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Cílem práce je analýza kurzové politiky, její vliv a působení na ekonomický vývoj země. Nejdříve je definována kurzová politika obecně a jsou charakterizovány jednotlivé systémy měnových kurzů. Následně je popsán vývoj československé a české koruny a je analyzována kurzová politika České republiky. Poslední část je zaměřena na integraci České republiky do eurozóny.

This thesis deals with the impact of monetary policy on economic growth in the Czech Republic. The work is mainly focused on ways to use regulatory instruments of the central bank. The aim is to find a link between monetary policy and economic growth. The theoretical part introduces the basic concepts of monetary policy, then its objectives, instruments and types of monetary policy, and assumptions of economic growth in the country are presented. Theoretical part also deals with the Mundell-Fleming model and transmission mechanisms. The analytical part contains a comparison of monetary policy in the Czech Republic during several periods, especially in 1993-1997 and 1997-2013, but also touches on the current 2013-2016 period. The main methods that were used in this thesis are analysis and comparison, the conclusions are based on deduction and synthesis of the analysis results. The final chapter of the analytical part of this thesis presents the conclusions and their discussion. It was found that in the small open economy of the Czech Republic export plays a very important export role, which means that the Czech National Bank policymakers are trying to create a monetary policy with respect to the specifics of the state's economy, which determines the direction of the monetary policy in the Czech Republic.

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Angl. resumé

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The diploma thesis deals with the impact of euro adoption on export. Two basic channels of an impact of the adoption of the common currency are identified, namely the reduction of the exchange rate risk and the loss of an autonomous monetary policy. The main contribution of the thesis is the application of the exchange rate stability index and the index of monetary independence as variables representing the mentioned channels and the assessment of their impact on exports in the empirical analysis. The regression analysis of the panel data with fixed effects is used because of the heterogeneity of EU states. In addition to the aforementioned indices, a foreign demand and the nominal effective exchange rate are included in the models. The results indicate that the exchange rate stability index and a foreign demand have a positive and statistically significant impact on export. The empirical analysis uses monthly data for 25 countries of the European Union during the period from January 1994 to May 2017.

Resumé The Currency Reform in Czechoslovakia in 1953 The currency reform in Czechoslovakia in 1953 was significant because of many reasons. People lost their long-term savings, they understood the reform as theft of their honestly earned money. Communist propaganda could not change the people's feelings. The confidence in bank savings and life insurance was undermined. The result of the currency reform was cancellation of rationing but in fact the standard of living of Czechs and Slovaks dropped. In centrally controlled economy it was impossible to overcome the supply problems, which played into the hands of the shadow economy. Old-age and disability pensioners were also in difficult financial situation because they lost their income from their bound deposits and life insurance. The biggest group affected by the currency reform was labour class. That was the reason why the planned increase in industrial production failed. The monetary reform was a necessary condition for the continuation of extensive development of heavy industry, in the coming years to allow increased investments in this sector. Further, there have been general assumptions, that the corporate debts would be removed, however in contrary the debts substantially increased. Bankruptcy was unthinkable for many political reasons, and loans were...

Měnový kurz má v ekonomice několik důležitých rolí, o které země přijde, pokud vstoupí do měnové unie. Práce zkoumá dopad zavedení jednotné měny, konkrétně na příkladu České republiky a Hospodářské a měnové unie.

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