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The judgement on entry of SVK to the Eurozone as a member of V4
Turčáni, Peter ; Ševčíková, Michaela (advisor) ; Petrášek, František (referee)
The aim of bachelor work is to analyze and evaluate the entry of Slovak Republic to the Eurozone in the beginning of year 2009. Possible early entrance and the option of waiting for other states of Visegrad Four is what I will be interested in. In the theoretical part I will be talking about historical evolution of Economic and monetary union and nominal and real convergence criteria, which I analyze concerning The Theory of Optimum Currency Areas. In the second, practical part, I will put my mind to satisfying each real convergence criteria (from years 2004 to 2006) in the Slovakia and I will compare it with other states of European Union, especially with Visegrad Four. In the final part I will analyze pros and cons of adopting Euro in Slovakia.
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Evolution activity of National bank of Slovakia
Líra, Marián ; Zeman, Karel (advisor) ; Řežábek, Pavel (referee)
Chosen thesis of evolution activity is very attractive for me from the view of forming the central bank as the independent financial institution of the country. In the theoretical part I will show definition of central bank and I will tell its general functions, aims and duties. Then I will discuss attitude of the central banks from the historical point of view and I will introduce the central banks in the world. In the analytical part I will describe the State bank of Czechoslovakia as base condition for founding NBS ( National bank of Slovakia ). I will examine for terms which led to its establishment, its organization system and changes in the field od activity. I will analyze changeovers in functions and aims which were caused in the action of new money Euro, introduced as new legal tender in the Slovak Republic. The aim of the thesis is to examine and result the most important changes of atributions of NBS during 20 years from setting market economy rules in the Slovak area until its incorporation into the European central bank.
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Eurozone from the view of OCA theory: conclusion for the Czech Republic
Kovač, Vojtěch ; Czesaný, Slavoj (advisor) ; Rybáček, Václav (referee)
This diploma thesis is concerned with the Robert Mundell's theory of optimum currency area (OCA) and its relation to European monetary union (EMU) or (if you like) Eurozone. The OCA theory belongs to one of the most comprehensive approach to evaluate whether adoption of a common currency by a certain block of countries is beneficial of not. Thus this paper tries to apply OCA theory to the current Eurozone member countries and is focused especially on three main attributes -- the symmetry of economic shocks, the labor market flexibility and the economic integration of international trade between the member states of the euro area. Results of this analysis are then applied to the new member states and the immediate candidate EU member states -- especially to the Czech Republic. The work assesses the feasibility of the OCA theory for classification the candidate countries and their readiness for entering the Eurozone and finally offers alternative criteria by which the readiness for adoption of the Euro should be measured. The text is based on available theoretical and empirical sources supplemented by the author's analyses.
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Business cycles convergence between eurozone and the new EU member states
Janeček, Daniel ; Abrhám, Josef (advisor) ; Jiránková, Martina (referee)
The paper examines the degree of convergence between the business cycles of the new EU member states and eurozone. This convergence is a necessary condition for a troublefree operation of a monetary union. Several analyses have been used to assess the problem -- pure time series correlation, correlation of detrended time series and of lagged series, and above all impulse-response functions correlation and forecast error variance decomposition. Finally, the paper briefly assesses the evolution of business cycles convergence.
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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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The Maastricht Criteria and its alternatives
Tóthová, Jana ; Janda, Karel (advisor)
This work deals not only with the issue of the Maastricht Convergence criteria but also with an alternative way of evaluation of the preparedness to monetary integration ? the theory of Optimum currency areas. It contains an enumeration of convergence criteria stated in the Maastricht Treaty, explains its purport and imperfections. Further on a few criteria stemming from the Optimum currency area theory are listed and the relation between them and the Maastricht criteria is examined. In the practical part the preparedness of the Czech Republic to enter the Eurozone is evaluated on the basis of both criteria. Emphasis is put on the relation between the Maastricht criteria and the Optimum currency area criteria on both, theoretical and empirical basis.
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The function of the exchange rate mechanisms ERM II in the Czech Republic's accession to the euro zone
Vaníková, Lenka ; Blahová, Naděžda (advisor) ; Brada, Jaroslav (referee)
The object of this thesis is the revision of the exchange rate mechanisms ERM II from the point of his effect on the Czech Republic's integration process. In this thesis, there are analyzed benefits and risks cussed by ERM II participation and inferred conclusions relevant for the Czech Republic. This thesis is moreover dealing with hypothetic run of the participation of Czech koruna in ERM II and its incidence on fulfillment of exchange rate criterion. Except that there are analyzed reasons for current negative attitude of Denmark, Great Britain and the Northern Ireland and Sweden to third period of the Economy and monetary union.
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The Influence of European Central Bank Interest Rates upon Consumption in Eurozone Countries
Glykner, Daniel ; Mandel, Martin (advisor) ; Chytilová, Helena (referee)
First, this paper presents basic definitions of the consumption function and gives a summary of main theoretical concepts of consumption as well as an overview and discussion of important papers on consumption. Above all, papers examining the influence of the interest rate upon consumption are accented. Furthermore it contains a brief context summary of current and potential eurozone members, work of the ECB and execution of common monetary policy. Subsequently we discuss the hypothesis of a possibly asymmetric impact of the interest rate upon consumption in individual countries, expand and justify the hypothesis based on indebtedness, wealth, etc. Empirically, hypotheses are tested on historical data of individual countries: transmission between interest rates of central banks (later the ECB) and market interest rates, correlation analysis of consumption changes and central interest rates in individual countries, correlations with year-on-year changes. Also, consumption functions are estimated using time series models while testing alternative variables in the regression equations. We discuss analysis results and methods used; the influence of the interest rate upon consumption seems to be small and the relationship type is not much different across the eurozone countries. Eventually, we outline possible implications of our results with respect to the future of the eurozone and related activity of the ECB.
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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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The impact of the euro adoption on securities markets in the Czech Republic
Wartlik, Tomáš ; Brada, Jaroslav (advisor)
The acceptation of a single currency has an influencial impact on the economy of the country, especially on its financial market. This work examines all parts of finacial market of the Eurozone, assesses their state of development and compares it with the situation in the Czech Republic. The work also tries to estimate the impacts, that the acceptance of a single currency will bring to Czech financial market, and where it is possible, it uses the experience of Slovenia, which has adopted euro in 2007 and its economy is very similar to that of Czech Republic. The work finds out that the Eurozone has achieved a significant progress in the integration of its financial market, an improvement in its liquidity, costs of security issues and other aspects as well. Adoption of the euro in Slovenia has been successfull and it was not accompanied by substantial problems, except for an increase in inflation. However, the expected progress in the development of financial market is not observable yet, althought this fact may be attributed to many other external reasons, too. Finally the conslusion of this work implicates, that the Czech Republic has the oportunity to benefit from participating in a large integrated financal market and achieve a progress, that would never be possible if it remained separate.
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