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Euro zone and fiscal transfers: does it mean wasting of time or necessity?
Paul, Tomáš ; Dingová, Vilma (advisor) ; Marko, Peter (referee)
The bachelor thesis discusses possible solutions of asymmetric economic shocks in euro-area. The first chapter shows that some of the criteria of the theory of optimum currency area are not fulfilled therefore the euro-area is more vulnerable to the asymmetric shocks. The second chapter introduces six proposals of the fiscal transfer mechanism as they are presented in literature. The third and fourth chapter analyzes and compares the construction of the mechanisms and fulfilling of seven features that the fiscal transfer mechanism should have. In the empirical part are calculated transfers for two mechanisms. The comparison shows considerable differences between them. The conclusion of the thesis is that the construction of the fiscal transfer mechanism is difficult because of the features of the euro-area and faces many problems, therefore the implementation cannot be recommended for the time being.
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Meta-Analysis in Economics: Application to Measuring the Euro's Trade Effect
Polák, Petr ; Havránek, Tomáš (advisor) ; Havránková, Zuzana (referee)
Meta-analysis is a very strong and effective tool designed for the synthesis of results of empirical research. It provides a possibility to make reliable conclusions and offers more systematic and unbiased view at empirical studies than do narrative reviews. This thesis begins with description of meta-analysis from the theoretical point of view and, therefore, is the first Czech-written methodology of modern meta-analysis suitable for economics. This part is followed by an applied meta-analysis that investigates the euro effect on common trade exchange, and the analysis is focused on publication bias and the use of the multilevel random effects model. The empirical part is based on 2580 estimates gathered from 33 studies that investigate the relationship between euro and trade volume. The meta-analysis reveals the presence of publication bias, confirms the economic research cycle hypothesis and estimates, according to the available literature, that the true Rose effect lies probably between 2 and 6 percent.
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Critical Analysis of Monetary Policy of the EU and its Impact on Countries in the Eurozone
Vavříková, Andrea ; Gabzdylová, Jana (referee) ; Škapa, Stanislav (advisor)
Diplomová práce se zabývá problematikou měnové politiky v Evropské unii, respektive v Evropské měnové unii. Samotnému vzniku Evropské měnové unie předcházelo dlouhé období integračních procesů a je spojováno se dvěma mezníky. Prvním mezníkem byl vznik Evropské centrální banky, která představuje jednu z nejdůležitějších institucí a je zodpovědná za provádění jednotné měnové politiky v eurozóně. Druhým důležitým momentem bylo zavedení společné evropské měny, eura. Navzdory podstatným obchodním výhodám spojených s přijetím eura se brzy ukázalo, že jednotná měnová politika nemusí vyhovovat všem zemím kvůli jejich odlišným ekonomickým potřebám a schopnostem, které vyžadují různou měnovou politiku. Tato práce se soustředí na současnou ekonomickou situaci v eurozóně se zvláštním důrazem na otázku dluhové krize.
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Analýza výhod a nevýhod přijetí eura v České republice
Vohlmuthova, Veronika ; Bartošová, Jitka (advisor) ; Bína, Vladislav (referee)
This bachelor thesis analyses the advantages and disadvantages of adopting the euro in the Czech Republic. I approach this question in a comprehensive manner by dividing the thesis into three parts; theoretical part, methodology and practical part. The first part is the theoretical background, which covers the topic of the creation of the European Economic and Monetary Union (EMU), associated costs and benefits, accession criteria, Optimum Currency Area theory, theories of economic convergence and compliance of the Czech Republic with the euro area. The second part examines the methodology, description of the data base, economic indicators, statistical software and statistical methods. The third part is the practical part, where I use descriptive statistics, growth coefficients, convergence theories, such as beta convergence, sigma convergence, and finally a qualitative comparison of Czech Re-public and Slovakia.
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Je evropská měnová unie optimální měnovou oblastí? Empirická analýza úrpkových a inflačních diferenciálů v eurozóně
Gúth, Ondřej ; Klosová, Anna (advisor) ; Villaverde Castro, José (referee)
The economic crisis of 2008 had substantial impacts on the global economy. The European Monetary Union was affected as well, however, the economic impacts also stirred up political discussions concerning functioning of the European Union and its unity as divergence of economic means among the member countries intensified during the crisis. Inflation and real interest rate differentials have to substantial degree the ability to measure the divergence among the member countries of a monetary union. A number of empirical studies measuring the differentials in the Euro area were conducted since the start of the financial crisis in 2008. These studies show growing inflation and real interest rate differentials among the countries of the Euro area, argue that the European Monetary Union is becoming less stable and often question its future. This paper conducts similar empirical analysis; however, it differs from the above mentioned works of other authors by the larger time gap between the start of financial crisis and the time of conducting the analysis as it uses data until the year of 2013. This paper also contributes to current literature by the methodology it uses. The inflation and interest rate differentials in EMU are calculated by two methods and their results are subsequently compared, which has not been done before. The inflation and interest rate differentials are calculated for the USA as well in order to have an entity which can be considered as a hypothetical optimum currency area and to which the differentials of EMU could be compared. The results of the analysis in this paper will state whether the magnitude of inflation and interest rate differentials is too high and it will also either confirm the trend of divergence of inflation and real interest rates within the Euro area or show that this divergence is only a short-time period phenomenon of after-crisis years. As this is an important and very recent issue of European Monetary Union the results of this paper should form interesting contribution to current literature on this topic.
