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Ekonomické přínosy členství v EU: empirická analýza
Zhitina, Anna ; Klosová, Anna (advisor) ; Villaverde Castro, José (referee)
This master thesis is devoted to the empirical analysis of the economic benefits of EU membership. The analysis aims to investigate what is the impact of EU membership on growth of the real GDP (in constant prices), unemployment rate and inflation rate for 16 states entering EU after the year 1995 (analysed period of years is 1991-2014). The applied method for evaluation in the current work is econometric analysis of panel data. The first part of the thesis is devoted to the literature review. The second part is describing data and variables that will be used for analysis, development of these variables over the time and stationary testing. The third part is dedicated to the regression analysis and includes models for GDP growth, unemployment growth and inflation. The last part of this master thesis will sum up the results and findings of previous parts. The main source for the data used in this work is the statistical database of World Bank (2016).
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Migration towards Europe and the “welfare magnet”: “Determinants of Turkish Migration to EU-15”
Jedličková, Kristýna ; Klosová, Anna (advisor) ; Villaverde Castro, José (referee)
The purpose of this thesis is to analyse which factors drive migration from Turkey towards Europe and whether the welfare benefits play a major role in the decision making process. The analysis is based on a gravitation model of migration in log-log form. The FE and RE methods were employed as estimation techniques and the Hausman test enabled to distinguish them. The present problem of heteroscedasticity was solved by adjusting the model with robust standard errors. The most important determinants appear to be individual income which immigrants can earn in the states of the EU-15 and welfare benefits provided by the EU-15. The number of acquisition of citizenship, as a proxy for migration policy of countries the EU-15, plays also important role. The limitation of the model is that the rest of the variables are not statistically significant and therefore we do not consider them as important determinants.
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Je evropská měnová unie optimální měnovou oblastí? Empirická analýza úrpkových a inflačních diferenciálů v eurozóně
Gúth, Ondřej ; Klosová, Anna (advisor) ; Villaverde Castro, José (referee)
The economic crisis of 2008 had substantial impacts on the global economy. The European Monetary Union was affected as well, however, the economic impacts also stirred up political discussions concerning functioning of the European Union and its unity as divergence of economic means among the member countries intensified during the crisis. Inflation and real interest rate differentials have to substantial degree the ability to measure the divergence among the member countries of a monetary union. A number of empirical studies measuring the differentials in the Euro area were conducted since the start of the financial crisis in 2008. These studies show growing inflation and real interest rate differentials among the countries of the Euro area, argue that the European Monetary Union is becoming less stable and often question its future. This paper conducts similar empirical analysis; however, it differs from the above mentioned works of other authors by the larger time gap between the start of financial crisis and the time of conducting the analysis as it uses data until the year of 2013. This paper also contributes to current literature by the methodology it uses. The inflation and interest rate differentials in EMU are calculated by two methods and their results are subsequently compared, which has not been done before. The inflation and interest rate differentials are calculated for the USA as well in order to have an entity which can be considered as a hypothetical optimum currency area and to which the differentials of EMU could be compared. The results of the analysis in this paper will state whether the magnitude of inflation and interest rate differentials is too high and it will also either confirm the trend of divergence of inflation and real interest rates within the Euro area or show that this divergence is only a short-time period phenomenon of after-crisis years. As this is an important and very recent issue of European Monetary Union the results of this paper should form interesting contribution to current literature on this topic.
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