Work detail

Impact of the CNB's interventions on the economz and comparison with other countries

Author: Bc. Matej Pjontek
Year: 2015 - summer
Leaders: PhDr. Michal Hlaváček Ph.D.
Consultants:
Work type: Bachelors
Language: Slovak
Pages: 80
Awards and prizes:
Link: https://is.cuni.cz/webapps/zzp/detail/151330/
Abstract: This bachelor thesis analyzes influence of foreign exchange intervention of CNB on
economy and compare it with influences of foreign exchange intervention of SNB and BOI on
their economies. At first, we compare foreign exchange interventions and development of
economies (banking sector, foreign trade,...) of Czech Republic, Switzerland and Israel. A
hypothesis of efficiency of foreign exchange interventions of CNB, SNB and BOI is tested on
specific empirical data. The bachelor thesis describes VAR model for given countries with
basic macroeconomic variables (GDP growth, money supply, inflation, interest rate, nominal
effective exchange rate and balance of current account of balance of payments). The results of
model show on relative efficiency of foreign exchange interventions i.e. SNB mitigated
influence of appreciation of CHF, CNB supported GDP growth and BOI increased foreign
exchange reserves and supported GDP growth.

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