Karel Brůna
Biographic Data
| ID | 4125313 |
|---|---|
| NAME | Karel Brůna |
| GIVEN NAMES | Karel |
| FAMILY NAME | Brůna |
| SIGNATURE | BRŮNA K |
| AFFILIATIONS | Prague University of Economics and Business |
| ORCID | 0000-0003-3690-1364 |
| VERIFIED | Yes |
| TOTAL WORKS | 14 |
| TOTAL CITATIONS | 32 |
| WORKS AS AUTHOR | 14 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 2003 |
| LATEST PUBLICATION YEAR | 2022 |
| H-INDEX | 4 |
Nová kniha o významu kapitálu bank pro zajištění finanční stability
Analysis of Dynamics of Net Home and Foreign Assets of Banking Systems Using the Case of the Czech Republic in 1996-2017
Relative changes in home and foreign assets of the Czech banking system are negatively correlated in the period 1996-2017. The target of the research is to test this empirical fact deeply to explain how far this is only a balance sheet effect that is a result of booking the exchange rate changes in monetary survey statistics and how far this is a consequence of economic system behaviour. Our empirical analysis using the Granger causality test and…
Credit Supply Constraint of Solvent Open Economy within Implementation of Basel III Capital Requirements
The article deals with constraint of credit supply consistent with external solvency of economy and solvency of banking sector under negative international investment position, foreign ownership of banking sector and growing bank ́s capital and stable funding requirements. The target is to define main parameters of sustainable supply of funding of external capital providers and to test the relationships among determinants of external solvency, f…
Economic and Regulatory Conditions of Liquidity Management in the Czech Banking Sector in the Context of Application of Liquidity Coverage Ratio
The paper deals with an impact of new Basel III liquidity regulation on bank's liquidity and solvency conditions. It analyzes a change from qualitative to quantitative based regulation and compares bank's liquidity approaches within an application of LCR regulatory measures. Strict defi nition of LCR causes a change in bank's liquidity allocation and funding which is less effective, more costly and restrictive for providing credits comparing with…
A Dynamics of Inventories and Its Synchronization with a Cycle of Savings and Import in the Czech Republic in 1999-2012
The article deals with a problem of changes in inventories, its variability and its synchronization with changing savings and import in the Czech Republic in 1999-2012. In theoretical part both macroeconomic and microeconomic aspects of changes in inventories are discussed in the context of expected and unexpected demand shocks. In empirical part sources of GDP variability are analyzed using trend and cyclical data. Trend variability of changes i…
An Interpretation of Interest Rates Variability in Dealer ́s Model of Optimal Interest Margin
The paper deals with interest rate volatility interpretation in the dealer's model of optimal interest margin. It defines main sources of interest rate volatility and studies how specific source of volatility influences optimal interest margin. Special attention is focused on unexpected shock in liquidity of banking system, actual central bank's decision on targeted level of interest rate, long-term deviation of inflation and output from central …
A Concept of Sustainability of Negative Net International Investment Position and Its Application to the Case of the Czech Republic in 1999-2011
The paper deals with a theoretical and empirical analysis of determinants of both net international investment position/GDP ratio and net costs of negative investment position using the case of the Czech Republic in 1999-2011. It defines country's short-run and long-run sustainability conditions that are based on dynamics of both sources created by an economy through net export surplus and negative net yields paid from international investment po…
Central Bank ́s Foreign Exchange Reserves Accumulation and Dynamics of Banking System Liquidity Absorption
The paper deals with accumulation of foreign exchange reserves of central banks and its consequences in banking system liquidity management. In theoretical part the case of banking system liquidity surplus is analyzed focusing on creation of liquidity through FX operations, sterilization of liquidity and main sources of liquidity absorption. In this context it is analyzed how monetary policy instruments (on outright or repo basis) enable central …
Monetary policy and prediction of variability
This study presents an analysis of the sources of variability of interest rates in the money market in the context of Czech National Bank's (CNB) monetary policy. The factors in question are changes in the structural characteristics of economies in transition, changing perception of inflation risks, the inconsistency of central bank's monetary decisions and central bank's weakened credibility and uncertainty about the efficient transmission of mo…
The interest rate transmission mechanism and the management of interest margin in the context of Czech national bank disinflation policy
