No description available.

Supranational institutions face an important trade-off when hiring personnel. On the one hand, hiring decisions are based, as in most organizations, on a candidate's professional qualifications. On the other hand, supranational institutions often aim for broad national representation. Reviewing evidence from the European Central Bank, we show that nationality is indeed relevant for both hiring and decision-making. Specifically, we find a disproportionately narrow spread of national representation in the top management of the ECB. Further, there is evidence for the existence of national networks between adjacent management layers. Finally, monetary policy decisions seem to be linked to national representation in the core business areas of the ECB. Examining a sample of 27 European countries over the period from 1999 to 2008, we estimate Taylor rules for alternative sets of euro area aggregates derived from different weighting schemes of national macroeconomic data. Our results indicate that weights based on national representation in the mid-level management of the ECB's core business areas best describe the central bank's interest-rate setting behavior.

The objective of this thesis is to see how effectively can central banks can conduct monetary policy under specific circumstances. Four hypothesis are being examined on the case study of five central banks - the Czech National Bank, the Central Bank of Chile, the Bank of Jamaica, the Central Bank of Argentina and the Swiss National Bank. Firstly this work confirms that solid monetary policy can be applied even if CB is dealing with loss based on inflation targeting success rate of central banks. Secondly, in the case of Czech National Bank using VAR, was concluded that inflation expectations can influence the outcome of CB's monetary policy. In the second part of this hypothesis the expectations from the government side in SNB case were examined. On the case of Argentina the negative effect of adjusting monetary policy was demonstrated. The last part elaborates on the topic of determining optimal capitalisation of central bank.

In the era of constant advancing of the globalization and quick development of the financial markets, the financial markets supervision is still the current topic. Lately, these tendencies have been significantly strengthened under the influence of ongoing world financial crisis. In the light of the crisis, which started as a "credit crisis", the topic of the financial markets supervision has become discussed in countries worldwide and also at the international level, because finding of an effective arrangement and supervision execution could substantially help to overcome the crisis. The main goal of this paper is the analysis and comparison of the legislation on the activities of the Czech and Slovak National Bank in the field of the execution of financial market supervision. The development of Czech and Slovak legislation is interesting as they both emerged from the same legal foundation, went through the phase of individual development and then they became closer again influenced by the European Union. The first two chapters of this thesis focus on the definition of basic terms used further in the thesis and then characteristics of the basic models of the supervision institutional organization. The second chapter deals with the subjects of the financial markets supervision and contains list of...

Central bank communication has become an important monetary policy tool. This is because it helps to improve the effectiveness of monetary policy by sharing information, which reduces uncertainty. Previous research on the topic has concentrated on central banks in developed economies, such as the Bank of England, the European Central Bank, and the Federal Reserve. This research contributes to the literature by providing insights from the perspective of emerging economies, where communications of Chinese and Indian central banks are examined. The first empirical chapter investigates the effectiveness of communication of People s Bank of China (PBOC) on Chinese financial markets: the interbank money market, the equity market, and foreign exchange markets, are analysed using time-series models. The main focus of the chapter includes an analysis of PBOC s credibility, construction of a new communication index on global economic outlook, more detailed communication indexes, and addressing how-to-communicate questions in the PBOC s communication strategies. The results indicate that the PBOC has credibility and its communication generally reduces volatility in these markets. The second empirical chapter looks at the role of the PBOC s communication in predicting policy rates, using an ordered probit model. The communication indexes constructed in the chapter cover both formal and informal communications of PBOC for 2009 to 2015 and a new communication index on money supply was also constructed. The main finding is that PBOC s communications (particularly on inflation) are useful for predicting PBOC s monetary policy stance. The money supply communication index has some, but not much predictability powers. Finally, the third empirical chapter compares central bank communications in China and India. The contribution of the chapter lies in the comparative analysis of two central banks communications of developing economies, which were overlooked in the extant literature. It shows that the communications on the countries monetary policy inclination have influence on macroeconomic variables of the countries, particularly, the short-term inflation expectations. The findings, therefore, suggest the effectiveness of communications as an unconventional monetary policy tool in emerging economies.

