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Spain and the Euro
Vašutová, Helena ; Němcová, Ingeborg (advisor) ; Šaroch, Stanislav (referee)
Spain is one of the founding countries of the European Monetary Union, that adopted the single currency in 1999. The aim of this thesis is to evaluate the overall impact of the Euro on the Spanish economy. The first part briefly introduces Spain's economy. The second part is about the European Central Bank's monetary policy. This part analyses the suitability of the single monetary policy and then examines its specific implications on the Spanish economy. The third part deals with the fiscal policy and the Stability and Growth Pact. This part analyses the impact of the Euro on the public finances.
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Selected issues of the contemporary situation and perspectives of Euro
Hlinická, Zuzana ; Němcová, Ingeborg (advisor) ; Tunkrová, Věra (referee)
This bachelor's thesis deals with the description of the situation after the economic and financial crisis in the European Union, with the focus placed on the crisis od Euro and the Eurozone and finding a solution to this crisis. The first part of the thesis characterises the specific structure and instruments of the monetary policy in the European Economic and Monetary Union, whilst the second part focuses on the impacts of the crises upon the European Union and consequently the planned and accepted precautions and measures that aim to improve and stabilise the situation in the European Union and strengthen it for the future.
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Impact of the introduction of the euro on tourism
Lichter, Michal ; Herget, Jan (advisor) ; Petrů, Zdenka (referee)
The thesis analyzes the positive and negative impacts of the introduction of the single currency euro on the tourism industry. The first part deals with the general specification of tourism and its position in the world economy. Second section introduces monetary integration and the positive and negative effects on the industry. The practical part analyzes individual tourism indicators before and after the introduction of the euro in the chosen country, Spain. The purpose of this example is to evaluate whether the changes of indicators were caused by the adoption of the single currency.
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CONVERGENCE OF BUSSINESS CYCLES OF THE EMU REGIONS
Zezulová, Petra ; Jaklín, Jiří (advisor) ; Chytil, Zdeněk (referee)
The aim of this bachelor thesis is to answer the question whether the region of countries that participate in the European Monetary Union since 1999, constitute an optimal currency area. We will identify it under one of the criteria of OCA theory -- synchronization of economic cycles. This work first explain the emergence and development of the theory of optimum currency areas, and its criticism mainly by two different perspectives on the incidence of asymmetric shock in the economy after joining the single currency union, which causes asynchronous business cycle of the country. It also explains the economic cycle and particularly the methods used to detrending the time series, which are used for our research. In the analytical part, we create a correlation analysis, by force of detrending annual data of gross value added of NUTS2 regions that we will be able to answer whether the business cycles converge or diverge.
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Current Progress of the Monetary Policy in the Slovak Republic
Mazur, Lukáš ; Dočkal, Dalibor (advisor) ; Ježek, Tomáš (referee)
This thesis examines the monetary policy of the Slovak republic between the years 2000 and 2010. At first there are described transmission mechanisms, then continues by monetary policy tools in the Slovak republic and monetary policy tools that are used by European central bank. This is followed by the description of the proccess of adopting the Euro and the optimum currency areas theory. In the second part is performed an analysis of Slovak's monetary policy including changes in institutional framework especially those changes which are connected with the Euro adoption. The thesis answers question whether Slovak's monetary policy has changed due to Euro adoption.
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Is common fiscal policy an essential condition for the functioning of the optimal currency area?
Fehér, Richard ; Mládek, Josef (advisor) ; Štěpánek, Pavel (referee)
This thesis deals with the adjustment mechanisms, which should mitigate the effects of assymetric shocks in monetary area. According to the theory of Optimum Currency Areas (OCA), synchronization of business cycles has been observed as the cause of assymetry. Primarily we focused on the functionality of the adjustment mechanisms in the countries of Economic and Monetary Union (EMU), whereas the impact of recent crises has shown that these mechanism do not work sufficiently. One possible reason is the fact, that in EMU there is no risk-sharing mechanism through fiscal transfers. Therefore, the work deals with fiscal policy in euro area, its possible reforms and offers the concept of fiscal federalism as one of the possible models for the fiscal structure in EMU. We analyzed how fiscal systems in the U.S., Australia and Canada were performing during recent crisis and how they could be an inspiration for prospective reforms in EMU.
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The monetary policy of the National Bank of Slovakia and the adoption of euro
Hanuščáková, Valéria ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The topic of the thesis is the monetary policy of the National Bank of Slovakia and the adoption of euro. The content of the thesis is divided into two parts, theoretical and practical. The first part is devoted to the main representative of monetary policy in Slovakia, the National Bank of Slovakia, and description of the activities performed and the tools used while implementing the policy. In addition, the work focuses on the prerequisite of adoption of the common European currency, namely the formation and the history of the economic and monetary union. The main objective, the practical part of the thesis, is the secondary research analysis devoted to the implementation of monetary policy of the National Bank of Slovakia from the Bank's formation itself, through very important events such as change in FX rate in 1998, access to the ERM II system in 2005, adoption of euro in 2009 till the present time. In the final chapter, the thesis focuses on the evaluation of euro adoption in Slovakia via primary research conducted through questionnaire designed for Slovak citizens. Closure part consists of my personal analysis of euro implementation whereby I'll remit to advantages just as disadvantages which have been caused by our new mutual currency.
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Evaluation of the previous policy of the ECB in terms of its impact on national economies of the eurozone
Kleštinec, Ivan ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The ECB was established during the third phase of the economic and monetary union and its activities launched on 1. 7. 1998. It has become a new independent institution whose primary task became the conduct of monetary policy for countries that have accepted the euro currency. This bachelor thesis examines the impact of monetary policy in selected countries of the euro area. ECB affects individual national economies using its strategies and instruments, such as interest rates, minimum reserve requirements or change over the amount of money in circulation, whether through expansive or restrictive policy. It tries to act counter-cyclically to stabilize the price level and economic growth or to promote it. Monetary policy is the same for all countries, although the results are different because every country in the euro zone determines its own fiscal policy.
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British Euroscepticism: case "euro"
Petříková, Daniela ; Reschová, Jana (advisor) ; Vymětal, Petr (referee)
The aim of this work is to provide an analysis of British Euroscepticism and access of the United Kingdom to a common European currency. The first chapter deals with the work of defining the term Euroscepticism and describes the typology, then analyzes the British Euroscepticism. It represents different attitudes of British premiers to adopt a common currency and the current approaches and views to a single currency of the major political parties in Great Britain. Next chapter of the work presents the attitude of British financial sector to the euro and describes the costs and benefits connected with the introduction of the common European currency. The last part of the work analyzes public opinion of the British on potentional adoption of euro currency.
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