The first question that we ask ourselves in our article is whether the accounting of the central bank is supposed to respect the principles of internationally accepted standards (especially the International Financial Reporting Standards). We are looking for the basic differences in understanding of terms such as (il)liquidity & (in)solvency on the level of central & commercial banking. We analyze the economic reasons for origination of the long foreign exchange position of the CNB which, under the circumstances of trend appreciation of the exchange rate of the Czech crown, is leading to a cumulative loss. We are discussing whether the current level of foreign exchange reserves of the CNB is excessive or adequate. Special attention is paid to the monetary & financial impact of the loss of the central bank. We are pointing out that losing the central bank means profit for market subjects at the same time. It is not just a "fictitious" accounting problem & it can have its factual impact on the national economy. At the end we are summarizing & assessing the individual opinions regarding the loss of the CNB. Adapted from the source document.
In this paper we discuss the issue of the choice of exchange rate regimes in transitive economies and the effect of exchange rate policy on the development of macroeconomic indicators (e.g. the average growth rate of real GDP in domestic currency and the development of domestic inflation). It is obvious that exchange rate policy is not a passive factor, at least in the medium term. Our analysis indicates that the fixed foreign exchange rate arrangements policy does not necessarily mean stability of the foreign exchange rates. Neither percentage exchange rate changes of fixed rates, nor their volatility measured by the standard deviation are lower than the average change is over the examined period. Our analysis indicates also that the inflation rate is growing in accordance with the growth of depreciation of the foreign exchange rate and the growth of its volatility measured by the standard deviation. It was cleared that the higher volatility of the effective nominal exchange rate is reflected by the lower average economic growth rate of transitive countries. Adapted from the source document.
The article aims to show both the still very strong position of the USD in the global financial system and assess its likely future position. It illustrates that although the U.S. is no longer the dominant global economic power that it was when the dollar became the global reserve currency, the dollar so far is not in immediate danger of losing its privileged position. Despite the challenges facing the USD as the global reserve currency, it continues its dominant role since no other currency has shown itself strong and credible enough to replace it. Considerations on replacing dollar with other currency are no more than a speculation. Adapted from the source document.
The main purpose of this article is to show by selected case studies to what extent the euro has already managed to establish itself as one of the key international currencies from the point of view of various aspects, to what extent it fulfills the functions of an important international currency, and what are the prospects of the euro's position in the future. Various signals indicate that the euro already fulfills some conditions which would allow it to become a serious competitor to the dollar in a relatively short period of time. The article is also taking notice of some obstacles and drawbacks that the European Economic and Monetary Union (EMU) has to and will have to deal with.First of all, the author deals with the question of whether the eurozone is an optimum currency area. This is one of the principal theoretical problems which has been accompanying the EMU since the very beginning. Then he shifts his attention to the question, concerning what role does the euro play in the world economy at present from the point of view of the share of the eurozone on the world GDP, trade, officialforeign exchange reserves, selected indicators offinancial markets etc. Then he deals with the role of the euro in the world monetary system -- one of the main subsystems of the world economy. Here is presented a survey of countries which have accepted the euro as its single or main currency, and also countries whose currencies are narrowly linked to the euro by means of various exchange rate mechanisms. The next part of the article outlines the potential of the euro in its "conquest" offurther regions of the world. Both those where the euro is becoming or will become the number one currency (e.g. in the countries of Central and Eastern Europe) in a foreseeable future, and those where it will compete with the American dollar (e.g. in Latin America, in the Middle East etc.). In the final part, the author attemptes (use the same tense) to point out some problems which can influence what?missing subject, if and to what extent the euro really will become a strong and stable currency. At the moment, it is not yet possible to answer concisely and clearly the question of whether the euro will become an equivalent competitor to the American dollar. It is important whether the EMU will or will not break up in the course of the coming years or decades. So far, there have not appeared any signals of this kind. It will be substantial how the member countries of the eurozone will be able to handle the first serious crisis, e.g. analogical to that of 1992-1993. At that time, the exchange rate mechanism (ERM) was abandonned temporarily by the 1talian lira and permanently by the British pound. This crisis of the European monetary system has shown the difficulty or even incapacity to set such a monetary policy which would be simultaneously advantageous for all member countries of a certain monetary system. The question is whetlLer it is possible considering there are usually big differences in economical standing between individual countries. A similar or even a more serious crisis could emerge in a longer time horizon. The EMU thus stays a long term project and a long distance run. It is, however, possible to assume that within the next ten years, it could become totally clear whether the EMU project is a great success or a great error. Adapted from the source document.
