{"id":4912,"date":"2014-08-11T13:49:37","date_gmt":"2014-08-11T11:49:37","guid":{"rendered":"http:\/\/www.ladislavjakl.cz\/?p=4912"},"modified":"2014-08-11T13:49:37","modified_gmt":"2014-08-11T11:49:37","slug":"blog-ivk-c-8-koruna-pada-bankovni-rada-cnb-nad-ni-ztraci-kontrolu","status":"publish","type":"post","link":"https:\/\/www.ladislavjakl.cz\/?p=4912","title":{"rendered":"Blog IVK \u010d. 8 &#8211; Koruna pad\u00e1, Bankovn\u00ed rada \u010cNB nad n\u00ed ztr\u00e1c\u00ed kontrolu"},"content":{"rendered":"<p>Vlna kritiky na hlavy \u010dleny Bankovn\u00ed rady po n\u011bjak\u00e9 dob\u011b op\u011bt zes\u00edlila. Jej\u00edm spou\u0161t\u011b\u010dem ale nebyly ned\u00e1vn\u00e9 v\u00fdroky, kter\u00fdmi n\u00e1s centr\u00e1ln\u00ed bank\u00e9\u0159i ujistili o tom, \u017ee jejich intervence budou pokra\u010dovat. Spustil ji a\u017e prudk\u00fd v\u00fdkyv kursu koruny, kv\u016fli kter\u00e9mu euro podra\u017eilo a\u017e t\u00e9m\u011b\u0159 na 28 korun. To u\u017e \u010cNB p\u0159ehnala, \u0159\u00edkaj\u00ed mnoz\u00ed.<\/p>\n<p><!--more--><\/p>\n<p>Obh\u00e1jci m\u011bnov\u00fdch intervenc\u00ed proti korun\u011b zase argumentuj\u00ed, \u017ee v posledn\u00edch dnech nepadala jen \u010desk\u00e1 koruna, ale i mnoho dal\u0161\u00edch m\u011bn z na\u0161eho \u201epytle\u201c.  Tvrd\u00edm, \u017ee tato skute\u010dnosti \u017e\u00e1dnou poleh\u010duj\u00edc\u00ed okolnost\u00ed nen\u00ed. Ba naopak.<\/p>\n<p>Bankovn\u00ed rada se ke korun\u011b od spu\u0161t\u011bn\u00ed intervenc\u00ed chov\u00e1 jako k laboratorn\u00edmu pokusu. A zat\u00edm j\u00ed to celkem vych\u00e1zelo. Dalo se odhadnout, jak\u00e1 emise zp\u016fsob\u00ed takov\u00fd a takov\u00fd posun kursu. Jen\u017ee sv\u011btov\u00e1 ekonomika nen\u00ed \u017e\u00e1dnou laborato\u0159\u00ed.<\/p>\n<p>Centr\u00e1ln\u00ed bank\u00e9\u0159i \u2013 jako ostatn\u011b ka\u017ed\u00fd, kdo prov\u00e1d\u00ed pokus v laboratorn\u00edch podm\u00ednk\u00e1ch \u2013 zcela ignorovali s\u00edlu exogenn\u00edch vliv\u016f. Ty mohou s kursem zam\u00e1vat daleko v\u00edc, ne\u017e interven\u010dn\u00ed emise. N\u011bkdy mohou zam\u00e1vat sm\u011brem nahoru, n\u011bkdy sm\u011brem dol\u016f. A pr\u00e1v\u011b proto je nezodpov\u011bdn\u00e9 chovat se k m\u011bn\u011b jako ke sv\u00e9 hra\u010dce. Proto\u017ee kdykoli se m\u016f\u017ee vn\u011bj\u0161\u00ed faktor p\u0159i\u010d\u00edst k efektu intervenc\u00ed a euro za 28 korun nebo i dra\u017e\u0161\u00ed je na sv\u011bt\u011b.<\/p>\n<p>P\u0159i takov\u00fdch v\u00fdkyvech se negativn\u00ed dopady podhodnocen\u00e9 koruny prudce n\u00e1sob\u00ed a intervence se st\u00e1vaj\u00ed je\u0161t\u011b m\u00e9n\u011b obhajiteln\u00fdmi. Jsme reexportn\u00ed ekonomikou, nikoli \u010dist\u011b exportn\u00ed. Skokov\u00e9 zdra\u017een\u00ed vstup\u016f m\u016f\u017ee zcela zm\u011bnit odhodl\u00e1n\u00ed investor\u016f p\u00e1lit si prsty.<\/p>\n<p>A mn\u011b se prodra\u017e\u00ed americk\u00e1 a belgick\u00e1 piva.<\/p>\n<p>Ladislav Jakl, Institut V\u00e1clava Klause, 8. srpna 2014 | <a href=\"http:\/\/www.institutvk.cz\/blog\/blog-ivk-c-8-koruna-pada-bankovni-rada-cnb-nad-ni-ztraci-kontrolu\" target=\"_blank\">Zdroj<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vlna kritiky na hlavy \u010dleny Bankovn\u00ed rady po n\u011bjak\u00e9 dob\u011b op\u011bt zes\u00edlila. Jej\u00edm spou\u0161t\u011b\u010dem ale nebyly ned\u00e1vn\u00e9 v\u00fdroky, kter\u00fdmi n\u00e1s centr\u00e1ln\u00ed bank\u00e9\u0159i ujistili o tom, \u017ee jejich intervence budou pokra\u010dovat. Spustil ji a\u017e prudk\u00fd v\u00fdkyv kursu koruny, kv\u016fli kter\u00e9mu euro podra\u017eilo a\u017e t\u00e9m\u011b\u0159 na 28 korun. To u\u017e \u010cNB p\u0159ehnala, \u0159\u00edkaj\u00ed mnoz\u00ed.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4912","post","type-post","status-publish","format-standard","hentry","category-publikovane-clanky"],"_links":{"self":[{"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/posts\/4912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4912"}],"version-history":[{"count":1,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/posts\/4912\/revisions"}],"predecessor-version":[{"id":4913,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=\/wp\/v2\/posts\/4912\/revisions\/4913"}],"wp:attachment":[{"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ladislavjakl.cz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}