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Heterogenous economic positions of eurozone members and common policy of ECB
Pekárek, Štěpán ; Pfeifer, Lukáš (advisor) ; Urban, Luděk (referee)
One of the core economic questions of present Europe is european debt crisis. This work focuses on analysis of situation of the Economic and Monetary Union of the EU using Taylor rule model. Outcome of the analysis is confirmation of hypotesis about a heterogeneity among member states concerning monetary policy. Optimal interest rates of individual states according to Taylor rule are not homogeneous and diverge from interest rate of European Central Bank. This signifies an heterogeneity in demands on common monetary policy. There are two groups of countries identified according to the extent of heterogeneity - periphery and core countries. Further this work builds up on the findings of model and discusses in depth their connections with current problems of monetary union. There are chosen three main areas: credit expansion, public finance and single currency.
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Náklady na vstup do EMU a případ Řecka
Trimmi, Argyro ; Brůna, Karel (advisor) ; Kučera, Lukáš (referee)
The introduction of euro in 2002 was considered to be a risky "experiment. Even before its actual existence, many economists have doubted the success of the Economic Monetary Union (EMU) emphasizing the potential costs of such a bold action. The traditional Optimum Currency Area by Mundell (1961), Mc Kinnon (1963) and Kenen (1969) has pointed out the loss of the exchange-rate mechanism and the structural differences among the member states as the main sources of costs within a monetary union. Ten years after the circulation of euro, the ongoing Greek debt crisis has revealed the imperfections of the EMU. Greece has become the "black sheep" of the union, having accumulated unsustainable levels of public debt and deficits that could pose a threat for the future of the Eurozone. It is widely believed that the profligate fiscal policies of the Greek government and the domestic flaws of the Greek economy have played an importan role on the country's debt crisis. However, the impact of Greece's accession to the EMU on the current crisis is still a moot question.
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Development and problems of the European integration
Prokopičová, Lucie ; Jeníček, Vladimír (advisor) ; Karpová, Eva (referee)
This thesis is principal focused on the question of the future existence and sustainability of the European integration project and its monetary element -- euro-area related to the competitiveness due to consequences of the global financial crisis, present situation and debt difficulties affecting states of Southern Europe, business and financially connected with other European countries. In my considerations and conclusions I also deal with prospective estate in case of various changes of the integration including disintegration, end of the single currency, as well as the factors, that might cause these changes and inflict serious consequences. It is necessary to reveal if the formed situation is acceptable for the member states. The aim of the thesis is to characterize and provide a piece of information about existing progress of the European integration in relation to treaties including competitiveness rating, outline serious issues especially endangering the euro-area and future stability of the whole European Union and analyze its impact, propose solutions and possible scenarios, eventually assess development perspectives and sustainability of the European Union as a complex.
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Should a common economic policy be implemented in the European Union?
Žiaková, Silvia ; Čajka, Radek (advisor) ; Černá, Iveta (referee)
This bachelor thesis deals with the theme of the implementation of a common economic policy within the EU. The aim of the thesis is to analyze the current situation and subsequently appraise whether it is a good option for the EU to move towards a common economic policy. The work is divided into three chapters, the first chapter covers the most important historical events during the modern integration in Europe. The second chapter discusses the issue of the Economic and Monetary Union and also explains the fact that there is no common economic policy within the EU. The last chapter is devoted to the characteristics of the current proposals and reforms which have been created in order to suppress the unfavorable economic conditions and to deepen integration of the economic policies of the EU member states.
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The Future Prospects for Development of The GCC Countries
Tóthová, Barbora ; Čajka, Radek (advisor) ; Černá, Iveta (referee)
This work was created with the intent to analyze the role of the GCC in the global economy and to outline the problems and challenges of the GCC countries in the future. The paper describes the region's greatest challenge, the establishment of the GCC monetary union. It specifically discusses the level of preparedness of Member States to create a monetary union, the exchange rate regime of the single currency and its institutional framework. After the analysis, we consider that the most fundamental in the future of the GCC countries is reducing their dependence on income from oil exports and economic diversification. As for the monetary union, GCC countries achieved a high degree of convergence, and therefore are considered prepared to establish a monetary union. After a brief characterization of possible exchange rate regimes in the region, we assume that the best option for a common currency would be the dollar peg. There will be created a central bank as the institution which will add credibility and stability to monetary union, whose primary functions are described in the Monetary Union Agreement from 2008.
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Perspectives and possibilities of monetary integration in the GCC
Volková, Anna ; Hnát, Pavel (advisor) ; De Castro, Tereza (referee)
The work deals with evaluating the possibility of monetary integration of the GCC and its future development. It examines the current economic situation of GCC member countries, trade and monetary links, and the steps in the integration since the early eighties. Convergence criteria have been agreed in preparation for GCC Monetary Union, which also deals with this work. In conclusion, the options to diversify GCC economies and possibilities for entry new states in GCC are evaluated .
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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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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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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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