Title: The Czech National Bank, its legal status and scope of activities Abstract The aim of this thesis is to analyze the current status of legislation of the Czech National Bank, its content operations and powers with regard to the historical development of this institution, focusing on the banknotes and coins, monetary policy, financial stability, financial market supervision and possible impacts of euro adoption in the Czech Republic. The first part of the thesis will be devoted to the historical development and fundamental characteristics of the Czech National Bank as the central bank and its organizational structure, management and independence will be determined as well as the objectives pursued. The following chapters will deal with particular areas of activities which the Czech National Bank practices in accordance to its primary objective. More detailed focus in the thesis is on the emission function, the conduct of monetary policy and its instruments, analysis of financial stability and supervision of individual financial market segments. The last part of the thesis will be devoted to the issue of adopting the common European currency in the Czech Republic and to the changes which would be connected to that currency adoption. Keywords Czech national bank, central banking, monetary policy,...

This dissertation titled "Essays in the Political Economy of Inflation" is comprised of three papers which study the problem of inflation from a political-institutional perspective. All the three essays apply modern technical tools of macroeconomics to study different factors that affect the choice of policies. It is shown that these factors are crucial in shaping the governance structure conducive for policy effectiveness. The complex political-economic environment is difficult to study with traditional models of economic policy based on a benevolent social planner maximizing the utility of a representative individual. This thesis, therefore, approaches the political economy of inflation from a realistic practical side. The first essay titled "Taxing the unobservable: The impact of shadow economy oninflation and taxes", is motivated from several theoretical and empirical studies which argue that optimal inflation rate increases in the size of informal economy. In this paper, we construct a small theoretical model that has two key components. First, it explicitly models the government's choice for income or inflation tax. Our framework is general and does not impose any condition about the nature of the government (i.e., it does not require government to be necessarily benevolent or corrupt). Secondly, we explicitly consider the shadow economy in the government's objective function. It allows us to see how it impacts the tax burden and inflation. Our theoretical model indicates an increasing marginal cost of taxes and an increasing rate of inflation in the shadow economy. The principle of marginal substitution rationalizes the government's choice of inflation tax over income tax.

The accession to the European Monetary Union is fundamentally changing the role of the Czech national bank. Aim of this work is to describe and evaluate this new role of the CNB in connection with the transfer of its former powers to the ECB. The theoretical part of the work deals with the role of central banking in general, the role of the CNB before the accession to the EMU and the role of ECB in monetary union. The work reviews compliance with the conditions required for the accession to the EMU. Further it focuses on the analysis of CNB monetary policy in recent years, particularly its interest rates policy. In view of the future situation in the field of monetary policy the work draws on the experience of Slovakia after its entry into the euro zone and respondes to the question of whether uniform monetary policy is equally applicable to all member states of the euro area by using the Theory of Optimum Currency Area. The work also analyzes the actions of the ECB and the CNB caused by the current economic crisis.

This thesis at the theoretical level deals with possible alternatives of two-tier banking system with the central bank. Then in details it describes the analysis of one of them -- currency board. The application section focuses on three completely different countries that have been met with this system and have been strongly influenced by it. It is meant: European country Estonia, Latin American Argentina and Hong Kong Special Administrative Region of the People's Republic of China. This submitted work analyzes each currency board separately, discusses the economic situation before and after its implementation and also outlines the current developments in the economy. At the conclusion, there is their comparison and evaluation of the success of the currency boards.

