Důsledky měnové politiky ČNB v procesu transformace v období 90. let 20. století v ČR

The diploma thesis deals with impacts of Czech national bank's (ČNB) monetary policy on the real economy during the transformation process in nineties of 20th century. The transformation process started by approval Program of national reform ("Scénář ekonomické reformy"). The main objective of the transformation process was to ensure macroeconomics stability with the emphasis on price stability. The consequences of the monetary policy result from the chronological comparison of the economy and the monetary policy development, which I divided into various periods of the 90s of 20th century. The restrictive character of monetary policy provided macroeconomic stability in the first half of the nineties. In the second half of nineties the real economy was negative influenced by inadequate interventions of NB (growth of minimum reserve requirements and growth of basic interest rate). The result of this was the slowdown of economy and its consequent decline. The economy was slightly stimulated by the end of nineties, which was caused by new mode of monetary policy of the NB and new mode of exchange rate. In the conclusion of the diploma thesis I give a brief description of the transformation process on the Hungarian, Polish and Slovak economies.