Sobre os novos rumos das relações econômicas no ambiente virtual há que se observar a criação da moeda digital e suas implicações para o mercado de financeiro e para a soberania estatal mundial. O desenvolvimento de uma moeda digital é uma tecnologia que desafia a legitimidade do regime estatal como controlador da moeda e coloca a questão primordial: se a emissão de moeda, vinculada ao Estado, é expressão da soberania nacional na ordem econômica e se seria possível a soberania nacional na ordem econômica, em uma modelo de moedas privadas, isto é, sem controle por parte de uma autoridade central. / The creation of the digital currency and its implications for the financial market and world state sovereignty must be observed on the new directions of economic relations in the virtual environment. The development of a digital currency is a technology that challenges the legitimacy of the state regime as the controller of the currency and asks the primary question: if the issue of money, linked to the State, is an expression of national sovereignty in the economic order and if sovereignty would be possible national in the economic order, in a model of private currencies, that is, without control by a central authority.

Sobre os novos rumos das relações econômicas no ambiente virtual há que se observar a criação da moeda digital e suas implicações para o mercado de financeiro e para a soberania estatal mundial. O desenvolvimento de uma moeda digital é uma tecnologia que desafia a legitimidade do regime estatal como controlador da moeda e coloca a questão primordial: se a emissão de moeda, vinculada ao Estado, é expressão da soberania nacional na ordem econômica e se seria possível a soberania nacional na ordem econômica, em uma modelo de moedas privadas, isto é, sem controle por parte de uma autoridade central. / The creation of the digital currency and its implications for the financial market and world state sovereignty must be observed on the new directions of economic relations in the virtual environment. The development of a digital currency is a technology that challenges the legitimacy of the state regime as the controller of the currency and asks the primary question: if the issue of money, linked to the State, is an expression of national sovereignty in the economic order and if sovereignty would be possible national in the economic order, in a model of private currencies, that is, without control by a central authority.

Diploma thesis, European Monetary Union, its Development and the Future, deals with the reasons, which ultimately led to the foundation of the later European Union and afterwards the European Monetary Union. The journey, which leads up to the present where we are now, lasted for several decades. The experience with the two World Wars on the European territory was the sufficient reason why the European countries embarked on this common journey. In the first part this thesis offers the insight into the past. In short, the most important historical milestones on this road, leading towards the European, respectively the European Monetary Union, are suggested here. The second part of this thesis focuses on current problems of the European Monetary Union. The individual European macroeconomic indicators are compared with the results obtained overseas, particularly in the U.S.A. and Japan. Ultimately, it appears that the EU in comparison especially with the U.S.A. is lagging behind in some indicators. Another part of the thesis is dedicated to the optimum currency area. Is therefore the European Monetary Union the optimum currency area? A few indicators give again the answer to this question. The resulting values of the indicators show that the European Monetary Union is not the optimum currency area today. The reasons can be found particularly in the political than the economic area. Therefore, there is lots of work waiting for the European politicians, officials, but also ordinary citizens, and it will be only up to them, which way the European Union sets out.

O termo realocação da poupança interna se refere ao fato de que os instrumentos de política econômica e de planejamento econômico que passam a possibilitar o autofinanciamento do Estado pelo mecanismo de emissão monetária só podem ser materializados por meio do lado real da economia, através da reestruturação do processo de formação da poupança interna. Realocação, neste caso, vem a ser sinônimo de “reutilização” e “alavancagem”, isto é, os instrumentos de formação das finanças públicas são determinados por um mecanismo de criação e de destruição automáticas de moeda e de posterior reutilização da mesma moeda emitida anteriormente. Neste sistema, o Estado determina o volume de recursos públicos através da emissão monetária, pelo fato desta moeda possuir “lastro fiduciário”, em razão de sua respectiva “destruição automática” no momento exato de sua criação. / The term reallocation of domestic saving refers to the fact that the instruments of economic policy and economic planning that allow the self-financing of the State from its own currency by the mechanism of monetary emission can only be materialized in the real economy by the restructuring of the process of formation of the domestic saving. Reallocation in this case comes to be synonymous with “reuse” and “leverage”, that is, public finance techniques are determined by a mechanism for automatic creating and destruction of currency, and subsequent reuse of the same currency issued formerly. In this system, the State determines the amount of available public resources through monetary emission, given that this currency has “real fiduciary backing” based on its respective “automatic destruction” at the exact moment of its creation.

