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Theory of optimal currency areas and its implications in practice
Havičová, Aneta ; Žamberský, Pavel (advisor)
The submitted thesis focuses on the Economic and Monetary Union and its stability or instability with respect to theory of optimal currency areas. The aim of the thesis is to evaluate whether the current euro area is the optimal currency area, what possible ways of reducing the costs of the common currency exist and what are the economic consequences of a potential breakdown of the Economic and Monetary Union. The analysis of the theory of optimal currency areas is the subject of the first part of this thesis and its criteria are evaluated in the second part. The second part then deals with the economic implications of this theory in practice.
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Maastricht Criteria and Their Role in Common Monetary Policy of the European Union
Fleischmannová, Hana ; Boháčková, Ivana (advisor) ; Radek, Radek (referee)
This thesis deals with the monetary union development issues and their role in the process of European Union integration. Following the Maastricht convergence criteria (price stability, foreign exchange rate stability, stability of long-term interest rates, and condition of public finance) is essential for the accession to the European Monetary Union (EMU). The sense of Maastricht criteria is to evaluate the level of economic convergence. The content of the thesis focuses both on the evaluation of the candidates ability to fulfill the Maastricht criteria and to integrate into the monetary regime of EMU, and fulfilment of the criteria by current members of EU. Next part of the thesis follows up the origin and development of a theory of optimum currency area (OCA), which assesses the suitability of using common currency within EMU by means of its criteria.
In conclusion of the thesis benefits and expenses of the common currency are compared, and the future development of EMU is mentioned.
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Analysis of preparedness of the Czech Republic to adopt the single European currency
Burešová, Ivana ; Maitah, Mansoor (advisor) ; Anna, Anna (referee)
The Thesis Analysis of preparedness of the Czech Republic to adopt the single European currency is focused on integration process of the Czech Republic into the Eurozone. The Thesis is divided into two main parts, the theoretical and practical part. The theoretical part is focused on the history of monetary cooperation in Europe, the European Central Bank and its instruments and also on the European currency. The practical part is dedicated to fulfilling the Maastricht convergence criteria and to procedures that are strictly related to adoption of the European currency, such as selection of scenarios and legislative preparations for euro adoption.
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North American Monetary Union from the point of view of the Optimum Currency Areas theory
Jirka, Tomáš ; Slaný, Martin (advisor) ; Chytil, Zdeněk (referee)
The goal of this thesis is to evaluate the readiness of the member states of NAFTA to adopt a common currency or some other narrower monetary arrangement. This readiness is evaluated by the lens of Optimum currency areas theory (OCA). This thesis provides an overview of the basic OCA criteria, estimates the Optimum Currency Areas Index as a tool to assessing the fulfillment of OCA criteria and readiness of the countries of NAFTA to adopt a common currency or some other narrower monetary arrangement along the lines of the European monetary union. The results of this research indicates that Canada vis a vis USA is in state of advanced convergence and Mexico converges towards the USA economy. We can say that on the basis of OCA criteria the common currency arrangement is likely to be possible in the near future.
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Risks and Advantages of Adopting the Euro
Tvrzník, Petr ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The main goal of this bachelor thesis is to compare and valorize principal advantages and potential risks of adopting the Euro in the Czech Republic. Decision-making, whether to enter the Eurozone or not, represents a very important part of continuing European integration, which means for the post-communist states an economic and political approach to the west countries. The fundamental basis for this bachelor thesis is the theory of optimum currency areas, which is applied to the situation in the Czech Republic. The analysis of particular impacts of adopting the Euro follows. The thesis also includes some considerations about the future of the eurozone and indicates, how the actual debt crisis in some countries might influence those states, which have not adopted the Euro yet.
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The andantages and disadvantages of joining the EMU for the Czech republic
Tůmová, Daniela ; Brůna, Karel (advisor) ; Petrušová, Martina (referee)
The aim of this bachelor thesis is to discuss whether the Czech Republic is well prepared or not to join The European Economic and Monetary Union. It also describes the advantages and disadvantages connected with membership in The EMU. At the beginning it describes The European Economic and Monetary Union and the process of its formation. It also pays attention to the Maastricht criteria. Their performance is necessary for becoming a member of the EMU. It deals with economic convergence between the Czech Republic and other members of the EMU. Another topic of this work is the current performance of the Maastricht criteria by the Czech Republic. .In the last chapter it focuses on the current economic situation in the Czech Republic and the current economic convergence to the EMU. Finally this work evaluates that in these days the Czech Republic is not ready to join the European Economic and Monetary Union.
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Economic and Monetary Union - Basics of the theory of OCA versus Maastricht criteria
Paráková, Veronika ; Petrášek, František (advisor) ; Drahotský, Daniel (referee)
In my diploma thesis, I study optimality of the European Economic and Monetary Union on basis of principles of the Theory of Optimum Currency Areas -- OCA, with special attention to the criterion defined by R.A.Mundell. I point out some rigidities of the European labor market because of which this criterion is not met. On basis of an assumption that the more countries meet these criteria, the more suitable candidates for an entry of the monetary union they are, I reach a conclusion that EMU is not an optimal monetary zone. Nonetheless, the thesis does not ignore a hypothesis of the endogenous character of the OCA theory criteria, i.e. that they can be met even after an entry of the monetary union. Furthermore, with respect to the OCA theory criteria, I study appropriateness of the set Maastricht Convergence Criteria for evaluation of preparedness of countries for an entry of the EMU. The thesis also deals with potential revenues and costs of the introduction of euro in the Czech Republic. At the end of the thesis, I suggest potential alternatives of future development of EMU with respect to the current problems of the monetary union.
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Nominal and real convergence between the Czech Republic and the euro area
Salaj, Petr ; Brůna, Karel (advisor)
The aim of this bachelor thesis is to discuss how well the Czech economy is prepared to enter the eurozone. It first briefly describes the conception and development of the European Economic and Monetary Union, the Maastricht criteria and the economic convergence criteria. It further considers the potential advantages and disadvantages offered to the Czech Republic from EMU membership, and then judges the Czech Republic's fulfilment of the Maastricht criteria. The last chapter focuses on the current economic convergence between the Czech Republic and the euro area. Finally the work evaluates the position of the Czech economy and concludes that in the short term the Czech Republic is not ready to adopt the Euro.
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Term of the euro adoption in the Czech republic in the context of the global financial crisis
Kyncl, Martin ; Antoš, Ondřej (advisor) ; Štěpánek, Pavel (referee)
Bachelor thesis analyzes the influence of effects of the global financial crisis on the term of the euro adoption in the Czech republic. Effects of the global financial crisis are analyzed in connection with OCA theory, on which this thesis is theoretically based, as an economic shock whose impacts on the members of EMU are asymetric. Thesis also analyzes potential benefits and costs of the euro adoption in the Czech republic and tries to estimate its range. In conclusion thesis summarizes how advantageous the option of the fast euro adoption in the Czech republic is.
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