IMPACT OF CURRENCY INTERVENTIONS ON THE ECONOMIC DEVELOPMENT IN
THE CZECH REPUBLIC

D 2015

IMPACT OF CURRENCY INTERVENTIONS ON THE ECONOMIC DEVELOPMENT IN THE CZECH REPUBLIC

ŽÍDEK, Libor a Daniel NĚMEC

Základní údaje

Originální název

IMPACT OF CURRENCY INTERVENTIONS ON THE ECONOMIC DEVELOPMENT IN THE CZECH REPUBLIC

Autoři

ŽÍDEK, Libor (203 Česká republika, domácí) a Daniel NĚMEC (203 Česká republika, domácí)

Vydání

Skopje, ECONOMIC RECOVERY IN THE POST-CRISIS PERIOD, od s. 2-12, 11 s. 2015

Nakladatel

Ss. Cyril and Methodius University in Skopje

Další údaje

Jazyk

angličtina

Typ výsledku

Stať ve sborníku

Obor

50200 5.2 Economics and Business

Stát vydavatele

Severní Makedonie

Utajení

není předmětem státního či obchodního tajemství

Forma vydání

elektronická verze "online"

Kód RIV

RIV/00216224:14560/15:00085401

Organizační jednotka

Ekonomicko-správní fakulta

ISBN

978-608-212-052-2

Klíčová slova anglicky

Czech economy; currency market; interventions; central bank

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 28. 12. 2015 11:31, doc. Ing. Libor Žídek, Ph.D.

Anotace

V originále

The Czech economy was struck by the world financial crisis after 2008, similarly to other economies in the region. Monetary as well fiscal policies reacted and tried to improve economic performance. Foremost, the Czech National Bank (CNB) decreased its main interest rates very close to zero. Regardless of such measures, monetary development in the Czech Republic was heading towards deflation in the autumn of 2013. The CNB did not have any ordinary instrument in its portfolio and decided to apply non-orthodox measures in the form of intervention on the foreign exchange market. The intention was to depreciate the Czech crown and thus via exchange rate channel increase inflation in the country. Applying the SVAR model, this paper aims to find out whether the intervention had an impact on price level, exports, production, and interest rates.. Contrary to expectations, we did not find inflationary impact of the measures on the price level. We only discovered impact on exports with the highest influence during the first three months.

Návaznosti

MUNI/A/1223/2014, interní kód MU

Název: Hospodářská politika v EU a ČR II

Investor: Masarykova univerzita, Hospodářská politika v EU a ČR II, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Citovat

ŽÍDEK, Libor a Daniel NĚMEC. IMPACT OF CURRENCY INTERVENTIONS ON THE ECONOMIC DEVELOPMENT IN THE CZECH REPUBLIC. Online. In Filipovski, Vladimir. ECONOMIC RECOVERY IN THE POST-CRISIS PERIOD. Skopje: Ss. Cyril and Methodius University in Skopje, 2015, s. 2-12. ISBN 978-608-212-052-2.

@inproceedings{1322171,
   author = {Žídek, Libor and Němec, Daniel},
   address = {Skopje},
   booktitle = {ECONOMIC RECOVERY IN THE POST-CRISIS PERIOD},
   editor = {Filipovski, Vladimir},
   keywords = {Czech economy; currency market; interventions; central bank},
   howpublished = {elektronická verze "online"},
   language = {eng},
   location = {Skopje},
   isbn = {978-608-212-052-2},
   pages = {2-12},
   publisher = {Ss. Cyril and Methodius University in Skopje},
   title = {IMPACT OF CURRENCY INTERVENTIONS ON THE ECONOMIC DEVELOPMENT IN THE CZECH REPUBLIC},
   year = {2015}
}

TY  - JOUR
ID  - 1322171
AU  - Žídek, Libor - Němec, Daniel
PY  - 2015
TI  - IMPACT OF CURRENCY INTERVENTIONS ON THE ECONOMIC DEVELOPMENT IN THE CZECH REPUBLIC
PB  - Ss. Cyril and Methodius University in Skopje
CY  - Skopje
SN  - 9786082120522
KW  - Czech economy
KW  - currency market
KW  - interventions
KW  - central bank
N2  - The Czech economy was struck by the world financial crisis after 2008, similarly to other economies in the region. Monetary as well fiscal policies reacted and tried to improve economic performance. Foremost, the Czech National Bank (CNB) decreased its main interest rates very close to zero. Regardless of such measures, monetary development in the Czech Republic was heading towards deflation in the autumn of 2013. The CNB did not have any ordinary instrument in its portfolio and decided to apply non-orthodox measures in the form of intervention on the foreign exchange market. The intention was to depreciate the Czech crown and thus via exchange rate channel increase inflation in the country. Applying the SVAR model, this paper aims to find out whether the intervention had an impact on price level, exports, production, and interest rates.. Contrary to expectations, we did not find inflationary impact of the measures on the price level. We only discovered impact on exports with the highest influence during the first three months.
ER  -

ŽÍDEK, Libor a Daniel NĚMEC. IMPACT OF CURRENCY INTERVENTIONS ON THE ECONOMIC DEVELOPMENT IN THE CZECH REPUBLIC. Online. In Filipovski, Vladimir. \textit{ECONOMIC RECOVERY IN THE POST-CRISIS PERIOD}. Skopje: Ss. Cyril and Methodius University in Skopje, 2015, s.~2-12. ISBN~978-608-212-052-2.

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