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Benefits and costs of adoption a common European currency in small open economy (example of Slovakia)
Herchl, Peter ; Durčáková, Jaroslava (advisor) ; Čermáková, Daniela (referee)
The master thesis focuses on the influence of common European currency in Slovakia. Slovakia represents small transitive economy with high degree of openness and long-term experience from participation in common monetary union. The aim of the thesis is to analyse observed and potential benefits and costs that are emerging from adoption of common European currency in Slovakia. The analysis is based not only on quantified determinants, but also on the basis of observed alternative evaluation criteria, which are providing complex picture of macroeconomic development and performance of Slovak economy in comparison with other countries of Eurozone and European Union. Analyses that are used in the thesis are based on theoretical findings that are described in the first chapter. This chapter deals with criteria defined by the theory of optimal monetary unions, real convergence, but also with the most significant benefits and costs defined by the European Commission and economic theory. The thesis deals with the monetary politics in Slovakia before and after 2009 with focus on loss of autonomous monetary policy as the most significant cost of entry to European Monetary Union and also with analysis of the nominal convergence criteria that are needed to accept in case of adopting common European currency.
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Non-membership of Sweden in the European Monetary Union
Kaštánková, Markéta ; Jiránková, Martina (advisor) ; Sankot, Ondřej (referee)
The Bachelor's thesis "Non-membership of Sweden in the European Monetary Union and its economic reasons"deals with the Swedish accession to the euro area. The aim of the first chapter is to introduce the economic history of Sweden, focusing particularly on the period of forming the welfare state and present economic prosperity. The second chapter looks deeply into the economic reasons of Swedish absence in the EMU, including primarily the non-attendance in the ERM II and the interest in keeping the independent monetary policy and finally summarises and explains the influence of Swedish historical developement on the common currency adopting attitude. The fulfilment of the Maastricht criteria by Sweden in 2014 has been analysed in the separate subchapter.
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The preparedness of the Czech Republic to adopt the euro
Zákravská, Jana ; Kolman, Ondřej (advisor) ; Ševčíková, Michaela (referee)
This thesis analyses if Czech Republic is ready to be a member of European monetary union and to adopt euro. Although it has been 11 years now since Czech Republic joined European Union, Czech government has not still set a date for entering eurozone. The thesis analyses if Czech Republic fulfil nominal convergence criteria, which are obligatory for entering European monetary union. Furthermore, the problem of real convergence is discussed as it indicates level of harmonization of economics in monetary union. By combining data analysis with theoretical findings I reached the conclusion that Czech Republic is not fully ready for adopting euro and fiscal reform would be necessary for sustainability of convergence.
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An Empirical Analysis of Trade Effects of the European Monetary Union
Šedivá, Radka ; Klosová, Anna (advisor)
This master dissertation deals with broadly discussed topic -- are there really some trade enhancing effects for countries that have adopted the euro? This thesis provides an estimate of the effect of the European Monetary Union on trade, taking into account panel data of 37 economies during sample period 1995 -- 2012. The sample consists of 27 European Union members and 10 non-EU OECD countries. After applying gravity model of trade and controlling for gravity-model-specific influences, the effect of the euro on trade obtained from the results of the estimation is positive and statistically significant 9 per cent.
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Legal Framework of Monetary Stability in the Euro Area
Humeníková, Zuzana ; Moravec, Tomáš (advisor) ; Patočka, Radim (referee)
The Bachelor's thesis deals with the European Union, especially with European monetary union, and explains legal framework of monetary stability in the monetary union with regard to the Denmark, the nation with statutory exceptions. The aim od this thesis is to provide potential readers with information about the attitude of Denmark to unified monetary integration. The first chapter is dedicated to the history of the European monetary union, it's evolution and legal basis of monetary integration. The second chapter explains the European System of Central Banks and the European Central Bank. The last chapter describes position of the Denmark in the EU from view of history and political cooperation between nation policy and it's population, with focus on the Euro Area.
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