Magistro baigiamojo darbo tema yra aktuali, nes Europos Sąjungos bendrosios pinigų politikos sukūrimas bei funkcionavimas yra ypatingai svarbus žingsnis Europos integracijoje, atveriantis kelią galutiniam politiniam valstybių narių suartėjimui. Todėl detali šios Europos Sąjungos politikos srities studija yra būtina siekiant pažinti ateities integracinių procesų galimybes bei iššūkius. Paskutinė euro zonos plėtra įvyko 2009 m. sausio 1 d., kuomet Slovakijoje įvesta euro valiuta. Europos Bendrijos valiutą naudojančių ES valstybių narių skaičius padidėjo ik šešiolikos. Nors Estija kol kas dar nėra pasiekusi visiškos integracijos EPS procese, tačiau 2010 m. gegužės mėn. Europos Komisija oficialiai pasiūlė Estijai nuo ateinančių metų sausio 1 d. prisijungti prie euro zonos. Tyrimo tikslas – įvertinti Slovakijos ir Estijos ekonominę ir teisinę konvergenciją. Atsižvelgiant į tyrimo tikslą ir iškeltus uždavinius, darbe teoriniu aspektu apžvelgiami Europos ekonominės ir pinigų sąjungos kūrimo etapai, išryškinami dalyvavimo ekonominėje ir pinigų sąjungoje privalumai ir trūkumai; išanalizuojama Europos centrinio banko bei kitų Europos Sąjungos institucijų politika euro zonos plėtros procese; įvertinamas Slovakijos ir Estijos makroekonominių rodiklių atitikimas Mastrichto konvergencijos kriterijams bei Europos Sąjungos ir šių šalių nacionalinės teisės harmonizavimas, bei pateikiamas Slovakijos naudos euro zonoje įvertinimas ir Estijos pasiruošimas prisijungti prie ekonominės ir pinigų... [toliau žr. visą tekstą] / Subject of the final master’s thesis is topical, because development and functioning of the common European Union monetary policy is especially important step in European integration, opening the way for final political approach of the member states. Thus a detailed study of this sphere of the European Union politics is necessary striving to cognize possibilities and challenges of the future integration processes. The last expansion in the Euro-area happened on 1 January 2009, when the euro was introduced in Slovakia. A number of the EU member states that use the currency of the European Union increased up to sixteen. Though Estonia still hasn’t reached complete integration in the EMU process, yet in May 2010 European Commission officially suggested Estonia to join the Euro-area from 1 January 2011. Objective of the research is to assess Slovakia’s and Estonia’s economic and legal convergence. Considering the objective of the research and set tasks, stages of development of the Economic and Monetary Union in Europe are covered in the work in theoretical aspect, advantages and disadvantages of participation in the Economic and Monetary Union are highlighted; policy of the European Central Bank and other institutions of the European Union in the process of euro-area expansion is analysed; conformity of Slovakia’s and Estonia’s macroeconomic indices to criteria of Maastricht convergence and harmonization of the European Union Law and national law of the mentioned countries and... [to full text]

L’inflation a diminué de façon importante dans les pays riches depuis le début des années 80. Cette baisse de l’inflation n’est pas un hasard et peut, en partie, être liée à la mise en place de nouvelles institutions et politiques monétaires. Ce mémoire examine la relation qui existe entre deux de ces institutions, l’indépendance politique et le conservatisme d’une banque centrale, et l’idéal d’égalité économique. Peut-on, demandons-nous, être égalitariste et défendre, à la fois, l’indépendance politique d’une banque centrale et la volonté «conservatrice» de faire de l’inflation une priorité relativement au chômage? Le mémoire se divise en trois grandes parties. Une version crédible de l’égalitarisme économique est d’abord présentée. La relation qui existe entre le phénomène d’inflation et l’égalitarisme est, ensuite, examinée. Une réflexion critique sur les fondements théoriques de l’indépendance politique et du conservatisme est, enfin, développée. Nous concluons que la théorie égalitariste ne permet pas, à elle seule, de déterminer si un modèle particulier de banque centrale est moralement désirable. Pour se porter à la défense d’une banque centrale indépendante et conservatrice, un égalitariste doit adhérer à des prémisses économiques contestées. / Inflation has been decreasing in rich countries since the beggining of the 80’s. The creation of new monetary institutions in the western world is, partly at least, responsible for this fall. This Master’s thesis examines the relation beetween the ideal of economic equality and two important monetary institutions: Central bank conservatism and political independance. Can egalitarians support, I ask, the conservatism and the political independance of a central bank? This work is divided in three parts. We, first, present a credible definition of what egalitarism is. We examine the relation that exists beetween inflation and egalitarianism. Finally, we analyse and criticize the theoretical foundation of political independance and monetary conservatism. We conclude that egalitarianism cannot determinate, by itself, the moral quality of monetary institutions. Egalitarians can defend central bank political independance and conservatism, but to do so they have to accept controversial economic premisses.

