{"id":7568,"date":"2022-11-17T14:46:54","date_gmt":"2022-11-17T13:46:54","guid":{"rendered":"https:\/\/www.euroekonom.sk\/?p=7568"},"modified":"2024-05-13T14:58:35","modified_gmt":"2024-05-13T12:58:35","slug":"dopyt-po-domacich-aktivach","status":"publish","type":"post","link":"https:\/\/www.vrtulniky.sk\/news\/dopyt-po-domacich-aktivach\/","title":{"rendered":"Dopyt po dom\u00e1cich akt\u00edvach"},"content":{"rendered":"<h2>Cie\u013e pr\u00e1ce<\/h2>\n<p>Hlavn\u00fdm cie\u013eom pr\u00e1ce je charakteristika v\u00fdmenn\u00e9ho kurzu, dev\u00edzov\u00e9 kurzy. V pr\u00e1ci opisujeme te\u00f3riu trhu finan\u010dn\u00fdch akt\u00edv, te\u00f3riu dev\u00edzov\u00e9ho kurzu. Opisujeme faktory ovplyv\u0148uj\u00face posun krivky dopytu po dom\u00e1cich akt\u00edvach, \u010di u\u017e posun hore alebo dole. Pr\u00e1ca sa zaober\u00e1 aj faktormi ovplyv\u0148uj\u00facimi kurz. Sna\u017e\u00edme sa v pr\u00e1ci \u010do najlep\u0161ie obozn\u00e1mi\u0165 s problematikou dopytu po dom\u00e1cich akt\u00edvach. V pr\u00e1ci sme v praktickej \u010dasti uk\u00e1zali aj pr\u00edklady v\u00fdmenn\u00e9ho kurzu.<\/p>\n<h2>Teoretick\u00e9 v\u00fdchodisk\u00e1 pr\u00e1ce<\/h2>\n<p>Je potrebn\u00e9 si v prvom rade zadefinova\u0165 z\u00e1kladn\u00e9 pojmy s\u00favisiace s danou problematikou a jedn\u00fdm z nich je aj pojem platobn\u00e1 bilancia. Platobn\u00e1 bilancia je ch\u00e1pan\u00e1 ako systematick\u00fd \u0161tatistick\u00fd v\u00fdkaz alebo z\u00e1znam v\u0161etk\u00fdch hospod\u00e1rskych transakci\u00ed, ktor\u00e9 boli uskuto\u010dnen\u00e9 za ur\u010dit\u00fd \u010dasov\u00fd \u00fasek v\u00e4\u010d\u0161inou je to rok, medzi n\u00e1rodnou ekonomikou a zahrani\u010d\u00edm.<br \/>\nTak\u00e9to hospod\u00e1rske transakcie sa uskuto\u010dnili v podobe tokov slu\u017eieb, tovarov, kapit\u00e1lu ako aj pe\u0148az\u00ed medzi rezidentmi dom\u00e1cej krajiny a rezidentmi ostatn\u00fdch kraj\u00edn a v\u00e4\u010d\u0161inou vyus\u0165uj\u00fa do pr\u00edlivu ako aj odlivu dev\u00edz. Transakcie uskuto\u010d\u0148ovan\u00e9 v platobnej bilanci\u00ed sa zachyt\u00e1vaj\u00fa na princ\u00edpe podvojn\u00e9ho \u00fa\u010dtovn\u00edctva a tak\u00e1to ka\u017ed\u00e1 jedna transakcia by mala by\u0165 zachyten\u00e1 kreditn\u00fdm aj debetn\u00fdm z\u00e1pisom v rovnakej v\u00fd\u0161ke. Kreditn\u00e9 z\u00e1pisy eviduj\u00fa v\u00fdvoz re\u00e1lnych zdrojov a finan\u010dn\u00e9 polo\u017eky, ktor\u00e9 odr\u00e1\u017eaj\u00fa pokles zahrani\u010dn\u00fdch akt\u00edv alebo n\u00e1rast zahrani\u010dn\u00fdch pas\u00edv danej ekonomiky a vytv\u00e1raj\u00fa tak ponuku dev\u00edz. Debetn\u00e9 z\u00e1pisy zase zachyt\u00e1vaj\u00fa dovoz re\u00e1lnych zdrojov ako aj finan\u010dn\u00e9 polo\u017eky, ktor\u00e9 odr\u00e1\u017eaj\u00fa rast zahrani\u010dn\u00fdch akt\u00edv alebo pokles zahrani\u010dn\u00fdch pas\u00edv danej ekonomiky a ved\u00fa k zv\u00fd\u0161eniu dopytu po dev\u00edziach.