O termo realocação da poupança interna se refere ao fato de que os instrumentos de política econômica e de planejamento econômico que passam a possibilitar o autofinanciamento do Estado pelo mecanismo de emissão monetária só podem ser materializados por meio do lado real da economia, através da reestruturação do processo de formação da poupança interna. Realocação, neste caso, vem a ser sinônimo de “reutilização” e “alavancagem”, isto é, os instrumentos de formação das finanças públicas são determinados por um mecanismo de criação e de destruição automáticas de moeda e de posterior reutilização da mesma moeda emitida anteriormente. Neste sistema, o Estado determina o volume de recursos públicos através da emissão monetária, pelo fato desta moeda possuir “lastro fiduciário”, em razão de sua respectiva “destruição automática” no momento exato de sua criação. / The term reallocation of domestic saving refers to the fact that the instruments of economic policy and economic planning that allow the self-financing of the State from its own currency by the mechanism of monetary emission can only be materialized in the real economy by the restructuring of the process of formation of the domestic saving. Reallocation in this case comes to be synonymous with “reuse” and “leverage”, that is, public finance techniques are determined by a mechanism for automatic creating and destruction of currency, and subsequent reuse of the same currency issued formerly. In this system, the State determines the amount of available public resources through monetary emission, given that this currency has “real fiduciary backing” based on its respective “automatic destruction” at the exact moment of its creation.

The purpose of this Master's Thesis is to analyze effects of Foreign Exchange Rates on financial statements under Czech accounting regulations and IFRS. It focuses on analyzing and comparing both regulations when choosing the reporting currency or when applying rules on the usage of the correct exchange rates. By using practical excercises it compares differencies in the calculation of transaction and translation differencies with the focus on the impact on the financial statements under the both regulations.

This thesis describes possible effects of foreign exchange rates on financial information of accounting entities, methods of their realization and their reporting. Basic resources are the rules of International Financial Reporting Standards with accent on IAS 21 The effects of changes in foreign exchange rates.

The thesis primarily deals with the foreign exchange risk in the manufactory company Šroubárna Kyjov spol. s r.o. The aim of the thesis was to evaluate the current situation in the company using selected elements of financial analysis and performing strategic analysis. Based on the analysis of the foreign exchange risk in previous years and on the basis of the CZK/EUR exchange rate forecast, measures were proposed for the next period.

Inspired by the digital revolution to the financial industry, the discussion around central bank digital currency also attract attention from academics and central banks. The People’s Bank of China (PBOC) is also researching on China’s CBDC: digital currency electronic payment (DCEP) and announced that DCEP would be issued as soon as possible.  However, the PBOC does not systematically disclose the information of DCEP. The characteristics and mechanism design are still obscured and need to be explored deeply. This thesis analysed the classification and mechanism design choices of DCEP from the perspective of two different demands: general demand and central bank demand. Based on pragmatism philosophy, we use a mixed-methods approach that is a combination of qualitative and quantitative research. Through the interview and surveys, we identified the demands from the PBOC and the general public in China and the characteristics of DCEP from official claims. Then generate the design choices via the money flower and the pyramid of CBDC models and compare the result with the demand. The analysis shows that the DCEP belongs to type B general-purpose CB digital tokens, and it would adopt a complex multi-layer hybrid architecture design, with the support from both DLT and conventional way. In conclusion, the current mechanism design choices can meet the demands from each side to a certain extent and reached a delicate balance under the trade-off between privacy and security issues. This thesis provides an insightful view on the classification and design choices of DCEP, fulfils the lack of systematic research relating to the demand and design choices of DCEP, and reveals the public’s insufficient knowledge in DCEP.