The aim of submitted thesis Supervision in banking is to define the nature and the importance of banking supervision, to justify its existence and to analyze the applicable mechanisms while the system of banking regulation and supervision in this thesis is primarily examined in the European context, with a focus on the Czech Republic. The thesis is divided into five main chapters. The first chapter is devoted to the financial system and the importance of banks in this system, it defines the characteristics of banking systems, provides the definition of the term bank and describes the banking system and the banking environment in the Czech Republic. The second chapter focuses on general aspects of banking regulation and supervision, it defines and distinguishes these concepts; furthermore, it specifies its objectives and deals with the arguments against banking regulation and supervision. The third chapter analyzes the various instruments of banking regulation, in particular the banking license, and other particular requirements, including but not limited to capital adequacy requirement. The chapter also deals with the compulsory deposits insurance and the position of the central bank as a lender of last resort. The fourth chapter focuses on banking supervision, which involves mainly the examination...

The thesis studies the determinants of trust in the European Central Bank by employing various indicators. The main objective has been to assess the most significant determinants of trust and to study the impact of the Great Crisis on trust in the European Central Bank. First, the socio-demographic and macroeconomic variables have been studied as the predictors and socio-demographic ones have been confirmed to be more significant. We have also extended the regressions by two new variables: monetary policy transparency index and financial stability transparency index. Whereas the monetary policy transparency index has not been significantly correlated with trust, it has been proved that the financial stability transparency index has positive impact on the trust in the European Central Bank. Secondly, we have employed the bias-reduced linearization procedure for computation of the standard errors in order to account for clustering and serial correlation problems. After comparison with the robust standard errors, we have concluded that the robust standard errors are not able to completely deal with the clusters and serial correlation in data. Thirdly, it has been proved that the trust in the European Central Bank decreases during the crisis occurrence.

The central bank, its activities and position Abstract Central banks are in today's global banking system an indispensable part of a stable functioning market economies. I was always interested in these issues. I studied these issues in another master's degree course. The subject of this thesis is the central banking system in the Czech Republic and in the European Union. In the first chapter I focus on definition of banking and on the characteristics of three models of the banking system (single-stage, two-and three-stage banking system). The second chapter is the largest of all chapters. In this chapter I deal with the formation of Monetary Union, the creation of the European central banking system and the foundation of the European Central Bank. I analyze the legal base of European Central Bank, its organizational structure, issuing of legal acts, the capital. I deal with the introduction of the euro in member and non-member countries too. Special attention is paid the independence of the European Central Bank. I analyze its institutional, personal, financial, material and budgetary independence. The conclusion of this chapter deals with the preparations for the introduction of the euro in the Czech Republic. In the third chapter I describe the historical development of European central banking and the...

Spain is one of the founding countries of the European Monetary Union, that adopted the single currency in 1999. The aim of this thesis is to evaluate the overall impact of the Euro on the Spanish economy. The first part briefly introduces Spain's economy. The second part is about the European Central Bank's monetary policy. This part analyses the suitability of the single monetary policy and then examines its specific implications on the Spanish economy. The third part deals with the fiscal policy and the Stability and Growth Pact. This part analyses the impact of the Euro on the public finances.

The aim of this thesis is monetary policy of the Federal Reserve during the global financial crisis and its impact on the U.S. economy. Intensively carried out the financial crisis in 2007 - 2009. At that time, the Fed has created several tools to support liquidity of depository institutions and primary dealers, which are represented mainly by investment banks and other businesses, such as money market funds. The balance sheet of the central bank has fundamentally transformed. Securities accepted in open market operations have expanded and amount of the balance sheet has increased several times. Operations that change size of liabilities and composition of assets are called quantitative easing. After the interventions of the U.S. central bank the financial markets stabilized and Fed set aside some of the new tools. From December 2007 to June 2009 was the U.S. economy officially in recession. Since then has economic activity been growing but only very slowly.

