This thesis examines the emergence, and then development, of what I call 'monetary mythology', a historical narrative, or version of history, concerning the inter-war period of Germany. Following the Second World War, it was left to West German elites to establish a new federal central bank, the Deutsche Bundesbank. A three-way power struggle emerged between the existing West German central bank - the Bank deutscher Länder - the federal government and the various state governments, all vying to influence the institutions and structure of this new monetary authority. In justifying their arguments, West German elites used various lessons derived from the turbulent experiences of the inter-war era. Monetary mythology, for its part, emphasised the lessons of Germany's two inflations; and the Bank deutscher Länder, and its allies, explicitly tied these lessons to the need for an independent central bank. And though it was once challenged by other competing historical narratives in the period 1949-51, monetary mythology emerged by 1956 triumphant in the public sphere in terms of framing the parameters through which West Germans viewed their monetary history. The doctoral project at hand approaches economic history from a cultural angle. In doing so, it offers an alternative history of the Bundesbank, as well as an alternative explanation for the cultural preoccupation surrounding inflation in West Germany. The thesis explains this cultural preoccupation in institutional terms. In providing for a central bank that was independent of political instruction, the Bundesbank Law of 1957 allowed for conflicts between the federal government and central bank to emerge. These conflicts often became 'dramatised' in the public sphere, creating controversies surrounding the Bundesbank's independence, and, in turn, giving rise to circumstances in which the lessons of the two inflations continued to remain relevant, geared in support of central bank independence.

The Czech National Bank, its legal position and scope of activities This diploma thesis evaluates the legal position and scope of activities of the Czech National Bank through the analysis of the current legislation, literature and other sources. Partial aspects affecting the legal position and activities of the Czech National Bank are described separately, but due to their mutual connections it is important to see them as a part of the whole context. The thesis also points at questionable issues and offers both expert's as well as author's attitudes. This diploma thesis is divided into five chapters. The first chapter characterizes central banking itself, defines the role of the central bank in the banking system, shows the differences in conception of central bank and outlines the methods of establishing of central banks. The second chapter briefly describes the evolution of central banking in our country, focusing on the importance of historical events, which contributed to the creation of the Czech National Bank, as we know it today. Historical excursion begins with a period of Austro-Hungarian Empire and continues to the present. The third chapter consists of logically organized overview of particular aspects of the legal position of the Czech National Bank, including relations with other...

Central banks world-widely are institutions of crucial importance for economics of their countries, especially during the years of financial instability, in some cases having also an influence to other economies. The thesis deals with the topic of Czech National Bank (as the central bank of the Czech Republic), its legal position within the Czech legal system and its activities with regards to dynamic development in this area in recent years. The thesis is divided into chapters accordingly to its name and the subject matter. Introduction aims to introduce into topic, briefly describes the structure of the thesis. Introduction is followed by two main chapters - "Legal position of the CNB" and "Activities of the CNB", respectively. These chapters are composed of fractional subchapters and more fractional parts. Thesis is ended by conclusion. Second chapter analyses constitutional provisions relating to Czech National Bank and statutory provision included in Act No. 6/1993 Coll., on the Czech National Bank, with references to respective provisions of law of the European Union. It concerns also two significant rulings of Constitutional court related to the CNB and involves thoughts of some rules currently applied. Special attention is dedicated to the legal conception of CNB's independent position in relation...

Dans cette thèse de doctorat en sciences économiques, dont le thème est « Régimes de Change et Performances Économiques en Afrique Sub-saharienne », nous avons développé une analyse cherchant à montrer le lien entre le régime de change et les performances économiques des pays en Afrique Sub-Saharienne (ASS). Pour réaliser les analyses comparatives, l’échantillon global, ASS, a d’abord été subdivisé entre les pays de l’union monétaire, dont les pays de la zone CFA (ZCFA), et les pays hors union monétaire ou les pays hors zone CFA (HZCFA), et, il a ensuite été subdivisé entre les pays de l’Union Économique et Monétaire Ouest Africaine (UEMOA), les pays de la Communauté Économique et Monétaire de l’Afrique Centrale (CEMAC), les pays HZCFA avec les régimes de change fixe et les pays HZCFA avec les régimes de change flexible. Notre analyse se concentre sur les thèmes suivants :1. Les régimes de change et les politiques monétaires en ASS2. La convergence entre la zone UEMOA et la zone CEMAC3. Les régimes de change et les instabilités macroéconomiques en ASS4. Les régimes de change, le TCR et son ajustement en ASS5. Les régimes de change, les instabilités macroéconomiques et la croissance économique en ASS.Les études empiriques que nous avons menées sur ces thèmes ont conduit à des résultats très contrastés et variées selon les sous-échantillons. Les résultats montrent que les régimes de change n’ont pas été bien gérés en ASS et qu’ils y ont été utilisés parfois comme des moyens de dissimulation des résultats économiques inefficaces et inefficients causés par les mauvaises politiques et décisions économiques. / In this PhD. thesis titled “Exchange Rate Regimes and Economic Performances in Sub-Saharan Africa”, we carried out analysis to show the relationship between the choice of exchange rate regimes and economic performances in Sub-Saharan Africa (SSA). In order to proceed to comparative analysis, first we breakdown the global sample (SSA) into two, which are the monetary union countries or CFA franc zone countries (ZCFA) and the non-monetary union countries or countries outside CFA franc zone (HZCFA), then we breakdown the sample into four subsample, which are the West Africa Economic and Monetary Union (WAEMU) countries, the Central Africa Economic and Monetary Community (CAEMC) countries, the HZCFA countries with fixed exchange rate regimes and the HZCFA countries with flexible exchange rate regimes. Our analysis focuses on the following topics:1. Exchange rate regimes and monetary policies in SSA2. Convergence between WAEMU and CAEMC3. Exchange rate regimes and macroeconomic instabilities in SSA4. Exchange rate regimes, Real exchange rate and its adjustment in SSA5. Exchange rate regimes, macroeconomic instabilities and economic growth in SSAThe empirical results based on topics mentioned above conducted to mixed results depending on our subsamples. Also, they show that the exchange rate regimes have not been well managed in SSA, and that they have been sometimes used as means to hide bad economic results induced by non-effective economic policies and non-effective economic decisions.