Cette dissertation intitulé « Essays in the Political Economy of Inflation » est compris de trois papiers qui étudient le problème d'inflation d'une perspective politique-institutionnel. Tous les trois essais appliquent des outils techniques modernes de macroéconomie pour étudier des facteurs différents qui affectent le choix de politiques. Il est montré que ces facteurs sont cruciaux dans former la structure de gouvernance favorable pour l'efficacité de politique. L'environnement politique-économique complexe est difficile d'étudier avec les modèles traditionnels de politique économique fondée sur un projeteur social bienveillant qui maximise l'utilité d'un individu représentatif. Cette thèse, donc, approche l'économie politique d'inflation d'un côté pratique réaliste.Le premier essai a autorisé «Taxing the unobservable: The impact of shadow economy oninflation and taxes», est motivé par plusieurs études théoriques et empiriques qui se dispute que le taux d'inflation optimal augmente dans la taille de l'économie simple. Dans ce papier, nous construisons un petit modèle théorique qui a deux composants clés. Premièrement, il modèle explicitement le choix du gouvernement pour l'impôt de revenu ou inflation. Notre cadre est général et n'impose pas de la condition de la nature du gouvernement (i.e., il n'exige pas le gouvernement pour être nécessairement bienveillant ou corrompu). Deuxièmement, nous considérons explicitement l'économie l’informel (shadow economy) dans la fonction du gouvernement objectif. Il nous permet de voir comment il influe la charge fiscale et l'inflation. Notre modèle théorique indique un coût marginal croissant d'impôts et un taux croissant d'inflation dans l'économie d'ombre (shadow economy). Le principe de remplacement marginal rationalise le choix du gouvernement d'impôt d'inflation sur l'impôt sur le revenu. / This dissertation titled “Essays in the Political Economy of Inflation” is comprised of three papers which study the problem of inflation from a political-institutional perspective. All the three essays apply modern technical tools of macroeconomics to study different factors that affect the choice of policies. It is shown that these factors are crucial in shaping the governance structure conducive for policy effectiveness. The complex political-economic environment is difficult to study with traditional models of economic policy based on a benevolent social planner maximizing the utility of a representative individual. This thesis, therefore, approaches the political economy of inflation from a realistic practical side. The first essay titled “Taxing the unobservable: The impact of shadow economy oninflation and taxes”, is motivated from several theoretical and empirical studies which argue that optimal inflation rate increases in the size of informal economy. In this paper, we construct a small theoretical model that has two key components. First, it explicitly models the government’s choice for income or inflation tax. Our framework is general and does not impose any condition about the nature of the government (i.e., it does not require government to be necessarily benevolent or corrupt). Secondly, we explicitly consider the shadow economy in the government’s objective function. It allows us to see how it impacts the tax burden and inflation. Our theoretical model indicates an increasing marginal cost of taxes and an increasing rate of inflation in the shadow economy. The principle of marginal substitution rationalizes the government’s choice of inflation tax over income tax.

本篇論文採取歷史制度分析法，比較德國與日本在國家建立的過程中，為何在相似的富強關係及轉折的歷史經驗裡，發展出現行南轅北轍的中央銀行制度，並且試圖解釋為何第二次世界大戰後德國與日本採行不同中央銀行制度，卻同時達致耀眼政治經濟成就的原因。 本研究採用的富強關係架構共有富強並進、搾富求強、外國勢力干政、以富致強等四種組合。至於這四種組合中的哪一種組合出線，又是取決於國家建立過程推移、大型戰爭成敗以及戰敗後外國勢力干政是否解散政權等三個因素。另外，富強的詮釋也會隨著富強關係組合出現順序的改變而改變。然而啟動富強組合轉變的內部因素是啟發戰端，外部因素則是國家在大型戰爭中失利後，外國勢力干政的態度。 結論發現中央銀行制度的起源具有高度國家工具性質，所謂中央銀行政治獨立性是逐漸發展而來，而非制度設計之初衷。而真正造成今日德國與日本中央銀行獨立性差異的關鍵因素是第二次世界大戰後美國對於兩國政權存廢態度不同。最後第二次世界大戰不僅是德國與日本富強關係轉折的媒介由戰爭變為美國霸權維持的國際政經架構的分水嶺，同時也造成德國與日本在國家、區域與自由世界在整合層次上有所差別，進一步使得日後兩國面對金融全球化的步調不同。 / Based on the historical institutional approach, this paper tries to compare the German and Japanese central banks. The author attempts to specify the inter-wining causes and effects of central banking and nation building. German and Japanese central banks had evolved from different bases, despite of the fact that both countries appear to have experienced the remarkable achievements in political and economic arenas after the Second World War. The author has discovered that a plenty-power theme weaving through the institutionalization of both central banks. There are four combinations between the pursuits of plenty and power. They are the simultaneous pursuit of plenty and power, the pursuit of power at the cost of plenty, foreign intervention and leverage plenty to power. Three factors are crucial to the formation and transition of the four combinations: the process of nation-building, the outcome of large-scale war, and the victor foreign states’ attitudes towards the continuance of the legitimacy of the defeated states. Each plenty-power combination has its unique historical goal. Several conclusions can be made from my analysis. First, the central-banking independence is rather the product of historical evolution than the intention of deliberate central-banking institutional design. Second, war has an enormous impact on the central-banking systems in Germany and Japan. The key factor that generated the difference of the central-banking independence between the two countries came largely from America’s different attitudes towards the continuance of the legitimacy of the defeated states. And finally, the Second World War turned out to be the inflection point that changed the plenty-power combination－both Germany and Japan went into the orbit of American hegemony. The post-Second World War world order further gravitated both Germany and Japan towards economic integration into a world economic order.