The paper analyzes the relationship between interest rate transmission mechanism and bank's management of interest rate risk during the disinflation monetary policy in the Czech Republic in 1999-2006. In theoretical part, main determinants of short-run and long-run equilibrium of client interest rates are discussed (market power, duration of credits and deposits, pricing mechanism, credit risk, operation efficiency). Using the error correction mo…
Monetary policy, trend inflation changes and volatility of interest rates relations
The paper deals with theoretical and empirical aspects of the interactions between monetary policy and swap rates in the Czech Republic in 1999 through to 2005. In the theoretical part main sources of volatility of swap and forward rates on changes of repo rate are studied (actual stage of business cycle and changing level of monetary restriction, investor's misunderstanding of future main policy rate dynamics or inconsistency between expected mo…
The stabilization mechanism of ultra short-term interest rates in the context of Czech national bank's repo tenders
Effectiveness of actual monetary policy depends on the ability of central banks to stabilize the fluctuations of overnight interest rates around their official policy rate. To ensure the functionality of the stabilization mechanism needs the successful balancing between bank's demand for reserves and central bank's supply of the reserves in interbank market. I discuss the main sources of temporal gaps between the demand for and the supply of the …
An analysis of PRIBOR interest rates sensitivity to changes in Czech national bank repo rate
Since 1980's many central banks have been changing their monetary strategy to explicit inflation targeting. This new monetary concept is based on management of short-term interest rates in the context of relation between inflation prediction and central bank inflation target. Therefore we try to analyze the crucial problems of efficiency of the inflation targeting strategy - the causality and sensitivity between interest rates on Prague interbank…
Imperfect competition, menu costs and near rationality as a source of the nominal price rigidity in the new keynesian macroeconomics
This study stress attention to the effects of imperfect competitive markets, menu costs and firm near rationality upon nominal price rigidity and non-neutrality of money in works of new keynesian economists. New keynesians consider the price rigidity as a direct expression of the firm price decisions in the context of the nominal aggregate demand shock initiated by change in the central bank money supply. But such case of nominal price stability …
An analysis of PRIBOR interest rates sensitivity to changes in Czech national bank repo rate
Since 1980's many central banks have been changing their monetary strategy to explicit inflation targeting. This new monetary concept is based on management of short-term interest rates in the context of relation between inflation prediction and central bank inflation target. Therefore we try to analyze the crucial problems of efficiency of the inflation targeting strategy - the causality and sensitivity between interest rates on Prague interbank…
The stabilization mechanism of ultra short-term interest rates in the context of Czech national bank's repo tenders
Effectiveness of actual monetary policy depends on the ability of central banks to stabilize the fluctuations of overnight interest rates around their official policy rate. To ensure the functionality of the stabilization mechanism needs the successful balancing between bank's demand for reserves and central bank's supply of the reserves in interbank market. I discuss the main sources of temporal gaps between the demand for and the supply of the …
The interest rate transmission mechanism and the management of interest margin in the context of Czech national bank disinflation policy
The paper analyzes the relationship between interest rate transmission mechanism and bank's management of interest rate risk during the disinflation monetary policy in the Czech Republic in 1999-2006. In theoretical part, main determinants of short-run and long-run equilibrium of client interest rates are discussed (market power, duration of credits and deposits, pricing mechanism, credit risk, operation efficiency). Using the error correction mo…
Monetary policy, trend inflation changes and volatility of interest rates relations
The paper deals with theoretical and empirical aspects of the interactions between monetary policy and swap rates in the Czech Republic in 1999 through to 2005. In the theoretical part main sources of volatility of swap and forward rates on changes of repo rate are studied (actual stage of business cycle and changing level of monetary restriction, investor's misunderstanding of future main policy rate dynamics or inconsistency between expected mo…
A Concept of Sustainability of Negative Net International Investment Position and Its Application to the Case of the Czech Republic in 1999-2011
The paper deals with a theoretical and empirical analysis of determinants of both net international investment position/GDP ratio and net costs of negative investment position using the case of the Czech Republic in 1999-2011. It defines country's short-run and long-run sustainability conditions that are based on dynamics of both sources created by an economy through net export surplus and negative net yields paid from international investment po…