This diploma thesis is trying to analyze the monetary policy of The Federal Reserve System in context of the economic process in the period 1913 -- 1929 and its reverse influence on the economy of The United States. In an effort to expose incompetence of the central control of money stock it brings more complex view including preceding development from the end of 18 century, trough the foundation The Federal Reserve System in the year 1913, the period of the world war I., trough era of prosperity of the twenties to the beginning of The Great Depression. In the theoretical part it brings monetary centralism face to face with liberalism of the Austrian school. Theoretical ground is based on the Austrian theory of business cycle which considers the reasons of economic fluctuation to be inflationary character of the commercial banking system at the head of central bank.

The thesis describes the chain of causation that leads from the causes of the financial crisis over its consequencies towards the reactions of the Federal Reserve System. After the consequencies of the Crisis have been identified, the author deals in detail with the measures taken -- with their characteristics and the way they function. Afterwards, the author evaluates efficiency of these meausures and describes the role they played in the overall attitude of the Federal Reserve System to handling the Crisis.

This thesis comprehensively summarizes the global financial crisis. Its main causes consist of government support for home ownership, artificially set interest rates, and the conduct of economic actors in the context of financial innovation. Thus, this thesis considers external interventions into the economy as the primary causes of the crisis. Furthermore, chronologically summarized are the steps taken by the Federal Reserve System (Fed) and the European Central Bank (ECB) during the crisis itself. In a short period of time, these central banks exhausted the standard tools of monetary policy, which led to the use of unconventional measures. The Fed mainly used quantitative easing, while the ECB used a set of various tools available to help solve problems on multiple fronts - especially the debt crisis in the Eurozone countries. With the exception of a description of the chain of events leading to the financial and economic crisis, the main contribution of this thesis lies in mediation and confrontation of views by selected economists from various spectrum of opinions in regards to the steps of the Fed and the ECB in their solutions to the crisis. This discussion reveals that the biggest concerns associated with these interventions consist of price bubbles, inflation, distortion in market mechanisms, Europe's unsustainable integration at the monetary level, and the inexorable rise of the another crisis caused by the failure to solve the real causes of the last crisis. Finally, the opinions of the author of this thesis match with the conclusions and recommendations that arise from this discussion.

1 ABSTRACT STATUS AND ROLE OF CENTRAL BANKS IN HISTORY This diploma thesis describes and compares the regulation and status of two central banks in our history, the central bank of the independent Czechoslovak Republic and the central bank of the Czech Republic. The aim of this thesis is to present and compare selected aspects of both central banks through the method of analysis and comparison. The hypothesis is that both banks, as central banks of democratic states, are similar in their regulation and status. The intention is to verify this hypothesis and find out whether the Czechoslovak Republic legislation was a source of inspiration for the creation of central banking legislation when the Czech Republic was established. The first part of the thesis describes the banking system, the characteristics and origin of central banking in the world and the Czech region. Subsequently, the circumstances of the establishment of the National Bank of Czechoslovakia and the Czech National Bank are presented. The second part deals with the constitutional and legal regulations of both central bank and the objectives of their activities. The third part characterizes the status of both central banks as regards legal form, bodies and degree of independence. Differences have prevailed in the compared aspects of central...

The topic of this diploma thesis is to measure and investigate the clarity of Financial stability reports from 27 European central banks. Using unbalanced panel data from 2004 to 2017 we found out variables that determine the level of clarity of Financial stability reports. Clarity indices are calculated by Flesch-Kincaid readability tests. Based on our results, we claim that the clarity of the Financial stability report is affected by the level of independence of the central bank and by non-housing macroprudential policy index. Furthermore, the clarity of Financial stability reports changes among years and especially during the financial crisis. According to spatial models, the distance between central banks really matters in the terms of the clarity of Financial stability reports.

Tools of monetary policy of the Czech national bank - summary Zdeněk Zůna The purpose of my thesis is to analyze main factors affecting economic development of Czech Republic and describe in detail the instruments of monetary policy including reasons and consequences of their use. Author chose chronological interpretation with emphasis on inclusion in historical context. Introductory chapter defines the concept of monetary policy and outlines its types and goals. Along with the second and the third chapter, it creates necessary theoretical basis for the practical part. It explains why monetary policy is given to the hands of central banks as independent institutions, and why is price stability in most countries the only main objective of monetary policy. We also get a basic idea of what monetary expansions and monetary restrictions are and what are their consequences. Second chapter deals with process of monetary policy. It describes strengths and weaknesses of different strategies and shows the chain of economic links, through which the instruments used affect final goals. In addition, it presents some problems of monetary policy and discusses the role of time lags. Third chapter looks at the tools of monetary policy in general. Beside basic characteristics, it describes, how they influence monetary base,...