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The eurozone in the historical context
Hankeová, Lucie ; Pavlík, Zdeněk (advisor) ; Froňková, Martina (referee)
This thesis analyzes the current situation of the eurozone in terms of historical development, and searches for causes of problems in the decisions made during the initial stages of economic and monetary integration. Formation of the European Monetary Union is examined in detail from the inception of the European Monetary System, and until the introduction of the single currency in 2002. Attention is drawn to the fundamental divergence between some members during the formation of the Union, which leads to the significant bipolarity. Uniformity, or rather non-uniformity of the eurozone, is at first evaluated on the basis of the nominal convergence criteria, then according to the theory of optimum currency areas. The conclusion outlines three scenarios according to which the future of the euro area can be built.
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Eurozóna jako (ne)jednotná měnová zóna
Pařízek, Jiří ; Pavlík, Zdeněk (advisor) ; Čajka, Radek (referee)
The bachelor thesis analyses current situation in the European monetary union (eurozone). Included are both the classical and modern approaches of the theory of optimum currency area (OCA) and the Maastricht convergence criteria (inflation, long-term interest rate, annual and overall public debt to GDP). These instruments are used to judge the unification of the monetary zone. The theoretical overview of the OCA theory and its development, benefits and cost of a common currency, and a brief history of European monetary integration, are introduced in the first three parts. Meeting the Maastricht convergence criteria is considered a sign that a European country is prepared for joining the eurozone. In the fourth part, their performance in current member countries in the years 1999-2010 is analyzed to show their qualifications for the monetary union. Assessment of the OCA criteria to the eurozone from the classical and modern perspective is then discussed. Finally, the future outlook for the European monetary union regarding the current debt crises is listed.
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Monetary Integration in East Asia: The Emergence and the Outlook
Tůma, Jan ; Hnát, Pavel (advisor) ; Jelínek, Tomáš (referee)
The thesis deals with the state of monetary integration in East Asia and the preconditions for its further deepening. It gives an overview of the most important initiatives for monetary and financial cooperation in the region and describes their role in this process. It also analyzes the suitability of East Asia for a common currency following the optimum currency area theory and its criteria. The impact of monetary integration on East Asian economies is discussed from theoretical as well as practical point of view. Based on all these findings, the thesis attempts to describe the possible future way towards the creation of an Asian Monetary Union.
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Current problems of European monetary integration
Zázvorka, Jan ; Hnát, Pavel (advisor) ; Jelínek, Tomáš (referee)
The thesis analyzes current problems of the European monetary integration on the basis of the optimum currency area theory and strives for its application to the major macroeconomic imbalances, which occur in the current European integration. The paper defines the most important issues of monetary integration, which are further specified on the example of Greece, and tries to analyze macroeconomic imbalances in Europe to draw recommendations for further development of monetary integration.
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Evaluation of impact of common European currency adoption in Slovakia and Slovenia
Galajdová, Mária ; Čajka, Radek (advisor) ; Kalínská, Emílie (referee)
The goal of this thesis is to evaluate the influence of euro as a common currency on Slovakia and Slovenia. As the base of final analysis of advantages and disadvantages serves first part of thesis, which portrays real and nominal convergence of both analyzed counties and criteria of optimum currency area. Economic situation after adoption of euro is examined in the field of international trade, foreign direct investment, economic growth and competitiveness. In order to examine the impact of euro more thoroughly are both counties compared with Czech Republic. Conclusion of thesis contains quantification and evaluation of positive and negative effect of euro.
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The theory of optimum currency area with application to the EU
Janíček, Jan ; Dočkal, Dalibor (advisor) ; Urban, Luděk (referee)
The goal of this work is to apply the theory of optimum currency areas in the euro area, and outline the positive and negative effects of monetary policy of the European Central Bank (ECB). Furthermore, it should highlight the benefits and risks arising from the entry of the Member States of the European Monetary Union (EMU) and the related macroeconomic implications. Start of work will be aimed at the theory of optimum currency area, which will be developed this issue from different angles, which is essential for the understanding of other contexts. Subsequently, work will be devoted to the European Union in terms of creation and development of the European Monetary Union and the ruling of the European Central Bank. The next section will explore the benefits and risks of the monetary union. In this context, the important concepts of transaction processing costs, exchange rates and costs of monetary union, but also increase inequality between richer and poorer regions, and others. In the final part of the work will focus on the macroeconomics effects of European monetary union, such as economic growth, inflation and unemployment.
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Optimum currency area - reality in eurozone
Hanousek, Karel ; Žamberský, Pavel (advisor) ; Machytka, Daniel (referee)
My bachelor paper deals with a question, if the European monetary union follows the Optimum Currency Theory's criteria and forms an optimum area. I tried to assess, whether benefits of forming this integration in Europe outweigh costs or not. First part of this paper describes evaluation of this theory. Not only did I mention most widely known criteria such as Mundell's, Mckinnon's, Kenen's, but I also mentioned some others, which were defined during last few decades. In the second part, I analysed data and tried to find out to what degree the criteria are fulfilled. On the basis of this analysis I can say, that the European optimum union does not form an optimum currency area.
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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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Current Problems of the European Monetary Union
Hrabovský, Jaroslav ; Plchová, Božena (advisor) ; Müllerová, Františka (referee)
The diploma thesis identifies and assesses current problems of the European Monetary Union, based on: firstly, theoretic approach which reviews the position of monetary union within the range of alternative exchange rate regimes, secondly, historic approach which explains evolutionary principle in the process of European monetary integration, and thirdly, economic approach which analyses the viability of the euro area by application of the criteria of the optimum currency area theory. Subsequently, the roots and development of today's euro area crisis are described and also future scenarios of development in Greece and entire euro area are briefly outlined. The analysis shows that the European Monetary Union by far does not meet the optimum currency area criteria and thus the euro area is considerably vulnerable to future asymmetric shocks.
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The development and future of the European Monetary Union
FIALA, Jakub
Diploma thesis, European Monetary Union, its Development and the Future, deals with the reasons, which ultimately led to the foundation of the later European Union and afterwards the European Monetary Union. The journey, which leads up to the present where we are now, lasted for several decades. The experience with the two World Wars on the European territory was the sufficient reason why the European countries embarked on this common journey. In the first part this thesis offers the insight into the past. In short, the most important historical milestones on this road, leading towards the European, respectively the European Monetary Union, are suggested here. The second part of this thesis focuses on current problems of the European Monetary Union. The individual European macroeconomic indicators are compared with the results obtained overseas, particularly in the U.S.A. and Japan. Ultimately, it appears that the EU in comparison especially with the U.S.A. is lagging behind in some indicators. Another part of the thesis is dedicated to the optimum currency area. Is therefore the European Monetary Union the optimum currency area? A few indicators give again the answer to this question. The resulting values of the indicators show that the European Monetary Union is not the optimum currency area today. The reasons can be found particularly in the political than the economic area. Therefore, there is lots of work waiting for the European politicians, officials, but also ordinary citizens, and it will be only up to them, which way the European Union sets out.
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