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Economic convergence of countries as a result of EU accession
Lejsek, Vojtěch ; Votava, Libor (advisor) ; Burianová, Kateřina (referee)
The goal of this bachelor thesis is to find out if economic convergence happens in reality between chosen countries after their admission to the European Union. This thesis examines nominal and real convergence. Through analysis and comparison of statistical data this thesis compares individual macro-indicators of nominal and real economic convergence and examines if convergence happens. Convergence is observed in time line on chosen countries.
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Analysis of real and nominal convergence of the Visegrad Group in the years 2000-2015
Wikturna, Jan ; Strejček, Ivo (advisor) ; Zamrazilová, Eva (referee)
This Bachelor thesis is focused on a macroeconomic analysis of the process of the real and nominal convergence of the Visegrad Group countries to the old member states of the European Union, called EU-15 during the period of 2000-2015. The objective of the analysis is to confirm or disprove the hypothesis that in the selected period there is a convergence of the economically backward V4 countries with the advanced EU-15 countries and to highlight the factors that are behind the narrowing of the gap in economics and price levels. The theoretical part deals with the ways in which we measure and compare the economic performance and economic level, and explains the different approaches of the problem of economic growth and the subsequent catching up effect. The practical part is focused on a comparison of elected macroeconomic indicators and reference is made to the selected factors to determine whether, and for what reasons, the economic convergence of these selected countries made towards the developed countries of the EU-15. The analytical part confirms the ongoing process of the real and nominal convergence throughout the period, but its course is varied during different times of the period. In conclusion, it is found that the rate varied by the convergence processes and in fact positively affected the V4 countries, that joined the European Union. The incoming dynamics of the convergence, especially the prices, were significantly disrupted by the economic crisis.
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Fiscal rules in selected EU countries between 2004-2015: sensible method for consolidation of public finances or fad of politicians?
Veselý, Lukáš ; Strejček, Ivo (advisor) ; Chmelová, Pavla (referee)
The subject of fiscal rules is very topical issue. The rise of public debt in certain developed countries resulted in what is sometimes called "debt crisis". Debt of those countries which is higher than their annual gross domestic product is viewed as unpayable by some economists. The main objective of this thesis has been to prove or disprove hypothesis that the fiscal rules studied in this paper are an effective solution for public finance consolidation. This verification was based on the analysis of fiscal rules functioning in selected countries between 2004 and 2015. As per results of analysis the paper aims to give recommendations for the Czech financial constitution proposal. The actual results of inquiry proved the hypothesis. Well-chosen fiscal rules are the right way towards fiscal consolidation, provided they are observed. Fiscal rules making thus requires an emphasis to be placed on the well-formulated exit clauses altogether with prospective sanctions. The current Czech financial constitution proposal is built on the correctly picked fiscal rule type, although the reference value lacks economic sense and it would not lead, with a high degree of probability, towards fiscal consolidation.
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Impact of Euro Implementation on Corporation Finance
Bergová, Hana ; Burget, Jaroslav (referee) ; Breinek, Pavel (advisor)
Aim of the thesis is effects identification of the euro implementation on the company Jihomoravská armaturka Ltd.. and in terms positive and negative aspects of this change. Literature review deals with the way the common currency within the historical development of the EMU, the description of the convergence criteria and timetable for the introduction of the euro in Czech. Followed by evaluation of the domestic business sector and theoretically discussed the impact of the euro immediately acting on it. Basis of literature are applied to the selected firm in the analysis of the current situation, together with the determination of the overall impact of the European currency. The conclusion is devoted to recommendations and suggestions for the company to the future and in the preparatory process of the introduction of the euro.
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Comparation analisys of the Visegrad groups states development of the public sector debt from 2004 to 2014
Vyčítal, David ; Ševčíková, Michaela (advisor) ; Klement, Josef (referee)
This work focuses on the analysis and comparison of the Visegrad groups states development of the public sector debt from 2004 to 2014. The subject of the theoretical part is the public debt which includes the public budget, deficit and public revenue and expenditure. The theoretical part further explains stability evaluation connected with credit rating, the Maastricht criteria and the Fiscal compact. The work concludes that the largest problem with economies of the Visegrad group has Hungary. The data is based on the significant impact on public debt have public deficits that arise due to mismanagement. The essential problem, namely Hungary, is the low stability of the economy, which significantly responds to global economic problems.
