Devizové intervence České národní banky a konsekvence pro české hospodářství

Abstract

The thesis is focused on the foreign exchange intervention of the Czech National Bank and the consequences for the Czech economy. This area has been very topical since 2013. Because the Czech National Bank started its intervention on the foreign exchange markets in November 2013 due to prevent deflationary development in the Czech economy. The aim of this thesis was to evaluate consequences of the foreign exchange intervention for the Czech economy. The target was fulfilled based on the macroeconomic analysis of the progress of chosen elements of the Czech economy. It was found out, that in 2014 and at the beginning of 2015 the Czech economy was boosting. Moreover, the nominal convergence of the Czech economy to average European Union level was increased. In addition, both hypotheses were verified in this thesis. The first hypothesis was disproved due to the fact that current inflation rate in the Czech Republic is not according to the original macroeconomic prediction of the Czech National Bank, and the scenario of usage foreign exchange intervention, from 2013. The second hypothesis was proved, thus on the practical example of the Czech Republic the theory of J curve was proved.