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Theory of optimal currency areas and its implications in practice
Havičová, Aneta ; Žamberský, Pavel (advisor)
The submitted thesis focuses on the Economic and Monetary Union and its stability or instability with respect to theory of optimal currency areas. The aim of the thesis is to evaluate whether the current euro area is the optimal currency area, what possible ways of reducing the costs of the common currency exist and what are the economic consequences of a potential breakdown of the Economic and Monetary Union. The analysis of the theory of optimal currency areas is the subject of the first part of this thesis and its criteria are evaluated in the second part. The second part then deals with the economic implications of this theory in practice.
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Changes of Margaret Thatcher's policy towards Economic and Monetary Union
Dubská, Kateřina ; Mejstřík, Martin (advisor) ; Váška, Jan (referee)
This bachelor thesis "Changes of Margaret Thatcher's policy towards Economic and Monetary Union" attempts to describe the changes of Margaret Thatcher's policy towards commencing Economic and Monetary Union. The main aim of this thesis is to define how and why the policy had changed. Introductory chapters are dealing with Margaret Thatcher and her foreign policy, with Great Britain and its relationship towards European integration and with the history of European Community until 1970s. The main body of this work sums up the main parts of Margaret Thatcher's policy. It is following the negotiations of British rebate, Margaret Thatcher's attitude towards the Common Agricultural Policy, Single European Act (and single market), European Monetary System and Exchange Rate Mechanism and Margaret Thatcher's posture on starting Economic and Monetary Union. In the conclusion the thesis tries to answer if the Margaret Thatcher's policy can be classified as intergovernmentalistic. The paper also tries to summarize the changes of Margaret Thatcher's policy towards the negotiation of the Economic and Monetary Union of European Community. The thesis also attempts to answer why this policy was changed and which factors led to these changes.
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Supervision over the banking industry in the EU Member States
Kropjok, Vít ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
The goal of my thesis on Supervision over the banking industry in the EU member states is to describe critically and to define newly engendering concept of the banking union. It is a very actual topic because the effective mechanism creation, which should solve problems of the European banking sector, is currently one of the primary goals of the European Union. The study is divided into three chapters. The first chapter is the theoretical one. The definition and differentiation of the essential terms such as supervision and surveillance can be found there. Further the basic theoretical modules can be found there, from which it is possible to stem during the banking supervision implementation in practice. The second and the third chapters are the analytical parts. The introduction of the second chapter glances at the backgrounds of the legislative proposals acceptance in this area. Afterwards the chapter is already focused on four pillars of the proposed Banking union. The first pillar is formed with so called "single rule book", thus the uniform regulatory rules that are the implementation of the requirements expressed in so called Basel III. In this part of the study there is outlined why it is not quite happy at present to burden the credit institutions in the European Union even more through...
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The status and activities of the Czech National Bank in the context of European development
Kočová, Olga ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Title: The status and activities of the Czech National Bank in the context of European development Abstract The aim of this thesis is to analyze the legal status, power and scope of activities of the Czech National Bank as the central bank of the Czech Republic with regard to the historical development of this institution and the development of European legislation. The main part of the thesis is focused on possible impacts of euro adoption in the Czech Republic, mainly the impact on legislature, the status and activities of the Czech National Bank. Introductory chapters focus on the historical development and institutional framework of central banks in our country, followed by the description of the main features of the Czech National Bank, with a focus on monetary policy, regulation and supervision of financial markets. The last two chapters deal with the issue of the European Monetary Union, the adoption of the common European currency and the fulfillment of the convergence criteria in the Czech Republic. Keywords Czech National Bank, European Economic and Monetary union, monetary policy and euro
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Czech national bank, legal status and content of activity
Semecký, Petr ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Karfík, Zdeněk (referee)
disertační práce Petr Semecký Česká národní banka, právní postavení a náplň činnosti 5 Abstract A. Objectives The main goal of the dissertation "The Czech National Bank, legal status and content of activity" is to quantify, qualify and draw as exact as possible conclusions about some aspects of the development, status and activities of the Czech National Bank in the future. To solve this task, the author has used in the introduction of this work three following key questions: 1. What are the implications for the Czech National Bank of the new bodies supervising the financial markets at european level? 2. What are the benefits and negatives of adopting the euro for the Czech Republic and should the Czech Republic actually join the European Monetary Union? 3. What impact will have the amendment of the Capital Adequacy Directive (the "Basel II") on the activities of the Czech National Bank? B. Methods By creating this work was used a wide range of research methods to ensure that there will be drawn conclusions with the best possible informative value. It is possible to mention particularly the method of recherche, abstraction, comparison and synthesis. C. Sources As the most important sources used by creating the work can be mentioned ecpecially, scientific publications, monographs, articles published...