<br \/>\nK tematike je potrebn\u00e9 aj definova\u0165 medzin\u00e1rodn\u00fa investi\u010dn\u00fa poz\u00edciu , je to ako stavov\u00e1 veli\u010dina predstavuje s\u00favahu finan\u010dn\u00fdch akt\u00edv a pas\u00edv v dr\u017ebe tuzemcov vo\u010di cudzozemcom k ur\u010dit\u00e9mu d\u00e1tumu. Na z\u00e1klade \u0161tatistiky MMF, pod pojmom zahrani\u010dn\u00e9 akt\u00edva rozumieme hlavne priame invest\u00edcie v zahrani\u010d\u00ed, portf\u00f3liov\u00e9 invest\u00edcie, finan\u010dn\u00e9 deriv\u00e1ty a ostatn\u00e9 rezervn\u00e9 akt\u00edva a invest\u00edcie. Zatia\u013e \u010do polo\u017eka zahrani\u010dn\u00fdch pas\u00edv zah\u0155\u0148a hlavne priame invest\u00edcie vo vykazuj\u00facej ekonomike, portf\u00f3liove invest\u00edcie, finan\u010dn\u00e9 deriv\u00e1ty a samozrejme ostatn\u00e9 invest\u00edcie. Preto investi\u010dn\u00e1 poz\u00edcia na konci referen\u010dn\u00e9ho obdobia zobrazuje finan\u010dn\u00e9 transakcie, zmeny v ocenen\u00ed a ostatn\u00e9 \u00fapravy ktor\u00e9 sa za dan\u00e9 obdobie vyskytli a ovplyvnili tak v\u00fd\u0161ku akt\u00edv a pas\u00edv. Medzin\u00e1rodn\u00e1 investi\u010dn\u00e1 poz\u00edcia je \u010dasto pou\u017e\u00edvan\u00e1 pri anal\u00fdze v\u00fdvoja a trendov vo v\u00fdkone ekonomiky v porovnan\u00ed so zvy\u0161kom sveta. Odpo\u010d\u00edtan\u00edm zahrani\u010dn\u00fdch pas\u00edv od zahrani\u010dn\u00fdch akt\u00edv vypo\u010d\u00edtame \u010dist\u00fa medzin\u00e1rodn\u00fa investi\u010dn\u00fa poz\u00edciu na z\u00e1klade toho, \u010di je \u010dist\u00e1 investi\u010dn\u00e1 poz\u00edcia kladn\u00e1 alebo z\u00e1porn\u00e1, je ur\u010den\u00e9 postavenie krajiny ako dl\u017en\u00edka alebo verite\u013ea.<br \/>\n\u010cist\u00e9 dom\u00e1ce akt\u00edva je pe\u0148a\u017en\u00e1 hodnota bankov\u00fdch \u00faverov podnikom, obyvate\u013estvu ako aj \u0161t\u00e1tu zn\u00ed\u017een\u00e1 o vklady verejnej spr\u00e1vy v dom\u00e1cich bank\u00e1ch.<\/p>\n<h2>V\u00fdmenn\u00fd kurz<\/h2>\n<p>V\u00fdmenn\u00fd kurz m\u00f4\u017eeme definova\u0165 ako prostredn\u00edka medzi vn\u00fatornou ekonomikou krajiny a vonkaj\u0161\u00edmi subjektmi, medzi nimi doch\u00e1dza k vz\u00e1jomnej interakci\u00ed vo forme ekonomick\u00fdch, finan\u010dn\u00fdch ako aj obchodn\u00fdch vz\u0165ahov . Menov\u00e9 kurzy mo\u017eno definova\u0165 ako : \u201e<em>ceny, za ktor\u00e9 sa obchoduje na menov\u00fdch trhoch a ktor\u00e9 s\u00fa t\u00fdmito trhmi determinovan\u00e9<\/em>\u201c (Frait, 1996,s.3)<br \/>\nZa to Po\u0161ta (2007,s.221) uv\u00e1dza menov\u00fd kurz ako: \u201e<em>cenu jednej meny v jednotk\u00e1ch inej meny , ktor\u00e1 vstupuje na trh zahrani\u010dn\u00fdch mien\u201c.