Significant international attention has been directed to the most pressing problem of the financial crisis of 2008/2009 -- global liquidity shortages. The use of adequate foreign exchange reserves during the crisis helped alleviate pressures. However, this was only partially effective in a number of important cases. Some countries also needed to rely on external official financing. The aim of this article is to compare and analyse the main sources of official global liquidity -- foreign exchange reserves, bilateral swap lines of central banks, regional financial arrangements arid IMF resources. To reach effective outcomes in relation to the accumulation of FX reserves and a strengthening of the global financial safety nets, effective international coordination will be necessary. Adapted from the source document.
Premysliden ruled over the Czech countries (Bohemia, Moravia, and Silesia) more than three hundred years (ca. 930–1306). They cooperated with the ruling houses of the neighboring states (Hungary, Poland, Saxony, Bavaria, Austria etc.) as their political efforts as their marriage policy. The analysis of the Premysliden marriages indicated the existence of the rule of the exogamy, the rule of the preferential matrilateral cross cousin marriage, the rule of the long time systematic exchange of the women among two ruling houses. Example of the Premysliden marriage practice gives the idea of the search of the marriage rules existing in Europe during the early mediaeval centuries.
The question of public finance stability & the economic stability are widely discussed topics, not only in transitive & emerging economies, but also in developed countries. The aim of this paper is to find out & measure connections between the fiscal policy development & external economic stability. This research is based on a quantification of the budget deficit & public debt impact onto exchange rate in chosen countries that have recently experienced some kind of financial crisis. External competitiveness is also assessed by the fiscal policy impact onto current account balance. It is necessary to point out that monetary variables are going to be probably more important but the fiscal sector cannot be omitted. Especially nowadays when there is an integration process in EMU going on, where the fiscal policy is going to play important role in the economic stability. Tables, Figures, References. Adapted from the source document.
Simmel's social theory, namely his formal sociology, has long been considered if not dead, then of little relevance for contemporary sociological theories. This study is an attempt at proving the contrary. Our aim is to show that Simmel's social ontology can be seen as a form of semiology, i.e. a complex body capable of integrating seemingly irreconcilable segments of society into a social science of signs, thus showing that his "social grammar" is a true social theory of sign systems. A keystone which helped us span the bridge between society and language, linguistics and sociology, was the concept of value. By dint of Simmel's theory of economic value we try to connect his social theory, on which it lies, with his theory of sign-money, which it supports. Simmel's social theory is based on an unorthodox concept of interaction, whose main qualities are that of perfect synchrony and unity that is dealt with by Simmel on the empirical as well as experience level. The puzzling term of form is revealed as Simmel's attempt to conceptually grasp this synchronic dimension of interaction. Simmel's theory of economic value is seen as an extension of Simmel's formal sociology. Simmel conceives value as a relation between two processes of valuation brought about within the exchange as a form of interaction. Money is the physical representation of this relation. To prove that Simmel's social theory can be regarded as a fully-grown theory of sign systems, as well as to elaborate our analysis of his social theory, we use the conceptual apparatus of Saussure's linguistics showing that not only does Simmel's theory imply all Saussure's key concepts, but it also solves some of its blind spots in contemporary sociology and spans the so far unsurpassable gulf between the individual and society or structure and development.
