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The preparedness of the Czech Republic to adopt the single currency of the euro
Vybíralová, Veronika ; Nedvěd, Jan (referee) ; Bočková, Nina (advisor)
This master’s thesis evaluates whether at all and at what level the Czech republic and Sweden meet the Maastricht criteria, because this is a necessary condition for adopting the single currency euro. The theoretical part of this thesis will be focused at theoretical basis, which means the European Union and its history, monetary union and individual convergence criteria. Analysis of actual situation of meeting the Maastricht criteria and analysis of preparedness medium and large business to adopt the single currency of the euro will be realized in next part of this thesis.
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Impact of Euro Implementation on Corporation Finance
Hrabec, Filip ; Trojan, Ladislav (referee) ; Breinek, Pavel (advisor)
This master's thesis analyzes the impact of euro implementation on corporation finance of a particular company. Czech Republic's accesion to the monetary union will entail positive and negative changes that will affect all entities in the economy. In this thesis, these impacts are analyzed and their expected net effect on the company is determined. The conclusion is focused on the evaluation of the impact of the single currency on the company, identification of the main risks associated with the necessary transformations and suggestion of the recommendations that will help the company to a successful transition to the euro.
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Comparison of the Czech Republic and Sweden in terms of the Maastricht criteria
Vybíralová, Veronika ; Nedvěd, Jan (referee) ; Bočková, Nina (advisor)
This master’s thesis analyzes whether at all and at what level the Czech republic and Sweden meet the Maastricht criteria, because this is a necessary condition for adopting the single currency euro. The theoretical part of this thesis will be focused at theoretical basis, which means the European Union and its history, monetary union and individual convergence criteria. Analysis of actual situation of meeting the Maastricht criteria and evaluation the harmonization of national economic in the Czech republic and in Sweden will be realized in analytical part of this thesis.
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Economic and legal aspects of euro adoption in the Czech Republic
NOVOTNÝ, Adam
The Czech Republic has committed itself to adopt the euro with joining the European union in 2004. Until today there has not been any political interest of setting the specific date of euro adoption due to low public approval. Currently, there is an increase of positive public opinion about euro so it is the right time to start an objective discussion. The thesis is divided into three parts. The First part describes the history and evolution of the European monetary union, Maastricht convergence criteria and the theory of optimal currency area. The second part presents possible economic benefits and costs of joining the monetary union. The third and the main part examines the real effects of euro adoption on sample of selected countries with similar characteristics. The impact of euro on main economic indicators was analysed and there has been carried out a comparison between these countries. Also the role of euro in trade of selected countries has been highlighted. Last but not least, the possible impact of euro on country competitivness has been analysed in the context of optimum currency area theory. It is expected that joining the monetary union leads to a boost of bilateral trade which harmonizes the economic cycles of trade partners. The main purpose of this part is to prove the increase of competitiveness of exporters gained from monetary union measured by the raise of the bilateral trade interconnection. Finally these two criteria - gross domestic product alignment and bilateral trade interconnection have been used to describe the suitability of Czech Republic as a candidate country for the European monetary union.
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The preparedness of the Czech Republic to adopt the single currency of the euro
Vybíralová, Veronika ; Nedvěd, Jan (referee) ; Bočková, Nina (advisor)
This master’s thesis evaluates whether at all and at what level the Czech republic and Sweden meet the Maastricht criteria, because this is a necessary condition for adopting the single currency euro. The theoretical part of this thesis will be focused at theoretical basis, which means the European Union and its history, monetary union and individual convergence criteria. Analysis of actual situation of meeting the Maastricht criteria and analysis of preparedness medium and large business to adopt the single currency of the euro will be realized in next part of this thesis.
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Comparison of the Czech Republic and Sweden in terms of the Maastricht criteria
Vybíralová, Veronika ; Nedvěd, Jan (referee) ; Bočková, Nina (advisor)
This master’s thesis analyzes whether at all and at what level the Czech republic and Sweden meet the Maastricht criteria, because this is a necessary condition for adopting the single currency euro. The theoretical part of this thesis will be focused at theoretical basis, which means the European Union and its history, monetary union and individual convergence criteria. Analysis of actual situation of meeting the Maastricht criteria and evaluation the harmonization of national economic in the Czech republic and in Sweden will be realized in analytical part of this thesis.
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Analysis of the Advantages and Disadvantages of the Euro Adoption
Fábera, Luboš ; Bartošová, Jitka (advisor) ; Bína, Vladislav (referee)
The main objective of the Masters thesis is the identification of advantages and disadvantages of the Euro currency adoption. The analysis is focused on the differences in development of the individual economic indicators before and after joining the eurozone as well as the European Union as an entity. The economic indicators used are in the form of gross domestic product, inflation rate, foreign direct investment, long term interest rate and international business trade. For the analysis itself, a vast variety of methods has been utilised within both Microsoft Excel and SAS Enterprise Guide. The analytic results do cover the required content and points to fulfil the main aims and objectives of the thesis and can thus be used as a baseline for the most common theoretic arguments for and against the euro adoption.
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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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Current Accounts in Monetary Union: The Role of Euro, Fiscal Policy and Financial System
Olešňaník, Tomáš ; Baxa, Jaromír (advisor) ; Švarcová, Natálie (referee)
This thesis examines the implications of euro for current account balances of countries using it. First, we summarize the main theoretical and empirical findings about determinants of current account deficits and possible implications of monetary union. Second, an empirical analysis of possible effects of single currency on current account is presented. We employ time-specific fixed effect estimator, corrected for possible endogeneity between fiscal policy stance and current account deficits. Our results support hypothesis of certain impact on current account balances as such. We also document positive effect of single currency on gross saving and investment rates. Our regression indicates that the role of fiscal balance and financial sector increased with introduction of single currency therefore implying less Ricardian behavior of private sector in eurozone. We further examined eventual break in the relationship between fiscal and current account balances suggesting that eurozone economies tend to become less Ricardian. Powered by TCPDF (www.tcpdf.org)
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Monetary Union of Belarus and Russia - Analysis of Possible Costs for the Belarusian Economy
Laurentsyeva, Nadzeya ; Holub, Tomáš (advisor) ; Dědek, Oldřich (referee)
Author: Nadzeya Laurentsyeva Title: Monetary Union of Belarus and Russia - Analysis of Possible Costs for the Belarusian Economy Abstract The thesis analyses alignment of the Belarusian and Russian economies with the aim to infer on costs of the possible monetary union for Belarus. Having estimated a structural vector autoregression model with long-run restrictions, we conclude that the economies have shared common supply and external demand shocks, but other temporary fluctuations have been, in large, asymmetric. Structural discrepancies (as proven by the qualitative analysis) and differences in the monetary policy foci and transmission (as illustrated by the estimation results of Taylor rules and a monetary vector autoregression model) could account for increasing misalignment since 2010. In terms of the welfare costs for Belarus (evaluated with a New Keynesian dynamic stochastic general equilibrium model), the monetary union can be considered preferable to the current monetary policy of the National bank of the Republic of Belarus, while being inferior to the hypothetical inflation targeting regime. The welfare gap between the two arrangements reduces, if stronger domestic price flexibility and higher synchronization of productivity shocks can be assumed.
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