Central Bank communication has become, in the last period, a topic of increased interest both in academia, as well as in the process of conducting the monetary policy. This thesis addresses the communication of central banking and compares the Czech National Bank's (CNB) communication practices with the ones of the National Bank of Moldova (NBM) for the period of 2005 - 2010. Communication of both central banks is analyzed by compyling a Transparency Index, based on a detailed analysis of actual information disclosure by the two banks. In order to analyze how surprising are the monetary policy decisions in the two countries, an investigation about how much the short-term money market rates change after the monetary policy decision's announcement has been made. The results of the analyses show that the CNB has achieved almost full transparency in 2010 in conducting the monetary policy, while the NBM, even though registered a gradual increase in its transparency since 2005, still needs to put more effort into improving its communication practices. The research also reveals that the CNB manages to lower the pace of market surprises related to its monetary policy decisions, while in the case of NBM, the money market rates respond little to the policy rate changes. Also, in order to show the importance...

This research examines WHY and HOW a new approach to Enterprise Strategy and IT planning can be adopted in the European national financial sector by using Enterprise Architecture (EA). EA has been promoted as a key tool for transformation and modernisation of the enterprise. By following best practices from successful case studies and the European Central Bank (ECB), the claim is that the adoption of EA will ensure that IT resources and business processes are planned, leveraged, and coordinated better in national financial sectors. In our five supporting papers, several qualitative case studies in Europe were investigated by applying an interpretive perspective. According to common belief EA connects business and IT; it is an important tool for survival and growth. Many EA endeavours, however, fail. The question is how can risks of EA implementation failure be reduced at an early stage? Underlying questions concern: why would a particular organisation need EA, can implementation risks be identified and are solutions available to reduce the failure rate? In order to answer research questions a literature study is performed to build the Business Transformation Enablement Program framework (BTEP). It advocates deliberate motivation, active risk management and an iterative and incremental implementation of EA. Next to the literature, the framework is validated through the Small National Bank (SNB) implementation. Data was collected in both structured, semi-structured and ad-hoc methods. Grounded theory techniques were used to analyse the data logically, using existing theory only as prior constructs. The theoretical abstractions, generalisations and experience generated in the research process have been published and availed to specialised groups.

Magister Administrationis - MAdmin / The object of this study is to examine and analyse the dynamics of central banks. The central bank in any country has a great impact on the economic and monetary issues within its jurisdiction. This research is based on a case study of the economic and monetary crisis in the Republic of Angola resulting from the prolonged phases of civil war. The study will focus in particular on the role of the Banco Nacional de Angola, the central bank of Angola. This bank has a very important role to play in the post-war phase, since it is the only institution capable of inspiring confidence in national and international markets. In this period the country has been closely observed by foreign investors who are believed by this researcher to be the only guarantee for an immediate development of the country. The study points out the main periods of economic crisis, emphasising their main causes and origins, and suggests ways of overcoming these problems on the path to economic recovery from the ravages of the war. Furthermore it examines the manner in which monetary policiesare monitored and implemented within the Angolan framework. Emphasis is given to the fact that the Angolan central bank was highly controlled by the state. This is due to the lack of financial resources at the state's disposal. It is believed by this researcher that the main problem of central banking in Angola is inefficiency in terms service delivery, which has had a significant impact on the quality of its functioning. This study gives some suggestions for possible tools for better performance of the central bank, so that Angola can move towards a better future. This researcher has used qualitative data from secondary sources, exploring and analysing existing information from resources such as journals, reports, legal documents, as well as banking and government sources. This researcher has also collected and analysed national and international laws and legislative policies regarding central banks in general, and the Banco Nacional de Angola in particular.

In this thesis, we aim to unveil potential relation between gold in the reserves of central banks and the independence of these institutions. As a reaction to several statements of central bank representatives, we assume that gold might be a determinant of central banks' independence. Following these statements, the key contribution of this thesis was defined: to verify these declarations and the general belief of gold's role within central banks' reserves in the relation to their independence, using empirical data. For that purpose, we examine panel data consisting of information from 145 countries between years 1970 and 2012. As for the control variables, economic variables such as GDP per capita, inflation, exchange rate regime, current account to GDP and broad money and political variables from the range of word governance indicators are employed. The regression results of basic model obtained by fixed effects estimation suggest that, indeed, there might be a significant effect of share of gold on the central bank independence index. However, as the results imply negative relation, we cannot confirm if the effect is real due to endogeneity problem. Moreover, the effect of gold reserves on the central bank independence was not confirmed when employing a different estimation technique -...

