Měnové války a manipulace s kurzem

World economists and politicians currently use terms currency war and exchange rate manipulation without further elaboration on these terms. In this bachelors thesis I describe the theoretical framework necessary for full understanding of these terms. In the first chapter I briefly explain different exchange rate regimes and in the second chapter I elaborate on different tools which offer themselves to countries wanting to affect their exchange rates. Third chapter is dedicated to currency manipulation itself. In this chapter I discuss the adversities one faces when trying to define or reveal currency manipulation. Furthermore I explore the reasons for waging of currency wars and offer four methods for estimation of the equilibrium exchange rate. In the fourth chapter I analyze three historical periods which can be described as currency wars. During this analysis I provide a few possible fundamental determinants of exchange rates for first and third currency wars. I then utilize the second currency war for an evaluation of a US dollar devaluation in terms of macroeconomic indicators.