The aim of this thesis is to describe the basic functional principles of digital cryptocurrencies and its economical and legal aspects. Digital cryptocurrencies are young and dynamic phenomenon in financial transactions, which represents an alternative to the traditional national currencies. This thesis is divided into three main parts. In the first part the digital currencies and its function is discussed, the economical aspects of digital currencies and its impact on the theory of money are the main theme of the second part. The final, third part is discussing the legal aspects of digital currencies within the Czech legal system. The first part of this thesis introduces digital currencies, the operation of the whole system and also the basic terminology related to the digital currencies, which is necessary for understanding the subject. These essential aspects and features are being mostly illustrated on the case of the oldest and most famous digital currency - bitcoin - in favour of clarity. The second part of this thesis is discussing the economical aspects of digital currencies. The opening of this part is dedicated to the terminology, particularly terms "money" and "currency". Clear definition of these terms and setting out the differences between them in the sense of economic theory is...

The thesis is dealing with currency crisis phenomenon and its explanation within the wider framework of theoretical economics. It contains an analysis of present "mainstream" understanding of the currency crisis, an outline to the approaches to its modelling and also a brief historical overwiev. This thesis uses an analysis and also an application of relevant theories of L.Mises and J.M.Keynes to achieve its main objective. Finally it comes to the integration of currency crisis into the context of general economic course of events.

Práce se zaměřuje na vývoj zahraničního obchodu eurozóny od zavedení společné měny do roku 2006. Je přitom hodnocen vývoj jak vnějšího, tak i vnitřního exportu a importu členských států. V práci jsou nejprve zhodnocena teoretická východiska shrnující základní poznatky o Teorii optimálních měnových zón R. A. Mundella, obohacené o příspěvky Ronalda I. McKinnona a Petera B. Kenena. Zmíněna je i teorie endogenity optimálních měnových zón. Druhá část práce je věnována shrnutí hlavních přínosů, nákladů a potencionálních hrozeb vyplývajících z členství v měnové unii. Poslední část práce se pak věnuje již samotnému exportu a importu eurozóny. Nejprve je zhodnoceno postavení eurozóny na světových trzích, poté je zachycen vývoj jejího vnějšího obchodu. Zde je zvláštní kapitola věnována obchodním partnerům eurozóny a produktové struktuře jejího obchodu. Poslední kapitola celé práce se zaměřuje na vývoj vnitřního obchodu eurozóny. V práci jsou též uvedeny závěry několika analýz zkoumajících vliv členství v měnové unii na zahraniční obchod členských států. Přínosy jsou hodnoceny jak pro eurozónu jako celek, tak i pro jednotlivé členské státy.

Grafické modely jsou vhodným nástrojem statistické analýzy. V poslední době byly aplikovány rovněž ve financích. Práce pojednává o grafických modelech určených pro zpracování dat pocházejících z normálního rozdělení. Jsou zde popsány možnosti testování shody modelů s daty a čtyři selekční algoritmy (včetně odvození vztahů mezi různými STOP pravidly) pro výběr vhodného grafu, který dobře reprezentuje konkrétní data. Tyto dosud nepříliš známé postupy jsou pak použity k zodpovězení otázek z oblasti českého i mezinárodního kapitálového trhu (zkoumání provázanosti odvětvových indexů BCPP, globalizace světových akciových trhů, provázanosti měnových kurzů) a rovněž k testování hypotéz pro vysvětlení časové struktury úrokových sazeb v České republice. Vytvořené programy ve formátu Mathematica 4 lze nalézt v příloze.

