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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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Czech Republic, Slovakia, and the monetary integration in the EU
Bendl, Ondřej ; Karlas, Jan (advisor) ; Jeřábek, Martin (referee)
This diploma thesis focuses on the process of euro adoption in the Czech Republic and Slovakia. Regarding the time frame, it mainly covers a period of 2004-2014. Nevertheless in order to maximise plausibility of results, this thesis focuses on relevant moments beyond the above mentioned period as well. The main aim of this thesis is to analyse a variation in the relationship of both examined countries towards the process of European monetary integration. Whereas Slovakia joined the Eurozone in 2009, the Czech Republic has not fulfilled its obligation stemming from the EU membership yet. The secondary aim of this thesis is to verify the power of IR theories dealing with transfer of sovereignty on the supranational level. Thus, this paper strives to identify whether the constructivist or rationalist (for the purposes of this thesis represented by ideational liberalism and commercial liberalism / liberal intergovernmentalism) theoretic paradigm is more accurate in its attempt to explain the examined variation. In order to fulfil this aim, methods of difference and congruence are applied. However, each of these methods shows different results. According to the method of difference, an explanation based on commercial liberal / liberal intergovernmentalist logic of economic-materialistic consequences may...
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Legal aspects for the adoption of common European currency in the Czech Republic
Růžička, Michal ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Legal aspects of the single European currency adoption in the Czech Republic The Czech Republic as a member state of the European Union is obliged to adopt the single European currency as soon as possible. This commitment is connected with plenty of tasks that have to precede the euro adoption. The fulfilment of convergence and legal criteria belongs to main assignments. The purpose of my thesis is to define the main aspects connected with the adaptation process of the Czech legal environment according to demands of the European law that have to precede the euro introduction and prepare a suitable environment for its troublefree functioning. The thesis consists of five chapters, each of them dealing with different aspects of the single European currency adoption. First chapter is introductory and outlines the main questionable issues that I deal with in my thesis. Second chapter brings general aspects of the single European currency introduction, especially explains briefly a history of the constitution of the economic and monetary union, further specifies legal and economic conditions necessary for euro adoption. A brief appraisal of the functioning of this unique concept is included at the end of this chapter. Third chapter focuses at the beginning on evaluation of fulfilment of legal and...
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The Main Determinants of European Trade Integration
Spivacenco, Carolina ; Vacek, Pavel (advisor) ; Dingová, Vilma (referee)
The importance of international trade cannot be neglected as it represents an important channel of wealth creation in the actual globalised world. Thus, the present writer aims to identify how the commercial flows have changed after the adoption of Euro and once the financial crisis has burst. Furthermore the main factors that influence trade are researched by using the gravitational econometric model and employing panel data for 14 EU member countries. The results show that the intensity of commercial exchanges are highly influenced by the level of development (GDP) of the country and the amount of FDI that are attracted, while the use of a common currency appears to be not too significant. At the same time, indicators are more sensible during the crisis period than the stable one, hence even small changes in independent variables can lead to higher decrease in trade. Key words: European trade, liberalization, competitiveness, financial crisis, contagion, Euro, gravitational model.
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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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Estimating the Euro effect with Synthetic Control Method for Eastern Europe
Janota, Martin ; Teplý, Petr (advisor) ; Vošvrda, Miloslav (referee)
Estimating the Euro effect with Synthetic Control Method for Eastern Europe Abstract This thesis estimates the effect of Euro adoption on newest Eurozone members using synthetic control method. The effect is estimated on income per capita and GDP growth. Estimates indicate overall indecisive effect for Slovakia and Malta, neutral effect for Estonia and negative effect for Slovenia and Cyprus. The cost of Euro for Cyprus is estimated to be as high as 1/3 of GDP per capita. In some cases the direction of the effect changed before and after the financial crisis. The quality of inference suffers from low number of observations. Methodological assumptions are discussed, concluding that quality of Eastern European time series likely causes substantial bias in the results.
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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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National Rally's European Policy Change In-Between Years 2011-2019
Mašek, Martin ; Emler, David (advisor) ; Matějka, Ondřej (referee)
Euroscepticism is a phenomenon of recent years and one of the biggest challenges for the European Union. The successful Brexit referendum has reinforced these tendencies. Marine Le Pen is one of the most vocal critics of European integration on the continent. However, in the last ten years, the National Rally has markedly rethought its position on fundamental issues of European politics. The idea of leaving the European Union has been definitively abandoned, and neither is leaving the common European currency. Instead, the National Rally focuses on criticising globalism and calls for protectionist economic measures under the pretext of environmental protection. It thus continues the ongoing transformation policy of dediabolisation, which is designed to increase the party's electoral potential. This bachelor thesis analyses the electoral changes in the National Rally's European politics, explains their causes and then analyses the different steps according to the three-dimensional typology of euroscepticism of political scientist Sofia Vasilopoulou. It further demonstrates that Euroscepticism cannot be perceived monolithically and presents the reasons that make it difficult for Eurosceptic parties to form coalitions to reform the EU.
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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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