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The Comparison of the European Central Bank and the Czech National Bank
Hemerová, Anna ; Svoboda, Roman (advisor) ; Soukup, Alexandr (referee)
In keeping with the theme and typing my thesis on 'The Comparison of the European Central Bank and the Czech National Bank' on the one hand you want to know the status and importance of this international financial institution in the Community, its main tasks in the management of EU policy and not least with the its organizational structure.
At the same time his work also mention the European System of Central Banks and the Eurosystem, as an integral part of the management issues and implementing the policy of the European Union.
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Causes, Impacts and Solutions of Hyperinflation in World
Röschelová, Karolína ; Stará, Dana (advisor) ; Burian, Stanislav (referee)
The aim of this Bachelor thesis is to compare causes, impacts and solutions of hyperinflation in the world. Hyperinflation is the one of three types of inflation which is characterized by a three or more-digit number. This situation affected many countries all over the world, but the thesis focuses on 4 worst cases in history. First, it explains theoretical background of mechanisms of hyperinflation and lists all countries hit by hyperinflation. Then, it analyses the 4 worst cases in history, including at the first place Hungary, then Zimbabwe, Yugoslavia and Germany. In the practical part of the thesis,
I clearly illustrated the division of causes of hyperinflations to political and war, and summarized the most important and interesting facts concerning world hyperinflations. To conclude, I made the final evaluation.
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What is the Effect of Money Supply Changes to the Real Economy of the Czech Republic?
Trnková, Adéla ; Potužák, Pavel (advisor) ; Kadeřábková, Božena (referee)
The thesis analyses in detail the relationship between the money stock defined by money aggregates M1 and M2 and the real GDP in the Czech Republic for period between 1996 and 2015. A long-term relationship between the real GDP and the money aggregate is not found using quarterly time series data. These conclusions are in accordance with the economic theory which does not confirm that money affects level of the real GDP in the long run. Short-term relationship between given variables is also analysed. Results indicate that the growth rate of the money aggregate M1 statistically significantly affects the growth rate of the real GDP in the same direction which is in line with monetary theories of business cycle. On the other hand, any statistically significant relationship for the money aggregate M2 is not found which speaks in favour of the Real Business Cycle theory. The Policy Ineffectiveness Proposition accepted by New Classical Macroeconomists is also tested in the thesis. The issue is investigated for the whole period and subsequently for shorter time from 2000 to 2015 where the uniform monetary policy is applied. Results for the money aggregate M1 imply that expected changes in the growth rate of M1 play important role in the money-output relationship which is consistent with the New Keynesian Macroeconomic theory. Considering the shorter period of time, Lucas' theory seems to be more appropriate explanation. Outcomes for the aggregate M2 provide mixed conclusions which support rather the Real Business Cycle theory. At the end of the thesis, there is a section devoted to the quasi money (one of M2 aggregate components) as a possible source of mixed results.
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The Factors that Influence the Relationship between Money Supply and Inflation
Holoubek, Lukáš ; Jílek, Josef (advisor) ; Štekláč, Jiří (referee)
The aim of the thesis is to evaluate the factors that influence the relationship between money supply and inflation and to determine how these factors show over time. The work is based on the current knowledge of the quantity theory of money based on the synthesis of monetarist and new keynesianism approach. The main starting point of this thesis is the fact that there is a widening of the gap between money supply growth and inflation. In the thesis were observed the factors that influence the money supply, velocity of money and inflation. These factors are for exapmle political decisions, greater concentration of wealth in society, uncertainty in financial markets and the possible impact of the shadow economy and the increasing importance of sharing economy. The result of this thesis was the finding that in case of no significant change in the current system, the widening of the gap between the money supply growth and inflation will continue.
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Vliv měnové konkurence na inflaci
Roček, Tomáš
Roček, Tomáš. Impact of currency competition on inflation. Bachelor thesis. Brno: Mendel University, 2014. This bachelor thesis is focused on the demonstration of the dependence between currency competition and money supply, respectively the development of the index of consumer prices. This bachelor thesis includes different views of various economic schools on inflation, effects of the single currency introduction in euro zone countries, Herfindahl index application to the relevant data and final correlation analysis including the assessment of examined variables statistical dependence.
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Akciové kurzy a peněžní zásoba ve Spojených státech amerických
Hrabec, Vojtěch
HRABEC, V. Stock prices and money supply in the United States of America. Bachelor thesis. Brno: Mendel University in Brno, 2014. This bachelor thesis deals with the relationship between money supply and stock prices in the United States in the years 2002-2012. Stocks markets in this work are represented stock indices Standard & Poor's 500 and the Dow Jones Industrial Average. Money supply is represented by the monetary aggregate M2. Conclusions are drawn from the results of regression and correlation analysis, and at their base are formulated recommendations for investors.
