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The impact of establishing euro in the Czech Republic on economic policy by 2020
Bohata, Martin ; Štěpánek, Pavel (advisor) ; Ševčíková, Michaela (referee)
The thesis addresses the points of interest related to establishing the euro currency in the Czech Republic by 2020. What are the connected costs and benefits? Is euro going to be a contribution to the Czech economy? The theoretical part describes the creation process of European monetary union. The paper then works with advantages and risks associated with euro. The main cost of membership in the eurozone being the loss of independent monetary policy and the loss of the exchange rate mechanism is estimated in range of 0.59 to 2.34 % of GDP. Comparing the direct costs and benefits then leads to a net loss for the Czech Republic. Mutual comparison is conducted between the Czech Republic and Slovakia. It is shown that the difference in economic progress between these two countries is statistically insignificant. Thus the thesis concludes that establishing the euro in the Czech Republic by 2020 would be of no benefit.
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Analysis of the current state of the banking union
Sluka, Petr ; Blahová, Naďa (advisor) ; Marková, Jana (referee)
This bachelor thesis aim to bring near look to development of banking union building, describing single parts, explains under what circumstances was established, examines current state and evaluates its current and potential contribution or the risks which go alongside with banking union. It describes how European Union approaches to bank regulation and supervision and what lessons it has learned from financial crisis. It also predict the future structure of banking union and banking sector in Europe and analyzes the development of values, related to banking supervision and regulation.
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Negative interest rates in the context of deflation threats
Jenis, Filip ; Koderová, Jitka (advisor) ; Metrah, Samy (referee)
The introduction of negative interest rates, as an additional tool of unconventional monetary policy in recent years, leads to many, yet largely polarized debates about the implications of the unconventional monetary policy of central banks. The main reason for their introduction in some economies, namely the threat of deflation, is also questioned, as well as the negative side effects of this instrument on financial stability and economic growth, and finally, their limited scope is under scrutiny. Due to the still insufficient research in this field, the aim of the diploma thesis is to evaluate the concerns and the main long-term risks and impacts of the monetary policy using negative interest rates in the context of deflation threats. The analysis of available data confirms both the concerns about the negative effects of negative interest rates on the banking sector, the recovery process of public finances, the possible rise of a price bubble on the financial markets and real estate markets, or on the possibility of excessive risk taking, and on the other hand draws attention to the direct dependence between negative impacts and the duration of monetary policy using negative interest rates.
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Development of competitiveness in Germany and Italy in the context of the monetary union membership
Kabelka, Petr ; Bič, Josef (advisor) ; Hnát, Pavel (referee)
The master thesis examines the development of competitiveness in Germany and Italy in the context of common currency and outlines the implications of this development. The theoretical part focuses on the perception of competitiveness on national level and the impact of the Economic and Monetary Union membership on the economies and their competitiveness in general. Subsequently, the most commonly observed indicators concerning national competitiveness from a narrower and broader point of view are introduced. In the practical part, broader economic and historical context is presented, followed by an assessment of the competitiveness of both economies on the basis of selected indicators: unit labour costs, the labour market situation, productivity, export performance and structure, nominal and real exchange rate developments and current account developments. The final part analyses the development of competitiveness according to the multi-criteria assessments of the World Economic Forum and the International Institute for Management Development.
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SME Access to Finance and Monetary Policy of the ECB
Brázdová, Martina ; Horváth, Roman (advisor) ; Dědek, Oldřich (referee)
The objective of this thesis is to provide new insights into determinants of firm access to finance, and the role of the European Central Bank's (ECB) monetary policy. Not only do we describe and analyze the determinants of access to finance, but we focus on the theory of financial intermediation, as well. The key part analyses European Commission (EC)/ECB survey data for 16 euro area economies from 11 survey waves in the period from 2009 to 2014. We build our model using traditional firm-level variables such as firm size and age as well as a novel measure of the ECB's monetary policy stance - the shadow rate. We hypothesize that smaller and younger firms with decreased profitability over the past 6 months and increased leverage over the same period are more likely to report problems with access to finance. Our results are intuitively consistent with theoretical expectations and also show that the looser the monetary policy of the ECB is, the lower the composite financing gap indicator. Interestingly, we do not confirm the existence of risk taking channel of the monetary policy. Overall, we make use of the most recent survey data, extend the dataset, and use modified methodology for our estimation.
