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Optimální měnová oblast: endogenita kritérií, Simulace zavedení Eura v České republice
Bernardová, Radana ; Klosová, Anna (advisor) ; de Lara Resende, José (referee)
The main goal of this thesis is to analyze the topic of the endogeneity of OCA criteria with the focus on the Euro area and simulate the adoption of Euro in Czech Republic. The paper is organized as follows. Firstly the theory of the Optimal Currency Area (OCA) and the comparison of the costs and benefits of currency union are explained. In next chapter the literature review is given. The most important and most recent studies dealing with the shock asymmetry and integration, eastern enlargement of European Union and the endogeneity hypothesis are presented. In the fourth chapter the Euro adoption in Czech Republic is simulated. According to studies handling with the Euro introduction the expectations of the impact of Euro adoption in the Czech economy are presented. The fourth chapter includes the description of the data, the model and results.
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Eurozóna jako (ne)jednotná měnová zóna
Pařízek, Jiří ; Pavlík, Zdeněk (advisor) ; Čajka, Radek (referee)
The bachelor thesis analyses current situation in the European monetary union (eurozone). Included are both the classical and modern approaches of the theory of optimum currency area (OCA) and the Maastricht convergence criteria (inflation, long-term interest rate, annual and overall public debt to GDP). These instruments are used to judge the unification of the monetary zone. The theoretical overview of the OCA theory and its development, benefits and cost of a common currency, and a brief history of European monetary integration, are introduced in the first three parts. Meeting the Maastricht convergence criteria is considered a sign that a European country is prepared for joining the eurozone. In the fourth part, their performance in current member countries in the years 1999-2010 is analyzed to show their qualifications for the monetary union. Assessment of the OCA criteria to the eurozone from the classical and modern perspective is then discussed. Finally, the future outlook for the European monetary union regarding the current debt crises is listed.
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Monetary Integration in East Asia: The Emergence and the Outlook
Tůma, Jan ; Hnát, Pavel (advisor) ; Jelínek, Tomáš (referee)
The thesis deals with the state of monetary integration in East Asia and the preconditions for its further deepening. It gives an overview of the most important initiatives for monetary and financial cooperation in the region and describes their role in this process. It also analyzes the suitability of East Asia for a common currency following the optimum currency area theory and its criteria. The impact of monetary integration on East Asian economies is discussed from theoretical as well as practical point of view. Based on all these findings, the thesis attempts to describe the possible future way towards the creation of an Asian Monetary Union.
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Current problems of European monetary integration
Zázvorka, Jan ; Hnát, Pavel (advisor) ; Jelínek, Tomáš (referee)
The thesis analyzes current problems of the European monetary integration on the basis of the optimum currency area theory and strives for its application to the major macroeconomic imbalances, which occur in the current European integration. The paper defines the most important issues of monetary integration, which are further specified on the example of Greece, and tries to analyze macroeconomic imbalances in Europe to draw recommendations for further development of monetary integration.
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Evaluation of impact of common European currency adoption in Slovakia and Slovenia
Galajdová, Mária ; Čajka, Radek (advisor) ; Kalínská, Emílie (referee)
The goal of this thesis is to evaluate the influence of euro as a common currency on Slovakia and Slovenia. As the base of final analysis of advantages and disadvantages serves first part of thesis, which portrays real and nominal convergence of both analyzed counties and criteria of optimum currency area. Economic situation after adoption of euro is examined in the field of international trade, foreign direct investment, economic growth and competitiveness. In order to examine the impact of euro more thoroughly are both counties compared with Czech Republic. Conclusion of thesis contains quantification and evaluation of positive and negative effect of euro.
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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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The theory of optimum currency area with application to the EU
Janíček, Jan ; Dočkal, Dalibor (advisor) ; Urban, Luděk (referee)
The goal of this work is to apply the theory of optimum currency areas in the euro area, and outline the positive and negative effects of monetary policy of the European Central Bank (ECB). Furthermore, it should highlight the benefits and risks arising from the entry of the Member States of the European Monetary Union (EMU) and the related macroeconomic implications. Start of work will be aimed at the theory of optimum currency area, which will be developed this issue from different angles, which is essential for the understanding of other contexts. Subsequently, work will be devoted to the European Union in terms of creation and development of the European Monetary Union and the ruling of the European Central Bank. The next section will explore the benefits and risks of the monetary union. In this context, the important concepts of transaction processing costs, exchange rates and costs of monetary union, but also increase inequality between richer and poorer regions, and others. In the final part of the work will focus on the macroeconomics effects of European monetary union, such as economic growth, inflation and unemployment.
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Optimum currency area - reality in eurozone
Hanousek, Karel ; Žamberský, Pavel (advisor) ; Machytka, Daniel (referee)
My bachelor paper deals with a question, if the European monetary union follows the Optimum Currency Theory's criteria and forms an optimum area. I tried to assess, whether benefits of forming this integration in Europe outweigh costs or not. First part of this paper describes evaluation of this theory. Not only did I mention most widely known criteria such as Mundell's, Mckinnon's, Kenen's, but I also mentioned some others, which were defined during last few decades. In the second part, I analysed data and tried to find out to what degree the criteria are fulfilled. On the basis of this analysis I can say, that the European optimum union does not form an optimum currency area.
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