The purpose of this diploma thesis is to examine the efficiency of monetary policy -- impact of monetary policy upon price stability - in relation to main target of Czech National Bank (CNB). The research approach is the analysis of monetary indicators -- price level, interest rates, money supply and exchange rate. In the context of the financial stability the thesis also analyzes another important function of CNB - supervision of Czech financial market using indicators of capital adequacy, banking sector liquidity, profitability of banks and volume of non-performing loans. Theoretical part of the thesis explores quantity theory of money, business (particularly monetary) cycle theories and further describes practical use of monetary policy with respect to the effect of central bank rates on market rates and further on output. Application of monetary rules, use of modern macroeconomic models and predictive apparatus are also topics which are theoretically held forth. The empirical part of the thesis researches monetary policy and supervision of CNB in every single year since 1995. In particular with emphasis on uniqueness Czech monetary policy, resulting from the transformational collision of the settings of exchange rate and monetary policy framework, and related influences remaining up to now.

Existing studies which analyze a central banks' behaviour in formulating monetary policy, are mostly concentrated on the experience of developed economies. However, developing economies face a different institutional structure, as well as a different set of constraints and shocks, hence, it would be interesting to analyze how a central bank under this different economic environment performs its monetary policy mandate. This thesis looks at the behaviour of Bank Negara Malaysia (The Central Bank of Malaysia) in formulating monetary policy in Malaysia during the period 1975-2005. ¶ There are four major aspects of Bank Negara Malaysia's (BNM) policy behaviour that are examined in this thesis. Firstly, with regard to its policy reaction function - does BNM set interest rates according to some form of policy rule or purely on a discretionary manner? After identifying the systematic component of its policy action, we try to establish BNM's policy objectives and preferences. This will help in understanding the rationale behind its policy action. The third aspect is whether BNM's policy behaviour changes over time. Lastly, with the use of an estimated Dynamic Stochastic General Equilibrium (DSGE) model, we conduct some policy experiments to observe the possible impact on the Malaysia's economic outcomes were BNM to behave differently to what we envisaged its policy behaviour has been.

<p>This thesis is trying to find out whether the five studied countries, Portugal, Ireland, Italy, Greece and Spain would have avoided the economic crisis by having an independent central bank.The theory used for our study is the Taylor rule, using statistical data in order to count out the short-term nominal interest rate. Results are compared with the ECB nominal interest rate to see if the difference between the two rates is big. By looking at other macroeconomic data we will try to understand if the fiscal policy could have been conducted in a better way.The results we reached were varying. In the case of Ireland and Spain we could clearly see that a higher interest rate could have drastically altered the outcome, potentially avoiding the crisis. Regarding Italy and Portugal, the current crisis is more due to structural problems and not due to the level of the interest rate. Finally, we could see that Greece could have benefited from a higher interest rate. But we cannot definitely say that this has been the reason for the crisis since the Greek fiscal policy has been poorly conducted.</p>

Ce travail étudie les couts et bénéfices liés à l'accroissement de la transparence dans les politiques d'interventions des banques centrales sur le marché des changes. Il s'articule autour de quatre articles de recherche. Chaque article repose sur des méthodes économétriques récentes et une base de données originale (politique de la banque centrale japonaise de 1991 à 2004).

This thesis is trying to find out whether the five studied countries, Portugal, Ireland, Italy, Greece and Spain would have avoided the economic crisis by having an independent central bank.The theory used for our study is the Taylor rule, using statistical data in order to count out the short-term nominal interest rate. Results are compared with the ECB nominal interest rate to see if the difference between the two rates is big. By looking at other macroeconomic data we will try to understand if the fiscal policy could have been conducted in a better way.The results we reached were varying. In the case of Ireland and Spain we could clearly see that a higher interest rate could have drastically altered the outcome, potentially avoiding the crisis. Regarding Italy and Portugal, the current crisis is more due to structural problems and not due to the level of the interest rate. Finally, we could see that Greece could have benefited from a higher interest rate. But we cannot definitely say that this has been the reason for the crisis since the Greek fiscal policy has been poorly conducted.