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HERYÁN, Tomáš. How is a hotel's turnover affected by foreign exchange interventions in the Czech Republic? In Enterprise and competitive environment. Brno: Mendelova univerzita v Brně, 2017. p. 318-325. ISBN 978-80-7509-499-5.
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Basic information
Original name How is a hotel's turnover affected by foreign exchange interventions in the Czech Republic?
Authors HERYÁN, Tomáš (203 Czech Republic, guarantor, belonging to the institution).
Edition Brno, Enterprise and competitive environment, p. 318-325, 8 pp. 2017.
Publisher Mendelova univerzita v Brně
Other information
Original language English
Type of outcome Proceedings paper
Field of Study 50204 Business and management
Confidentiality degree is not subject to a state or trade secret
Publication form electronic version available online
RIV identification code RIV/47813059:19520/17:00010810
Organization unit School of Business Administration in Karvina
ISBN 978-80-7509-499-5
Keywords in English Hotels; global financial crisis; Czech Republic; FX interventions
Changed by Changed by: RNDr. Daniel Jakubík, učo 139797. Changed: 7/2/2020 10:57.
Abstract
Even though the current paper has focused on the hotels which take a place in our country within their business, some other financial issues are also connected to that problematic. The global financial crisis and its impact on the small open economy as the Czech Republic is, as well as the monetary policy of the Czech National Bank (CNB), both has affected not only the business of entire hotel industry. The aim of the paper is to investigate whether or not as well as how the future restrictive monetary policy could affect the hotel's turnover in the Czech Republic. As the main estimation method it is used the GMM regression with pooled data of the hotels. It is obtained time series for the hotels' profit and loss statements from Bureau van Dijk's Amadeus international statistical database and exchange rates as well as the CNB foreign exchange trading from their online database. According to the CNB, which has decided to use the koruna Exchange rate as an additional instrument for easing the monetary conditions in 2013, they will still not discontinue the use of the exchange rate as a monetary policy instrument before 2017 Q2. Therefore, suggestions for the hotels to hedge naturally have been made. Finally, there are some ideas for future research in that area, too.
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