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Analysis of the Economic and Monetary Union crisis based on the Eurozone example
Ševčíková, Michaela ; Rovná, Lenka (advisor) ; Debnárová, Ľubica (referee)
Global economic and financial crisis uncovered serious structural deficiencies of the EU economies - especially of the Eurozone members. High levels of debt have resulted in inability to honour it and state bankruptcies or necessary debt restructurings are a real possibility. This paper analyzes the current Eurozone crisis on the basis of theoretical and methodical foundations of the Optimal Currency Area literature and theory of economic integration. It evaluates the rationality of the Maastricht nominal convergence criteria and analyzes the role of real convergence criteria in like with the introduction of common currency and common monetary policy. It discusses the non-compliance with the Stability and Growth Pact which was supposed to ensure fiscal discipline also after a country's Euro accession. It also deals with the current developments in the monetary and fiscal crisis of the most affected Eurozone members (Greece, Ireland, Portugal) which have already had to ask for financial aid from the EU and the IMF. Tools and measures adopted in this light by the EU and other national and supra-national authorities are also discussed and their partial evaluation is presented. The final section offers possible alternatives of future development of the Eurozone.
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Theoretical and practical aspects of building an internal market in the European Union
Ševčíková, Michaela ; Kučerová, Irah (advisor) ; Hřích, Jan (referee)
The thesis deals with theoretical and practical aspects of building an internal market in the European Union. It makes a theoretical reflection of European economic integration, identifies the forms of economic integration and analyses individual theoretical concepts. The thesis concentrates on analyzing the fundamental strategic documents which influenced the process of building an internal market. The thesis investigates the four basic freedoms - freedom of movement of goods, services, labour and capital - which are necessary preconditions for an effective functioning of an internal market. It analyses achievement of an internal market in practice, identifies its most fundamental obstacles and offers possible solutions that would remove them. The paper also offers a comparison of efficiency of economies of the European Union, the United States and China.
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Context of macroeconomic development and energy sector in the Czech Republic and Austria in the period 2000 - 2012
Berka, Jan ; Czesaný, Slavoj (advisor) ; Ševčíková, Michaela (referee)
The aim of this diploma thesis is to verify a connection between macroeconomic development and energy sector. This connection is examined with the data from the Czech Republic and with the data from Austria, both in the years 2000 - 2012. The theoretical part describes energetics as a natural monopoly and a resource of externalities. It includes the theory of monitoring the business cycle and financial analysis of companies. The first half of the practical part compares macroeconomic development of the Czech Republic and the ČEZ group. The similar comparison is made with Austria and the Verbund company. Second half of the practical part explains how economic policies influence the Czech energetics. This impact is being studied in terms of legislation, regulations, monetary and fiscal policy. The practical part ends with rating and valuation of costs that arise from the main energy resources. The link between energetics and macroeconomic development was discovered and proved thanks to the doubled analysis used in the thesis.
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Analysis of Particular Aspects and Risks of Financial and Monetary System of the People's Republic of China
Veitz, Lukáš ; Ševčíková, Michaela (advisor) ; Pekárek, Štěpán (referee)
This thesis analyzes the development of financial system of the People's Republic of China in the period from 1995 to 2015. The thesis is solved in the continuing process of Chinese economy liberalization. Main goal of the thesis is to analyze particular aspects of Chinese financial and monetary system and point out its potential risks as well. To achieve this goal the method of analysis has been chosen, especially system analysis and sector analysis. The thesis shows that one of main risks of the liberalization of Chinese financial sector is especially growing loans volume in its economy which is connected in growing rate of non-productive loans respectively. Next risk is the structure of investors in capital market. Based on findings it is able to say the highest risk of banking sector is connected with growing shadow banking as the alternative financing method. The thesis finds the completing of capital account liberalization and interest rate liberalization to be important too. Main benefit of the thesis except of Chinese financial sector analysis is comparison of different point of views about forecasting of future of the Chinese economy.
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Analysis of projects financing within the operational programme cross-border cooperation Czech Republic - Saxony in the years 2007 - 2013
Foktová, Nikola ; Ševčíková, Michaela (advisor) ; Bartůsková, Lucia (referee)
The primary aim of this paper is to compare the issues of financial security of individual projects implemented under cross-border cooperation between the Czech Republic and the Free State of Saxony. The theoretical part is devoted to the characteristics of individual species of European cross-border cooperation, its history and individual Euroregions. The paper is focused on cross-border cooperation of the Czech Republic, historical development, characteristics of Euroregion and specifications of cross-border cooperation programs. The part of the theoretical part is devoted to issue of financial security projects in terms of the contracting authoritys legal personality. The application part of the thesis is responsible for several tested hypotheses. Basic research method represents a survey. The group of respondents is represented by participants selected cross-border cooperation. The survey includes subjective opinion of each participant to achieve a comprehensive insight into the studied problematic. Work brings valuable insight from the perspective of direct participants. It works with personal experience and thus offers a unique analysis of the factors that may affect the efficiency of cross-border cooperation significantly. The analysis shows that civic associations are increasingly faced with the complications of financial security and they are exposed to a higher financial costs in comparison with regions and villages. The policy of cross boarder cooperation is positively evaluated by participants. The survey also shows that despite negative personal experience with exchange differences the participants do not save themselves by any insurance.