Gränsöverskridande fastighetsinvesteringar har blivit allt vanligare sedan andra hälften av 1900-talet. Idag står gränsöverskridande aktörer för en relativt stor del av den årliga transaktionsvolymen i Sverige. Samtidigt har kronan under en längre tid varit svag och fluktuerat kraftigt, inte minst under senare år. Valutarisk är en vanligt förekommande risk bland multinationella företag då de ofta har intäkter och utgifter i flera olika valutor. Tillgångsvärden och löpande intäkter kan stiga lokalt men är valutakursen ofördelaktig så kan företag istället göra en förlust på sin affär, mätt i den valutan man redovisar i. Syftet med denna studie har varit att analysera sambandet mellan den svenska kronan och utländska fastighetsinvesterares beslutsprocess när de överväger investeringar i Sverige. Studien syftade till att undersöka hur valutarisk uppfattas och hanteras i transaktionsprocesser som involverar köpare, säljare, rådgivare och finansiärer. Dessutom genomfördes försök att kvalitativt undersöka de mest utbredda valutasäkringsverktygen och strategierna som används av utländska investerare för att mildra rörelser i den svenska kronan. Studien syftade också till att utvärdera effektiviteten av befintliga valutasäkringsinstrument i fastighetsinvesteringssammanhang. Studien avslöjade att den främsta oron bland gränsöverskridande investerare är marknadens likviditet. Den svenska fastighetsmarknaden har dock uppvisat en betydande likviditet de senaste åren, vilket rönt stort intresse från utländska investerare. Den svenska kronans volatilitet och oförutsägbarhet är dock fortfarande relevanta frågor i dagens globala landskap. Baserat på studiens resultat varierade synpunkterna på effekterna av en volatil krona, och att kvantifiera dessa effekter visade sig vara utmanande. Studien visade dock att den svenska kronan har viss inverkan på utländska investerares intresse för Sverige, om än i begränsad omfattning. Även om växelkurser inte rankas bland de mest kritiska faktorerna som påverkar investeringsbeslut, visar studien att det är viktigt att inte underskatta betydelsen av att överväga växelkursens dynamik, eftersom det kan påverka avkastningen på en investering avsevärt. Särskilt för investerare som följer lågrisk-strategier så kan den svenska kronans volatilitet utgöra en betydande utmaning. Studien identifierade ett fåtal fall där utländska fastighetsinvesterare valt bort Sverige på grund av kronans volatilitet. För att minska valutarisken finns olika instrument och strategier tillgängliga. Studien fann att finansiering i lokal valuta framstod som den mest använda strategin bland utländska investerare, eftersom den naturligt säkrar sig mot växelkursfluktuationer. Andra vanliga strategier inkluderar valutaswappar och utnyttjande av terminskontrakt. Studien visade dock att dessa strategier inte är optimalt utformade för fastighetsinvesteringar, eftersom de kan vara kostsamma och ofta har korta löptider. Icke desto mindre visade resultaten att dessa instrument inte är så illa lämpade för fastighetsmarknaden som man tidigare trott, eftersom det blev tydligt tidigt i studien att de flesta investerare inte hade reflekterat över deras begränsningar. / Cross-border real estate investments have become increasingly common since the secondhalf of the 20th century. Today, cross-border actors account for a relatively large share of the annual transaction volume in Sweden. At the same time, the Swedish krona has been weak for a long time and has fluctuated considerably, not least in recent years. Currency risk is a common risk among multinational companies as they often have income and expenses in several different currencies. Asset values and current income can increase locally, but if the exchange rate is unfavorable, companies can instead make a loss on their business, measured in the currency they report in. The purpose of this study has been to analyze the relationship between the Swedish krona and the decision-making process of foreign real estate investors when considering investments in Sweden. The study aimed to investigate how currency risk is perceived and managed in transaction processes involving buyers, sellers, advisors, and financiers. In addition, attempts were made to qualitatively examine the most widespread currency hedging tools and strategies used by foreign investors to mitigate movements in the Swedish krona. The study also aimed to evaluate the effectiveness of existing currency hedging instruments in the real estate investment context. The study revealed that the main concern among cross-border investors is market liquidity. However, the Swedish real estate market has shown considerable liquidity in recent years, which has attracted considerable interest from foreign investors. However, the volatility and unpredictability of the Swedish krona remain relevant issues in today's global landscape. Based on the results of the study, views on the effects of a volatile Swedish krona varied, and quantifying these effects proved challenging. However, the study showed that the Swedish krona has some impact on foreign investors' interest in Sweden, albeit to a limited extent. Although exchange rates do not rank among the most critical factors affecting investment decisions, the study shows that it is important not to underestimate the importance of considering the dynamics of the exchange rate, as it can significantly affect the return on an investment. Especially for investors following low-risk strategies, the volatility of the Swedish krona can pose a significant challenge. The study identified a few cases where foreign real estate investors opted out of Sweden due to the volatility of the Swedish krona. To mitigate currency risk, various instruments and strategies are available. The study found that local currency financing emerged as the most widely used strategy among foreign investors, as it naturally hedges against exchange rate fluctuations. Other common strategies include currency swaps and the use of forward contracts. However, the study found that these strategies are not optimally designed for real estate investments, as they can be costly and often have short maturities. Nevertheless, the results showed that these instruments are not as poorly suited to the real estate market as previously thought, as it became clear early in the study that most investors had not reflected on their limitations.