The aim of the thesis is to analyze and to explain monetary policy of Russian central bank and to determine its specific characteristics during 2010 -- 2014 as well as to describe its main instruments, goals, models and methods of regulation. First of all, the author will introduce common problems of monetary policy and there will be described general theoretical aspects of monetary policy functioning as well as impacts of monetary measures in open economy with different regimes of exchange policy and capital mobility. Further, there will be described instruments and transmission mechanism of monetary policy. The author will try to describe conditions of monetary policy realization, which have an impact on the direction of Bank of Russia measures, within the analytical part. The author will describe instruments that are characteristic for Russian central bank and foreign exchange policy, which are important for prediction of impact from monetary actions. At the end of the thesis the author will try to estimate an efficiency of monetary policy with the comparison of reality and the prognoses of Bank of Russia.

The current thesis titled "Credit risk of central bank foreign exchange operations" aims to explain the concept of credit risk and its types from theoretical perspective and to define sources of credit risk that are specific for central banks and which arise from central bank's operations. It also aims at the analysis of possible methods of credit risk limitation. The practical part of this thesis is dedicated to the study of specific sources of credit risk as well as methods of credit risk management which are presented on the examples of the central banks of Great Britain, Japan and the European central bank. Closer attention is also paid to the response of these central banks to the 2008 financial crisis and the impact that this crisis had on the extent of their exposure to credit risk.

This thesis aims to analyse the connection between the Eurozone's balance of payments crisis and the TARGET 2 balances. These balances represent mutual clearing relationship of the individual euro area member states to the European Central Bank inside the TARGET 2 system, which serves as a heart of the Eurozone's payment settlements. In fact, the central banks of the core countries hold significant positive balances while the peripheral central banks accumulated substantial negative positions. The TARGET 2 balances appeared mainly as a consequence of the liquidity outflow from the peripheral countries to the core due to the large imbalances in fundamental factors such as the NCA deficits, net foreign debt, public and private debt or competitiveness. The development of the balances was further facilitated via uneven liquidity provisions from the Eurosystem, as the peripheral countries effectively financed their balance of payments disequilibrium by issuing new liquidity that almost immediately moved to the core. The banking systems of the core started to operate in the liquidity excess status as the monetary base increased in 2011 and 2012. Assets with questionable quality collateralized the increasing refinancing operations in the periphery as the collateral requirements were repeatedly lowered. It resulted in an increase in the credit risk of these operations primarily in the periphery countries. This situation, among many others presented in this thesis, raises further questions about the parameters of the future single monetary policy as well as the continuance of the European monetary union.

The diploma thesis is concerned with the intervention of the Czech National Bank in the area of the exchange market and its impact on the insolvency of companies. The majority of the studies dealing with the liquidation of companies focuses primarily on the microeconomic determinants of bankruptcy. Conversely, the empirical study carried out in this project concentrates on the macroeconomic determinants of company bankruptcy. For the purposes of this study were used the quarterly panel data of insolvencies for the 5-year-period between 2010 - 2015. The quantity of insolvencies was established for individual branches. Furthermore, the method Differences-in-Differences was employed in order to compare those branches which were assumed to prove a significant impact of the depreciation of the Czech crown in comparison to those where the exchange rate seems to be rather irrelevant. The results of the regressive analysis have confirmed the initial hypothesis of this work: from the perspective of insolvency, the intervention on the aggregate level has improved the situation of companies. Finally, the impact on individual branches was investigated in this diploma thesis. The results testified that the situation deteriorated in case of the travel agencies (as expected).

My thesis titled The Monetary Policy of the Central Bank of Armenia starts with characteristics of Armenia, where I focus on economic attributes of the country, international conflicts and their effects on Armenia, population development, poverty and corruption. The second part is focused on economic development of Armenia, the country's employment rate, particular items of the balance of payments and international trade. Furthermore, this part also consists of information related to the development of Armenian currency and the country's foreign debt. The third, significant part of my thesis deals with the Central Bank of Armenia and Armenia's financial system, concentrating mainly on history and the present of the subject central bank. Later in this part, I inquire into Armenia's monetary policy, where I focus on its applied transmission mechanisms and the CBA's instruments.The final part of this thesis is about what effects the CBA has on Armenia's economic development. I look into effects of monetary policy on price level development and meeting the inflation objectives. The conclusion part summarizes and gathers all pieces of information I have obtained by studying numerous literature resources and conducting personal interviews with several representatives of the Armenian banking system.This part also summarizes benefits of the CBA and its effects on economic development of Armenia, credibility evaluation and effectiveness in the objectives.

This paper is concerned with theoretical assumptions and consequences of a free banking system. The main theme is critical inquire of Hayek`s notion of creating the system of free banks independent of central bank, which issue differentiated currencies. The main purpose of this system is to force the government institution to provide a currency more stable than it does now. However there are some crucial objections which target the possibility of operating such system in practice. The main theme is further widen by the question about fractional and full reserve banking. Based on the comparison of the different reserve system, there is a notion of a system combining both, but keeping them strictly separated. The foundation of the paper is analysis of money definition from the austrian school point of view. These arguments are applied to the inflation and deflation. The object of research are conditions of existence and consequences of both effects. The inflation analysis is used to describe current system of central institution and the net of commercial banks.

The thesis analyses the change of monetary policy of the European central bank during financial and sovereign debt crisis. Main focus of the thesis is given on the analysis of non-standard measures of monetary policy of the ECB. This thesis explains in detail how the ECB has responded to the various phases of the financial and debt crisis, starting with the period of financial turmoil, continuing with the intensification of the financial crisis and the sovereign debt crisis. Finally, the thesis compares these phases and assesses the impact of these non-standard measures.

