The bachelor thesis analyses the problematics of foreign exchange interventions. The aim of the thesis is to evaluate macroeconomic impacts of foreign exchange interventions in the Czech Republic. The theoretical part of the thesis detailly describes tactics, main and operative goals of interventions, as well as the significance of interventions for various monetary systems along with the opinion of economists on foreign exchange interventions. Furthermore, the next chapter is concerned with the... zobrazit celý abstraktThe bachelor thesis analyses the problematics of foreign exchange interventions. The aim of the thesis is to evaluate macroeconomic impacts of foreign exchange interventions in the Czech Republic. The theoretical part of the thesis detailly describes tactics, main and operative goals of interventions, as well as the significance of interventions for various monetary systems along with the opinion of economists on foreign exchange interventions. Furthermore, the next chapter is concerned with the history of interventions in the Czech Republic during the period 1997 to nowadays. Annual reports have been used to analyse the interventions of the Czech central bank. The practical part focuses on the analysis of macroeconomic impacts of CNB and accordingly the VAR model has been built to analyse the impact on the money supply, inflation, and interest rate. The model is built on the assumption that the monetary transmission canal is significant in the Czech Republic and the variables had been chosen in accordance with that. The time series have been downloaded from the databases of ARAD, CSU and CNB. To ensure a robust model the data in the model have a monthly frequency. Data of time series were converted into relative changes using base and chain indices. The importance of the VAR model lies in the impulse-response functions, based on which the macroeconomic impacts of the CNB's foreign exchange interventions will be evaluated. |