Oprávněnost intervencí ČNB na devizovém trhu

Hynková, M. The eligibility of the CNB interventions in the foreign exchange mar-ket. Diploma thesis. Brno: Mendel University in Brno, 2018. This diploma thesis deals with the monetary policy of the Czech National Bank after the financial crisis. The monetary policy of the CNB is compared with doings of the Federal Reserve and the European Central Bank. Attention is paid to the monetary policy of the CNB and to the reasons why the CNB has provided inter-ventions on the foreign exchange market in order to depreciate the CZK/EUR ex-change rate. The diploma thesis described in detail foreign exchange interventi-ons, which the CNB acceded on November 7, 2013, and subsequently abandoned them on April 6, 2017. The CNB wanted to influence the impending deflationary development in the country, so the diploma thesis also deals with the consequen-ces caused by the use of this non-conventional tool. The work also evaluates the benefits and costs of foreign exchange interventions. The empirical part of the diploma thesis demonstrates the relationship of inflation and the exchange rate CZK/EUR. There is also an appreciation of factors influencing the development of inflation during the intervention period