|
|
Analysis of the Maastricht criteria, Czech republic since 1998
Křivánek, Matěj ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The convergent criteria and its implementation across countries is a very actual and discussed issue of the past few years with regard to the increasing number of countries striving for joining the European Economic and Monetary Union (EMU). It has also become a part of the policies of the particular central banks having a significant impact on its performance. The beginning of this work is intent on the theory of the Optimal Currency Area (OCA) as developed by Robert A. Mundell in the sixties, which gave rise to the Maastricht criteria, subsequently the findings will be applied to the environment of the Czech Republic. The aim of this thesis is to analyze the evolution of the monetary policy of the Czech Republic with regard to the fact that the Czech Republic also commited itself to adopting the common European currency. And what about the impact of a fact, that the Czech Republic represents a small open economy strongly reliant on the development of Euro, especially the German economy? Furthermore I will also evaluate the policy of the central bank which must be performed in order to meet the determined Maastricht criteria. One of the other aims of this thesis is to assess the benefits and risks associated with the entry to the monetary union, such as depreciation of Czech National Bank (CNB), primarily the loss of using the exchange rates representing the important means to stabilize the economy.
|
|
|
The Influence of the Current Economic Crisis on the Process of Monetary Integration in Europe
Kočka, Lukáš ; Čajka, Radek (advisor) ; Melcher, Ota (referee)
The aim of this bachelor thesis is to find out difficulties of european monetary integration as a consequence of global economic crisis. In the first part, steps and decisions which led to the creation of monetary union and common currency are presented. The thesis then analyzes global economic crisis and its impact on Europe and some specific euro area countries. At the end of this thesis it focuses on measures taken by European Union which should result in stabilization of present situation.
|
|
| |
|
| |
|
|
Perceived Inflation - The New Phenomenon After The Euro Changeover
Smrčková, Gabriela ; Šaroch, Stanislav (advisor) ; Arlt, Josef (referee) ; Lacina, Lubor (referee) ; Čech, Zdeněk (referee)
The thesis focuses on theoretical and empirical analysis of the deterioration of price perception among European consumers after the introduction of the euro banknotes and coins. The aim of the thesis is to find out the major factors which provoked a rapid increase of the indicator of perceived inflation after 2002, while inflation in euro zone continued developing moderately, and to derive some conclusions for economic policy of candidate countries to euro introduction. There are at least four reasons why it matters to analyse the distortion of the indicator of perceived inflation from the HICP index which measures the inflation in the euro zone. Firstly, from the political and economical perspective there is a risk of weak support for the European monetary integration. Secondly, the distortion of price perception can deteriorate the belief in the official statistics. Thirdly, the inaccurate price perception can lead to wrong consumer decisions having an impact on a volume or a structure of national consumption. Last but not least, there is a risk of a negative impact on price expectations. In order to meet its goals, the thesis stases several hypotheses which analyse the problem from two perspectives. Firstly, from a mere review of detailed prices in the period of the introduction of the euro banknotes and coins (Hypotheses: (i) the consumers are more sensitive towards some price movements, therefore the deterioration of the indicator of perceived inflation can be explained by the abnormal evolution of some prices in the critical period of the euro introduction, (ii) convergence of the new euro prices towards round prices lead to frequent price movements having an impact on price perception) Secondly, from the point of view of limited perception of prices by consumers (Hypothesis: (iii) consumers does not behave rationally when deciding about prices therefore they are not able to perceive all price movements). The thesis is organized in three chapters. The first chapter is mainly theoretical and introduces the problem of perceived inflation. It is followed by two chapters which combine empirical and theoretical analysis of the drivers of perceived inflation after the euro introduction. Within its conclusions, the thesis identifies a combination of several factors that caused a rapid increase of the indicator of perceived inflation after the changeover which have their origins in a changed monetary environment. The effects coming from using rounded conversion rates instead of the official ones in mental conversions of the new euro prices to the old prices in national currencies, limited the possibility for consumers to perceive correctly the price movements. Moreover, higher sensitivity towards price increases in comparison to price decreases and a higher inflation in some areas led to blaming the new currency for high inflation. The irrational behaviour of consumers in relation to prices was strengthened by the effects of the new currency. The thesis also states that while the increase of the indicator of perceived inflation had no negative impact on inflation expectations, the deterioration of inflation perception might negatively influence consumption.
|
|
|
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.
|
|
|
Actual questions of the Czech Republic's preparations for entering the euro area
Furch, Tomáš ; Kalínská, Emílie (advisor) ; Čajka, Radek (referee)
This bachelor's thesis primarily deals with the current economic situation of the Czech Republic concerning the ability to adopt the single European currency called euro. The thesis consists of five chapters, which describe not only the euro link to the Czech economy, but also other aspects of the euro both in terms of historical evolution of this currency and the present problems in different EU countries. In the last chapter Euro is also regarded as a part of the world economy and the possible future processes connected with this currency are mentioned.
|
|
|
The influence of global economic crisis on monetary integration in Europe
Kosek, Martin ; Čajka, Radek (advisor) ; Černá, Iveta (referee)
The aim of this bachelor thesis is to analyse the impact of economic crisis in 2008 on states that are already members of eurozone or states aiming to join it. This work is divided into 4 chapters. The first two chapters deal with the economic impact on selected members of European Union that were affected most by the recession. The second part mainly deals with the processes that were set off by the economic crisis in EU and that showed certain flaws, which have shaken the foundations of the ambitious unification.
|
|
|
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.
|
|
|
The influence of the current economic crisis on the process of monetary integration in Europe
Vojtovičová, Anna ; Čajka, Radek (advisor) ; Gajdušková, Kateřina (referee)
Goal of this thesis named "The influence of the current economic crisis on the process of monetary integration in Europe" is to determine to what extent present financial and economic problems, which are faced by European countries as a consequence of global financial crisis, influenced the direction of European monetary integration. In order to do so it is necessary to describe the process of this integration and steps and decisions which led to the creation of monetary union and common currency. Furthermore, global financial crisis will be analyzed, its causes, consequences and impact on Europe. This crisis and the economic problems it caused contributed to debt crisis in Europe, which led to situation, when some European countries found themselves in need of financial assistance from EU. The measures taken by EU will be mentioned in the end of this thesis which should result in stabilization of present situation and prevent these problems from happening again. I will also outline possible future development of monetary union.
|
guest ::