Cette thèse constitue une analyse historique évolutionniste de la fonction de prêteur en dernier ressort à travers les mutations du cadre institutionnel et opérationnel des Banques Centrales. L’enjeu de ce travail de recherche est de se pencher sur les origines de l’apparition de cette théorie d'un point de vue historique comme outil d’analyse des problématiques de gestion des crises modernes. Il convient de démontrer que le dévoiement de la doctrine du PDR entraîne une incompatibilité avec le cadre institutionnel de la politique monétaire de la Banque Centrale. Ainsi, les interventions « non conventionnelles » des Banques Centrales confirment qu’il est nécessaire de sortir du cadre institutionnel censé assurer une gestion efficiente de la politique monétaire. Par conséquent, ce cadre institutionnel qui garantit notamment l’indépendance de la Banque Centrale parait inadéquat à la nouvelle pratique du prêteur en dernier ressort. L’étude historique de cette fonction permet de mettre en perspective l’évolution du rôle de prêteur en dernier ressort en tant qu’outil de prédation monétaire pour les gouvernements. En définitive, les évolutions divergentes du cadre institutionnel et opérationnel de la Banque Centrale constituent l’un des principaux signes d’une déliquescence du système bancaire centralisé (Central Banking). L’exercice de la fonction de prêteur en dernier ressort par la BCE au sein de la zone euro représente un cadre d’analyse pertinent afin d’étudier les difficultés de cette fonction dans la gouvernance d'une zone économique hétérogène et politiquement inaboutie. / This paper offers an historical analysis of the evolution of lenders of last resort (LOLR) through the institutional and operational mutations of Central Banks framework. The aim of this research is to examine the origins of the appearance of this theory from a historical perspective. It should demonstrate that the perversion of the doctrine of LOLR causes incompatibility with the institutional framework of the Central Bank’s monetary policy. Thus, the "unconventional" interventions of central banks confirm the need to exit the institutional framework meant to ensure the efficient management of monetary policy. Therefore, this institutional framework which guarantees the independence of the Central Bank seems inadequate in the context of the new practice of the lender of last resort. Ultimately, diverging trends of the institutional and operational framework of the Central Bank is a major sign of demise of Central Banking. Last resort lending by the ECB in the euro zone provides a useful analytical framework to study the difficulties of the function of LOLR in the governance of a heterogeneous and politically unfulfilled economic zone.

The diploma thesis investigates causes and progression of the mortgage crisis beginning in 2006 in the United States. Theoretical part of the thesis explains general causes of economic crises in accordance with the Austrian theory of the business cycle. Some of the basic problems of nonmonetary business cycle theories are mentioned and the most common ABCT attacks refuted. Analytical part of the thesis tries to explain why the current business cycle appeared primarily in the form of mortgage crisis. For this reason institutions playing the main role in the American mortgage market are being analysed including Federal Reserve System, government-sponsored enterprises, and three biggest rating agencies Moody's, Standard & Poor's and Fitch Ratings. Thesis conclusion should answer the question why and how the mortgage crisis originated in the United States.

The Banco de Moçambique (Bank) was established in May 17, 1975. The 1920 Brussels Conference recommended that in countries without a central bank, it should be created. The ‘Bank’ followed the new model of emerging countries’ central banks (mid-1950s), where those central banks regulated and controlled an existing financial system and promoted the emergence of a money and capital market. From 1975 the Bank performed commercial functions until 1992, when the functions of commercial banking and central banking were separated. Mozambique tried to establish a socialist society. The prevailing financial system, primarily consisting of of expatriate banks, was reorganised under the state bank. This was a restructuring and integration process. In 1980 the Metical, the new currency of Mozambique, was introduced. In the 1980s weakening economic conditions in Mozambique mandated the reconsideration of post-independence economic policies. In 1984 Mozambique accepted assistance from the Bretton Woods institutions and from 1987 the country embraced the Economic Rehabilitation Program. The Bank embarked on monetary, credit, supervisory and regulatory policies reforms, to consolidate conventional central bank functions. / History / M.A. (History)

The master´s thesis is about the conceptions of the Czech National Bank, the Federal Reserve System, the European Central Bank and People's Bank of China. It focuses on the comparison of these conceptions with the created universal model of the central bank and its parameters, and finds out that the selected central banks are lot away from this model. Important is also a perspective of the Czech National Bank after joining the euro area and the fact that at this moment her role will be replaced by the European Central Bank. The European Central Bank, compared with the Federal Reserve and the People's Bank deviates the least from its inflation target and therefore is pretty close to reach a price stability. However, ECB clearly financed some government debts, and that is inconsistent with the law. In conclusion can be noted that the central banks of the Czech Republic, the United States and the euro area reach the high level of freedom and are independent of the other components of state power and vice versa People's Bank of China remains strongly dependent on the executive power.