Central Bank ́s Foreign Exchange Reserves Accumulation and Dynamics of Banking System Liquidity Absorption
The paper deals with accumulation of foreign exchange reserves of central banks and its consequences in banking system liquidity management. In theoretical part the case of banking system liquidity surplus is analyzed focusing on creation of liquidity through FX operations, sterilization of liquidity and main sources of liquidity absorption. In this context it is analyzed how monetary policy instruments (on outright or repo basis) enable central …
Monetary policy and prediction of variability
This study presents an analysis of the sources of variability of interest rates in the money market in the context of Czech National Bank's (CNB) monetary policy. The factors in question are changes in the structural characteristics of economies in transition, changing perception of inflation risks, the inconsistency of central bank's monetary decisions and central bank's weakened credibility and uncertainty about the efficient transmission of mo…
Analysis of Dynamics of Net Home and Foreign Assets of Banking Systems Using the Case of the Czech Republic in 1996-2017
Relative changes in home and foreign assets of the Czech banking system are negatively correlated in the period 1996-2017. The target of the research is to test this empirical fact deeply to explain how far this is only a balance sheet effect that is a result of booking the exchange rate changes in monetary survey statistics and how far this is a consequence of economic system behaviour. Our empirical analysis using the Granger causality test and…
A Dynamics of Inventories and Its Synchronization with a Cycle of Savings and Import in the Czech Republic in 1999-2012
The article deals with a problem of changes in inventories, its variability and its synchronization with changing savings and import in the Czech Republic in 1999-2012. In theoretical part both macroeconomic and microeconomic aspects of changes in inventories are discussed in the context of expected and unexpected demand shocks. In empirical part sources of GDP variability are analyzed using trend and cyclical data. Trend variability of changes i…
An Interpretation of Interest Rates Variability in Dealer ́s Model of Optimal Interest Margin
The paper deals with interest rate volatility interpretation in the dealer's model of optimal interest margin. It defines main sources of interest rate volatility and studies how specific source of volatility influences optimal interest margin. Special attention is focused on unexpected shock in liquidity of banking system, actual central bank's decision on targeted level of interest rate, long-term deviation of inflation and output from central …
Imperfect competition, menu costs and near rationality as a source of the nominal price rigidity in the new keynesian macroeconomics
This study stress attention to the effects of imperfect competitive markets, menu costs and firm near rationality upon nominal price rigidity and non-neutrality of money in works of new keynesian economists. New keynesians consider the price rigidity as a direct expression of the firm price decisions in the context of the nominal aggregate demand shock initiated by change in the central bank money supply. But such case of nominal price stability …
An analysis of PRIBOR interest rates sensitivity to changes in Czech national bank repo rate
Since 1980's many central banks have been changing their monetary strategy to explicit inflation targeting. This new monetary concept is based on management of short-term interest rates in the context of relation between inflation prediction and central bank inflation target. Therefore we try to analyze the crucial problems of efficiency of the inflation targeting strategy - the causality and sensitivity between interest rates on Prague interbank…
The stabilization mechanism of ultra short-term interest rates in the context of Czech national bank's repo tenders
Effectiveness of actual monetary policy depends on the ability of central banks to stabilize the fluctuations of overnight interest rates around their official policy rate. To ensure the functionality of the stabilization mechanism needs the successful balancing between bank's demand for reserves and central bank's supply of the reserves in interbank market. I discuss the main sources of temporal gaps between the demand for and the supply of the …
The interest rate transmission mechanism and the management of interest margin in the context of Czech national bank disinflation policy
The paper analyzes the relationship between interest rate transmission mechanism and bank's management of interest rate risk during the disinflation monetary policy in the Czech Republic in 1999-2006. In theoretical part, main determinants of short-run and long-run equilibrium of client interest rates are discussed (market power, duration of credits and deposits, pricing mechanism, credit risk, operation efficiency). Using the error correction mo…
Monetary policy, trend inflation changes and volatility of interest rates relations