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Impacts on the Italian economy and fulfilling the Maastricht criteria
Macháčková, Markéta ; Bolotov, Ilya (advisor) ; Čajka, Radek (referee)
The diploma thesis aims to find out how the global economic crisis influenced the Italian economy. The thesis is divided into four chapters. The first chapter describes the process of the European monetary integration, where the role of Italy is emphasized. The second chapter deals with the specifics of the Italian economy which are put in historical context. The third chapter analyses the impacts of the crisis on the Italian economy. The last chapter is dedicated to anti-crisis policies taken by the Italian government. Furthermore, the current situation of the Italian economy is assessed.
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The economy of Austria and its comparison to the Czech Republic
Němcová, Martina ; Jeníček, Vladimír (advisor) ; Vošta, Milan (referee)
The aim of the thesis is to describe the economy of Austria from the perspective of basic macroeconomic indicators and their development from the early 1990s to the present. These indicators are compared with the selected countries, especially with Germany, the United States of America and the Czech Republic. As Austria is a small open economy, international trade and external economic balance are important topics to be mentioned. Austria is compared to the Czech Republic. Both countries are not only geographically close to each other, they also have a common history and cultural traditions. Therefore, a comparison of their pension systems, healthcare and ethnic compositions is included in this thesis.
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Maastricht convergence criteria and their fulfillment by the Czech Republic
Punčochářová, Hana ; Jiránková, Martina (advisor) ; Bartušková, Hana (referee)
Fulfillment of Maastricht criteria is essential in order to enter Eurozone which currently consists of 18 member states. The main objective of this thesis is to assess preparedness of the Czech Republic for adopting common European currency. The thesis is divided into three chapters. The first chapter describes development of monetary integration in Europe and nominal and real convergence criteria. In the second chapter, some thoughts about the possible impact of adopting euro by the Czech Republic are provided. The subject of last chapter is the analysis itself of fulfillment of Maastricht convergence criteria by the Czech Republic through the period from 2010 to 2016. In addition, this chapter describes economic alignment of the Czech Republic with the Eurozone and the acceptance of euro by the Czech Republic.
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The Entrance of Spain to the Eurozone
Malá, Michaela ; Jiránková, Martina (advisor) ; Fialová, Barbora (referee)
This bachelor's thesis is devoted to adoption of the euro in Spain and analyses impacts of the euro adoption. The thesis is divided into three chapters that are then divided into subheads with partial goals. There are mentioned some general information about Spain in the first part of the work and after that, the recent economic situation is analysed. In the second chapter the Maastricht criteria are described that are followed by the analysis of the fulfilment of convergence criteria by Spain. The second part of this chapter contains processing of data based on the questionnaire that was completed in spring 2015. The last chapter deals with the impacts of the European economic crisis and explains the connections between the euro adoption and subsequent economic crisis. There are also depicted possible solutions to the crisis not only in Spain, but also in the whole euro area.
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Development of nominal and real convergence in Czech and Slovak Republic and entry of the Czech Republic into the EMU
Gajoš, Ondřej ; Žamberský, Pavel (advisor) ; Jiránková, Martina (referee)
The aim of this thesis is to define nominal and real convergence within the area of the European Union and to assess its development on the example of the Czech and Slovak Republics. This dissertation is divided into three integrated sections. The theoretical part analyses basic economic concepts related to the issue of convergence and stability of joint economic units. The topics covered include the Maastricht criteria, their relevance, currentness and possible conflict between nominal and real convergence with the accession of new countries, then the theory of optimum currency area (OCA), theory of endogeneity and exogeneity and the linkage on fiscal policy and fiscal discipline in the environment of the European Union and the eurozone. Special attention is focused on the development of fiscal policy following from the establishment of the Stability and Growth Pact, including its reforms and recent changes in the form of the Euro Plus Pact and the Fiscal Convention. To satisfy the need for quantitative evaluation of given hypotheses, the second (empirical and analytical) part offers two self-constructed indices - the index of real convergence and fiscal discipline index. Based on these indices, relationship between the performance criteria of nominal and the real economy is monitored in the evaluated cohort. The last part of this work is dedicated to synthesis and application of findings from the previous sections upon which conclusions and recommendations for possible entry of the Czech Republic into the euro area are made.
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