This thesis compares monetary policies, institutional status and different approaches to the selection of monetary policy and setting goals of central banks in the case of Czech National Bank, the European Central Bank and the Federal Reserve System. The first chapter deals with the characteristics of the central bank, legislative regulation of the Czech National Bank is analysed there and it mentions the Czech peculiarities in the adjustment of the central bank. In addition, this chapter deals with the possibilities for the name of the central bank and there are examples of different solutions from the world. The second chapter focuses on the analysis of the central bank's position in the state. It emphasise independence as it is the core value for the central bank. This chapter also describes the regulatory and supervisory powers of the central bank and briefly discuss the composition of assets and financing of the central bank and its basic financial statements. The third chapter deals with the theory of monetary policy. Particular attention is paid to the monetary policy of inflation targeting. Furthermore, this chapter provides an overview of transmission mechanisms and describes various monetary policy instruments which central banks have. At the end of this part of the thesis there is a...

Regulation of commercial banking by the central bank The aim of my thesis is to clarify the issue of banking regulation of commercial banks in the Czech Republic and to analyze their functioning. Due to the extent of the topic of this thesis I focused mainly on prudential rules for banks, which are one of the main instruments of banking regulation. The introduction defines the Czech banking sector. There are described both of its general characteristics, as well as the particular entities that are present, including the Czech National Bank and its competence in the area of banking regulation and supervision. The second chapter deals with the banking regulation itself. As an introduction it is generally analyzed in theoretical level especially with regard to the reasons for its existence. Further there is also described the current legislation in the Czech Republic in detail, including its link with the rules of international and European law. Then there are presented all its essential parts and its influence to banks is analyzed. The third chapter deals with prudential rules in detail. As an introduction the concept of prudential business is analyzed and the risks of the banking business are described which represents the main aspect of this part of regulation. Further there are analyzed the...

v Abstract The aim of this thesis is to assess the effect of central bank communication on joint occurrence of extreme returns and on extreme movements shared by two stock markets. The research concentrates on the following aspects: predictability of increased share of countries experiencing extreme returns in the eurozone based on the nature of policymaker's statement and also a set of control variables, change in probability of extreme returns joint occurrence after president's speech, determinants of joint occurrence when non-standard measures were announced and finally, effect of crisis period. Additionally, determinants of shared extreme movements between particular countries are examined. The results suggest that communication nature or crisis are not significant predictors of extreme returns joint occurrence. Moreover, markets seem to react jointly to ECB president's speech only when they have extremely high returns. Furthermore, markets jointly react on days of nonstandard measures announcement differently. We also found that in the first quantile dovish statements tend to increase returns above their mean in case of Greece and Germany, and Greece and the UK. Rest of the pairs of countries have opposite reaction to dovish tone and communication is significant in the 95th quantile for the pair...

This doctoral thesis devotes itself to macro-finance models of the Czech yield curve that enable the modeling of the yield curve as a whole and belong to the group of multi-factors models. These factors are unobservable or latent variables, and are intuitively called level, slope and curvature. Macro-finance models not only fit the yield curve through the use of latent factors, but they also try to provide a macroeconomic interpretation. The macro part of the model uses a type of VAR model, where the macroeconomic variables are endogenous or exogenous, or some macroeconomic model based on e.g. a New Keynesian economy. Such a type of models can answer (1) how the macroeconomic variables affect the yield curve, and, on the other hand, (2) how these macroeconomic variables are affected by the yield curve. The EUR/CZK exchange rate and the external environment play an important role in the Czech small open economy (in particular, developments in the eurozone and the impact of global investors' sentiment toward risky assets). Thus, we should take this into consideration when applying to Czech data. It has been shown that temporary macroeconomic and financial shocks (to inflation, output gap, EUR/CZK exchange rate, external demand, etc.) strongly affect the short end of the yield curve; however, longer spot rates react only marginally. The longer end of the curve may move more significantly in the case of a longer duration of the above-mentioned shocks (thus affecting inflationary expectations) or in the case of shocks to the inflation target and real equilibrium interest rates.

Abstract Based on the Romer and Romer (1989) methodology this paper analyzes behavior of the US Federal Reserve System (FED) and the Czech National Bank (CNB) during the recent crisis. It explores minutes and press releases from the meetings of the Bank Board of the CNB and the Federal Open Market Committee of the FED, i.e. on one hand from the side of a small open economy that has been hit mainly through decline in foreign demand, on the other from the side of a big closed economy, in which the recent crisis has originated. It compares reaction in interest rate and adequacy of unconventional measures with a prediction of a simple 'Taylor rule' (Taylor, 1993) and tries to evaluate the adequacy of the overall reaction of mentioned central banks to the crisis.