<\/em>Pod\u013ea neho stanovenie takejto ceny nie je pr\u00e1ve trivi\u00e1lne., m\u00f4\u017eeme ju zap\u00edsa\u0165 pomocou priamej a nepriamej kot\u00e1cie<\/p>\n<ul>\n<li>Priama kot\u00e1cie je vyjadren\u00edm ceny jednej jednotky zahrani\u010dnej meny v po\u010dte jednotiek dom\u00e1cej meny<\/li>\n<li>Nepriame kot\u00e1cia je vyjadren\u00edm cenu jednej jednotky dom\u00e1cej meny po\u010dtom jednotiek meny zahrani\u010dnej.<\/li>\n<\/ul>\n<p>Dev\u00edzov\u00fd trh je nasleduj\u00facim d\u00f4le\u017eit\u00fdm pojmom s danou tematikou je to miesto, kde sa stret\u00e1vaj\u00fa ponuka zahrani\u010dn\u00fdch mien, ako s\u00fa pe\u0148a\u017en\u00e9 n\u00e1stroje denominovan\u00fdch v zahrani\u010dn\u00fdch men\u00e1ch, s dopytom po nich a miestom kde sa tvor\u00ed cena jednotliv\u00fdch mien- menov\u00fd alebo dev\u00edzov\u00fd kurz.<br \/>\nDev\u00edzov\u00fd trh je nenahradite\u013en\u00fd pri uskuto\u010d\u0148ovan\u00ed platieb do zahrani\u010dia i zo zahrani\u010dia, taktie\u017e pri prevode pe\u0148a\u017en\u00fdch fondov z jednej meny na druh\u00fa determinuj\u00fac pritom menov\u00fd kurz. N\u00e1rodn\u00e9 meny s\u00fa potrebn\u00e9 na vyrovnanie pe\u0148a\u017en\u00fdch transakci\u00ed v r\u00e1mci krajiny rovnako s\u00fa aj potrebn\u00e9 zahrani\u010dn\u00e9 meny na vykonanie platieb za hranicami dom\u00e1cej meny.<br \/>\nAko m\u00f4\u017eeme vidie\u0165 na dev\u00edzovom trhu sa v rozhoduj\u00facej miere obchoduje s dev\u00edzami, jeho s\u00fa\u010das\u0165ou je rovnako aj trh s valutami, ale objemy obchodov s valutami na dev\u00edzovom trhu s\u00fa v porovnan\u00ed s dev\u00edzov\u00fdm obchodovan\u00edm zanedbate\u013en\u00e9.<br \/>\nKurzy na dev\u00edzovom trhu sa naj\u010dastej\u0161ie delia alebo \u010dlenia z h\u013eadiska pe\u0148a\u017en\u00fdch n\u00e1strojov, s ktor\u00fdmi sa obchoduje a to hlavne na kurzy:<\/p>\n<ul>\n<li>Valutov\u00e9,<\/li>\n<li>Dev\u00edzov\u00e9<\/li>\n<\/ul>\n<p>Z h\u013eadiska \u010dasov\u00e9ho na kurzy:<\/p>\n<ul>\n<li>Promptn\u00e9,<\/li>\n<li>Term\u00ednovan\u00e9,<\/li>\n<\/ul>\n<p>Z h\u013eadiska rozdielnych druhov obchodov uskuto\u010d\u0148ovan\u00e9 na jednotliv\u00fdch dev\u00edzov\u00fdch trhoch :<\/p>\n<ul>\n<li>Kurzy promptn\u00e9,<\/li>\n<li>Forwardov\u00e9,<\/li>\n<li>Kurzy (ceny) futur\u00edt (futures),<\/li>\n<li>Kurzy (ceny) opci\u00ed (options)<\/li>\n<\/ul>\n<p>Z h\u013eadiska \u00fazemia:<\/p>\n<ul>\n<li>Dev\u00edzov\u00e9 trhy jednotliv\u00fdch \u0161t\u00e1tov,<\/li>\n<li>Medzin\u00e1rodn\u00e9 trhy,<\/li>\n<li>Euromenov\u00e9 trhy,<\/li>\n<\/ul>\n<p>Tieto trhy prin\u00e1\u0161aj\u00fa kontakt medzi pred\u00e1vaj\u00facimi a kupuj\u00facimi jednotliv\u00e9 zahrani\u010dn\u00e9 meny. Na tomto trhu nie je vymedzen\u00e9 centr\u00e1lne obchodn\u00e9 