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Comparison of agricultural policies in the EU and in the USA between 1996 and 2013
Blažka, Jan ; Procházka, Pavel (advisor) ; Ševčíková, Michaela (referee)
This bachelor thesis compares argicultural policies of the European union and the United states with focus on diffrent approaches in GMO issues also I take in mind prepared trade agreement TTIP. In first part I describe various opinions on GMO benefits of TTIP and development of agricultural policies in the past. In second part I research GMO doesnt effect consumption of pesticides. Moreover I find out average yield from hectre of corn and cotton has positive correlation coefficient. GMO shouldnt be stop from reaching it's potential considering no healthy risks of it
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Analysis of participation of the Czech Republic in the Banking Union
Spáčilová, Monika ; Štěpánek, Pavel (advisor) ; Ševčíková, Michaela (referee)
The aim of the diploma thesis is to evaluate possible benefits and limits of The Czech Republic participation in the Banking Union. After the global financial crisis, Banking Union concept was undertaken as a response to decline of market confidence in the euro area banking systems. The Czech Republic is a country outside the euro area, therefore has an option to enter to the Banking Union by close cooperation agreement with the ECB. Historic development and structure of the Banking union is presented with the context of bank regulation genesis in European Union. After the theoretical part, thesis provides specific attributes of Czech financial markets and create a comparison of selected data among Czech Republic and European Union member states. Based on the detailed analysis of the relevant aspects, benefits and risks of the Banking union membership are provided.
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Perspectives of Transatlantic Trade and Investment Partnership: benefits and potential risks
Bednář, Milan ; Ševčíková, Michaela (advisor) ; Zamrazilová, Eva (referee)
It is possible that the economic condition of Europe after the global financial crisis of 2008-2009 prompted idea of trade liberalization. This diploma thesis deals with the Transatlantic Trade and Investment Partnership (TTIP), a proposed free trade agreement between the European Union and the United States of America. Main goal of the thesis is to provide economic evaluation of the deal, and to assess the claim that TTIP would be beneficial for the European Union member states. Main used method is a theoretical analysis supplemented by regression analysis. The theoretical part is focused on basic economic principles of international trade and related concepts. Main tools used to assess this agreement are described in more detail as well. The analytical part deals with economic linkages between the two regions, with emphasis on the development and current status of non-tariff barriers to trade. The thesis also contains a summary of potential benefits and risks. Finally, a potential impact of TTIP on the Czech Republic and the issue of Brexit is presented. The European Union and the United States of America are linked by strong economic ties. However, trade barriers between those two entities still exist and hamper international trade. The analysis indicates that if the contract was to be impactful and significant, it must focus on a substantial reduction of bilateral non-tariff barriers to trade. This implies that TTIP could interfere with sectoral regulations. In addition, it is not certain that achieved revenues would be automatically higher than costs given the number of perceived risks. Panel data gravity models are used to quantify the potential impact of trade liberalization on export of goods of the EU28 countries to the USA. Significant elimination of trade barriers could increase EU exports to the USA by more than 20%.
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Unconvential monetary policy adopted by ECB and FED in 2008-2015
Pörner, Marek ; Šetková, Lenka (advisor) ; Ševčíková, Michaela (referee)
The main aim of this thesis is to analyse the accomplishment of the goals set, namely those of the selected unconventional monetary policies approved by the Federal Reserve System and the European Central Bank in response to the last financial crisis. With the FED the attention is focused on Quantitative Easing, whereas with the ECB it is focused on the programmes called Enhanced Credit Support, SMP, OMT and EAPP. Important parts of this thesis are also the explanation of the transmission mechanism of the unconventional monetary policy, the evaluation of macroeconomic impacts of these non-standard tools, the comparison of procedures of the two monitored central banks, but mainly the analysis of selected risks related to those tools. The principal method was an empirical analysis supported by economic studies dealing with the issues mentioned above. In the thesis it was discovered that the individual goals of the monitored programmes were achieved (with the exception of the SMP). With the programme EAPP no conlusion can be drawn because the programme has not been finished yet. Nevertheless, these non-standard tools bring certain risks such as a creation of a bubble in the markets of assets, a redistribution of wealth, a spillover effect, etc. For that reason it will be possible to evaluate the overall effect of the unconventional monetary policies only after a longer time period.
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