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Is the European monetary union the Optimal Currency Area?
Bambas, Jan ; Dočkal, Dalibor (advisor) ; Řežábek, Pavel (referee)
The aim of this bachelor thesis is to answer the question whether European Currency Union (particularly the countries that have already entered the 3rd phase of European monetary union) is the Optimal Currency Area (OCA). This question is significant, especially when examining advantages and disadvantages of using a common currency (Euro). This work clarifies fundamental conditions that are connected with the theory of optimal currency area, as it has developed since R. A. Mundell. The thesis also briefly introduces historical development of the European Union and Monetary Union, and tries to point to fundamental turning-points within the integration process. Furthermore, there is a comparison with other regions which use a common currency, e g. the United States of America. One of the main characteristics of the OCA is unification of business cycles within the region. The final section of this thesis is devoted to an analysis and overview of business cycles of selected countries before and after adopting Euro.
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CONVERGENCE OF BUSSINESS CYCLES OF THE EMU REGIONS
Zezulová, Petra ; Jaklín, Jiří (advisor) ; Chytil, Zdeněk (referee)
The aim of this bachelor thesis is to answer the question whether the region of countries that participate in the European Monetary Union since 1999, constitute an optimal currency area. We will identify it under one of the criteria of OCA theory -- synchronization of economic cycles. This work first explain the emergence and development of the theory of optimum currency areas, and its criticism mainly by two different perspectives on the incidence of asymmetric shock in the economy after joining the single currency union, which causes asynchronous business cycle of the country. It also explains the economic cycle and particularly the methods used to detrending the time series, which are used for our research. In the analytical part, we create a correlation analysis, by force of detrending annual data of gross value added of NUTS2 regions that we will be able to answer whether the business cycles converge or diverge.
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The way of the Czech Republic to eurozone - expected impacts
Svatoňová, Petra ; Plchová, Božena (advisor) ; Müllerová, Františka (referee)
This graduation theses seeks to analyse expected gains arising from adoption of Europe's single common currency,costs of such adoption and potentional risks.Conception of this analysis is based on the Theory of Optimal Currency Areas alongside empirical studies regarding the same matter. The first chapter summarizes the historical development of european monetary integration and the position of euro in the world monetary system. The second chapter is devoted to the principles of the Theory of Optimal Currency Areas and the asymmetric shocks. The requirements of the Theory of Optimal Currency Areas are tested on the example of the current member states in eurozone. The following two chapters describe expected economic gains and costs connected with the membership of the Czech Republic in eurozone. The last chapter considers possible ways of determining the most suitable timeframe for entrance of the Czech Republic into eurozone.
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Měnová politika a ECB
Strejc, Daniel ; Klosová, Anna (advisor) ; Coniglio, Nicola (referee)
The thesis evaluates the ECB's monetary policy during the past decade by using policy rules and compares the suitability to particular members of the Eurozone. It examines the central bank's reaction function regarding the output and inflation. The work is divided into two main parts. First, gives the theoretical introduction of monetary policy and evaluation of the Eurozone regarding the theory of optimal currency area. In the second part it provides the econometric models and estimates. As a conclusion the results of two different OLS models show that, we cannot precisely decide to which variable the ECB reacted, as obtained two statistically significant models but with different results. For two models is used different variables GDP gap and IPI gap. The results have also shown that the ECB's monetary policy mostly suits to biggest economies within the Eurozone.
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