Centrální banky a jejich nezávislost v 21. století

Abstract

This bachelor thesis deals with independence of central banks. Its objective is to determine the level of independence de jure and de facto of three selected central banks. These central banks are the Czech National Bank, the European Central Bank and the Bank of England. The level of independence de jure is calculated through different types of indexes. Indexes are provided through various empirical studies of economists and politicians who deal with independence of central banks. The level of independence de facto is calculated through method which consists in determination of „turnover rate“ of central bank governor in office. The Czech National Bank and the European Central Bank reach very high levels of independence. Legislative provisions of the both central banks are based on the statute of the Bundesbank which belongs to the most independent central banks in the world. The Bank of England reaches much lower levels of independence than the Czech National Bank and the European Central Bank. This central bank is highly dependent on Her Majesty's Government, concretely on Her Majesty's Treasury, than other european central banks.