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The impact of the Euro on German economy
Krották, Viliam ; Dědek, Oldřich (advisor) ; Debatz, Laure (referee)
This master thesis analyses the impact of the euro on the German economy. The research is conducted through the examination of German export, GDP level, and labor market. It is also supplemented with the evaluation of the past, current and future stages of the Eurozone. The thesis provides a detailed theoretical background, which explains the motivation for the creation of a common currency. As a tool to prove the validity of my hypotheses I use the synthetic control method, where I model a hypothetical case, in which Germany did not adopt the euro. The validity of my results will be tested by using the confidence intervals and comparing the RMSPE ratio. By using this unique approach, I aim to contribute to the series of academic papers about the validity of the euro. In my research I have come to the conclusion, that the euro has positively influenced Germany's economy.
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Position of the Federal Constitutional Court to the Outright Monetary Transactions (OMT program).
Trojanová, Justina ; Mlsna, Petr (advisor) ; Handl, Vladimír (referee)
This thesis titled The position of the Federal Constitutional Court to the Outright Monetary Transactions (OMT program) is dealing with the program of direct monetary transactions (OMT) and its compliance with EU primary law. It is the first time in history, when the German constitutional court submitted a question to the Court of Justice of the EU. The program was announced in 2012 as a program of unlimited purchases of government bonds. It has not been applied yet, but its very existence has helped to calm European markets and bond yields of states which are faced with financial problems. Large number of German politicians and economists stepped up against the program and shared the view that the program essentially requires that German taxpayers pay bills for other eurozone countries. It was also emphasized that this program clearly exceeds the mandate of the European Central Bank of maintaining price stability. This work includes logically arranged chapters, which include the creation of the euro zone, Greek debt crisis, subsequent rescue programs and solitude OMT program and judicial proceedings in relation to this program. The final section focuses first on the judgment of the European Court of Justice, which sets out important conditions for the possible application of the program in the...
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Party Euroscepticism in the Federal Republic of Germany on the background of the Eurozone crisis.
Nikšová, Petra ; Novotný, Lukáš (advisor) ; Kunštát, Miroslav (referee)
The Euroscepticism is a very popular issue now. Its popularity has risen because of inability of European states to solve the crisis since the start of the Eurozone crisis. This thesis is based on analysis of party program documents and other statements. It attempts to capture the increase in Euroscepticism among German political parties. The public opinion is taking into account as well. Germany has become one of the main actors in the search for ways out of the crisis. This role associated with some financial burden has led to series of discussion and to the growth of skepticism among the political parties. The European Stability Mechanism was the one of the most discussed topics. The crisis provoked uncertainty and skepticism among the German public as well. This scepticism was largely influenced by the actual situation in the Eurozone. In direct response to the crisis a new political movement was created. It was called the Alternative for Germany. The Alternative for Germany rejected remaining in the Eurozone. It reached some success in provincial elections in 2014. There were more reasons for its success which not just correspondent with its eurosceptic agenda. The thesis identifies these reasons as well. Despite this situation, Germany remains a pro-European state.
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The Relation Between the Euro Cash Changeover and the Perceived Inflation in the Baltic Countries
Orosz, Előd ; Dědek, Oldřich (advisor) ; Turnovec, František (referee)
The relation between the euro cash changeover and the perceived inflation in the Baltic countries Abstract This thesis focuses on the effect of euro cash changeover on inflation perception, and its relation to the inflation measured by central banks or by national statistical offices. We present an analyses of inflation gap in Estonia, Latvia and Lithuania at the euro introduction and detect its determinants by econometric methods. We use Ordinary Least Squares, Random Effects Generalized Least Squares and Fixed Effects estimator. The thesis is divided into two main parts. The first part examines the theoretical background of perceived inflation and focuses at the phenomenon of increased inflation gap at the euro introduction. Second part contains an empirical study on inflation gap. We find out that perceived inflation in Baltic countries does not show such a divergence, as it was presented at the establishment of the Eurozone. Moreover, we find out that education and available income in general has a small, but evincible effect on inflation gap observed at euro introduction.
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Euro and the Czech Republic - the benefits and pitfalls of the euro currency
Snopek, Ondřej ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
Euro and the Czech Republic - the benefits and pitfalls of the euro currency Abstract The thesis focuses on possible benefits, hazards and costs which could rise up from the entrance of Czech Republic to the Euro Zone and implementation of euro currency. The aims of the thesis are as follows: to acquaint the reader with the history of the monetary and economical integration in the Europe after the second world war to the present time; present the criteria of the nominal and real convergence used to determinate the level of convergence between states, assess the level of convergence reached by the Czech Republic in relation to the Euro Zone; and present the possible benefits hazards and costs of the introduction of the euro. To achieve the abovementioned aims, the method of analysis, synthesis, comparison and description was used. The content of the thesis is divided to five major chapters. The first chapter contains the history of the monetary and economic integration in Europe after the second world war starting with the establishment of the Council of Europe up to the acceptance of the Maastricht Treaty, establishment of the monetary and economic union - the Euro Zone and introduction of the euro in its member states. The second chapter introduces the nominal convergence criteria defined by the...