[pt] Foco de grandes controvérsias quanto seus efeitos sobre a taxa de câmbio, as intervenções cambiais tem sido amplamente utilizadas no processo de recomposição de reservas internacionais brasileiras. Muito embora não seja o principal objetivo do Banco Central do Brasil afetar o nível da taxa de câmbio, é possível que isso ocorra. Portanto, este trabalho busca responder à seguinte indagação: teriam as intervenções cambiais esterilizadas efeitos sobre a taxa de câmbio? Os resultados encontrados dão indícios de que tais efeitos existem, mas são de magnitude muito reduzida e de curta duração. / [en] Central object of big controversies regarding its effects on the exchange rate, sterilized interventions have been largely used by Brazil`s Central Bank on the buildup of the country`s international reserves. Although it is not his objective to affect the exchange rate level when buying foreign currency, there is a chance that it might happen. In this line, the primary question of this work is: Does sterilized interventions on the exchange market affect the exchange rate? The found results give some evidence that such effects exist, but are very small on its magnitude and of low duration.

O crédito bancário é a principal fonte de financiamento de pessoas físicas e jurídicas no Brasil. Ainda assim, comparações internacionais apontam que o mercado de crédito no Brasil é pequeno em volume de empréstimos concedidos, limitado em número de instrumentos e caro nos preços praticados. O propósito desta tese é apreender as expectativas em relação ao direito supostas em documentos oficiais do Banco Central do Brasil (BCB) que sugeriram, entre 1999 e 2006, medidas para a reversão desse quadro. Para tanto, analisa os argumentos apresentados para a implementação de um conjunto específico de medidas de reforma jurídica dos sistemas de insolvência e de cobrança de dívidas, considerados cruciais para o desenvolvimento financeiro. Como resultado da análise, foi possível identificar um continuum discursivo entre as justificativas apresentadas pelos documentos oficiais do BCB para a adoção das medidas de reforma do mercado de crédito e o que se designou de perspectiva da dotação institucional. Segundo essa visão, a clara definição de direitos de propriedade e eficientes mecanismos para o cumprimento de contratos são precondições essenciais para o crescimento econômico. / Bank loans are the main source of financing for individuals and corporations in Brazil. Nevertheless, when compared to those of other countries, the credit market in Brazil is still small in the overall amount of loans, limited in the number of loan instruments and expensive for borrowers. The present dissertation aims at identifying the role assigned to Law by official Brazilian Central Bank (BCB) documents tackling this problem issued between 1999 and 2006. In order to do so, it analyses the arguments used to justify a set of specific measures intending to reform the legal framework for dealing with two key elements for the development of the credit market: default and forfeiture. It is argued that there is a discursive continuum between the arguments present in the official BCB documents aimed at the reform of the credit market and the tenets of what is called institutional endowment. According to these tenets, the clear definition of property rights and efficient means for contract enforcement are pre-conditions for economic development.

Made available in DSpace on 2016-04-26T20:48:38Z (GMT). No. of bitstreams: 1 Paulo Roberto Piccina Amora.pdf: 936464 bytes, checksum: b0c8df6bc6ed1643cbc76529503b3ea4 (MD5) Previous issue date: 2013-05-29 / This paper discusses some ideas and different opinions about recent systemic banking crises. The study builds a broad framework of this episodes pointing issues like the nature of banking crises; the actions and the economic policies put in place by governments to promote the settlement of the banking crises of Chile (in the 1980s) and Japan (in the 1990s); the pragmatic and static point of view of the International Monetary Fund about the recent banking crises / Este trabalho analisa e discute idéias e pontos de vista distintos em relação às crises bancárias sistêmicas recentes. O estudo elabora um quadro bem amplo dos episódios dessa natureza examinando questões como a natureza das crises bancárias; as ações e os mecanismos de intervenção econômica postos em prática pelos governos nacionais para promover o equacionamento das crises bancárias do Chile (na década de 1980) e do Japão (na década de 1990); a visão pragmática e tecnicista das crises bancárias recentes segundo os economistas do Fundo Monetário Internacional