Politická ekonomie 2014, 62(6):808-823 | DOI: 10.18267/j.polek.983

Dopad intervence ČNB do finančních trhů

Jan Vejmělek
VŠE v Praze, KB a.s.

CNB FX Intervention and Its Impact on Financial Markets

The paper is discussing CNB FX intervention and its impact on all segments of Czech financial markets from process and volumes of transactions point of view and possible consequences. The focus is on foreign exchange, bond and stock market. Although the impact of FX intervention was evident on all markets under discussion, it was not so significant having macroeconomic effects. The only exception is the FX market. The Czech National Bank contributed to the widening gap between market and equilibrium exchange rate. The undervalued Czech currency will have a temporal positive impact on the macroeconomic external balance.

Keywords: external balance, FX intervention, financial markets
JEL classification: E44, E52, E58, F31

Published: December 1, 2014  Show citation

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Vejmělek, J. (2014). CNB FX Intervention and Its Impact on Financial Markets. Politická ekonomie, 62(6), 808-823. doi: 10.18267/j.polek.983
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