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Analysis of real and nominal convergence of the Visegrad Group in the years 2000-2015
Wikturna, Jan ; Strejček, Ivo (advisor) ; Zamrazilová, Eva (referee)
This Bachelor thesis is focused on a macroeconomic analysis of the process of the real and nominal convergence of the Visegrad Group countries to the old member states of the European Union, called EU-15 during the period of 2000-2015. The objective of the analysis is to confirm or disprove the hypothesis that in the selected period there is a convergence of the economically backward V4 countries with the advanced EU-15 countries and to highlight the factors that are behind the narrowing of the gap in economics and price levels. The theoretical part deals with the ways in which we measure and compare the economic performance and economic level, and explains the different approaches of the problem of economic growth and the subsequent catching up effect. The practical part is focused on a comparison of elected macroeconomic indicators and reference is made to the selected factors to determine whether, and for what reasons, the economic convergence of these selected countries made towards the developed countries of the EU-15. The analytical part confirms the ongoing process of the real and nominal convergence throughout the period, but its course is varied during different times of the period. In conclusion, it is found that the rate varied by the convergence processes and in fact positively affected the V4 countries, that joined the European Union. The incoming dynamics of the convergence, especially the prices, were significantly disrupted by the economic crisis.
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Analysis of readiness of the Czech Republic for entry into the Eurozone
Skála, Martin ; Pavelka, Tomáš (advisor) ; Krameš, Jaroslav (referee)
The aim of this thesis is to analyze readiness of the Czech Republic for accession to the European Monetary Union. Although we celebrated 12th anniversary of our membership in the European Union, the Czech government still has not set a date of entrance to the Eurozone. The theoretical part of my thesis focuses on analysis of fulfillment of Maastricht criteria, which had to be fulfilled by each candidate country for membership in the currency union. In the practical part of this thesis I will evaluate the macroeconomics impacts of adapting the common European currency in new member countries. In conclusion, I will try to outline benefits and costs of membership of the Czech Republic in the Eurozone.
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Czech Republic and the adoption of euro on the background of macroeconomic imbalances
Caletka, Petr ; Bič, Josef (advisor) ; Žamberský, Pavel (referee)
This work is aimed to determine whether the Czech Republic is ready to enter to the third stage of European economic and monetary union which is associated with the adoption of the euro, and that regarding the fulfillment of the formal entry criteria and also in terms of alignment of the Czech economy with the rest of the eurozone. On that basis evaluate whether it is advantageous for the country to adopt the euro. The first part introduces the different stages of regional integration, as well as the theory of optimum currency areas and economic governance in the European Union. The second chapter is devoted to evaluate the readiness of the Czech Republic to join the euro zone from three perspectives. First, fulfillment of nominal convergence criteria is evaluated. Real convergence and macroeconomic imbalances within the euro area are assessed using cluster analysis. The second approach is to analyze whether EMU constitute an optimal currency area. At the end the experience, of three countries of the eastern enlargement, with changeover to a common currency are presented.
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Analysis of nominal and real convergence of the Visegrad Group states
Černý, Robert ; Ševčíková, Michaela (advisor) ; Štípek, Vladimír (referee)
The aim of the submitted thesis is macroeconomic analysis, comparison and evaluation of nominal and real convergence of the Visegrad Group states with EU-15 states. By the help of regression model, one can state that in years 2004--2008 countries of V4 reached Beta - convergence with EU-15. However, this did not hold for the critical period in 2008--2012 when mainly Hungary lagged behind. There was proved a positive relationship between real and nominal convergence wherewith Balassa-Samuelson Effect for EU states was confirmed. The Czech Republic has always shown a lower nominal value than it would correspond to its GDP per capita, still it approximated to regression line over time. Other V4 states registered inverse course. During period 2004--2012, the Czech Republic performed Maastricht conver-gence criteria best from V4 states. Contrariwise, Hungary had the worst position of the ob-served period.
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Real and price convergence of the Czech Republic and the new Member states of the European Union
Nováková, Veronika ; Potužák, Pavel (advisor) ; Slaný, Martin (referee)
This Thesis deals with the convergence of European states and identifies the influence of the European union enlargement in 2014 on the course of convergence. Both real and price convergences are analyzed by using beta convergence and sigma convergence concepts. The Balassa Samuelson effect is tested as well. The Balassa Samuelson effect explains the existence of price convergence and also indicates the relationship between real and price variables. The existence of real and price convergence was verified for the whole period from 1995 to 2013. During 2004 the integration of European states was strengthened, which was significant for real convergence because the speed of convergence was positively influenced. As for the price convergence, the year 2004 was insignificant as the break point. Despite a similar course of both convergences, price convergence was more affected by the crisis in 2008. The presence of Balassa Samuelson effect was confirmed. Despite the complications during intensity measurement, caused by problematic dividing into tradable and non tradable sectors, corresponding values are realistic.
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Analysis of the State of preparedness of the Czech republic for the adoption of the unified European currency.
Klumparová, Adéla ; Čajka, Radek (advisor) ; Bolotov, Ilya (referee)
This Bachelor's thesis " Analysis of the State of preparedness of the Czech republic for the adoption of the unified European currency " examines with the accession of the Czech Republic to the euro area. In the first chapter the reader is familiar with the historical development of European monetary integration. This part is followed by The integration of the Czech Republic to this monetary Union and its commitment to adopt the euro as enshrined in the Maastricht Treaty in the second charter. The third chapter is focused on the nominal convergence criteria and on the achieved degree of their fulfilment by the Czech Republic. The next part of the thesis contains comprehensive analysis of the State of preparedness of the Czech republic for the adoption of the unified European currency. This state is evaluated in terms of the structural similarities and economic synchronisation of the Czech economy with the economy of the eurozone, and also in terms of the ability of the economy to a the effects of asymmetric shocks arising after the Czech Republic's entry into the Monetary Union. This chapter is focused on the evaluation of the cyclical and structural harmonisation of the Czech Republic with the countries of the euro area and on the existence and function of the adjustment mechanisms. Attention is focused also on the positives and negatives arising from the accession of the Czech republic to the euro area, which are demonstrated on the example of the Slovak Republic.
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Single currency and the Czech republic - advantages, disadvantages and level of preparedness
Trubačíková, Romana ; Čajka, Radek (advisor) ; Bolotov, Ilya (referee)
The aim of this thesis is to analyse the preparedness of the Czech Republic to adopt the single European currency called euro. The level of preparedeness is assessed not only in terms of meeting the Maastricht convergence criteria, but also in terms of real convergence with the euro area. Subsequently, the thesis deals with potential advantages and disadvantages connected to the introduction of the single currency in the Czech republic. The thesis also analyzes the impact of the introduction of the euro on individual indicators in Slovakia. Finally, there is a mention of the current debt crisis in the eurozone, which has a significant influence on the date of adoption of the euro in the Czech republic.
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