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The Impact of Theory of Optimal Currency Areas on Discursus of Political Parties ČSSD and ODS about the Entry to the Eurozone Between the Years 2010 - 2012
Müller, Lukáš ; Kasáková, Zuzana (advisor) ; Svoboda, Karel (referee)
1 Abstract This essay is about the theory of optimal currency areas (OCA) and its reflection in public discussion of two biggest political parties in Czech Republic - ODS and ČSSD, about Czech Republic entering the European Monetary Union (EMU). Although EMU hadn't met the criteria of OCA before the examined period, both parties entered the elections in May 2010 with more or less pro-european program despite decreasing support of eurozone in Czech public opinion. ČSSD, as well as ODS, only limitedly mentioned the OCA in their argumentation whereas they explained their attitude with other reasons. While ČSSD remained loyal to its pro European policy even after the election, ODS started diverting from their European agenda right after them. This process ended with their demand for referendum about the entry of Czech Republic to the Eurozone. Before the elections, Social Democrats were the ones to discuss this topic the most, but afterwards their rhetoric limited mostly to reactions to public statements and actions of ODS only.
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The Impact of Theory of Optimal Currency Areas on Discursus of Political Parties ČSSD and ODS about the Entry to the Eurozone Between the Years 2010 - 2012
Müller, Lukáš ; Kasáková, Zuzana (advisor) ; Svoboda, Karel (referee)
This essay is about the theory of optimal currency areas (OCA) and its reflection in public discussion of two biggest political parties in Czech Republic - ODS and ČSSD, about Czech Republic entering the European Monetary Union (EMU). Although EMU hadn't met the criteria of OCA before the examined period, both parties entered the elections in May 2010 with more or less pro-european program despite decreasing support of eurozone in Czech public opinion. While ČSSD only limitedly mentioned the OCA in their agumentation and explained their attitude with other reasons, ODS pointed out the heterogenity of EMU, which avoided the eurozone from efective dealing with assymetric economic shocks. While ČSSD remained loyal to its pro European policy even after the election, ODS started diverting from their European agenda right after them. This process ended with their demand for referendum about the entry of Czech Republic to the Eurozone. Before the elections, Social Democrats were the ones to discuss this topic the most, but afterwards their rhetoric limited mostly to reactions to public statements and actions of ODS only.
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Euro zone and fiscal transfers: does it mean wasting of time or necessity?
Paul, Tomáš ; Dingová, Vilma (advisor) ; Marko, Peter (referee)
The bachelor thesis discusses possible solutions of asymmetric economic shocks in euro-area. The first chapter shows that some of the criteria of the theory of optimum currency area are not fulfilled therefore the euro-area is more vulnerable to the asymmetric shocks. The second chapter introduces six proposals of the fiscal transfer mechanism as they are presented in literature. The third and fourth chapter analyzes and compares the construction of the mechanisms and fulfilling of seven features that the fiscal transfer mechanism should have. In the empirical part are calculated transfers for two mechanisms. The comparison shows considerable differences between them. The conclusion of the thesis is that the construction of the fiscal transfer mechanism is difficult because of the features of the euro-area and faces many problems, therefore the implementation cannot be recommended for the time being.
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Meta-Analysis in Economics: Application to Measuring the Euro's Trade Effect
Polák, Petr ; Havránek, Tomáš (advisor) ; Havránková, Zuzana (referee)
Meta-analysis is a very strong and effective tool designed for the synthesis of results of empirical research. It provides a possibility to make reliable conclusions and offers more systematic and unbiased view at empirical studies than do narrative reviews. This thesis begins with description of meta-analysis from the theoretical point of view and, therefore, is the first Czech-written methodology of modern meta-analysis suitable for economics. This part is followed by an applied meta-analysis that investigates the euro effect on common trade exchange, and the analysis is focused on publication bias and the use of the multilevel random effects model. The empirical part is based on 2580 estimates gathered from 33 studies that investigate the relationship between euro and trade volume. The meta-analysis reveals the presence of publication bias, confirms the economic research cycle hypothesis and estimates, according to the available literature, that the true Rose effect lies probably between 2 and 6 percent.
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Analysis of the advantages and disadvantages of adopting the euro in the Czech Republic
Holík, Michal ; Svoboda, Roman (advisor) ; Michal, Michal (referee)
The submitted diploma thesis describes and evaluates selected aspects of adopting the euro in the Czech Republic that membership in the Euro area brings. The analytical part focuses on history which preceded the formation of the euro up to its introduction. Following is a description of the European Central Bank and its activities and organs. This part focuses on the relationship between Czech Republic and the euro which includes the historical events associated with the adoption of the euro in the Czech Republic and especially the National euro changeover plan. The practical part analyses the document entitled Study of the euro introduction impact on the economy of the Czech republic published in 2007, which involves applying the then ideas and opinions of authors to current time, which is greatly influenced by the economic recession, comparing these opinions and thoughts not only with their opponents but especially with the situation in the Slovak Republic, which is already for more than 7 years a member of the Euro area and therefore has a lot of experience with the euro. The second part of the practical part is dedicated to selected aspects of adopting the euro in the Czech Republic which appeared after 2007, after the study was published. The chapter Results and Discussion contains a personal opinion and recommendations of the author. The conclusion is dedicated to a summary of the collected information and the evaluation of these information
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