic transformation in the region. The theoretical part of the thesis delves into the concepts of dollarization and the governance of Bitcoin, in addition to the world-systems theory proposed by Immanuel Wallerstein. Subsequently, the thesis applies these theories to concrete facts and conducts an analysis. The timeframe for this research spans from September 2021, when Bitcoin was officially adopted as legal tender in El Salvador, until the end of 2022.
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Economic crisis in Ukraine: why it has occurred and what to do
Stepanova, Larysa
This diploma thesis identifies major causes and potential solutions of economic crisis in Ukraine. The thesis also provides answers on two research questions: What type of crisis is the current crisis in Ukraine? What are fundamental measures to restore sustainable economic growth in Ukraine? For better under-standing of the impact of financial crisis on economic development in Ukraine was used a comparative analysis of macroeconomic indicators of Ukraine and three other countries with similar economic, geographic, historical and cultural characteristics, which are Poland, Belarus and Latvia. In diploma thesis was introduced Regression analysis of Ukrainian economy based on Romer’s theory.
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Monetary Policy Transmission - Bank Lending Channel and Banking Market Structure. The Case of Georgia, Azerbaijan, and Armenia.
Jvaridze, Tinatin ; Mareš, Jan (advisor) ; Komárek, Luboš (referee)
In the thesis, we examine the bank lending channel and the effect of banking market structure on the transmission of monetary policy in Georgia, Armenia, and Azerbaijan. We employ bank-level data for the period of 2011-2017 to detect if banks with different characteristics react differently to monetary policy shocks. Banking market structure is proxied by three measures-CR5, HHI, and Lerner Index. We estimate two types of models: dynamic (with system GMM) and static (with FE) models. We also consider the effect of dollarization on bank loan supply as well as on monetary policy. We do not find consistent evidence that banks react differently to monetary policy shocks depending on bank characteristics (size, capitalization, and liquidity). Hence the existence of the lending channel is not conclusive. Nevertheless, the results show that monetary policy is less effective in more concentrated markets. This finding is robust in all specifications with both types of models. In this sense, competition is not significant. The results also suggest that dollarization weakens the effect of domestic monetary policy. Keywords bank lending channel, CR5, HHI, Lerner Index, system GMM, dollarization Author's e-mail t.jvarize@yahoo.com Supervisor's e-mail janxmares@gmail.com
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Agent-based modeling of dual currency economy
Vlk, Bořivoj ; Skuhrovec, Jiří (advisor) ; Klinger, Tomáš (referee)
1 Abstract Thesis describes close relationship between Dynamic programming and rein- forcement learning algorithms on the example of a model of a dual currency economy. Dynamic programming is methodology used for deriving equilibria of Search-Theoretic equilibrium monetary models, which provide evidence for emergence of fiat currency or emergence of internationally circulating curren- cies without any human institutions. Particular previously published Search- Theoretic framework of dual currency economy is used as a background for de- velopment of Agent-based Computational model. Both models are compared based on their ability to reach specified equilibria and their assumptions, with the conclusion, that models are closely related and with the same assumptions would have the same results. Agent-based model also provides possibility of relaxing assumptions on perfect information distribution and static environ- ment. In this setting, the model will reach different equilibria, that correspond better to the real human behavior, observed in previously published laboratory experiments. JEL Classification D83, E40 Keywords Agent-based Modeling, Currency, Currency switch, Dollarization Author's e-mail borivoj.vlk@gmail.com Supervisor's e-mail jskuhrovec@gmail.com
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Development of the Bolivian economy in the context of government policy and foreign trade
Dudzich, Viktar ; Šíma, Ondřej (advisor) ; Gevorgyan, Kristine (referee)
This thesis analyzes the development of the Bolivian economy during the presidency of Evo Morales and especially the effects of state legislative measures on different sectors of the economy in Bolivia. The influence of historical, political and social factors on the economic development of Bolivia is examined in this thesis. There are descriptions of the industrial and financial sectors, foreign trade, state social policy, key risks and forecasts about the development of the Bolivian economy. Emphasis is also placed on the interconnections between politics, economy and social sphere.
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Unilateral euroisation in the countries of former Yugoslavia
Šindler, Jan ; Dočkal, Dalibor (advisor) ; Misic, Viktorija (referee)
This bachelor thesis deals with the phenomenon of unilateral replacemet of national currency with euro in Montenegro. It presents different opinions on the topic from various economists, published in academic articles, both in favour and against the euroization. Than it analyses the evolution of euroised montenegrin economy from the introduction of euro to the debt crisis of 2012 and compares it with theoretical assumptions. Base on the data from varios institutions, it concludes that euroization has deepen economic integration with EU and accelerated the devolepement of the country, but also has created numerous vulnerabilities, which lead to the big downswing of the economy after 2008 crisis.
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Dollarized economy of Laos
Komhäuser, Tomáš ; Ondřich, Libor (advisor)
The aim of this bachelor thesis is to find causes of dollarization in Laos.It first briefly describes the main types of dollarization. It further consider experiences with dollarization in Laos in 90's then focuses on the direct causes of dollarization that is inflation and exchange rate and also focuses on the indirect causes that is foreign investments and domestic payment system. In the last chapter evaluates consequences in the form of costs and benefits.
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Euro as legal tender outside the eurozone: the theoretical and legal aspects
Rajchlová, Eliška ; Hnát, Pavel (advisor) ; Jelínek, Tomáš (referee)
The thesis deals with countries that are monetary integrated with the eurozone in another form of monetary integration than monetary union, otherwise than by joining the eurozone. The aim of this thesis is to describe the forms of monetary integration, their legal aspects, advantages and disadvantages and the reasons leading to their creation. Furthermore to create an overview of countries where the euro is legal tender in the form of a currency board or euroisation. Explain the reasons for these countries led to the decision to create these forms of monetary integration. Outline whether this monetary integration is somehow accompanied with economic integration. Describe how the implementation of these decisions took place in individual countries and how it is legaly regulated. Evaluate the influence of the adoption of such measures on the domestic economy of each country. Countries which this thesis deals with are: Bulgaria, Bosnia and Herzegovina, Estonia, Lithuania, Andorra, Monaco, San Marino, Vatican City, Montenegro and Kosovo.
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The Position of the American Dollar in the International Monetary System
Trsková, Lucie ; Stuchlíková, Zuzana (advisor) ; Vondrušková, Barbora (referee)
This thesis discusses the position of the American dollar in the international monetary system. The first part is dedicated to the dollar and its role in the Bretton Woods system, the dollar standard and the current dollar situation. The second part is about the American dollar and its function as a trade and reserve currency. The third part shortly describes the difficulties of the American economy and the future perspectives of the dollar. The last chapter is devoted to a brief prediction of the evolution of the American economy and the influence of that evolution on the position of the dollar within the international monetary system.
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Macroeconomic aspects of dollarization
Kolář, Ladislav ; Taušer, Josef (advisor) ; Černá, Iveta (referee)
The dissertation deals mainly with explanation of the term "de jure dollarization" and confronts the dollarization regime with others. The core of the whole dissertation is to outline the factors which indicate fulfillment of dollarization and the positives or negatives that it brings. It slightly refers to the regional monetary integration in several regions and discovers mutual aspects with the dollarization.
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