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Monetary Unions and the attitude of Russian citizens to the national currency
Nikolskii, Mikhail ; Švejdarová, Sylva (advisor) ; Sabina, Sabina (referee)
The thesis is aimed to define the attitude of Russian citizens to the national currency at the threshold of entering to the new monetary union. As an example of the acting monetary union has been taken the European Union and its institutions, to go through the steps of the integration.The thesis is composed of two parts: Literature review deals with legal background of the European Union, integrations, and the basic history of establishment of monetary union. The second part is Own solution, defines the attitude of the Russian citizens to the national currency during the economical crisis by the questionnaire. Also the second part of the thesis determines the sentiment of Russian citizens to current economic situation in the country and willingness to join the Eurasian Economic Union. In addition second part deals with background of crisis in Russian Federation.
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Impact of Euro Implementation on Corporation Finance
Hrabec, Filip ; Trojan, Ladislav (referee) ; Breinek, Pavel (advisor)
This master's thesis analyzes the impact of euro implementation on corporation finance of a particular company. Czech Republic's accesion to the monetary union will entail positive and negative changes that will affect all entities in the economy. In this thesis, these impacts are analyzed and their expected net effect on the company is determined. The conclusion is focused on the evaluation of the impact of the single currency on the company, identification of the main risks associated with the necessary transformations and suggestion of the recommendations that will help the company to a successful transition to the euro.
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The Eurozone and small open economies from the perspective of the Optimum Currency Area Theory
Bodnár, Juraj ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
The aim of this thesis is to evaluate the existing knowledge about the theory of optimum currency areas and assess the euro area and selected small open economies in terms of this theory. In addition to traditional forms of OCA theory has profiled endogeneity theory, which allows fulfillment of OCA criteria ex post. The opposite approach is formulated in the hypothesis of specialization by P. Krugman. In the thesis I found out that the Eurozone is not an optimal currency area according the fulfillment of criteria of the OCA theory. Another observation is that a small open economy has limited opportunities to conduct independent monetary policy, what makes its membership in the monetary union in the long term necessary. However, its membership has some drawbacks especially that the exchange rate fluctuates according the fundamentals of the big economies (members of monetary union). Furthermore, I have found out by comparing the macroeconomic indicators of individual countries, that the membership of small open economies in the euro area is appropriate, but it has some risks. In the thesis, I also found out that small countries (especially microstates) should specialized in export of services - tourism, financial and administrative services.
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Exchange Rate Dynamics and its Effect on Macroeconomic Volatility in Selected CEE Countries
Audzei, Volha ; Brázdik, František
To understand the potential for forming an optimum currency area it is important to investigate the origins of macroeconomic volatility. We focus on the contribution of exchange rate shocks to macroeconomic volatility in selected Central and Eastern European countries. The contribution of the exchange rate shock relative to other shocks allows us to evaluate whether the Exchange rate is a source of volatility or a buffer against shocks as the theory suggests. The identification of the contributions is based on variance decomposition in two-country structural VAR models, which are identified by the sign restriction method. We identify countries where shocks are predominantly symmetric relative to the effective counterpart and countries where the contribution of real exchange rate shocks is strong. In general, for all the countries considered the results are consistent with the real exchange rate having a shock-absorbing nature. Finally, a significant role of symmetric monetary policy shocks in movements in real exchange rates is found for some of the countries.
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Analysis of the eurozone crisis with impacts on the Czech Republic
Příhodová, Šárka ; Pavlík, Zdeněk (advisor) ; Brůžková, Pavla (referee)
Eurozone debt crisis is a current issue in the world today. It constantly intervenes in the world economy and modifies the picture of the economy of the 21st century. Its beginnings reminds the global financial and economic crisis, however, it differs in impacts that are bigger. The aim of the bachelor's thesis is not only to evaluate the causes that led to the formation of the debt crisis in Europe, but also to exclude or confirm the claim that the introduction of common currency has caused problems of this magnitude. It also deals with the size of impacts that the crisis had to this point the eurozone and the most affected member states of the eurozone and adjudicates the acquisitions that have been taken in the fight against it. The last section focuses on the evaluation of development in the Czech Republic from macroeconomic perspective and define impacts of the crisis on the Czech economy.
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Is Eurasian union suitable for single currency?
Štekr, Václav ; Melcher, Ota (advisor) ; Čajka, Radek (referee)
The aim of this thesis is to give an opinion on whether states of the Eurasian Economic Union (EEU) are suitable for adopting the common currency. The criteria of optimum currency area (OCA) are used for the assessment. The theoretical part briefly describes economic integration and monetary union. The main attention is paid to the theory of optimum currency area and the definition of the individual criteria. The analytical part of the thesis first defines the surveyed region and then applies the OCA criteria defined in the theoretical part on the individual EEU countries. As a main method of study was used comparative analysis.
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Fulfilment of the Maastricht Convergence Criteria by the Czech Republic for the Entry to the Eurozone
Klemmová, Magdaléna ; Plchová, Božena (advisor) ; Kopecký, Jan (referee)
Bachelor thesis devotes to the fulfilment of Maastricht convergence criteria by the Czech Republic. The first chapter refers to the history of the European monetary integration up to the formation of European monetary system. Second chapter concerns the establishment of the Eurozone and defines Maastricht convergence criteria. Third chapter analyses fulfilment of the criteria by the Czech Republic; compares possible advantages and disadvantages of the united currency and describes the strategy of joining the Czech Republic to the monetary union. The last chapter concerns the current crisis of the Eurozone and opinions about the euro area.
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Fiscal compact
Suková, Nikol ; Ježek, Tomáš (advisor) ; Chmelová, Pavla (referee)
The thesis evaluates a need of the Fiscal compact measures, its adequacy and impacts on the Eurozone namely based on evaluation of indebtedness of selected member states. The evaluation is carried out by the empirical-analytic research, where the euro zone is analyzed from the perspective of the theory of optimal monetary area, the issue of member countries indebtedness and impacts of indebtedness on the entire euro zone. The thesis also evaluates the existing instruments of fiscal discipline and their deficiencies and new Fiscal compact as an instrument for stabilization and correction. The thesis examines the accuracy of the initial hypothesis that the Fiscal compact as an instrument of fiscal discipline is entirely essential measure of the future euro area functioning. It had been proven that a monetary union can not effectively operate without the long-term fiscal union.
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Dopady vstupu Slovenska a Estónska do Eurozóny
Svetková, Andrea
Svetková A., Eurozone entry impacts of Estonia and Slovakia. Bachelor thesis. Brno: Mendel University in Brno, 2015. The bachelor thesis verifies, using ARIMA models and structural breaks detection through QLR test, whether it is possible to observe expectations regarding the common currency Euro adoption in Slovakia and Estonia. It focuses on the observation of the time series of GDP, HICP, harmonized unemployment rate, trade balance and the government debt development in the period of 2006-2014.
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Vliv měnové konkurence na inflaci
Roček, Tomáš
Roček, Tomáš. Impact of currency competition on inflation. Bachelor thesis. Brno: Mendel University, 2014. This bachelor thesis is focused on the demonstration of the dependence between currency competition and money supply, respectively the development of the index of consumer prices. This bachelor thesis includes different views of various economic schools on inflation, effects of the single currency introduction in euro zone countries, Herfindahl index application to the relevant data and final correlation analysis including the assessment of examined variables statistical dependence.
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