miesto ani \u010das pre obchodovanie, je to pr\u00edstupn\u00fd sekund\u00e1rny trh, vo\u013ene pr\u00edstupn\u00fd ka\u017ed\u00e9mu. Ceny ako aj podmienky s\u00fa definovan\u00e9 na z\u00e1klade doh\u00f4d, ide o neorganizovan\u00fa formu obchodovania, ktor\u00fd sa naz\u00fdva over the counter, pribli\u017ene 90% v\u0161etk\u00fdch dev\u00edzov\u00fdch transakci\u00ed sa uskuto\u010d\u0148uje pr\u00e1ve tu. N\u00e1zov OTC (obchod cez priehradku) tohto trhu poch\u00e1dza e\u0161te z obdobia, ke\u010f odborn\u00edci uzatv\u00e1rali dev\u00edzov\u00e9 obchody pri \u201e priehradk\u00e1ch\u201c b\u00e1nk \u010d\u00ed d\u00edlerov. Dnes sa dev\u00edzov\u00fd trh naz\u00fdva FX-ov\u00fd alebo zjednodu\u0161ene FOREX \u201eForeigne Exchange\u201c.<br \/>\nZ h\u013eadiska \u010dasu sa \u010dlen\u00ed na promptn\u00e9 dev\u00edzov\u00e9 trhy a tu sa uskuto\u010d\u0148uj\u00fa okam\u017eit\u00e9 dev\u00edzov\u00e9 obchody s lehotou splatnosti do jedn\u00e9ho a\u017e dvoch pracovn\u00fdch dn\u00ed na z\u00e1klade \u010dasov\u00e9ho h\u013eadiska m\u00e1me term\u00ednovan\u00e9 dev\u00edzov\u00e9 trhy, na ktor\u00fdch sa uskuto\u010d\u0148uj\u00fa dev\u00edzov\u00e9 obchody so splatnos\u0165ou cez dva pracovn\u00e9 dni.<\/p>\n<h2>Funkcie dev\u00edzov\u00fdch trhov<\/h2>\n<p>Jeho z\u00e1kladnou funkciou je presun pe\u0148a\u017en\u00fdch prostriedkov medzi krajinami a ur\u010denie ceny dev\u00edz \u2013 dev\u00edzov\u00fd kurz. Ekonomick\u00e9 subjekty pou\u017e\u00edvaj\u00fa dev\u00edzov\u00e9 trhy predov\u0161etk\u00fdm na to, aby uhradili svoje z\u00e1v\u00e4zky z medzin\u00e1rodn\u00e9ho obchodu a medzin\u00e1rodn\u00e9ho investovania, aby sa zabezpe\u010dili proti kurzov\u00e9mu riziku, alebo na arbitr\u00e1\u017e, \u0161pekul\u00e1cie a formovanie dev\u00edzovej poz\u00edcie.<br \/>\nFunkcie dev\u00edzov\u00fdch trhov (\u010fal\u0161ie):<\/p>\n<ul>\n<li>Zabezpe\u010denie zahrani\u010dn\u00fdch mien pre potreby medzin\u00e1rodn\u00e9ho obchodu,<\/li>\n<li>Investovanie do turistiky,<\/li>\n<li>Investovanie do medzin\u00e1rodn\u00fdch aktiv\u00edt ekonomick\u00fdch subjektov,<\/li>\n<li>Zabezpe\u010denie zaistenie sa proti kurzov\u00e9mu riziku,<\/li>\n<li>Dev\u00edzov\u00e9 \u0161pekul\u00e1cie,<\/li>\n<li>Dev\u00edzov\u00e9 arbitr\u00e1\u017ee.<\/li>\n<\/ul>\n<p>Potreba zahrani\u010dn\u00fdch mien vznik\u00e1 hlavne v s\u00favislosti s v\u00fdvozom a dovozom tovarov a slu\u017eieb v s\u00favislosti s medzin\u00e1rodn\u00fdmi invest\u00edciami, cestovn\u00fdm ruchom a ekonomick\u00fdmi aktivitami medzi dev\u00edzov\u00fdmi tuzemcami a cudzozemcami.