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Inherent instability of financial markets
Hladík, Jan ; Buben, Radek (advisor) ; Znoj, Milan (referee)
The main aim of this presented diploma thesis is to help build a systematic understanding of the political and social foundations of global financial markets, their operations and impacts on the global power affairs. The thesis highlights the dynamic complexity of the post financial crisis state of the World with its itra- and inter-social features. It instrumentaly uses critique of a free market agenda and neo-classical economy which contrasts the Efficient Markets Hypothesis with Hyman Minsky's Financial Instability Hypothesis (FIH), taking into account the dynamic complexity of financial markets. This approach offers analytical tools that can account for crisis through processes endogenous to contemporary financial capitalism. I shall argue that a financially complex system is, according to the FIH, inherently flawed and unstable. After a theoretical and historical review, the thesis discusses various aspects of the process of austerity regime and its social consequences. This provides an opportunity for analyses of the ongoing existence of interstate competition, of militarised foreign policy, and of other international, at times violent conflicts. In an effort to make sense of some of these phenomena, I instrumentaly use the study of geoeconomics that builds on some fundamental assumptions...
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Significant economic events from perspective of U.S. balance of payments and its specifics
Trampota, Simon ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
The primary aim of this bachelor thesis is to acquaint the reader with the U.S. balance of payments, to become familiar with its specifics and then with its help to interpret the impact of key events. The thesis is divided into three main chapters. First chapter is focused on the theory of the balance of payments and its individual accounts. Second chapter deals specifically with the U.S. balance of payments. First the attention is paid to the overall development followed by a mention of the relationship between public debt and current account deficit. This chapter also includes the issue of the U.S. dollar in the position of the main reserve currency. Ending of this chapter is connected with the theme of global imbalances and the paradox of the U.S. net international investment position. The chapter three is made up of individual events, included are also their causes and consequences. The most space is devoted to the subprime mortgage crisis and financial crisis. The main purpose of the final chapter is to provide perspective on these events through the U.S. balance of payments.
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Yuan as a world currency
Král, Martin ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
The aim of this thesis is to answer the question of whether the Chinese currency fulfills prerequisites for becoming another reserve currency alongside the already used reserve currencies and whether the Chinese authorities are able to ensure necessary changes for a smooth transition to a new monetary regime. China has already made a series of steps in this direction. The previous question will be answered accordingly. The first section of this paper summarizes general knowledge about world currency, its functions, features, and its position in the world economy, with the advantages and disadvantages accruing to the world currency issued by the state. There are presented factors that are prerequisites for internationalization of the currency. The second part deals with the Chinese currency and factors such as the size and openness of the Chinese economy, the analysis of the Chinese financial market, the exchange rate system and the convertibility of the yuan, which affects international currency status. The conclusion evaluates prospects for the yuan to achieve the statute of the world's reserve currency.
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The swiss franc as a reserve currency
Sabo, Roman ; Durčáková, Jaroslava (advisor) ; Doležal, Jiří (referee)
This bachelor thesis deals with the real and potential status of the swiss franc as a reserve currency. For this aim it compiles the present knowledge and opinions on the issues of foreign exchange reserves, their adequacy and reasons for possessing them. It further summarizes the advantages and disadvantages associated with issuing a reserve currency and the criteria it should satisfy. The swiss franc does not meet all the criteria. Relatively small size of Switzerland's economy undermines its potential to be used on the international scale. The current account and the balance of payments have been generating surpluses for a long time. The current exchange rate floor against the euro shows that Switzerland is not willing to suffer the negative aspects of issuing a reserve currency.
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The Japanese yen in the composition of international foreign exchange reserves
Vařenka, Marek ; Durčáková, Jaroslava (advisor) ; Mandel, Martin (referee)
This bachelor thesis mainly aims to characterizeofficial foreign exchange reserves, the reasons for holding reserves, its composition, optimal size and historical development.Impacts of balance of payments and foreign exchange rate regimes are also mentioned. Among other reasons for foreign reserve accumulation, foreign exchange interventions are very important and relatively frequent use of foreign exchange holdings in Japan, therefore there is included one whole chapter dedicated do them. Currencystability,well developed financial markets and other factors are necessary conditions for currency to play a role as a reserve currency. These conditions are listed in the chapter Reserve currency. Recent and also historical development of currency composition of the foreign currency reserves is specified in the last chapter.
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Development of the common European currency and its comparison with US dollar
Jeníčková, Radka ; Neumann, Pavel (advisor) ; Nováková, Jana (referee)
The thesis is based on the historical background of realisation of Economic and Monetary Union (EMU) in Europe which has led to the introduction of a single currency: the euro. Subsequent comparison of the euro-dollar deals with their particular roles in selected segments of the global economy and tries to put these facts into context. The aim of this thesis is to provide an overview of the current tendency and predict possible future development of the position of the world currency.
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The role of the US dollar as a global reserve currency and major currency in international trade
Škodáčková, Marcela ; Mandel, Martin (advisor)
Bretton Woods established a system of payments based on the dollar. Despite declining value in time, US dollar still plays an important role in foreign exchange markets and in in-ternational trade. This bachelor thesis examines the status of the U.S. dollar as a global re-serve currency and major international currency across several key areas. Dollar dominates in foreign exchange markets (foreign exchange intervention), in banking (reserve accumula-tion), in trade or financial transactions and it is mostly used as monetary anchor. Since 1970s, American dollars has been held by foreign institutions outside the United States. Herewith, a new element in the global economy -- Eurodollars -- arose. Eurodollar deposits are attractive for investors because they are free of most regulatory burdens imposed by U.S. authorities. The emergence of the euro as a major currency and global competitor fuelled the debate over the dollars international role. Accordingly, there are some predictions whether euro or some supranational currency might in the future rival or surpass the dollar as the world's reserve and major currency in international trade.
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Role of the Dollar in World Economy
Křivan, Jan ; Neumann, Pavel (advisor) ; Hnát, Pavel (referee)
Práce analyzuje postavení amerického dolaru ve světové ekonomice, a to jak z hlediska historického, tak i ze současného pohledu s výhledem do budoucnosti. Práce má tři základní části. První se zabývá historií mezinárodního měnového systému ve vztahu k americkému dolaru, druhá část představuje, podle jakých hledisek lze měřit pozici světové měny a jaké faktory vedou k výběru určité měny pro mezinárodní účtování, třetí část pak rozebírá z různých úhlů pohledu současné postavení dolaru a předkládá k úvaze možné scénáře budoucího vývoje mezinárodního měnového systému.
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