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Integration of the Financial Markets of the New Member States of the EU
Chaloupka, Jiří ; Taušer, Josef (advisor) ; Záklasník, Martin (referee) ; Varadzin, František (referee)
The subject of the thesis is the integration of financial markets of the new member states of the European Union (hereinafter referred to as the NMS). According to the standard economic theory, the process of financial integration should be associated with several positive effects, among others a) the enforcement of the law of one price in the form of the interest rate parity, b) the smoothening and the synchronisation of the consumption growth among countries, c) the increased diversification of investors portfolios, and d) the decreased dependence of domestic investments on national savings. These envisaged effects serve in the thesis as the indicators of the integration of NMS financial markets with the global financial market. These indicators show that the degree of the financial integration differs among the NMS, despite the fact that they all went through the process of integration with the EU. However, the order of the NMS based on the degree of their financial markets integration could not have been determined as each test indicated a different order. However, most tests indicated that there is a trend towards more integration of the NMS financial markets as the dependence of the domestic consumption growth on the global consumption growth has been increasing and the dependence of domestic investments on national savings has been decreasing. Surprisingly, the indicators did not prove the hypothesis that NMS financial markets are more integrated with the financial market of the EU, despite the fact that these countries had to open their markets to investors from the EU and had to harmonize their legislative requirements. Contrary to the results of previous articles, indicators used in the thesis show that majority of the analysed puzzles in international economics disappeared for large developed markets like the USA. On the other hand, these puzzles persisted for the NMS. Given that majority of the NMS adopted euro during the period under investigation, results presented above indicate that the financial markets of the NMS were not fully integrated with the financial market of the EU and therefore one of the conditions for the existence of the optimum currency area has not been met. Such result also contradicts the hypothesis of the endogeneity of the optimum currency area as the adoption of the common currency did not improve the degree of financial market integration.
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A theoretical and empirical analysis of the nominal convergence in transition countries with a particular attention to the Czech economy
Žďárek, Václav ; Komárek, Luboš (advisor) ; Dědek, Oldřich (referee) ; Feldkircher, Martin (referee)
This PhD thesis aims at exploring price convergence in the European Union with a particular emphasis paid to the Czech Republic and new EU member states. Fundamental issues are discussed in the first chapter, starting with the notion and term `convergence' since many alternative definitions have been proposed in the literature. Apart from that, main indicators utilized when investigating price convergence are defined (for example purchasing power parity/purchasing power standard, PPP/PPS, comparative price level, CPL) and a brief review of the literature is added. The second chapter deals with several issues accompanying price convergence in general and in transforming countries in particular such as the club convergence hypothesis, issues of tradability, availability of datasets and their strenghts and weaknesses, the link between price levels and rates of inflation, and determinants. Both `standard' and `modern' approaches are utilized in the last chapter so that several hypotheses can be verified. For the sake of comparability, individual CPLs for EU-27 countries for the period 1995(9)-2011 are employed. Firstly, stylised facts for both old EU and NMS are presented (including effects stemming from the on-going financial crisis). Secondly, the club convergence hypothesis is examined with help of two different ways - cluster analysis and the Phillips-Sul test (both for the EU and its `subgroups'). Both of them do confirm the existence of convergence clubs in the EU (including its old and new part). Following the previous findings, a somewhat broader and richer view on price level dynamics is supplemented via utilization of the so-called Stochastic kernel (Quah, 1993). This methodology shows both convergence and divergence (divergence/polarization/stratification) in the EU. Finally, the last section of this chapter is focused on a thorough search for determinants of price levels in the EU. The Bayesian approach is employed (Bayesian model averaging, BMA) and our results confirm both the importance of both `traditional' determinants such as labour costs and output gap and new ones such as broadly defined institutional factors. Main findings of this thesis are summarized and commented in the conclusion aiming at providing implications for policymakers and some guidance for future research.
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Selected new member countries of the European Union: economic development and integration
Lantová, Veronika ; Abrhám, Josef (advisor) ; Jeníček, Vladimír (referee)
The diploma thesis analyses macroeconomic development of five selected new member countries of the European Union, concretely the Czech Republic, Slovenia, Cyprus, Latvia and Bulgaria. The paper is divided into two periods of development - the period of pre-accession preparation ending in 2004 and the period since accession till the present, when the statistics have already been influenced by the global economic crisis. The comparison has been based upon the fundamental macroeconomic indicators such as GDP growth, rate of inflation, rate of unemployment or state of public finances. At the end of each chapter, a brief final summary of development of the examined countries in particular period is stated. The last chapter treats the involvement of new member states in the integration process, namely the country presidency of European Council. Till the present, only the Czech Republic and Slovenia presided the European Council. Other new member countries are yet to fulfil this duty. The integration process is being gradually joined by other, nowadays candidate countries, whose economic situation is also briefly described in chapter three. The aim of the paper is thus to evaluate the economic development of new member states of the EU, comparing the period before and after accession.
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Komparace přístupů členských zemí EU s ohledem na jejich připravovaný vstup do EMU (se zaměřením na ČR)
Böhmová, Zuzana ; Brůžek, Antonín (advisor) ; Šaroch, Stanislav (referee)
Proces evropské měnové integrace v podobě eurozóny je dlouhodobý proces a přístup jednotlivých členských zemí je značně odlišný. Cílem této diplomové práce je porovnat dnešní situaci v jednotlivých 10 nových členských zemí EU (České republice, Estonsku, Kypru, Litvě, Lotyšsku, Maďarsku, Maltě, Polsku, Slovensku a Slovinsku) týkající se budoucího přijetí eura, tzn. jak plní maastrichtská kritéria a v jaké fázi praktických příprav na jednotnou evropskou měnu se nacházejí. Práce je nejvíce zaměřena na aspekty přistoupení ČR k eurozóně.
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