La crise financière mondiale qui a débuté en 2008, et la crise des dettes souveraines en zone euro qui l'a suivie, ont successivement forcé les macroéconomistes à repenser leur cadre conceptuel. Cette thèse est une modeste contribution aux efforts colossaux déployés par les macroéconomistes à travers le monde pour faire face à ce défi: renforcer la compréhension de l'utilisation optimale des outils de politique économique non conventionnels. A cette fin, elle est construite en deux parties. Chaque partie vise à explorer au plan théorique un "contexte macroéconomique-type" au sein duquel des outils de politique économique non conventionnels ont été employés ces dernières années. La première partie, intitulée "Politique Non Conventionelle Optimale en Economie Ouverte", analyse l'utilisation optimale d'instruments de politique économique non conventionels par une banque centrale en économie ouverte. En présence de frictions financières qui modifient la manière dont la politique monétaire affecte l'économie, ou en présence de chocs exogènes qui mettent en défaut la "divine coïncidence", cette partie décrit comment un banquier central devrait combiner un instrument de politique monétaire non conventionnelle et la politique monétaire conventionnelle à des fins de stabilisation macroéconomique. La seconde partie, "Politique Budgétaire Optimale en Union Monétaire", adopte le point de vue du gouvernement d'un pays situé en union monétaire (typiquement la zone euro). Un tel pays ne disposant d'une politique monétaire autonome (au plan national), cette partie étudie la possibilité pour un tel pays d'utiliser la politique budgétaire comme un outil de stabilisation, et décrit l'utilisation optimale des dévaluations fiscales en réponse à des chocs exogènes idiosyncratiques. / The 2008 global financial crisis and the subsequent euro area sovereign debt crisis successively forced macroeconomists to reassess this conceptual framework. This thesis is a modest contribution to the huge efforts undertaken by macroeconomists following the crisis to meet this challenge, i.e. to develop some insights about the optimal use of unconventional policy tools. To do so, this thesis is twofold. Each part intends to explore from a theoretical perspective a fundamental macroeconomic situation that called for the use of unconventional policy instruments in the recent years. The first part, ”Optimal Unconventional Policy in An Open Economy” analyzes the optimal use of unconventional policy instruments by the central bank in an open economy framework. Assuming that the presence of financial frictions changes the way monetary policy affects the economy, or that the occurence of exogenous shocks breaks the ”divine coincidence”, this part describes how a central bank should combine an unconventional policy instrument and conventional monetary policy to favor macroeconomic stabilization. The second part, ”Optimal Fiscal Policy in a Currency Union”, takes the standpoint of the governement of a country located in a currency union (typically the euro area). Such a country being deprived of monetary policy autonomy, this part considers the opportunity of using fiscal policy as a stabilization tool, and describes the optimal use of fiscal devaluations following idiosyncratic exogenous shocks.

[pt] Este trabalho tem como objetivo investigar o efeito das intervenções do Banco Central na volatilidade da taxa de câmbio no Brasil no período de 2000 a 2003 e entender se a autoridade monetária intervém com o intuito de suavizar a volatilidade do câmbio. Para abordarmos o primeiro ponto, utilizamos o modelo EGARCH de Nelson (1991) que nos permitiu estimar o impacto das intervenções na volatilidade da taxa de câmbio levando em conta a possibilidade de que choques positivos e negativos no retorno do câmbio tenham efeitos distintos na volatilidade. Como principal resultado, encontrou-se que as intervenções do Banco Central estariam adicionando volatilidade na taxa de câmbio. Entretanto, devido à possibilidade de simultaneidade, utilizou-se a metodologia desenvolvida por Vella (1993) que nos permite estimar o efeito das intervenções na volatilidade de forma consistente e testar a endogeneidade das intervenções. Concluímos que as estimativas anteriores eram inconsistentes uma vez que encontramos que as intervenções contribuíram para uma redução de volatilidade e o teste de endogeneidade confirmou que as intervenções são endógenas ao modelo. Podemos também depreender deste resultado que possivelmente o Banco Central tem suavizado movimentos na taxa de câmbio. / [en] This work investigates the effect of Central Bank interventions on the exchange rate volatility from 2000 to 2003 and tries to understand whether or not the monetary authority smoothes exchange rate volatility. Referring to the first issue, we estimated an EGARCH model developed by Nelson (1991) that allows us to estimate the effect of interventions on the volatility regarding the possibility that positive and negative shocks have different impacts on volatility. The results found indicate that Central Bank interventions are adding volatility to the exchange rate. However, because of the possibility of simultaneity, we implemented the methodology developed by Vella (1993) that allows us to test consistently the effect of interventions on the volatility and test the endogeneity of interventions. We conclude that previous estimates were inconsistent as new results reveal that interventions contribute to reduce volatility and the endogeneity test confirms that interventions are an endogenous variable of the model. This result also indicates that possibly Central Bank smoothes exchange rate movements.

Diplomová práce se zaměřuje na kritickou analýzu rozšíření Evropské měnové unie - Eurozóny, s důrazem na to, které ekonomiky jsou vhodní potenciální kandidáti a podmínky jejich připojení, s pro makroekonomický užitek měnové unie. Práce bere na zřetel rozlišení pohledu na Eurozónu z úrovně ekonomiky členského státu Eurozóny a EU jako celku, a také z makroekonomického pohledu globální ekonomiky. Práce má záměr sloužit jako prostředek pro ekonomické rozhodování na úrovni Evropské Unie zaměří se na racionální zvážení možností v rámci kompetencí a návrhy pro směrování do budoucna.