Central bank communication on financial stability

• Název práce v češtině: Komunikace centrálních bank vůči finanční stabilitě
• Název v anglickém jazyce: Central bank communication on financial stability
• Klíčová slova: Finanční stabilita, Transparentnost centrálních bank, Zprávy o finanční stabilitě
• Klíčová slova anglicky: Financial Stability, Central bank communication, Financial Stability Reports
• Akademický rok vypsání: 2010/2011
• Typ práce: diplomová práce
• Jazyk práce: angličtina
• Ústav: Institut ekonomických studií (23-IES)
• Vedoucí / školitel: prof. Roman Horváth, Ph.D.
• Řešitel: skrytý - zadáno vedoucím/školitelem
• Datum přihlášení: 02.06.2011
• Datum zadání: 02.06.2011
• Datum a čas obhajoby: 28.06.2012 00:00
• Místo konání obhajoby: Opetalova ul. 26
• Datum odevzdání elektronické podoby: 18.05.2012
• Datum proběhlé obhajoby: 28.06.2012
• Oponenti: doc. PhDr. Adam Geršl, Ph.D.

Seznam odborné literatury

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rules and �financial stress: Does fi�nancial instability matter for monetary
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inflation targets enough?" BIS Working Papers, No 140 .
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Bibliography 51
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Předběžná náplň práce

Pr�ace zkoum�a komunikaci centr�aln��ch bank ohledn�e �fina�ncni�� stability. Nejd�ri��ve
byly identifi�kov�any nejd�ule�zit�ej�si�� prvky a komunika�cni�� n�astroje jako nap�r. Zpr�avy
o fi�nan�cni�� stabilit�e, z�at�e�zov�e testy fi�nan�cn��ho sektoru, indik�atory fi�nan�cni�� sta-
bility atd. Pot�e byly vybran�e prvky pou�zity pro konstrukci indexu transpar-
entnosti centr�aln��ch bank v�u�ci �finan�cni�� stabilit�e (FST index) pro 110 zem��i v
obdob��i 2000 a�z 2011.
Tento index byl d�ale vyu�zit pro zji�st�eni�� nejd�ule�zit�ej�si��ch determinant trans-
parentnosti centr�aln��ch bank. Z v�ysledk�u vypl�yv�a, �ze transparentnost v�u�ci
�finan�cni�� stabilit�e je ovlivn�ena nejv��ice transparentnosti�� bank v�u�ci monet�arn��i
politice, d�ale velikosti�� a vysp�elosti�� dan�e zem�e.
V posledni �c�asti pr�ace zkoum�a vliv komunikace centr�aln��ich bank na fi�nan�cni��
stabilitu v dan�e zemi. Poda�rilo se uk�azat, �ze komunikace m�a pozitivni�� vliv na
�finan�cni�� stabilitu v n�asleduji��ci��m roce. Celkov�e se komunikace hodnoti�� jako je�st�e
relativne�� nevysp�el�a, nicm�en�e s velk�ym potenci�alem ovliv�novat �finan�cni�� stabilitu
v budoucnosti.

Předběžná náplň práce v anglickém jazyce

This research analyses central bank communication on fi�nancial stability.
First, most important international comparable features of the communica-
tion are identifi�ed, such as Financial Stability Reports, Stress tests, Financial
soundness indicators, etc. These are then used for the construction of Financial
stability transparency index (FST index) for 110 countries from 2000 to 2011.
FST index is used to determine the most important drivers of central bank
communication. In particular, the level of transparency towards �financial sta-
bility depends most on monetary policy transparency, size and development of
the economy.
Finally, the impact of �financial stability transparency on fi�nancial stability
is under investigation. Using two proxies for fi�nancial stress, for the �first time,
evidence of the influence of central bank communication on �financial soundness was found.
It is concluded that the communication still has not reached its steady state and
markets have only limited experience using it. However, the communication has a strong
potential to influence fi�nancial stability in the future.