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Current financial and economic crisis and the entry of the Czech Republic into the European Monetary Union
Strnad, Petr ; Koderová, Jitka (advisor) ; Hýla, Pavel (referee)
This Diploma Paper provides an analysis of the Czech Republic convergence process, which importance grows more in the period before entry into the European Monetary Union. The convergence is evaluated on the basis of three criterion units which are standing alone but fading into each other. It is the Nominal convergence including Maastricht criteria which have been stated in the Treaty on European Union, then Real convergence criteria and criteria which accompany the development of the Optimum Currency Areas Theory. The theoretical part gives the definitions of particular criteria and draw the attention to potential problems which can occur by their interpreting. In the practical part there are comparative characteristics used to analyze achieved state of the convergence in the Czech Republic in relation to EU countries and euro area countries. This part attends also to monitoring the current financial and economical crisis and it's impact on individual indicators.
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The Czech Republic and the Euro Area
Fiedlerová, Lucie ; Ježek, Tomáš (advisor) ; Kubelková, Karina (referee)
This graduation thesis is concerned with the Czech Republic's readiness for the entry to the euro area. Our Republic engaged to adopt shared euro currency already before the single admission to the European union, therefore it is not suitable to research, whether the Czech Republic should adopt euro or not, but when this step will be the most appropriate to render. The introductory part of the theses describes the history of the European monetary integration and the Stability and Growth Pact as an important instrument of the budget branch adherence. The theoretical part of the thesis focuses on the theory of optimal monetary areas, which is closely associated with monetary integration. Analytical section examines the rate of nominal and real approximation of Czech economy to the euro area's economies. I deal thoroughly with the fulfilment of convergence criteria and on the basis of GDP growth rate I analyse the real convergence. I solve the current influence of Greece's problems on the admission of euro in the Czech Republic and the Slovak macroeconomic experience with the entry to the euro area.
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The Analysis of an Admission of the Czech Republic in to the European Monetary Union
Krebsová, Michaela ; Skopeček, Jan (advisor) ; Hudík, Marek (referee)
The aim of this bachelor thesis is to analyse readiness of the Czech Republic for euro adoption. First part presents historical overview of OCA theory, especially Mundell's labour market flexibility and the OCA index. Furthermore, assumptions are provided for an analysis of labour market flexibility on the basis of different empirical studies. Additionally theory of real convergence is introduced. This theoretical framework, introduced in the preliminary part of this work, presents fundamentals for further analysis. The latter analysis focus on labour market flexibility, structural resemblance of economies, real convergence and the OCA index. On the basis of results obtained, evaluation about benefits and cost of euro adoption is provided and consequently conclusions about euro adoption are deduced.
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The benefits and the costs of the common European currency and the following analysis of the current situation of the European Monetary Union
Vondruška, Tomáš ; Dlouhý, Vladimír (advisor) ; Kadeřábková, Klára (referee)
The topic of my bachelor's work is the benefits and the costs of the common European currency and the following analysis of the current situation of the European Monetary Union. The first part deals with possible benefits and costs which are brought about by introduction of the common currency. In the second part I am trying to analyze whether the European Union meets expectations for optimum currency areas and whether the benefits from introduction of the common currency exceed its costs. At the end of this part I evaluate current economic development of Eurozone and several West-European countries which have not accepted the euro. I apply two basic economic aggregates inflation and GDP. The aim of this work is to point out possible benefits but also costs as a result of forming a monetary union. I would like also to outline whether the European Monetary Union has optimum currency area characteristics.
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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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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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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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Přínosy a problémy vstupu ČR do Eurozóny
Vojík, Daniel Bc. ; Dvořák, Pavel (advisor) ; Fantová-Šumpíková, Markéta (referee)
Při hodnocení vstupu ČR do Eurozóny práce vychází z teorie optimálních měnových oblastí a z konceptu přínosů a nákladů. Samotný vstup je posuzován ze dvou hledisek. První je hledisko Eurozóny, je tedy analyzováno plnění maastrichtských kritérií. Cílem je nalézt odpověď na otázku, kdy bude možné do Eurozóny vstoupit. Na druhou stranu je také třeba posoudit přijetí eura z hlediska ekonomických zájmů České republiky, tedy zjistit, kdy bude vhodné vstoupit. Je tedy provedena bilance přínosů a nákladů přijetí eura s přihlédnutím ke zkušenostem členských zemí Eurozóny. Zvláštní pozornost je věnována vhodnosti společné monetární politiky pro ČR, především pravděpodobnosti vzniku asymetrického šoku.
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Is the EU an optimum currency area?
Čechová, Iveta ; Taušer, Josef (advisor) ; Vytiska, Michal (referee)
Práce podává přehled o vzniku a vývoji evropské měnové integrace a společné evropské měny euro. Dále mapuje vznik a vývoj teorie optimálních měnových oblastí. Její autoři definují kritéria optimálních měnových oblastí, která jsou v práci analyzována ve vztahu k Evropské unii. Analýza tak odpovídá na otázku zda je Evropská unie optimální měnovou oblastí a zda je Česká republika optimálním kandidátem vstupu do eurozóny.
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Perpektivy přistoupení k eurozóně - zkušenosti a poučení
Knězová, Alena ; Štěpánek, Pavel (advisor) ; Čermák, Petr (referee)
Ve své diplomové práci se zabývám problematikou vstupu do eurozóny z hlediska plnění nominálních a reálných konvergenčních kritérií. Východiskem je předpoklad, že země vstupující do eurozóny má zájem ze vstupu co nejvíce profitovat. V teoretické části nastiňuji problematiku teorie optimálních měnových zón poprvé definovanou v 60.letech 20 století. Uvádím také dva hlavní současné přístupy k této teorii. Ve druhé části popisuji zejména měnovou politiku německé centrální banky při sjednocení německých států ? to vše s přihlédnutím k teorii optimální měnové oblasti. V další části se zabývám plněním nominálních a reálných konvergenčních kritérií v aplikaci na Českou republiku jako kandidátské země eurozóny. Zdůrazňuji zde důležitost nejen nominální konvergence, ale hlavně konvergence reálné a upozorňuji na hlavní nedostatky a potenciální nebezpečí reálné konvergence České republiky.
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