Vliv devizových intervencí České národní banky na českou ekonomiku

Abstract

This thesis is devoted to the influence of foreign exchange intervention by the Czech National Bank on the Czech economy. The work is dedicated to finding and assessing the impact of foreign exchange interventions on the Czech economy. To assess the impact on the Czech economy was created vector autoregression model, in which were included five domestic variables and five variables external economies (the euro area). Within the model, it was found that foreign exchange interventions have an impact on the Czech economy, which has seen a revival of economic growth, which is reflected in particular inflows from abroad and the recovery of domestic demand for domestic goods, which is good for a slight increase in inflation, which nevertheless remains far below the CNB's inflation target.