Teoretické a praktické aspekty zavedení fixního směnného kurzu venezuelského bolívaru v letech 2003-2010

The Master's thesis analyses the macroeconomic aspects of the exchange rate policy of the administration of president Hugo Chávez Frías in Venezuela in 2003 - 2010. The author focuses first on the comparison of different exchange rate regimes and their compatibility with the commodity depended economies. A special attention is paid to the concept of Peg to Export Price regime (PEP), also called oil standard, of Jeffrey Frankel and its suitability for contemporary Venezuela. The goal of the thesis is to stress that even though the election of a correct exchange rate regime is of great importance for an exporting economy, the success can be achieved only when combining it with an appropriate monetary and fiscal policy. Without an adequate economic policy the regime alone can not provide stability and moderate high inflation.