03620ntm a22005297a 4500 000259498 CZ-PrVSE 20140616214305.0 m d cr n|||||||||| 140616s2014 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 Vilímovský, Petr ISIS:81893 dis TARGET 2 a krize platební bilance v Eurozóně eng TARGET 2 and the Eurozone's balance of payments crisis [elektronický zdroj] / Petr Vilímovský 2014 ?? s. : digital, PDF soubor Vedoucí práce: Karel Brůna Diplomová práce (Ing.)—Vysoká škola ekonomická v Praze. Fakulta financí a účetnictví, 2014 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2014 This thesis aims to analyse the connection between the Eurozone's balance of payments crisis and the TARGET 2 balances. These balances represent mutual clearing relationship of the individual euro area member states to the European Central Bank inside the TARGET 2 system, which serves as a heart of the Eurozone's payment settlements. In fact, the central banks of the core countries hold significant positive balances while the peripheral central banks accumulated substantial negative positions. The TARGET 2 balances appeared mainly as a consequence of the liquidity outflow from the peripheral countries to the core due to the large imbalances in fundamental factors such as the NCA deficits, net foreign debt, public and private debt or competitiveness. The development of the balances was further facilitated via uneven liquidity provisions from the Eurosystem, as the peripheral countries effectively financed their balance of payments disequilibrium by issuing new liquidity that almost immediately moved to the core. The banking systems of the core started to operate in the liquidity excess status as the monetary base increased in 2011 and 2012. Assets with questionable quality collateralized the increasing refinancing operations in the periphery as the collateral requirements were repeatedly lowered. It resulted in an increase in the credit risk of these operations primarily in the periphery countries. This situation, among many others presented in this thesis, raises further questions about the parameters of the future single monetary policy as well as the continuance of the European monetary union. Způsob přístupu: Internet finance [obor dipl. práce] diplomové práce fd132022 czenas master's theses eczenas peripheral countries refinancing operations Eurosystem TARGET 2 balance of payments European Central Bank Brůna, Karel, 1973- mzk2009543943 ths Jakl, Jakub ISIS:43147 opn Vysoká škola ekonomická v Praze. Fakulta financí a účetnictví kn20010709398 https://isis.vse.cz/zp/45175/podrobnosti VŠKP v InSIS https://isis.vse.cz/zp/45175 Hlavní práce https://isis.vse.cz/zp/45175/posudek/vedouci Hodnocení vedoucího https://isis.vse.cz/zp/45175/posudek/oponent/36811 Oponentura http://isis.vse.cz/zp/138832/podrobnosti dc:identifier NEPOSILAT VSKP 138832 vse45175 140612