This thesis analyses possibilities of currency crises prediction in several countries of Central and Eastern Europe region. The thesis is structured into theoretical and practical part. Theoretical part generally describes currency crises, its importance and includes concrete cases of currency crises. There are also stated possibilities of currency crises prediction and usable indicators. Practical part of the thesis identifies currency crises among countries of the referenced region. Identification of currency crises is made on base of simple currency approach and also on base of Market Pressure Indices, more comprehensive method. Then risk of currency crises inception is analyzed according to method of International Monetary Fund and by using Signal approach. Last section of the practical part analyses influence of capital market on domestic currency and potential of capital market for currency crises prediction.

Issuance of money by the central bank and its prospect after accession to the European Monetary Union (abstract) The presented thesis analyzes the problems of issuance of money by the Central Bank in the Czech Republic. The issuance of money is analyzed particularly from the viewpoint of its legal regulation but attention is also paid to its practical implementation in the official practice of our Central Bank. The aim of the thesis is to comprehensively elaborate substantial part of the legal regulation in this area. Attention is paid particularly to applicable legal regulation but also to regulations that have been repealed in the period from establishment of the Czech Republic to the present time. This area of our day to day life has not been frequently explored and there is only minimum related financial-law literature. This, on the other hand, provides more space for the analysis of little known information from official practice. The first part of the thesis provides an overview of the history of issuance of money in our territory after 1918. Initially, it deals with the Austro-Hungarian crown currency and its banknotes and coins that had been circulating in this country after the establishment of the independent Czechoslovak state. It further analyzes the development of cash circulation of the...

Thesis advisor: Fabio Ghironi / This paper examines the likelihood that the United States would engage in a policy of exchange rate stabilization with the EMU. First, it examines the history of the exchange rate regimes in the United States and a review of literature on exchange rate theories. From a historical perspective, most literature and prominent economic theories focus on the Milton Friedman proposal of floating exchange rate regimes. Just as floating exchange rates were gaining prominence in the United States during the 1970s, European countries were attempting to compose a currency union which took the form of the European Monetary System in the late 1970s and eventually evolved into Europe’s Economic and Monetary Union which completed its last stage of development January 1, 1999. The importance of fixed exchange rate regimes and theories, most notably, Robert Mundell’s Theory of Optimal Currency Area is highlighted. In addition, the paradigm arguments on the relation between trade integration and synchronization of business cycles are discussed utilizing Paul Krugman and Tony Venables’ specialization hypothesis (1996) and comparing it to Jeffrey Frankel and Andrew Rose’ endogeneity hypothesis (1998). Second, this analysis shows that the United States’ economy is at a critical point in time in which it must reevaluate its stance on floating exchange rates. Particular attention is paid to current economic conditions in the United States and the EMU such as: the purchasing power of the euro with respect to the U.S. dollar, the recent decline of the dollar, the lackluster performance of the EMU with regard to some macroeconomic variables, and the profligate spending by the U.S. government which has contributed to the tremendous budget deficit. Third, this paper analyzes six properties of optimal currency area criteria: degree of economic openness, trade integration and similarity of economic structure, financial market integration, synchronization of business cycles, price flexibility, and mobility of labor as a factor of production. The countries of France and Germany are utilized as benchmarks (if they satisfy the criterion) against which the United States and EMU are compared. The time periods of (1946-1972) and (1973-2003) are utilized to highlight the advantages and disadvantages of various exchange rate regimes and to try and shed light on the endogeneity hypothesis and specialization hypothesis. This thesis concludes that France and Germany failed to satisfy certain OCA criteria such as business cycle synchronization, price flexibility, and mobility of labor as a factor of production. Although France and Germany did not fulfill all of the OCA properties, the United States and the EMU appear to be farther from optimality, only satisfying mobility of labor as a factor of production. Finally, according to this paper neither the endogeneity hypothesis nor the specialization hypothesis dominates. Therefore, the United States should not stabilize rates with the EMU because it will most likely incur greater costs than benefits since it does not form an optimal currency area with the EMU. Intermediate exchange rate policies should be evaluated and further research conducted to enhance OCA criteria and make it a more scientific and effective tool for policymakers. The findings of this paper shed light on the history of exchange rate regimes, exchange rate theories, and current economic conditions that warrant a reevaluation of the United States’ foreign exchange rate position while at the same time indicating which characteristics of the U.S. economy satisfy optimality and emphasizing the importance of further research in this field. / Thesis (BS) — Boston College, 2005. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Economics. / Discipline: College Honors Program.

This paper investigates the factors driving the real exchange rate in the Ghanaian economy. The paper aimed at finding the principal factor(s) that influence the real exchange rate and explains the channels by which these factors exert their influence using standard empirical methods of vector autoregressive (VAR) models. The paper established that inflation rate differentials and interest rate differentials influence the exchange rate through the expectations medium. Domestic and foreign money supplies which are exogenous macroeconomic variables were also found to be important in the Ghanaian money market as far as the exchange rate matters. The paper also highlighted how the great recession in the United States may have affected the cedi/dollar rate of exchange after this economic event swept through the United States generating spillover effects on economies around the world.