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Time-scale analysis of sovereign bonds market co-movement in the EU
Šmolík, Filip ; Vácha, Lukáš (advisor) ; Krištoufek, Ladislav (referee)
The thesis analyses co-movement of 10Y sovereign bond yields of 11 EU mem- bers (Greece, Spain, Portugal, Italy, France, Germany, Netherlands, Great Britain, Belgium, Sweden and Denmark) divided into the three groups (the Core of the Eurozone, the Periphery of the Eurozone, the states outside the Eurozone). In the center of attention are changes of co-movement in the crisis period, especially near the two significant dates - the fall of Lehman Brothers (15.9.2008) and the day, when increase of Greek public deficit was announced (20.10.2009). Main contribution of the thesis is usage of alternative methodol- ogy - wavelet transformation. It allows to research how co-movement changes across scales (frequencies) and through time. Wavelet coherence is used as well as wavelet bivariate and multiple correlation. The thesis brings three main findings: (1) co-movement significantly decreased in the crisis period, but the results differ in the groups, (2) co-movement significantly differs across scales, but its heterogeneity decreased in the crisis period, (3) near to the examined dates sharp and significant decrease of wavelet correlation was observable across lower scales in some states. JEL Classification C32, C49, C58, H63 Keywords Co-movement, Wavelet Transformation, Sovereign Debt Crisis, Sovereign Bond Yields,...
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The Role of German Economic Policy in Shaping European Union and Eurozone
Šimunek, Martin ; Dědek, Oldřich (advisor) ; Břízová, Pavla (referee)
The thesis complexly assesses the role of Germany in present European Union and Eurozone, especially its influence and responsibility on the formation of the macroeconomic imbalances before the Eurozone crisis, as well as its resolution. The crisis is caused by a divergence in unit labour costs between member countries, and the thesis aims to evaluate the effect of applied austerity measures in the debtor countries on the adjustment of said unit labour costs divergence. It explores additional policy options available as well. Keywords Germany, Eurozone, European Union, crisis, balance of payments, unit labour cost Author's e-mail Thorrmartin@gmail.com Supervisor's e-mail dedek@fsv.cuni.cz
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France and the reform of the eurozone - from Sarkozy to Hollande
Juhás, Tomáš ; Šlosarčík, Ivo (advisor) ; Bauer, Paul (referee)
Bibliografický záznam JUHÁS, Tomáš. France and the reform of the eurozone - from Sarkozy to Hollande. Praha, 2015. 68 s. Diplomová práce (Mgr.) Univerzita Karlova, Fakulta sociálních věd, Institut mezinárodních studií. Katedra západoevropských studií. Vedoucí diplomové práce Doc. JUDr. PhDr. Ivo Šlosarčík, LL.M., Ph.D. Abstract The thesis seeks to map and explain the change of mind of President François Hollande with regard to the overall austerity in the eurozone. In early 2012, the President-to-be Hollande campaigned on a wave of desire for change and his campaign promises and election program promised a radically new approach towards economic and fiscal policies in the eurozone once he became president. The most explicit manifestation of this change should have been the renegotiation of the fiscal compact, formally the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. However, once in office, the new socialist president made very little to change the overall course of austerity at home and in the euro area. To explain this unexpected outcome, the thesis employs the sociological-political concept of the field of Eurocracy, derived from the sociology of Pierre Bourdieu and developed in the French academia by Didier Georgakakis and Jay Rowell. In such context, President...
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Party Euroscepticism in the Federal Republic of Germany on the background of the Eurozone crisis.
Nikšová, Petra ; Novotný, Lukáš (advisor) ; Kunštát, Miroslav (referee)
The Euroscepticism is a very popular issue now. Its popularity has risen because of inability of European states to solve the crisis since the start of the Eurozone crisis. This thesis is based on analysis of party program documents and other statements. It attempts to capture the increase in Euroscepticism among German political parties. The public opinion is taking into account as well. Germany has become one of the main actors in the search for ways out of the crisis. This role associated with some financial burden has led to series of discussion and to the growth of skepticism among the political parties. The European Stability Mechanism was the one of the most discussed topics. The crisis provoked uncertainty and skepticism among the German public as well. This scepticism was largely influenced by the actual situation in the Eurozone. In direct response to the crisis a new political movement was created. It was called the Alternative for Germany. The Alternative for Germany rejected remaining in the Eurozone. It reached some success in provincial elections in 2014. There were more reasons for its success which not just correspondent with its eurosceptic agenda. The thesis identifies these reasons as well. Despite this situation, Germany remains a pro-European state.
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