Impact of the Quantitative Easing on the Performance of Selected Central Banks in 2008–2019

The aim of this thesis is to analyze the impact of relatively long-used quantitative easing policy (QE hereafter) on the performance of four particular central banks, mainly in the period after the global financial crisis from 2008 to 2019. Pre-defined hypotheses predict the impact of such unconventional monetary policy, within the partial focus on individual counterparties of central banks – governments and other entities – e. g. commercial banks), while an identical impact of the QE on the economic results and performance of all monitored central banks is estimated. To evaluate hypotheses and get final results, author works especially with financial statements and several indicators time series, created for the period 2004–2019. In addition, to the basic theory of central banking and monetary policy, the thesis includes also information on other interesting areas, such as the development of central bank independence and other possible variables, which could also influence central banks performance. In general, the thesis deals with a topic, which is rather less discussed among other authors within the central banking theory. Thus, the introduced analysis of the QE and its impact on the central banks financial results is in this form innovative kind of research. Based on reached results, all predefined hypotheses are falsified. It is proven, that the QE had a specific impact on each analyzed central bank in the selected period, so it cannot be unified in advance.