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

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F15%3A00085401" target="_blank" >RIV/00216224:14560/15:00085401 - isvavai.cz</a>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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 whetherthe 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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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 whetherthe 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.

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2015

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

ECONOMIC RECOVERY IN THE POST-CRISIS PERIOD

ISBN

9786082120522

ISSN

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e-ISSN

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Počet stran výsledku

11

Strana od-do

2-12

Název nakladatele

Ss. Cyril and Methodius University in Skopje

Místo vydání

Skopje

Místo konání akce

Skopje

Datum konání akce

1. 1. 2015

Typ akce podle státní příslušnosti

CST - Celostátní akce

Kód UT WoS článku

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