<\/p>\n<h2>Hlavn\u00e9 met\u00f3dy determin\u00e1cie dev\u00edzov\u00e9ho kurzu<\/h2>\n<p>Pr\u00e1ve kv\u00f4li v\u00fdznamn\u00fdm subjektom svetov\u00fdch finan\u010dn\u00fdch trhov, pre ktor\u00e9 je predikcia dev\u00edzov\u00fdch kurzov ve\u013emi d\u00f4le\u017eit\u00e1, nako\u013eko vznik\u00e1 cel\u00e1 rada postupov a met\u00f3d zaoberaj\u00facich sa predikciou menov\u00fdch kurzov. V\u00fdhodou met\u00f3d je s\u00fa\u010dasn\u00e9 multikriteri\u00e1lne zoh\u013ead\u0148ovanie r\u00f4znych vplyvov na menov\u00e9 kurzy v z\u00e1vislosti na d\u013a\u017eke \u010dasov\u00e9ho obdobia. Pod\u013ea Kr\u00e1\u013ea (2003) patria k najzn\u00e1mej\u0161\u00edm hlavne:<\/p>\n<ul>\n<li>Fundament\u00e1lna anal\u00fdza,<\/li>\n<li>Technick\u00e1 anal\u00fdza,<\/li>\n<li>Makroekonomick\u00e1 anal\u00fdza,<\/li>\n<li>Met\u00f3da Randow walk,<\/li>\n<li>Te\u00f3ria \u201ebublinov\u00e9ho efektu\u201c,<\/li>\n<\/ul>\n<p>Za najuzn\u00e1vanej\u0161iu anal\u00fdzu je pova\u017eovan\u00e1 fundament\u00e1lna anal\u00fdza.<\/p>\n<h2>\u010clenenie dev\u00edzov\u00e9ho trhu na z\u00e1klade jeho vrstiev<\/h2>\n<p><strong>Prv\u00e1 vrstva<\/strong> zah\u0155\u0148a obchody medzi bankami a ich obchodn\u00fdmi z\u00e1kazn\u00edkmi, ktor\u00ed potrebuj\u00fa vymeni\u0165 v\u00e4\u010d\u0161ie objemy zahrani\u010dn\u00fdch mien na zaplatenie za dov\u00e1\u017een\u00e9 tovary alebo potrebuj\u00fa vymeni\u0165 pe\u0148a\u017en\u00e9 prostriedky z\u00edskan\u00e9 v zahrani\u010d\u00ed za dom\u00e1cu menu.<br \/>\n<strong>Druh\u00e1 vrstva<\/strong> vznik\u00e1 pri dev\u00edzov\u00fdch obchodoch medzi dom\u00e1cimi bankami, zahrani\u010dn\u00fdmi zast\u00fapeniami centr\u00e1lnych b\u00e1nk v danej krajine a dom\u00e1cou centr\u00e1lnou bankou,<br \/>\n<strong>Tretia vrstva<\/strong> zah\u0155\u0148a obchody medzi dom\u00e1cimi bankami a zahrani\u010dn\u00fdi bankov\u00fdmi in\u0161tit\u00faciami.<br \/>\n\u010clenenie dev\u00edzov\u00e9ho obchodu z h\u013eadiska okruhov obchodovania je:<\/p>\n<ul>\n<li>Maloobchodn\u00fd okruh<\/li>\n<li>Ve\u013ekoobchodn\u00fd okruh <\/li>\n<\/ul>\n<h2>Te\u00f3ria trhu finan\u010dn\u00fdch akt\u00edv<\/h2>\n<p>Za finan\u010dn\u00e9 akt\u00edva sa pova\u017euj\u00fa meny a dev\u00edzov\u00fd kurz je relat\u00edvnou cenou dvoch finan\u010dn\u00fdch akt\u00edv.<br \/>\nDev\u00edzov\u00e9 kurzy sa ur\u010duj\u00fa ako ceny akci\u00ed, oblig\u00e1ci\u00ed, zlata a pod. Ceny t\u00fdchto akt\u00edv ovplyv\u0148uje hlavne z\u00e1ujem \u013eud\u00ed o ne, \u010di ich chc\u00fa vlastni\u0165. Preferencia dr\u017eby niektor\u00fdch z nich z\u00e1vis\u00ed hlavne od o\u010dak\u00e1vanej hodnoty \u2013 v\u00fdnosnosti akt\u00edv v bud\u00facnosti. \u010c\u00edm vy\u0161\u0161iu hodnotu bude ma\u0165 akt\u00edvum v bud\u00facnosti t\u00fdm je drah\u0161ie v s\u00fa\u010dasnosti. Trhov\u00e9 subjekty zapo\u010d\u00edtavaj\u00fa u\u017e do dne\u0161nej hodnoty kurzu svoje o\u010dak\u00e1vania o bud\u00facom v\u00fdvoji kurzu.