Discussion on exchange-rate regimes: Hayek versus Friedman

This bachelor thesis follows up approaches of F. A. von Hayek and Milton Friedman on international monetary arrangements. Analytical part contains research of work of both authors. In Hayek's work, the theory of income chain flows is highlighted first and second, synchronization of growth of export sectors and fall of import sectors across the whole national economy during depreciation is stressed in the flexible exchange rate regime. From Friedman's work those parts are chosen which are consistent with Hayek's theory. Primarily, differences between effects of speculation demand for foreign currency are mentioned. In the synthesis of both approaches, three international monetary systems are defined (international real gold standard, pseudo-gold standard and clear floating). The aim is to choose a system, which is the best for creation of wealth, therefore the one, where prices do not lose their information value. The thesis shows that the system with international real gold standard is the most suitable. Furthermore, the hypothesis that says, that approaches of both authors are compatible, is refused. The last chapter deals with the international monetary perspective of the Czech Republic.