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Monetary developments in the Czech Republic in relation to interest rates
ŠKARDOVÁ, Nikola
The thesis is focused on monetary developments in the Czech Republic. Its main objective is to evaluate this development in relation to interest rates. The theoretical part deals with money market and monetary policy. The second practical part is focused on mapping of monetary developments or specific monetary aggregates, interest rate developments, the amount of credit money and subsequent analysis of the relationship of these variables over the last eleven years. For better clarity, the interest rates and amount of credit money classified according to the type of consumer and type of loan purpose. Statistical data are obtained from the statistical reports of the Czech National Bank
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Deflation: the Austrian School Perspective
Řepík, Martin ; Havel, Jan (advisor) ; Chytil, Zdeněk (referee)
Deflation, today understood mainly as a decrease in price level, is in the eyes of the mainstream economists the threat and danger of the economic development. This view is based on the experience from the Economic Crisis between 1929 and 1933 and later development in Japan. Therefore, the price stability is nowadays comprehended as a non decline in price index; monetary policy actually states the sustainable increase as a goal. The Austrian School of Economics uses the original definition of the words inflation and deflation and defines them as the increase and decrease of money supply. Modern interpretation of these terms means for them a dangerous misunderstanding whose result is misapprehension of causal connections between individual phenomena. This leads not only to incorrect conclusions but, above all, to disruption of the economic system, price and production structure, and development of economic cycles caused by artificial increase in money supply, which brings profit to certain groups.
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The Endogenous Supply of Money. Some Theoretical Implications
Mittner, Jiří ; Jílek, Josef (advisor) ; Chytil, Zdeněk (referee) ; Koderová, Jitka (referee) ; Sedláček, Petr (referee)
This thesis concentrates on the topic of the endogenous supply of money. It describes the basic shapes of the endogenous money theory and analyzes the causes of usual misunderstandings about the nature and behavior of money. We outline the important difference between asset-based and liability-based understanding of money and conclude that although both principles are theoretically applicable, the liability-based approach matches the major volume of real economic transactions. The liability-approach, which we conclude to be more appropriate way of understanding money, leads back to the topic of money endogeneity. We go over to the development of the ideas of endogenous supply of money as they appear over the second half of the 20th century and depict the major contributions in this area. We reference also the Czech academic research and comment the most relevant works. In the second part, the thesis concentrates on two theoretical areas analyzing the impacts of the money endogeneity. We point out at fundamental controversies in the concept of deposit multiplication concluding it to be an unrealistic process in a credit based economy. We conclude that the stock of money is not a directly controllable aggregate, especially not by means of the money base. The other area is the theory of capital and the foundation of the return on capital. We recall the Keynesian topic of the euthanasia of the rentier, develop the microeconomical foundation of the accumulation of capital and conclude that the zeroizing of the interest rate is feasible in a long-run. In the third part we go over to economic history and schools of economic thinking confronting them with the theory of endogenous supply of money. We concentrate on the notorious Smithian criticism of the mercantile doctrine finding the criticism not fully sustainable if we consider the varying nature of money over the medieval period. We analyze the available statistical data of medieval England concluding that the stock of monetary metals had a direct influence on the economic activity of England in the pre-Smithian era thus referencing to a strongly exogenous character of money, while there is no such relation afterwards, when money was becoming more endogenous. We put a next emphasis on the Austrian theory of money, which in many aspects is at variance with the endogenous money theory. We analyze both views on the money circulation and add new comments to the discussion on the foundation of the return on capital. We draw attention to the Mises' idea of Zirkulationskredit (circulation credit) concluding that this concept comes in fact to a common understanding of the money behavior along with the endogenous money approach. We conclude with finding that the theory of endogenous supply of money is a fundamental economical concept with impacts on almost all other branches of economics. This thesis thus contributes to a larger adoption of the endogenous money theory in the economical research on the theoretical as well as on the practical level. Concerning the practical area, the primary interest in adoption of this theory in contemporary macroeconomics is indeed concentrated on the suggestion for economic policy after the 2008 subprime crisis and we extend this thesis also by concluding notes in this issue.
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Analysis of the Offer of Housing Credit
Peter, Karel ; Kolář, Pavel (advisor) ; Hašková, Simona (referee)
The goal of my thesis is to show the possibilities that financial markets offer nowadays in loans area. Interested person has many options to choose from, nevertheless even the basic orientation in these options is difficult. In my thesis I havenť focus only on theoretical princples of function. I have elaborated particular areas to the form of concrete offers, which reader, interested person in a loan, can nowadays get in czech environment. I'm presenting concrete products financial companies and compare them so, that reader can make clear image about quality single products and can indepedently decide, which product is form him the best. Im warning readers on difficulty connected with single solutions, their charges politics and risks.
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