[pt] Este artigo considera o papel da comunicação como um instrumento de política usado pelo Banco Central. No modelo, um Banco Central que possui mais informação que os formadores de preço sobre o estado da economia pode, através de uma comunicação sem custos (cheap talk ), influenciar suas decisões de precificação. Nós relacionamos o grau de comunicação a fundamentos da economia, como as preferências do Banco Central, a quantidade de informação que os agentes possuem e o grau de complementariedade de suas decisões de precificação. / [en] This paper considers the role played by communication as a policy instrument by the Central Bank. In the model, a Central Banker who is better informed than the price setters about the state of the Economy can, through (cheap talk) communication, influence their pricing behavior. We relate the degree of communication to fundamentals of the economy such as the Central Banker`s preferences, the amount of information possessed by market agents and the degree of complementarity in their price- setting decisions.

O objetivo desta dissertação consiste em analisar, sob a ótica do risco de crédito, as principais questões relativas à implantação de Basiléia II no Brasil. O foco principal de pesquisa concentra-se na análise do quadro regulamentar proposto por Basiléia II comparativamente à Resolução CMN 2.682/99, principal norma que regula a mensuração do risco de crédito no Sistema Financeiro Nacional. Tal comparação tem por objetivo compreender e qualificar as diferenças, em termos dos conceitos adotados e de sua abrangência e operacionalização, entre o quadro normativo atual e o desenhado por Basiléia II. Estender essa comparação até a regulamentação anterior, a Resolução CMN 1748/90, permite caracterizar a natureza evolutiva do processo que levará à adoção de Basiléia II, evidenciando que uma ampla revisão nos conceitos relativos à mensuração do risco de crédito ocorreu no Brasil com a edição da Resolução CMN 2682/99. O presente trabalho é justificado por seu direcionamento a uma questão até o momento pouco explorada: a análise da implantação de Basiléia II no Brasil considerando o ambiente de regulação para crédito existente no país. Sem minimizar a complexidade de Basiléia II, explora-se a hipótese de que as maiores dificuldades para sua implementação no Brasil referem-se à complexidade de seus aspectos operacionais, mais do que à novidade conceitual propriamente dita, especialmente em relação aos conceitos presentes na norma brasileira para risco de crédito e sua aplicação prática a partir de sua edição, em 1999. Supre-se a carência de bibliografia discutindo Basiléia II a partir da realidade regulatória brasileira mediante a realização de um levantamento de natureza exploratória junto aos agentes de mercado envolvidos com o tema, capturando sua percepção sobre a natureza das dificuldades que vem sendo enfrentadas na preparação para Basiléia II, bem como seu entendimento quanto à evolução da regulação de crédito brasileira. / The main objective of this work is the analysis of the credit risk aspects related to the implementation of Basel II in Brazil. The research focus consists in the analysis of the regulatory framework proposed by Basel II compared to CMN Resolution 2.682/99, the most relevant credit risk regulation of Brazilian banking system. The purpose is to understand and qualify the differences between present regulatory environment and Basel II framework, focusing conceptual terms, involved areas and operationalization requirements. Extending such comparison to previous regulation (CMN Resolution 1748/90) characterizes the evolutive nature of Basel II adaptation process, showing that a large amount of conceptual changes concerning credit risk measurement has already happened in Brasil with CMN Resolution 2682/99. The present research can be justified by the focus on a relevant, but not properly studied aspect: the challenge of implementing Basel II in Brazil considering the regulation credit environment in the country. The explored hypothesis lies in the fact that the major difficulties for Basel II adoption in Brazil refer to the complexity of the operational aspects rather than the new concepts involved. The lack of relevant bibliography discussing Basel II based on the regulatory Brazilian environment is supplied by an exploratory survey with market agents, bringing up their perception over the nature of all the difficulties faced during the preparation to Basel II, as well as their understanding over the related aspects concerning Brazilian credit regulation.