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Does the Eurozone crisis bring similar effects to the economic growth of peripheral countries of EU? A research to investigate effects of the Eurozone crisis on the economic growth of the Eurozone peripheral countries and the non-Eurozone CEE countries
Li, Peiwei ; Szobi, Pavel (advisor) ; Svoboda, Karel (referee) ; Akdogan, Idil (referee)
Peiwei Li Abstract: This paper is to investigate whether the Eurozone crisis brings similar effects to the economic growth of two groups of the EU's peripheral countries, including the PIIGS and the CEE countries. Greece, Ireland and Portugal from the PIIGS group; and the Czech Republic, Hungary and Poland from the CEE group are selected as the researched countries in this paper. In order to quantify how the Eurozone crisis affects the economic growth of these two groups of countries, this research utilises the statistical software STATA to operate a panel regression model with country and time fixed effects. The employed panel data contains selected indicators of the six researched countries over 2004-2018. Indicators that may affect economic growth of countries during the Eurozone crisis includes current account balance, FDI inflows, debt, exports and unemployment. Apart from the generation of overall results for all the six countries over 2004-2018, this paper generates a dummy variable "eurozone" to divide the researched countries into two groups. Therefore, it compares the results of each group. The research period also be equally divided into three stages: 2004-2008, 2009-2013 and 2014-2018, which represent for pre-crisis period, crisis period and post-crisis period. The divided periods are used to...
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Intergovernmental Cooperation in Resolving the Eurozone Crisis
Nevola, Jan ; Havelka, Vít (advisor) ; Weiss, Tomáš (referee)
This bachelor thesis focuses on the topic of the Euro crisis intending to identify crisis- solving strategies. It considers the period between 2010 and 2012 during which several key measures were taken and new institutions were established to provide financial assistance to the Eurozone Member States. The work analyses the nature of these institutions and the decisions taken. The intention is to determine whether the steps that led to the protection of the Eurozone were predominantly intergovernmental-driven or whether the main drivers of the processes were supranational institutions. The introductory chapters explain the causes of the crisis, its institutional framework and highlight several views on solving the crisis as presented in the research of other authors. Furthermore, they introduce the theoretical-analytical framework based on the theories of intergovernmentalism, respectively liberal intergovernmentalism and neofunctionalism. The analytical part of the work, first, specifies the research methodology. Then, the discussion presents the findings of the research and confronts them with the research of other authors who analyzed this issue. The conclusion summarizes the work and draws on the results of the analysis to answer the research question that is defined in the introduction.
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Examining Governmentality of the Fiscal Compact
Fukatsch, Pavol ; Ditrych, Ondřej (advisor) ; Karlas, Jan (referee)
Sovereign debt crisis is a major event in the history of European monetary and fiscal integration. On the one hand, the crisis has shown weak points of monetary and fiscal governance, but on the other it has proven to lead to more integration in this sector. One of the solutions which led to more integration and was meant to prevent another crisis is the Fiscal Compact. The goal of the Fiscal Compact was to update the "rules of the game" to better fit the reality of post-crisis Eurozone. Crises can unfold and uncover governmentality patterns; the goal of the diploma thesis is to reconstruct these patterns using Foucaldian governmentality conceptual toolbox. The thesis will use the concept of political technologies and techniques to interrogate speech by Mario Draghi that he delivered at the Ludwig Erhard lecture in 2011. Following the identification of political techniques and technologies reflecting ordoliberalism, the thesis will continue with an analysis of microsites of fiscal councils. The goal of the analysis of microsites is to trace the operation of governmentality in the fiscal domain. The overreaching goal of the analysis is to problematize a view, postulating that the solution to the sovereign debt crisis reflects sovereign power.
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Připravenost zemí střední a východní Evropy na vstup do eurozóny
Bujáček, Jakub
This diploma thesis deals with evaluation of current progress in nominal and structural convergence, and the alignment of the business cycle between CEE countries and Eurozone. Maastricht criteria, indexes of similarities in sectoral structures and theory of optimum currency areas are used for this purpose. There are also used alternative techniques for measuring alignment of the business cycle, which is beneficial to the width of the conclusions that this work produces. Selected techniques indicate process of convergence between CEE countries and Eurozone, but also indicate persisting differences between western and eastern part of EU, which in the case of sharing the common currency leads to the risk of asymmetric shock.
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Účinnost kvantitativního uvolňování v eurozoně
Škrášek, Filip
The thesis examines an impact of quantitative easing in Euro area. European central bank conducted unconventional monetary policy in reaction to global financial crisis’ aftermath. Quantitative easing, arguably the most controversial measure, is aimed to provide commercial banks with excessive liquidity and subsequently persuade an increase in provided loans and thus stimulate GDP. The thesis links to previous literature on quantitative easing effect with up-to-date dataset and examines the impact of quantitative easing through bank lending channel. The thesis identifies and describes heterogeneity of quantitative easing’s effect among Euro area countries.
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