<br \/>\nFaktory ovplyv\u0148uj\u00face kurz :<\/p>\n<ul>\n<li>v DO:<\/li>\n<li>cl\u00e1 a kv\u00f3ty,<\/li>\n<li>pomer zahrani\u010dnej a dom\u00e1cej hladiny,<\/li>\n<li>preferencie dom\u00e1ceho tovaru v porovnan\u00ed so zahrani\u010dn\u00fdm tovarom a produktivita pr\u00e1ce<\/li>\n<li>v KO<\/li>\n<li>dopyt po finan\u010dn\u00fdch akt\u00edvach v dom\u00e1cej mene a ich ponuka<\/li>\n<\/ul>\n<p>Dev\u00edzov\u00fd kurz je cena dom\u00e1cich akt\u00edv vyjadren\u00e1 v jednotk\u00e1ch zahrani\u010dn\u00fdch akt\u00edv. Rovnov\u00e1\u017eny dev\u00edzov\u00fd kurz sa tvor\u00ed tak, \u017ee na z\u00e1klade rovnosti dopytu po finan\u010dn\u00fdch akt\u00edvach v danej mene a ich ponuky. Z toho vypl\u00fdva, \u017ee:<\/p>\n<ul>\n<li>Dopyt po dom\u00e1cich akt\u00edvach je priamo \u00famern\u00fd dom\u00e1cej \u00farokovej sadzbe,<\/li>\n<li>Dopyt po dom\u00e1cich akt\u00edvach je priamo \u00famern\u00fd dom\u00e1cej \u00farokovej o\u010dak\u00e1vanej v\u00fd\u0161ke bud\u00faceho menov\u00e9ho kurzu<\/li>\n<li>Dopyt po dom\u00e1cich akt\u00edvach je nepriamo \u00famern\u00fd zahrani\u010dnej \u00farokovej sadzbe.<\/li>\n<\/ul>\n<p>Determin\u00e1ciu dev\u00edzov\u00e9ho kurzu na z\u00e1klade modelu trhu akt\u00edv a jej vysvetlenie priniesol Michael Musa Platn\u00fd promtn\u00fd dev\u00edzov\u00fd kurz pova\u017eoval za obraz najlep\u0161ieho trhov\u00e9ho ocenenia toho, \u010do sa pravdepodobne stane s dev\u00edzov\u00fdm kurzom v bud\u00facnosti. Je to zalo\u017een\u00e9 na predpoklade, \u017ee trhov\u00e9 subjekty okam\u017eite zaprac\u00favaj\u00fa s\u00faboje o\u010dak\u00e1vania o bud\u00facom v\u00fdvoji kurzu u\u017e od dne\u0161nej hodnoty kurzu.<br \/>\nTe\u00f3riu dev\u00edzov\u00e9ho kurzu, ktor\u00fd bol zalo\u017een\u00fd na trhu akt\u00edv \u010falej rozpracoval F.S. Mishkin na z\u00e1klade jeho te\u00f3rie pramen\u00ed z anal\u00fdzy faktorov, ktor\u00e9 ovplyv\u0148uj\u00fa dev\u00edzov\u00e9 kurzy v dlhom a kr\u00e1tkom obdob\u00ed. Najsk\u00f4r analyzoval faktory, ktor\u00e9 s\u00fa p\u00f4sobiace na spr\u00e1vanie dev\u00edzov\u00e9ho kurzu v dlhom obdob\u00ed, tam zaradil pomer dom\u00e1cej a zahrani\u010dnej cenovej hladiny, cl\u00e1 a kv\u00f3ty, preferencie dom\u00e1ceho tovaru v porovnan\u00ed so zahrani\u010dn\u00fdm tovarom a produktivitu pr\u00e1ce. Dominantn\u00fd vplyv na spr\u00e1vanie kurzu v kr\u00e1tkom obdob\u00ed m\u00e1 dopyt po finan\u010dn\u00fdch akt\u00edvach v danej mene a ich ponuka.<br \/>\nNa z\u00e1klade Mishkinovej te\u00f3rie dev\u00edzov\u00fd kurz je cenou dom\u00e1cich akt\u00edv (t\u00fdch ktor\u00e9 s\u00fa denominovan\u00e9 v dom\u00e1cej mene vr\u00e1tane bankov\u00fdch depoz\u00edt) vyjadrenou v jednotk\u00e1ch zahrani\u010dn\u00fdch akt\u00edv (denominovan\u00fdch v zahrani\u010dnej mene vr\u00e1tane bankov\u00fdch depoz\u00edt).