The study of economic crises has been a major topic of interest in economics since at least the Great Depression and it has come to the fore once again after the latest crisis of late 2000s. It has also been one of the key themes for the Austrian school of economics in the form of the Austrian Business Cycle Theory (ABCT), which puts emphasis on monetary factors influencing capital structure of the economy. In this thesis we provide a comprehensive exposition of the distinctive points of Austrian approach to the study of markets, the ABCT's propositions and conclusions and also the most important criticism of the theory and replies to it. The theoretical part is accompanied by an empirical illustration on the economy of the United States of America in the period starting at the end of the latest crisis. Powered by TCPDF (www.tcpdf.org)

The diploma thesis clarifies main causes of the mortgage market meltdown in the USA as a starter to the global financial problems. The objective of the thesis is to analyze the American mortgage and housing market price bubble according to the views of the Austrian school of economics, which claims that problems were caused by inappropriate intervention of the U.S. Federal Government, Federal Reserve System and other government institutions in the markets. Furthermore, the thesis criticize the actions and measures taken by the U.S. government to stabilize the economy, which only seeks to alleviate the consequences, not to prevent the causes. Last chapter of the thesis analyze the impact of the subsequent financial crisis and global economic downturn on financial market, real economy and international trade of Czech republic.

Cette thèse vise à combler le fossé entre l'analyse de l’économie réelle et l’économie monétaire dans la théorie du commerce international. À cette fin, j’analyse l’effet Cantillon, i.e. l'impact différentiel de l'expansion monétaire sur les prix, la production, les patrimoines et la structure du commerce international. Dans la première partie, je passe en revue la littérature en économie internationale, à partir du 19e siècle jusqu’aux théories contemporaines. Dans la deuxième partie, j’utilise les contributions de Ludwig von Mises à la théorie de la monnaie et des cycles économiques comme fondement de l'analyse de l’impact de l'expansion monétaire sur le commerce international. Dans le chapitre 4, j’examine la relation entre le développement du marché financier et le commerce. Dans le chapitre 5, je discute l'impact de l'inflation monétaire sur les modes de financement du commerce et sur la transmission des cycles économiques. Les principaux résultats de ma recherche sont que l'expansion monétaire modifie la direction, la composition, le volume et la valeur des flux commerciaux et de capitaux. J’applique ce cadre théorétique dans le chapitre 6, pour expliquer l'évolution des ventes de marchandises et des flux de capitaux au cours des dernières décennies, et d'illustrer mes conclusions avec les données statistiques de la plus récente crise financière et de l'effondrement du commerce mondial de 2008-2009. Dans la troisième partie, j’analyse l’impact de l'expansion monétaire sur l’organisation industrielle internationale et la distribution mondiale des revenus et des patrimoines. Dans la section finale, je présente les implications majeures de mon analyse pour le commerce international et les politiques monétaires, et son importance pour des recherches futures. / This dissertation endeavors to offer a way to bridge the gap between the analysis of real and monetary phenomena in international economics. To this end, I analyze Cantillon effects, i.e. the differential impact of monetary expansion on prices, production, wealth, and the pattern of international trade. In Part I review the standard literature in international economics from the 19th century to contemporary theories. In Part II I use the contributions of Ludwig von Mises to the theory of money and business cycles as the foundation for the analysis of monetary expansion and international trade. In Chapter 4, I focus on the relationship between financial development and international trade. In Chapter 5, I analyze the impact of inflation and5fractional reserve banking on trade finance, and the transmission of business cycles across national borders. The main findings of my research are that monetary expansion modifies the direction, composition, volume and value of trade and capital flows. I apply this framework in Chapter 6, to explain the evolution of merchandise and capital flows over the last decades, and illustrate my findings with statistical evidence from the most recent financial crisis and the global trade collapse of 2008-2009. In Part III I analyze the impact of monetary expansion on international industrial organization, and the global distribution of income and wealth. In the concluding section, I draw out the major implications of my analysis for international trade and monetary policies, and its importance for future research.