Důsledky devizových intervencí ČNB na ekonomiku ČR

Czech Republic is currently struggling with the threat of deflation, therefore the CNB has used the foreign exchange interventions to prevent this. The thesis examines the current state of the economy and aims to answer the question whether the depreciation of the crown truly prevent deflation and a possible deflationary spiral. To achieve the objective are used comparison methods, descriptions, observations and analysis, including relational analysis. The theoretical part focuses on the theoretical impacts of depreciation of the crown from a macroeconomic point of view. Furthermore, solves the problem of deflation and for example describes the deflation in Japan. In the practical part I compare the views of the CNB and other alternative views on this situation. In the final part I analyse GDP, export and import, terms of trade, consumption and inflation. Based on this analysis, I conclude that although that there was an improvement of some macroeconomic indicators, we can't ascribe the improvement to the foreign-exchange interventions.