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11	Nestandardní měnové nástroje centrálních bank / Non-standard Monetary Policy Instruments of Central Banks Šikulová, Markéta January 2018 (has links) Non-standard Monetary Policy Instruments of Central Banks Abstract The aim of this study is to analyze non-standard monetary instruments of central banks and their impact on the example of concrete use of these instruments by the Czech National Bank and the European Central Bank. The first part of this study defines the essence, the implementors, the tasks, and the objectives of the monetary policy. Its tools are also disassembled, both standard and nonstandard. From non-standard instruments, closer attention is paid to the theoretical definition of quantitative easing, negative interest rates and long-term maintenance of the exchange rate commitment. I also deal with the legal anchor, organization, purpose, history, and concept of the monetary policy of two selected central banks, namely the CNB and the ECB. The next part of the study presents the concrete form of non-standard measures used by the CNB and the ECB, it deals with the specific reasons that the central banks led to their implementation, the objectives with which they were adopted and the impact these measures had on the Czech economy and the euro area. Based on the analysis, it is possible to confirm the tested hypothesis that the Czech National Bank and the European Central Bank have succeeded in meeting the objectives set before their...
12	Bargeld quo vadis? Morscher, Christof, Schlothmann, Daniel, Horsch, Andreas 12 May 2017 (has links) (PDF) Nachdem eine Bargeldabschaffung schon vor längerem u.a. von Wissenschaftsvertretern wie Rogoff, Summers und Bofinger diskutiert und im Ergebnis befürwortet wurde, scheint das Thema aufgrund aktueller Entwicklungen sowie bereits vollzogener Maßnahmen verstärkt in Wissenschaft und Praxis angekommen zu sein, wo es kontrovers diskutiert wird. Dabei werden sowohl für als auch gegen Abschaffung bzw. Beschränkung des Bargeldes gewichtige Gründe ins Feld geführt. Aufgrund der großen Aktualität und Relevanz der Thematik wird sie zuerst aus theoretischer Sicht beleuchtet, bevor empirische Entwicklungen aufgezeigt, sowie die gegensätzlichen Argumentationslinien der Befürworter und Gegner einer Abschaffung bzw. Beschränkung des Bargeldes sowie bereits veränderte institutionelle Rahmenbedingungen dargestellt und bewertet werden. / The topic of abolishing cash is discussed since some time, and economists such as Rogoff, Summers and Bofinger argue for it. Due to some current developments, as much as some already taken measures, the public is increasingly discussing it in a controversial way. There are good reasons for such a fundamental change, as well as against it. Against the backdrop of the current discussion, this paper emphasises the theoretical background, empirical developments and the competing argumentative lines of the supporters and opponents of an abolishing or limitation of cash, as well as the respective institutional change which has already happened. Bargeld Geldfunktionen Geldmengenabgrenzungen Geldtheorie Negativzinsen Zahlungsgewohnheiten Cash functions of money money aggregates money theory negative interest rates payment methods ddc:330 rvk:QK 200 rvk:QK 220 rvk:QC 320 rvk:QK 000 Zahlungsmittel Bargeld Abschaffung Geldmengensteuerung Geldmengenpolitik Geldtheorie Zahlungsverkehr Negativzins
13	Záporné úrokové sadzby v kontexte hrozby deflácie / Negative interest rates in the context of deflation threats Jenis, Filip January 2017 (has links) The introduction of negative interest rates, as an additional tool of unconventional monetary policy in recent years, leads to many, yet largely polarized debates about the implications of the unconventional monetary policy of central banks. The main reason for their introduction in some economies, namely the threat of deflation, is also questioned, as well as the negative side effects of this instrument on financial stability and economic growth, and finally, their limited scope is under scrutiny. Due to the still insufficient research in this field, the aim of the diploma thesis is to evaluate the concerns and the main long-term risks and impacts of the monetary policy using negative interest rates in the context of deflation threats. The analysis of available data confirms both the concerns about the negative effects of negative interest rates on the banking sector, the recovery process of public finances, the possible rise of a price bubble on the financial markets and real estate markets, or on the possibility of excessive risk taking, and on the other hand draws attention to the direct dependence between negative impacts and the duration of monetary policy using negative interest rates.
