E52 - Monetary PolicyNávrat zpět

The aim of this paper is to make a comparison of the banking sector in the Czech Republic and United Kingdom. Selected banking sectors are compared according to independence of their central bank, the regulation and supervision of financial markets in these countries, the type of banking, financial institutions, inflation targeting, interest rates and capital adequacy. The banking sector in the Czech Republic and the United Kingdom are part of the European financial market. Yet they show differences that are caused by the historical development and the different position of central banks and their policy during financial crises. Comparison of banking systems and central banks is performed based on descriptive and measurable indicators. Selected central bank used unconventional monetary policy response to the challenges of the financial crisis. The biggest difference lies in the regulation of banking sectors monitored and used instruments of monetary policy in times of financial crisis and they differ also in the used models of banking systems.

The aim of this paper is to evaluate mutual interaction of fiscal and monetary policy in the Czech Republic and in Slovakia. The relationship - cooperation or conflict, are basic determinants of successful implementation for economic policy of the state. Fiscal and monetary policies have usually different aims and some conflict situations may arise. The game-theoretical approach is responsible for creating the theoretical model, which is then dealt with the empirical analysis by the method of the ordinary least squares. We find a stabilizing role of monetary policy in both countries and the dominant role of monetary policy in the Czech Republic.

This article discusses the credit risk, and ways in which it operates in conjunction with the business cycle, as well as the development of credit risk in credit dynamics in the course of the business cycle. Damping of the fluctuations in the credit dynamics in the course of the economic cycle is devoted to, for example, Frait, Komárková (2008). Models of bank financing of Czech corporations and credit risk is discussed in a study Grešl, Jakubik (2008). This article aims to combine these topics and focus on the development of credit risk and its changes over the business cycle. The main hypothesis of the work will be demonstrating the possible link with credit risk financing in various sectors during the phases of the business cycle. The main objective is the analysis of linkages making adjustments and business cycle, as well as analysis of the linearity of the volume of loans and the number of adjustments to individual types of loans.

The aim of the article is to analyse the influence of monetary policy on the competitiveness of a country understood as the ability of a country to sell its goods and services on the international markets. The monetary policy is represented by the key interest rate, the monetary aggregate M3 and until December 2008 also the exchange rate SKK/EUR. The Trade Covering Ratio stands for the indicator of national competitiveness (import covered by export). We have focused on the situation in the Slovak Republic. The analysis has been split into two periods. The period of January 2004 - December 2008 is connected with the preparation of the country for the entrance into the eurozone. The second examined period of January 2009 - December 2012 is the period after the euro adoption. Applied econometric analysis using the linear regression of time series has confirmed the statistical significance of the monetary policy effect on the competitiveness. The monetary aggregate and the exchange rate were significant factors before Slovakia joined the eurozone. Considerable difference between the floating exchange rates period and the period of the Slovak membership in the ERM II was not detected by the analysis. The interest rate has become the significant monetary instrument influencing the competitiveness in the period after the euro adoption.

Článek pojednává o úrokových sazbách nastavených ČNB a o jejich vztahu k úvěrové a ekonomické aktivitě. Ukazuje na komplexnost ekonomického systému, kde jednoduché komparace hodnot spolu s metodou jednoduché korelace1 sledovaných veličin mohou dávat odlišné hodnoty oběma směry, ale ekonomické principy2 se nemění. Musíme vzít v úvahu například faktory jako ekonomická stabilita, celková ekonomická výkonnost, důvěra a očekávání subjektů. Měnově-politické sazby nejsou totiž faktorem jediným, ale rozhodně mají určitou sílu ovlivnit úvěrování a investiční aktivitu ve směru, který je v souladu se základními ekonomickými zákony a nebyla nalezeny data, logika či souvislosti, které by tento fakt vyvrátily. Článek dochází mimo jiné k závěru, že česká měnová politika je poměrně systematická a rozhodně nemůžeme mluvit pouze o kanálu "úrokové sazby - úvěry - ekonomická aktivita", ale vazby působí i v opačném směru, kde ČNB bezpochyby reflektuje při nastavování úrokových sazeb očekávanou ekonomickou aktivitu v rámci svého rozhodovacího procesu.

Trvale udržitelný rozvoj cestovní ruchu na určitém území by měl být navrhován a realizován, mimo jiné, také na základě monitorování jeho dopadů, tedy i zatížení území cestovním ruchem. Předkládaný příspěvek se zabývá turistikou a zatížením území cestovním ruchem v CHKO Kokořínsko. Konkrétně analyzuje nabídku a poptávku cestovního ruchu ve vymezeném území a monitoruje vytížení turistických tras. K monitorování vytížení turistických tras využívá geografických informačních systémů (GIS), jako nové metody hodnocení dopadů cestovního ruchu v České Republice.