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Central Bank communication has become, in the last period, a topic of increased interest both in academia, as well as in the process of conducting the monetary policy. This thesis addresses the communication of central banking and compares the Czech National Bank's (CNB) communication practices with the ones of the National Bank of Moldova (NBM) for the period of 2005 - 2010. Communication of both central banks is analyzed by compyling a Transparency Index, based on a detailed analysis of actual information disclosure by the two banks. In order to analyze how surprising are the monetary policy decisions in the two countries, an investigation about how much the short-term money market rates change after the monetary policy decision's announcement has been made. The results of the analyses show that the CNB has achieved almost full transparency in 2010 in conducting the monetary policy, while the NBM, even though registered a gradual increase in its transparency since 2005, still needs to put more effort into improving its communication practices. The research also reveals that the CNB manages to lower the pace of market surprises related to its monetary policy decisions, while in the case of NBM, the money market rates respond little to the policy rate changes. Also, in order to show the importance...

This research examines WHY and HOW a new approach to Enterprise Strategy and IT planning can be adopted in the European national financial sector by using Enterprise Architecture (EA). EA has been promoted as a key tool for transformation and modernisation of the enterprise. By following best practices from successful case studies and the European Central Bank (ECB), the claim is that the adoption of EA will ensure that IT resources and business processes are planned, leveraged, and coordinated better in national financial sectors. In our five supporting papers, several qualitative case studies in Europe were investigated by applying an interpretive perspective. According to common belief EA connects business and IT; it is an important tool for survival and growth. Many EA endeavours, however, fail. The question is how can risks of EA implementation failure be reduced at an early stage? Underlying questions concern: why would a particular organisation need EA, can implementation risks be identified and are solutions available to reduce the failure rate? In order to answer research questions a literature study is performed to build the Business Transformation Enablement Program framework (BTEP). It advocates deliberate motivation, active risk management and an iterative and incremental implementation of EA. Next to the literature, the framework is validated through the Small National Bank (SNB) implementation. Data was collected in both structured, semi-structured and ad-hoc methods. Grounded theory techniques were used to analyse the data logically, using existing theory only as prior constructs. The theoretical abstractions, generalisations and experience generated in the research process have been published and availed to specialised groups.

Magister Administrationis - MAdmin / The object of this study is to examine and analyse the dynamics of central banks. The central bank in any country has a great impact on the economic and monetary issues within its jurisdiction. This research is based on a case study of the economic and monetary crisis in the Republic of Angola resulting from the prolonged phases of civil war. The study will focus in particular on the role of the Banco Nacional de Angola, the central bank of Angola. This bank has a very important role to play in the post-war phase, since it is the only institution capable of inspiring confidence in national and international markets. In this period the country has been closely observed by foreign investors who are believed by this researcher to be the only guarantee for an immediate development of the country. The study points out the main periods of economic crisis, emphasising their main causes and origins, and suggests ways of overcoming these problems on the path to economic recovery from the ravages of the war. Furthermore it examines the manner in which monetary policiesare monitored and implemented within the Angolan framework. Emphasis is given to the fact that the Angolan central bank was highly controlled by the state. This is due to the lack of financial resources at the state's disposal. It is believed by this researcher that the main problem of central banking in Angola is inefficiency in terms service delivery, which has had a significant impact on the quality of its functioning. This study gives some suggestions for possible tools for better performance of the central bank, so that Angola can move towards a better future. This researcher has used qualitative data from secondary sources, exploring and analysing existing information from resources such as journals, reports, legal documents, as well as banking and government sources. This researcher has also collected and analysed national and international laws and legislative policies regarding central banks in general, and the Banco Nacional de Angola in particular.

The focus of this thesis project is to explore the notion of a predominantly subtractive process in relation to the adaption/reuse of an existing building.  The building in question is the Central Bank of Ireland’s office headquarters in the heart of Dublin city and the reuse program is that of a new City Library. While working through this project I have become interested in a theory and practise of architecture that concentrates less on the making of a building that is formally finished and proper but on a process that reveals the act of making or “unmaking” in the case of this project.   Although always architecturally controversial in the city due to its scale and expression, the Central Bank headquarters has in recent times become emblematic of the struggle between democratic and corporate interests, becoming one of the most potent symbols of Ireland’s economic collapse. With the Banks recent decision to leave the premises a quite charged question of how to reuse the site has arisen. Current  discussion in the city is centred around either demolition or public reuse but in contrast to this polarised attitude I have attempted  to develop an alternate strategy, which I have called “Un-building”. The particular approach is adopted as a poetic response to the social and political problems this building represents but also to the particular nature of its construction.

Inflation targeting is a monetary policy regime, characterized by public announcement of official target ranges or quantitative targets for price level increases and by explicit acknowledgement that low inflation is the most crucial long-run objective of the monetary authorities. There are three prerequisites for inflation targeting: 1)central bank independence,2)having a sole target,3)existence of stable and predictable relationship between monetary policy instruments and inflation.In many developing countries, the use of seigniorage revenues as an important source of financing public debts, the lack of commitment to low inflation as a primary goal by monetary authorities, considerable exchange rate flexibility, lack of substantial operational independence of the central bank or of powerful models to make domestic inflation forecasts hinder the satisfaction of these requirements. This study investigates the applicability of inflation targeting to the Turkish economy. Central bank independence in Turkey has been mainly hindered by "fiscal dominance" through monetization of high budget deficits. In addition, although serious steps have been taken recently under a new law to have an independent central bank, such as formal commitment to the achievement of price stability as the primary objective and the prohibition of credit extension to the government, the central bank does not satisfy independence criteria due to the problems associated with the appointment of the government and the share of the Treasury within the bank. Having a sole inflation target was hindered by the existence of fixed exchange rate system throughout the years. However, in February 2001, Turkey switched to a floating exchange rate regime, which is important for a successful inflation-targeting regime. Having a sole target within the system has also been supported by the new central bank law, which gives priority to price stability and supports any other objective as long as it is consistent with price stability. In this thesis, an empirical investigation has been made in order to assess the statistical readiness of Turkey to satisfy the requirements of inflation-targeting by making use of vector autoregressive (VAR) models. The results suggest that inflation is an inertial phenomenon in Turkey and money, interest rates and nominal exchange rates innovations are not economically and statistically important determinants of prices. Most of the variances in prices are explained by prices themselves. According to the VAR evidence, the direct linkages between monetary policy instruments and inflation do not seem to be strong, stable, and predictable. As a result, while the second requirement of the inflation-targeting regime seems to have been satisfied, there are still problems associated with the central bank independence and the existence of stable and predictable relationship between monetary policy instruments and inflation in Turkey. / Master of Arts

In this thesis, we aim to unveil potential relation between gold in the reserves of central banks and the independence of these institutions. As a reaction to several statements of central bank representatives, we assume that gold might be a determinant of central banks' independence. Following these statements, the key contribution of this thesis was defined: to verify these declarations and the general belief of gold's role within central banks' reserves in the relation to their independence, using empirical data. For that purpose, we examine panel data consisting of information from 145 countries between years 1970 and 2012. As for the control variables, economic variables such as GDP per capita, inflation, exchange rate regime, current account to GDP and broad money and political variables from the range of word governance indicators are employed. The regression results of basic model obtained by fixed effects estimation suggest that, indeed, there might be a significant effect of share of gold on the central bank independence index. However, as the results imply negative relation, we cannot confirm if the effect is real due to endogeneity problem. Moreover, the effect of gold reserves on the central bank independence was not confirmed when employing a different estimation technique -...