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The impact of establishing euro in the Czech Republic on economic policy by 2020
Bohata, Martin ; Štěpánek, Pavel (advisor) ; Ševčíková, Michaela (referee)
The thesis addresses the points of interest related to establishing the euro currency in the Czech Republic by 2020. What are the connected costs and benefits? Is euro going to be a contribution to the Czech economy? The theoretical part describes the creation process of European monetary union. The paper then works with advantages and risks associated with euro. The main cost of membership in the eurozone being the loss of independent monetary policy and the loss of the exchange rate mechanism is estimated in range of 0.59 to 2.34 % of GDP. Comparing the direct costs and benefits then leads to a net loss for the Czech Republic. Mutual comparison is conducted between the Czech Republic and Slovakia. It is shown that the difference in economic progress between these two countries is statistically insignificant. Thus the thesis concludes that establishing the euro in the Czech Republic by 2020 would be of no benefit.
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The Maastricht fiscal criteria, their formation and problems with meeting the criteria in the EU
Mihalec, Lukáš ; Izák, Vratislav (advisor) ; Klazar, Stanislav (referee)
This work deals with the Maastricht criteria and analyses the compliance with its fiscal rules in the period form 1995 till 2015 on the given sample of countries: Slovakia, Belgium, Germany and Greece. The assessment of compliance with fiscal Maastricht criteria in the case of given countries forms the main goal of this work. The thesis is divided into tree chapters. The first chapter introduces basis of the theory of the optimal currency area. Following this theory, the second chapter focuses on the Maastricht criteria as such. The third chapter includes the analysis of compliance with fiscal Maastricht criteria in the case of give countries
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The theory of optimal currency areas: regional aspects
Ubry, Michael ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
This bachelor thesis is concerned with the theory of optimal currency areas which was used to analyse regions in Czech Republic. This analysis is based on three criteria: mobility of production factors, economic openness and diversification of production. The main goal of this thesis was to find out whether there are regions of the Czech Republic which are prepared for monetary integration concerning the acceptance of the euro and whether they can create an optimal currency area with other regions. Results of analysis show that Czech Republic is not an optimal currency area. However, it is still beneficial to have one single currency in this territory because of the lower transaction costs and sovereignty of a country. Assuming only economic and theoretical view, existence of regional currencies would bring more costs than benefits for certain regions. Results of thesis also indicate that not every single region will be an appropriate candidate for joining Eurozone.
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The Eurozone and small open economies from the perspective of the Optimum Currency Area Theory
Bodnár, Juraj ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
The aim of this thesis is to evaluate the existing knowledge about the theory of optimum currency areas and assess the euro area and selected small open economies in terms of this theory. In addition to traditional forms of OCA theory has profiled endogeneity theory, which allows fulfillment of OCA criteria ex post. The opposite approach is formulated in the hypothesis of specialization by P. Krugman. In the thesis I found out that the Eurozone is not an optimal currency area according the fulfillment of criteria of the OCA theory. Another observation is that a small open economy has limited opportunities to conduct independent monetary policy, what makes its membership in the monetary union in the long term necessary. However, its membership has some drawbacks especially that the exchange rate fluctuates according the fundamentals of the big economies (members of monetary union). Furthermore, I have found out by comparing the macroeconomic indicators of individual countries, that the membership of small open economies in the euro area is appropriate, but it has some risks. In the thesis, I also found out that small countries (especially microstates) should specialized in export of services - tourism, financial and administrative services.
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The Stability and Growth Pact and its implications for relations between Eurozone countries
Voříšková, Tereza ; Sršeň, Radim (advisor) ; Dubský, Zbyněk (referee)
The thesis analyses the Stability and Growth Pact with regards to relations between the Eurozone countries. First, it theoretically describes European integration process and consequently finds if the European Monetary Union in the optimal currency area. Furthermore, explains term of a Stability and Growth Pact and it discrepancies between political and economic issues. In conclusion, it is contemplated that the Stability and Growth Pact, even after the reforms, have a negative impact on relations between the members of the Eurozone.
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The impact of the debt crisis on monetary integration in Europe
Pecho, Maroš ; Čajka, Radek (advisor) ; Hinčica, Vít (referee)
The bureaucratic structures of European Union, Eurozone etc.; deal with the issue of monetary integration these days. This point was achieved, because of the beginning of debt crisis, which has erupted in 2009. In this thesis is a clear explanation of monetary integration in general, hers costs and benefits and also historical development within the framework of monetary union in Europe. The emphasis is placed on creation reasons of debt crisis, with detailed description and interpretation of the global imbalances principle, applied on Eurozone members. In the part discussing global imbalances are stated PIIGS states and their main task within the framework of debt crisis. The most important part is the part, noticing the concrete steps in European integration deepening such as formation of stability mechanisms -- EFSM, EFSF, ESM; continues to preparation of formation named as bank union; introduction of financial transaction tax etc. The might and theoretical solutions, like Eurobonds or disintegration of Eurozone, are also included. The last paragraph sums up impact of debt crisis on integration processes.
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Euro crisis or the crisis of public finance?
Pavelčík, Pavol ; Řežábek, Pavel (advisor) ; Zeman, Karel (referee)
The diploma thesis focuses on the current economic problems of the eurozone, which are caused by the existence of independent monetary policy and seventeen fiscal policies. The theoretical part describes the complex relationship of fiscal and monetary policies as well as the optimum currency area criteria. The practical part analyzing monetary policy in terms of inflation, inflation differentials, development of the real effective exchange rate, credit expansion and the impact of low interest rates on the creation of housing bubbles. Analysis of fiscal policy focuses on the criteria of the Stability and Growth Pact in terms of the fiscal deficit and government debt development. At the end, the diploma thesis provides a brief description of the new fiscal agreement and the European Stability Mechanism treaty.
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The theory of optimum currency areas and the entry of the Czech Republic into the EMU
Vála, Vladimír ; Koderová, Jitka (advisor) ; Kučera, Lukáš (referee)
The aim of this bachelor thesis is to determine, whether the Economic and Monetary Union fulfills criteria of optimum currency area, to evaluate the nominal and real convergence of the Czech Republic to EMU and to assess benefits and costs resulting from the implementation of common currency in the Czech Republic. I present basic criteria of optimum currency area and I try to find out whether they are met within the EMU. There are three economic criteria, three political criteria, the criteria of alignment of the business cycle, and also to mention Brown's tests and criteria of Václav Klaus. It also analyses whether the Czech Republic meets the Maastricht (nominal) convergence criteria and the extent to which is achieved real convergence. The benefits and costs associated with membership in the European Monetary Union for the Czech Republic are described in the conclusion.
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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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Endogeneity of OCA Criteria in the Context of EMU Periphery
Drnek, Adam ; Hlaváč, Petr (advisor) ; Babin, Jan (referee)
This study examines the hypothesis of an endogenous nature of the business cycles synchronization of countries forming a monetary union, based on the Theory of Optimum Currency Areas (OCA). The model analyzes alignment of business cycles correlation between the core countries and the periphery of the European Monetary Union. Using tests of cointegration and OLS examines the presence of long-term or short-term synchronization of the cycles. After comparing the measured values of synchronization before and after joining the EMU with contribution of Differences-in-Differences method concludes the endogenous nature of business cycles correlation between peripheral and core EMU countries.
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