<\/p>\n<h2>Dopyt po dom\u00e1cich finan\u010dn\u00fdch akt\u00edvach<\/h2>\n<p>Dopyt po dom\u00e1cich finan\u010dn\u00fdch akt\u00edvach sa vytv\u00e1ra na z\u00e1klade:<\/p>\n<ul>\n<li>Dopytu dom\u00e1cich subjektov po dom\u00e1cej mene,<\/li>\n<li>Dopytu zahrani\u010dn\u00fdch subjektov po tejto mene,<\/li>\n<\/ul>\n<p>Na dopyt po dom\u00e1cich akt\u00edvach vpl\u00fdvaj\u00fa aj tieto faktory:<\/p>\n<ul>\n<li>Zmena \u00farokovej dom\u00e1cej miery, nast\u00e1va vtedy, ak sa \u00farokov\u00e1 miera dom\u00e1cich akt\u00edv zv\u00fd\u0161i vzrastie pri ka\u017edej danej \u00farovni menov\u00e9ho kurzu v\u00fdnos z dom\u00e1cich akt\u00edv a dopyt po dom\u00e1cej mene sa za\u010dne zvy\u0161ova\u0165. Nako\u013eko dopyt po akt\u00edvach je priamo \u00famern\u00fd dom\u00e1cej \u00farokovej sadzbe.<\/li>\n<li>Zmena zahrani\u010dnej \u00farokovej miery, nast\u00e1va ak sa \u00farokov\u00e1 miera zo zahrani\u010dn\u00fdch akt\u00edv zvy\u0161uje ich o\u010dak\u00e1van\u00fd v\u00fdnos pri ka\u017edom menovom kurze rastie a t\u00fdm rastie aj dopyt po zahrani\u010dn\u00fdch akt\u00edvach. Preto je dopyt po dom\u00e1cich akt\u00edvach nepriamo \u00famern\u00fd zahrani\u010dnej \u00farokovej sadzbe.<\/li>\n<li>Zmena o\u010dak\u00e1van\u00e9ho bud\u00faceho dev\u00edzov\u00e9ho kurzu. Ka\u017ed\u00fd faktor, ktor\u00fd sp\u00f4sobuje zv\u00fd\u0161enie o\u010dak\u00e1van\u00e9ho bud\u00faceho menov\u00e9ho kurzu, zvy\u0161uje o\u010dak\u00e1van\u00e9 zhodnotenie dom\u00e1cej meny a o\u010dak\u00e1van\u00e9 v\u00fdnosy z dom\u00e1cich akt\u00edv pri akejko\u013evek v\u00fd\u0161ke kurzu. Preto je dopyt po dom\u00e1cich akt\u00edvach priamo \u00famern\u00fd o\u010dak\u00e1vanej v\u00fd\u0161ke bud\u00faceho menov\u00e9ho kurzu a kr\u00e1tkodobo ovplyv\u0148uje predov\u0161etk\u00fdm \u00farokov\u00fd diferenci\u00e1l, kurz platn\u00fd v danom obdob\u00ed a kurz o\u010dak\u00e1van\u00fd v bud\u00facom obdob\u00ed, ako aj u dom\u00e1cich tak aj u zahrani\u010dn\u00fdch investorov.<\/li>\n<\/ul>\n<p>Centr\u00e1lna banka m\u00f4\u017ee ovplyv\u0148ova\u0165 ponuku dom\u00e1cich finan\u010dn\u00fdch akt\u00edv intervenciami zameran\u00fdmi na:<\/p>\n<ul>\n<li>N\u00e1kup dom\u00e1cej meny, sp\u00f4sobuje pokles jej dev\u00edzov\u00fdch rezerv o ekvivalentn\u00fa sumu a zv\u00fd\u0161enie ponuky zahrani\u010dnej meny.<\/li>\n<li>Predaj dom\u00e1cej meny, banka nakupuje zahrani\u010dn\u00fa za svoju dom\u00e1cu menu a tak\u00fdmto sp\u00f4sobom z\u00edskava ekvivalentn\u00fa sumu dev\u00edzov\u00fdch rezerv a zvy\u0161uje ponuku dom\u00e1cich akt\u00edv.