Rovnovážný měnový kurz - základní aspekty

This thesis deals with the basic theoretical aspects of exchange rates - the purchasing power parity theory and the theory of interest rate parity. These models are subjected to detailed criticism. The aim is to examine the factors that may cause deviations of the exchange rate from its equilibrium level illustrated by relatively geographically nearby countries (Germany, Austria, Switzerland, Italy, France and Spain). Actual available data are used for analyses. However, sometimes time series don't provide appropriate length of spanned period to make solid judgement. The thesis concludes that the validity of theoretical approaches is largely dependent on the fulfillment of assumptions, some of which are quite unreal. In spite of these drawbacks the purchasing power parity and interest rate parity are essential parts of the theory of (equilibrium) exchange rate.