Despite considerable research on the monetary policy rules, little is known about internal relation between policy rules targets. Research approach frequently consists in estimating parameters or identifying variables to make the rule operate accurately. The overall image that emerges from the literature is that there is no contradiction in attaining the targets once set properly. Dissertation switches attention to mutual feasibility of incorporated targets. To contribute to this strikingly overlooked fact hypothesis is tested. Analyzed are variances of inflation and output representing policy rule targets. Time regression processed throughout OLS technique, gap analysis and calculation of variances are applied as principal analytical tools. Examined are data for 14 countries. Countries are divided into two groups according to size of their economy: small economies (Austria, Belgium, Czech Republic, Hungary, Ireland, The Nederlands and Slovak Republic); large economies (Euro zone, France, Germany, Italy, Spain, Sweden and USA). Results of the analysis show that once monetary authority follows policy rule with multiple targets it faces restriction. Rather than achieving both targets at one time it must respect trade off between them. According to data for selected countries hypothesis is accepted. Variances of output consistently proved to be higher than variances of inflation. Whence it follows that authority need to solve constrained optimization problem. It needs to pick out combination of differently large variances contrary to wining with all reaching low levels.

This diploma thesis examines the endogeneity hypothesis of the optimum currency area theory. Cyclical components of gross domestic product and index of industrial production are identified by three selected techniques. The convergence of the surveyed countries is assessed by correlation and cluster analysis. Correlation coefficients between the euro area and the 26 countries are used as dependent variables. Independent variables represent the optimum currency area criteria. Influence of the optimum currency area criteria upon the correlation of business cycles is verified in the 66 simple and 11 multivariate regressions. According to the empirical results, convergence of business cycles is endogenous, endogeneity hypothesis is not rejected.

The main goal of this thesis is to value the effect of the exchange rate policy of the Czech National Bank on the internal economy. In this case, exchange rate policy means the introduction of foreign exchange intervention, which was joined by the Czech National Bank in November 2013. In the theoretical part is the most attention paid to the foreign exchange market, foreign-exchange interventions, which are among the indirect monetary policy instruments. There are also described the functions and roles of the central bank. In the practical part of the thesis is an analysis of macroeconomic developments in the Czech Republic and other selected European countries. There is the comparation which allows to evaulate the realized exchange rate policy of the Czech National Bank. This part of the thesis are also discussed possibilities deadline for the completion of the exchange rate commitment and its form. The last chapter includes opinions of respected economists and organizations on exchange interventions.

This diploma thesis deals with the issue of financial derivatives, their reporting, classification, accounting point of view and use on the example of a particular entity. The theoretical part summarizes the general theoretical knowledge about the given issue. The main goal of this thesis is to evaluate possibilities of using financial derivatives from the accounting and financial perspective of company named Schäfer Sudex s.r.o. This enterprise produces food containers made of stainless steel. The analysis of receivables and payables shows that the enterprise should ensure against the possible decline in value of foreign receivables as result of exchange rate variability. This thesis presents suggestions for securing receivables. Based on results, recommended solutions were created. Company should secure value of their receivables by using forward. Based at conservative exchange rate development, profit would be 4 mil CZK. But at aggressive change, earnings would exceed 18,7 mil CZK.

This thesis analyses the monetary policy of the Fed in the period before the financial and economic crisis 2007. The aim of this analysis is to investigate whether the monetary policy significantly deviated from the preceding one which, according to John Taylor, adhered to the Taylor rule. This analysis is performed using both revised and real-time data. I compare the monetary policy with various specifications of the Taylor rule. I also estimate a forward-looking Taylor rule. The results confirm the deviation from the Taylor rule. However, deviations were usual in the whole sample period. Estimated models do not indicate that the monetary policy before the crisis was different from the rest of the analyzed period.

Práce se zabývá zhodnocením odlišností a podobností finančních (měnových, bankovních) krizí 20. let 20. století v ČSR a 90. let 20. století v ČR a na základě těchto dvou krizových období je cílem vysledovat typické příčiny finančních (měnových, bankovních) krizí v českých zemích ve 20. století, dále potom posoudit, s jakou pravděpodobností mohou tyto vysledované ?typické příčiny? nastat v ČR v souvislosti se vstupem ČR do kurzového režimu ERM II a později po splnění překlenovacího období i do eurozóny.