Monetární politika České národní banky a její komparace s vybranými zeměmi

Abstract

The Czech National Bank, the Sedlabanki and the European Central Bank are central banks of democratic states. At the same time these central banks implement one of the most important parts of economic policy, the monetary policy, which has been a very up-to-date and much-debated theme expecially in the last two years, due to the influence of global financial crisis.The aim of this study is to analyse the monetary policy of the Czech National Bank and the chosen central bank, perform own comparacion and at the same time focus on the process of the monetary policy and on description of the emergency measures, wihich were established along the way of the global financial crisis. Those central banks, which have a lot of common features, have been chosen for the comparison: for example, they use similar market instruments of monetary policy, they dispose with extensive measurement of economic independence and they have also determined the identical objective (price stability). Of course, there exist plenty of differences between the selected central banks. While the CNB and the CBI are national central banks and use inflation targeting, the ECB is the supranational central bank using the two monetary policy ways of analysis and representing the possible future for the CBI and the CNB, which is the part of the ESCB. All the three central banks have responded to global financial crisis with different intensity and above all, they implemented such measures, which lead, for example, to strengthening the liquidity of banking sector or to changes of their prime lending rate several times.