Analýza trendů v řízení devizových rezerv centrálních bank

This diploma thesis focuses on the analysis of foreign exchange reserves of central banks. In the theoretical part the foreign exchange reserves are discussed according to the historical development and there is also shown the relationship between foreign exchange reserves and the exchange rate system. The work deals with the impact of foreign exchange reserves on the conduct of monetary policy as well. Furthermore, the thesis focuses on the role of reserve currency and on the impact of foreign exchange reserve holdings on the central bank, in terms of costs and revenues resulting from the foreign reserves. The importance of international reserves is hereafter analyzed in terms of macroeconomic equilibrium and a great deal of attention is paid to the relationship between foreign exchange reserves and the net international investment position. In the theoretical part the discussed questions are illustrated by examples of specific countries and on real economic data as well. The last part of the work deals with the empirical analysis of the evolution of foreign exchange reserves in the comparable three Central European countries in detail - Czech Republic, Poland, Hungary.