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Supranational institutions face an important trade-off when hiring personnel. On the one hand, hiring decisions are based, as in most organizations, on a candidate's professional qualifications. On the other hand, supranational institutions often aim for broad national representation. Reviewing evidence from the European Central Bank, we show that nationality is indeed relevant for both hiring and decision-making. Specifically, we find a disproportionately narrow spread of national representation in the top management of the ECB. Further, there is evidence for the existence of national networks between adjacent management layers. Finally, monetary policy decisions seem to be linked to national representation in the core business areas of the ECB. Examining a sample of 27 European countries over the period from 1999 to 2008, we estimate Taylor rules for alternative sets of euro area aggregates derived from different weighting schemes of national macroeconomic data. Our results indicate that weights based on national representation in the mid-level management of the ECB's core business areas best describe the central bank's interest-rate setting behavior.

The objective of this thesis is to see how effectively can central banks can conduct monetary policy under specific circumstances. Four hypothesis are being examined on the case study of five central banks - the Czech National Bank, the Central Bank of Chile, the Bank of Jamaica, the Central Bank of Argentina and the Swiss National Bank. Firstly this work confirms that solid monetary policy can be applied even if CB is dealing with loss based on inflation targeting success rate of central banks. Secondly, in the case of Czech National Bank using VAR, was concluded that inflation expectations can influence the outcome of CB's monetary policy. In the second part of this hypothesis the expectations from the government side in SNB case were examined. On the case of Argentina the negative effect of adjusting monetary policy was demonstrated. The last part elaborates on the topic of determining optimal capitalisation of central bank.

In the era of constant advancing of the globalization and quick development of the financial markets, the financial markets supervision is still the current topic. Lately, these tendencies have been significantly strengthened under the influence of ongoing world financial crisis. In the light of the crisis, which started as a "credit crisis", the topic of the financial markets supervision has become discussed in countries worldwide and also at the international level, because finding of an effective arrangement and supervision execution could substantially help to overcome the crisis. The main goal of this paper is the analysis and comparison of the legislation on the activities of the Czech and Slovak National Bank in the field of the execution of financial market supervision. The development of Czech and Slovak legislation is interesting as they both emerged from the same legal foundation, went through the phase of individual development and then they became closer again influenced by the European Union. The first two chapters of this thesis focus on the definition of basic terms used further in the thesis and then characteristics of the basic models of the supervision institutional organization. The second chapter deals with the subjects of the financial markets supervision and contains list of...

Existing studies which analyze a central banks' behaviour in formulating monetary policy, are mostly concentrated on the experience of developed economies. However, developing economies face a different institutional structure, as well as a different set of constraints and shocks, hence, it would be interesting to analyze how a central bank under this different economic environment performs its monetary policy mandate. This thesis looks at the behaviour of Bank Negara Malaysia (The Central Bank of Malaysia) in formulating monetary policy in Malaysia during the period 1975-2005. ¶ There are four major aspects of Bank Negara Malaysia's (BNM) policy behaviour that are examined in this thesis. Firstly, with regard to its policy reaction function - does BNM set interest rates according to some form of policy rule or purely on a discretionary manner? After identifying the systematic component of its policy action, we try to establish BNM's policy objectives and preferences. This will help in understanding the rationale behind its policy action. The third aspect is whether BNM's policy behaviour changes over time. Lastly, with the use of an estimated Dynamic Stochastic General Equilibrium (DSGE) model, we conduct some policy experiments to observe the possible impact on the Malaysia's economic outcomes were BNM to behave differently to what we envisaged its policy behaviour has been.

<p>This thesis is trying to find out whether the five studied countries, Portugal, Ireland, Italy, Greece and Spain would have avoided the economic crisis by having an independent central bank.The theory used for our study is the Taylor rule, using statistical data in order to count out the short-term nominal interest rate. Results are compared with the ECB nominal interest rate to see if the difference between the two rates is big. By looking at other macroeconomic data we will try to understand if the fiscal policy could have been conducted in a better way.The results we reached were varying. In the case of Ireland and Spain we could clearly see that a higher interest rate could have drastically altered the outcome, potentially avoiding the crisis. Regarding Italy and Portugal, the current crisis is more due to structural problems and not due to the level of the interest rate. Finally, we could see that Greece could have benefited from a higher interest rate. But we cannot definitely say that this has been the reason for the crisis since the Greek fiscal policy has been poorly conducted.</p>