14	Chování dluhopisů v oblasti záporných úrokových sazeb / Behavior of bonds conditioned by negative interest rates Biljakov, Nik January 2016 (has links) Current economic situation is characterized for deflation and low inflation, low economic growth, and low or negative interest rates, which lead to phenomenon of issuing governments bonds with negative yield. The main goal of this work is to understand the valuation and behavior of bonds with condition of negative interest rates, analyze impacts of negative rates on volatility of bonds. This work also compares the behavior of negative yields of bonds in contrast with positive yields. The contribution of this work consists in the critical evaluation of limitations of the formula for calculating the bond price to fulfill its role if the values of negative interest rates are too low.
15	Nekonvenční monetární politika po krachu Lehman Brothers / Unconventional monetary policy after the collapse of Lehman Brothers Dragoun, Josef January 2013 (has links) This diploma thesis is focused on unconventional monetary policy tools that individual central banks introduced into practise as a response to the global financial crisis. It is about quantitative easing policy, foreign exchange interventions with exchange rate commitment and negative interest rates. This thesis also deals with classical tools of monetary policy such as open market operations, discount tools, minimum requirement reserve or foreign exchange interventions. The aim of the thesis is to document the development of central banks policy and then to examine relationship of selected assets in comparison with balance sheet of Federal reserve systems with help of correlation coefficient. The thesis also deals with the thought how should behave in the zero lower bound environment and what are the pitfalls of unconventional monetary policy.
16	Bargeld quo vadis? Morscher, Christof, Schlothmann, Daniel, Horsch, Andreas January 2017 (has links) Nachdem eine Bargeldabschaffung schon vor längerem u.a. von Wissenschaftsvertretern wie Rogoff, Summers und Bofinger diskutiert und im Ergebnis befürwortet wurde, scheint das Thema aufgrund aktueller Entwicklungen sowie bereits vollzogener Maßnahmen verstärkt in Wissenschaft und Praxis angekommen zu sein, wo es kontrovers diskutiert wird. Dabei werden sowohl für als auch gegen Abschaffung bzw. Beschränkung des Bargeldes gewichtige Gründe ins Feld geführt. Aufgrund der großen Aktualität und Relevanz der Thematik wird sie zuerst aus theoretischer Sicht beleuchtet, bevor empirische Entwicklungen aufgezeigt, sowie die gegensätzlichen Argumentationslinien der Befürworter und Gegner einer Abschaffung bzw. Beschränkung des Bargeldes sowie bereits veränderte institutionelle Rahmenbedingungen dargestellt und bewertet werden. / The topic of abolishing cash is discussed since some time, and economists such as Rogoff, Summers and Bofinger argue for it. Due to some current developments, as much as some already taken measures, the public is increasingly discussing it in a controversial way. There are good reasons for such a fundamental change, as well as against it. Against the backdrop of the current discussion, this paper emphasises the theoretical background, empirical developments and the competing argumentative lines of the supporters and opponents of an abolishing or limitation of cash, as well as the respective institutional change which has already happened. info:eu-repo/classification/ddc/330 ddc:330
17	Nekonvenční měnové politiky v teorii a empirii / Unconventional monetary policy in theory and empirical evidence LEXA, David January 2014 (has links) The Diploma thesis deals with unconventional monetary policies,that important central banks used in order to cope with global financial and economic crisis in recent years. Goals of the paper is to introduce the most significant unconventional monetary policies, analyze their effectivity in selected countries (Japan, USA, Great Britain, eurozone and Czech republic), and statistically test impact of these nonstandard approaches on international trade.

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