O distanciamento entre as expectativas públicas e as metas anunciadas pelos formuladores de política econômica gera problemas para a condução das metas ao longo do tempo. Nesse contexto, este trabalho estabelece um modelo prescritivo acerca das variáveis que melhor explicam a credibilidade da política monetária no Brasil durante o período de implementação do regime de metas inflacionárias e nos anos subsequentes (2002-2016). Estudos anteriores nesse campo descreveram somente o comportamento da confiança pública sobre os resultados da política, mas não a atrelaram a variáveis do ambiente macroeconômico. Esse trabalho busca explorar fatores que afetam a credibilidade por parte do público, inclusive a reputação do presidente do Banco Central do Brasil, das metas anunciadas. / The gap between public expectations and targets announced by policymakers creates problems for the achievement of goals over time. In this context, this paper establishes a prescriptive model about the variables that best explain the credibility of monetary policy in Brazil during the period of implementation of the inflation targeting regime and in subsequent years (2002-2016). Previous studies in this field have described only the behavior of public confidence over policy outcomes, but have not linked it to variables in the macroeconomic environment. This paper aims to explore factors that would affect the public\'s credibility, including the reputation of the president of the Central Bank of Brazil, of the announced goals.

A literatura empírica que buscou investigar os efeitos da independência do banco central sobre os custos de desinflação encontra, quase que em sua totalidade, uma relação positiva entre estas duas variáveis, indicando que episódios desinflacionários mais custosos estão relacionados a países com bancos centrais mais independentes, contrariando a teoria novo clássica, que atribui um prêmio para a credibilidade da política monetária em termos de custos de desinflação. No entanto, a maioria desses trabalhos limita-se à utilização de uma amostra que compreende apenas países desenvolvidos durante o período 1960-1990. Além disso, a metodologia econométrica freqüentemente utilizada é a de Mínimos Quadrados Ordinários, método incapaz de controlar para a existência de algum tipo de endogeneidade ou viés de seleção na relação de interesse. Dessa forma, o presente trabalho busca complementar a literatura existente de duas formas: (1) utilizando uma amostra mais ampla, que inclua não somente países em desenvolvimento, mas também episódios desinflacionários mais recentes; e (2) empregando os métodos baseados em \\textit{propensity score}, metodologia econométrica capaz de controlar para a possível existência de viés de seleção na relação entre independência do banco central e custos de desinflação. Algumas conclusões importantes são obtidas. Primeiramente, quando as metodologias que lidam com a existência de viés de seleção são utilizadas, encontra-se um efeito insignificante do grau de independência do banco central sobre os custos de desinflação. Este resultado se sustenta não somente fazendo uso da amostra introduzida neste trabalho, mas também da amostra frequentemente empregada pela literatura empírica sobre o tema. Ademais, a utilização isolada da amostra mais ampla também aponta para um efeito insignificante da independência, indicando que ainda que houvesse um impacto positivo da independência do banco central sobre os custos de desinflação até o final da década de 1980, as diversas mudanças no ambiente econômico ocorridas nas duas últimas décadas foram capazes de, no mínimo, reduzir tal efeito. / The majority of the empirical literature about the effects of central bank independence on disinflation costs found a positive relationship between these variables, meaning that more costly disinflationary episodes are related to countries with more independent central banks, opposing to the new classical theory, which states that there is a credibility premium in terms of disinflation costs for monetary policy. However, most of these works are concentrated only in disinflationary episodes of developed countries between the period of 1960-1990. Furthermore, the dominant econometric method used is Ordinary Least Squares, a technique incapable of controlling for the existence of endogeneity or selection bias. In that sense, the present work tries to contribute to the existing literature in two distinct ways: (1) by using a broader sample, which includes not only developing countries, but also more recent disinflationary episodes; and (2) by applying models based on propensity score, an econometric method capable of dealing with the possible existence of selection bias in the relationship between central bank independence and disinflation costs. A couple of important conclusions are obtained. First of all, when the models based on propensity score are used, a statistically insignificant effect of the central bank independence on disinflation costs is found. This result is sustained not only when making use of the broader sample introduced in the present work, but also when the sample commonly employed on the empirical literature is used. Moreover, the merely usage of the broader sample also yields an insignificant effect, meaning that even if there was a positive effect of central bank independence on disinflation costs until the end of the 1980\'s, the several changes occurred in the economic environment in the last two decades might have, at least partially, offset this impact.

The aim of the thesis is assess the development of central banking in the Czech Republic from 1918 to present. The theoretical and methodological part define the basic characteristics of the banking system. I will discuss and comment on theoretical perspectives on the role of the central bank will focus on the mainstream theory and the theory of free banking. In another part of the work I examine the nature, objectives and instruments of monetary policy. In the analytical part the evolution of central banking will be analyzed in the various stages according to the polity of the state. In each period I will analyze the legal framework, institutional arrangements and scope of the central bank. In the final part of the work I will compare the results of central bank activity in the various stages of development.