The paper deals with theoretical and empirical aspects of the interactions between monetary policy and swap rates in the Czech Republic in 1999 through to 2005. In the theoretical part main sources of volatility of swap and forward rates on changes of repo rate are studied (actual stage of business cycle and changing level of monetary restriction, investor's misunderstanding of future main policy rate dynamics or inconsistency between expected mo…
Monetary policy and prediction of variability
This study presents an analysis of the sources of variability of interest rates in the money market in the context of Czech National Bank's (CNB) monetary policy. The factors in question are changes in the structural characteristics of economies in transition, changing perception of inflation risks, the inconsistency of central bank's monetary decisions and central bank's weakened credibility and uncertainty about the efficient transmission of mo…
Central Bank ́s Foreign Exchange Reserves Accumulation and Dynamics of Banking System Liquidity Absorption
The paper deals with accumulation of foreign exchange reserves of central banks and its consequences in banking system liquidity management. In theoretical part the case of banking system liquidity surplus is analyzed focusing on creation of liquidity through FX operations, sterilization of liquidity and main sources of liquidity absorption. In this context it is analyzed how monetary policy instruments (on outright or repo basis) enable central …
An Interpretation of Interest Rates Variability in Dealer ́s Model of Optimal Interest Margin
The paper deals with interest rate volatility interpretation in the dealer's model of optimal interest margin. It defines main sources of interest rate volatility and studies how specific source of volatility influences optimal interest margin. Special attention is focused on unexpected shock in liquidity of banking system, actual central bank's decision on targeted level of interest rate, long-term deviation of inflation and output from central …
A Concept of Sustainability of Negative Net International Investment Position and Its Application to the Case of the Czech Republic in 1999-2011
The paper deals with a theoretical and empirical analysis of determinants of both net international investment position/GDP ratio and net costs of negative investment position using the case of the Czech Republic in 1999-2011. It defines country's short-run and long-run sustainability conditions that are based on dynamics of both sources created by an economy through net export surplus and negative net yields paid from international investment po…
A Dynamics of Inventories and Its Synchronization with a Cycle of Savings and Import in the Czech Republic in 1999-2012
The article deals with a problem of changes in inventories, its variability and its synchronization with changing savings and import in the Czech Republic in 1999-2012. In theoretical part both macroeconomic and microeconomic aspects of changes in inventories are discussed in the context of expected and unexpected demand shocks. In empirical part sources of GDP variability are analyzed using trend and cyclical data. Trend variability of changes i…
Economic and Regulatory Conditions of Liquidity Management in the Czech Banking Sector in the Context of Application of Liquidity Coverage Ratio
The paper deals with an impact of new Basel III liquidity regulation on bank's liquidity and solvency conditions. It analyzes a change from qualitative to quantitative based regulation and compares bank's liquidity approaches within an application of LCR regulatory measures. Strict defi nition of LCR causes a change in bank's liquidity allocation and funding which is less effective, more costly and restrictive for providing credits comparing with…
Credit Supply Constraint of Solvent Open Economy within Implementation of Basel III Capital Requirements
The article deals with constraint of credit supply consistent with external solvency of economy and solvency of banking sector under negative international investment position, foreign ownership of banking sector and growing bank ́s capital and stable funding requirements. The target is to define main parameters of sustainable supply of funding of external capital providers and to test the relationships among determinants of external solvency, f…
Analysis of Dynamics of Net Home and Foreign Assets of Banking Systems Using the Case of the Czech Republic in 1996-2017
Relative changes in home and foreign assets of the Czech banking system are negatively correlated in the period 1996-2017. The target of the research is to test this empirical fact deeply to explain how far this is only a balance sheet effect that is a result of booking the exchange rate changes in monetary survey statistics and how far this is a consequence of economic system behaviour. Our empirical analysis using the Granger causality test and…
Nová kniha o významu kapitálu bank pro zajištění finanční stability
Economics (14 works) · Monetary economics (14 works) · Monetary policy (11 works) · Macroeconomics (9 works) · Global Financial Crisis and Policies (8 works) · Monetary Policy and Economic Impact (8 works) · Banking stability, regulation, efficiency (6 works) · European Monetary and Fiscal Policies (6 works) · Interest rate (6 works) · Market liquidity (6 works)