Monetary policy of central banks and its effect on private and public indebtedness
Thesis title: | Monetary policy of central banks and its effect on private and public indebtedness |
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Author: | Danišková, Alexandra |
Thesis type: | Diploma thesis |
Supervisor: | Brůna, Karel |
Opponents: | Šímová, Kateřina |
Thesis language: | English |
Abstract: | This thesis investigates the relationship between central bank monetary policy – more specifically the central bank policy interest rate and indebtedness within the public and private sectors across different countries. Utilizing an Autoregressive Distributed Lag (ARDL) approach, this study provides a comparative analysis of the impact of policy rates on debt dynamics in the Czech Republic, Germany, and Greece. Moreover, the effect of the real GDP change was added as another explanatory variable due to the inherent impact to the debt/GDP ratio. The research findings differ across the countries but also across the public and private sector within the same countries. In general, the results support the inverse effect of the real GDP change on the debt/GDP ratio. The effect of the central bank policy interest rate is, on the other hand less significant and varies not only in the strength but also the sign of the coefficient. |
Keywords: | ARDL; debt/GDP; central bank policy interest rate |
Thesis title: | Monetary policy of central banks and its effect on private and public indebtedness |
---|---|
Author: | Danišková, Alexandra |
Thesis type: | Diplomová práce |
Supervisor: | Brůna, Karel |
Opponents: | Šímová, Kateřina |
Thesis language: | English |
Abstract: | This thesis investigates the relationship between central bank monetary policy – more specifically the central bank policy interest rate and indebtedness within the public and private sectors across different countries. Utilizing an Autoregressive Distributed Lag (ARDL) approach, this study provides a comparative analysis of the impact of policy rates on debt dynamics in the Czech Republic, Germany, and Greece. Moreover, the effect of the real GDP change was added as another explanatory variable due to the inherent impact to the debt/GDP ratio. The research findings differ across the countries but also across the public and private sector within the same countries. In general, the results support the inverse effect of the real GDP change on the debt/GDP ratio. The effect of the central bank policy interest rate is, on the other hand less significant and varies not only in the strength but also the sign of the coefficient. |
Keywords: | central bank policy interest rate; ARDL; debt/GDP |
Information about study
Study programme: | Finance and Accounting |
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Type of study programme: | Magisterský studijní program |
Assigned degree: | Ing. |
Institutions assigning academic degree: | Vysoká škola ekonomická v Praze |
Faculty: | Faculty of Finance and Accounting |
Department: | Department of Monetary Theory and Policy |
Information on submission and defense
Date of assignment: | 22. 10. 2023 |
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Date of submission: | 21. 5. 2024 |
Date of defense: | 12. 6. 2024 |
Identifier in the InSIS system: | https://insis.vse.cz/zp/86152/podrobnosti |