<\/li>\n<\/ul>\n<p>N\u00e1kup n\u00e1rodnej meny na dev\u00edzov\u00fdch trhoch m\u00e1 dva d\u00f4sledky a to je:<\/p>\n<ul>\n<li>Zni\u017euje dr\u017ebu dev\u00edzov\u00fdch rezerv<\/li>\n<li>Zni\u017euje objem dom\u00e1cej meny, dom\u00e1cich akt\u00edv na dev\u00edzov\u00fdch trhoch,<\/li>\n<\/ul>\n<p>Na z\u00e1klade faktorov, ktor\u00e9 ur\u010duj\u00fa dopyt po dom\u00e1cich akt\u00edvach , ktor\u00fa s\u00fa pod\u013ea F.S. Mishkina pova\u017eovan\u00e9 za hybn\u00fa silu vyvol\u00e1vaj\u00facu kr\u00e1tkodob\u00e9 zmeny kurzu, dospel k ist\u00fdm z\u00e1verom o z\u00e1men\u00e1ch rovnov\u00e1\u017eneho kurzu, ktor\u00e9 m\u00f4\u017eu by\u0165 vyvolan\u00e9 hlavne:<\/p>\n<ul>\n<li>Zmenami \u00farokov\u00fdch mier, pri\u010dom treba rozli\u0161ova\u0165 zmenu nomin\u00e1lnej \u00farokovej miery sp\u00f4soben\u00fa zmenou re\u00e1lneho \u00faroku, ktor\u00e1 sp\u00f4sob\u00ed smerom k apreci\u00e1cii kurzu,<\/li>\n<li>Zmenu nomin\u00e1nej \u00farokovej sadzby sp\u00f4soben\u00fa zmenami o\u010dak\u00e1vanej infl\u00e1cie, ktor\u00e1 p\u00f4sob\u00ed smerom k depreci\u00e1cii kurzu,<\/li>\n<li>Zmenou rastu pe\u0148a\u017enej z\u00e1soby, ktorej rast vedie k deprecic\u00e1cii dom\u00e1cej meny \u010di u\u017e prostredn\u00edctvom vy\u0161\u0161ej miery infl\u00e1cie v dom\u00e1cej ekonomike ako v zahrani\u010d\u00ed, alebo prostredn\u00edctvom poklesu dom\u00e1cej \u00farokovej miery.<\/li>\n<\/ul>\n<p>Pr\u00edstup zalo\u017een\u00ed na modeli trhu akt\u00edv je konzistentn\u00fd s monet\u00e1rnym pr\u00edstupom.<\/p>\n<h2>Faktory ovplyv\u0148uj\u00face dev\u00edzov\u00fd kurz<\/h2>\n<p>Menov\u00e9 kurzy v\u0161etk\u00fdch zem\u00ed, ktor\u00e9 s\u00fa s\u00fa\u010das\u0165ou syst\u00e9mu pohybliv\u00fdch menov\u00fdch kurzov sa v re\u00e1lnom \u010dase neust\u00e1le menia a na tento pohyb m\u00e1 vplyv ve\u013ek\u00e1 rada faktorov, ktor\u00e9 s\u00fa zachyten\u00e9 v r\u00f4znej modeloch a v r\u00f4znych te\u00f3riach, ktor\u00fdmi, sa ich autori usiluj\u00fa o vedeck\u00e9 zd\u00f4vodnenie pohybu menov\u00fdch kurzov a ich bud\u00facu predikciu.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cie\u013e pr\u00e1ce Hlavn\u00fdm cie\u013eom pr\u00e1ce je charakteristika v\u00fdmenn\u00e9ho kurzu, dev\u00edzov\u00e9 kurzy. V pr\u00e1ci opisujeme te\u00f3riu trhu finan\u010dn\u00fdch akt\u00edv, te\u00f3riu dev\u00edzov\u00e9ho kurzu. Opisujeme faktory ovplyv\u0148uj\u00face posun &hellip; <\/p>\n","protected":false},"author":9,"featured_media":25106,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,551],"tags":[],"class_list":["post-7568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financie","category-podnikam"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dopyt po dom\u00e1cich akt\u00edvach<\/title>\n<meta name=\"description\" content=\"Faktory, ktor\u00e9 ovplyv\u0148uj\u00fa dopyt po dom\u00e1cich akt\u00edvach. 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