Exchange rate as an unconventional tool of monetary expansion on the example of The Czech Republic

Informace o vysokoškolské kvalifikační práci

Název práce:
Exchange rate as an unconventional tool of monetary expansion on the example of The Czech Republic
Autor práce:
Purnochová, Barbora
Typ práce:
Diplomová práce / Master thesis
Vedoucí práce:
Brůna, Karel
Osoba oponující práci:
Kučera, Lukáš
Jazyk práce:
English
Abstrakt:
Recent crisis and economic recession caused in many countries problems with drop in inflation and overall downturn in economic growth. The Central Banks found themselves in so called zero lower bound. This thesis describes the situation of deflation, zero lower bound and liquidity trap. These conditions called for the use of alternative monetary policy tools. The main goal of the thesis is to evaluate the use of foreign exchange rate intervention as unconventional tool in a small open economy with inflation targeting regime represented by the Czech Republic in the analytic part. Thesis examines other non-standard instruments and provides reasons for the Czech National Bank decision. The analysis shows the complexity of the issue and provides the evidence that exchange rate commitment was not displayed to the desired price level. The tool could lead to expected repercussion, but the effect is impacted by factors, which Central Bank cannot control. The effect of the CB way to fight the decreasing inflation will be better shown after the CB exit from the commitment.
Klíčová slova:
Exchange rate intervention; unconventional tool ; central bank

Informace o studiu

Studijní program a Studijní obor:
Finance a účetnictví/Finance
Typ studijního programu:
Magisterský navazující studijní program
Jméno přidělované hodnosti:
Ing.
Instituce přidělující hodnost:
University of Economics, Prague
Název fakulty:
Faculty of Finance and Accounting
Název katedry:
Department of Monetary Theory and Policy
Instituce archivující a zpřístupňující VŠKP:
University of Economics, Prague

Informace o odevzdání a obhajobě

Datum zadání práce:
19. 2. 2015
Datum podání práce:
30. 9. 2015
Datum obhajoby:
04.02.2016

Soubory ke stažení

Hlavní práce:
51380_xpurb00.pdf [1,60 MB]
Oponentura:
45655_xkucl21.pdf [143,61 kB]
Hodnocení vedoucího:
51380_bruna.pdf [202,18 kB]

Údaje ze systému InSIS

Identifikátor:
https://insis.vse.cz/zp/51380/podrobnosti