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A presente dissertação mostra como a desvalorização do real em 1999 afetou negativamente as relações comerciais entre Brasil e Argentina, impulsionando antigas demandas protecionistas por parte de empresários e políticos argentinos. De forma geral, os números do comércio bilateral comprovam que a temida invasão de produtos brasileiros ao mercado argentino nunca se concretizou. Entretanto, podemos constatar que a ausência de regras claras e de uma institucionalização de fato para o Mercosul abriu espaço para a utilização de medidas de anti-dumping e tentativa de adoção de salvaguardas dentro do bloco. Tais medidas ajudaram a reduzir o comércio bilateral, que sentiu também os efeitos da crise que se instalou na região, enfraquecendo o poder de compra dos consumidores e trazendo incertezas para os produtores. Essa dissertação mostra ainda que empresários e políticos de ambos os países travaram nos jornais uma guerra de acusações e ameaças, que dificultaram as negociações setoriais em andamento e colocaram em dúvida a viabilidade do Mercosul. / The present dissertation shows how the real?s devaluation in 1999 has adversely affected trade relations between Brazil and Argentina, inciting old protectionist demands from Argentine entrepreneurs and politicians. In a general way, the official numbers for bilateral trade prove that a feared invasion of Brazilian products into the Argentine market has never materialized. However, one can verify that the absence of clear rules and de facto institutionalization for the Mercosur has paved the way for the use of anti-dumping measures and attempts at adopting safeguard measures within the bloc. Such measures helped reduce bilateral trade, which was also hit by the crisis that struck the region, weakening consumer purchasing power and causing uncertainties among producers. This dissertation also shows that entrepreneurs and politicians from both countries waged a war of accusations and threats in newspapers, thus hampering industry-to-industry negotiations in progress and putting Mercosur?s viability in jeopardy.

Práce se věnuje systému měnového výboru. První část práce je zaměřena na ortodoxní měnový výbor. V další části práce autor zasazuje měnový výbor mezi systémy pevných devizových kursů. Třetí část práce se zabývá moderními formami měnového výboru, zejména odlišnostmi od ortodoxního měnového výboru. Druhá polovina práce je zaměřena na konkrétní dvě ekonomiky mající zkušenosti se systémem měnového výboru. Estonsko využívá systém měnového výboru dodnes a i díky makroekonomickým výsledkům je jeho používání hodnoceno pozitivně. V Argentině naopak období praktikování měnového výboru skončilo hospodářskou krizí a měnový výbor byl v roce 2002 zrušen.

The work is devoted to selected accounting transactions in foreign currencies in services. The introductory part defines the term services and their accounting issues. Another section is focused on the Czech legislation in the foreign currency in accounting, followed by selected accounting transactions in foreign currency, related to receivables and liabilities in connection with provide services. In the second half of the work are described specific services, represented by franchising and its financial resources in foreign currency. The whole issue is accompanied by a withholding tax and value added tax in services segment.

The thesis discusses the problem of the current situation of the USD and it's possible replacement by the basket of currencies.

Wong, Kin Ming. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 38-39). / Abstracts in English and Chinese. / Abstract --- p.i / Abstract (Chinese Version) --- p.ii / Acknowledgement --- p.iii / Table of Contents --- p.iv / List of Important Notations --- p.vi / List of Table and Figures --- p.vii / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Literature Reviews --- p.5 / Chapter 2.1. --- Economic Fundamentals Models --- p.5 / Chapter 2.2. --- Self-fulfilling Models --- p.6 / Chapter 2.3. --- Contagious Currency Crises --- p.8 / Chapter 3. --- The Model --- p.11 / Chapter 3.1. --- Output Stability and Price-level Stability Tradeoff --- p.11 / Chapter 3.2. --- Realignment Cost --- p.15 / Chapter 3.3. --- Speculative Attack and Its Size --- p.15 / Chapter 4. --- A Two-Stage Game for Exchange Rate Policy Decision --- p.19 / Chapter 4.1. --- The Game --- p.19 / Chapter 4.1.1. --- Policy Response of the Domestic Central Bank --- p.20 / Chapter 4.1.2. --- Policy Decision of the Foreign Central Bank --- p.21 / Chapter 4.2. --- Special Features of the Game --- p.22 / Chapter 4.2.1. --- "Export Sensitivity, Adjusted Inflation-Output Stability Preference and Policy Response" --- p.23 / Chapter 4.2.2. --- Speculative Attack through the “Weakest Link´ح --- p.25 / Chapter 5. --- Financial Aid in Currency Crisis --- p.28 / Chapter 5.1. --- The Game with Financial Aid --- p.28 / Chapter 5.2. --- Policy Response of the Domestic Central Bank --- p.30 / Chapter 5.3. --- Policy Decision of the Foreign Central Bank --- p.31 / Chapter 5.4. --- Financial Aid Decision of the Domestic Central Bank --- p.32 / Chapter 6. --- Concluding Remarks --- p.36 / Chapter 7. --- References --- p.38 / Chapter 8. --- Appendices --- p.40 / Chapter 8.1. --- Change in Price Level and Exchange Rate --- p.40 / Chapter 8.2. --- Optimization of Depreciation Rate --- p.41 / Chapter 8.3. --- Social Loss for Unilateral Devaluation --- p.42 / Chapter 8.4. --- Social Loss under Foreign Unilateral Devaluation --- p.43 / Chapter 8.5. --- Social Loss for Competitive Devaluations --- p.44 / Chapter 8.6. --- Impact of Ø on λ1 --- p.45 / Chapter 8.7. --- Optimization Benefit under different foreign policy --- p.46 / Chapter 8.8. --- The Complete Two-Country Game with Financial Aid --- p.47