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The Evolution of Optimum Currency Area Index: Post-crisis Perspective
Kadlecová, Pavlína ; Horváth, Roman (advisor) ; Geršl, Adam (referee)
This paper estimates the determinants of exchange rate variability for 21 developed economies in 1980-1998. The results show that traditional criteria implied by the optimum currency area (OCA) theory, such as business cycle synchronisation, trade linkages and economy size, determine to a large extent bilateral exchange rate variability. Using the ordinary least squares estimation, we compute OCA indices for European economies vis-à-vis Germany and identify countries showing consistently large or little signs of convergence. We find that since 1998, most European developed economies have converged to Germany whether or not they are using the euro, suggesting that structural similarity is not driven solely by monetary integration. Our results from the model estimated by the generalized method of moments suggest that two additional criteria reflecting labour market flexibility and private credit growth are significant in explaining the exchange rate variability and lead to a ranking of countries different from the traditional approach. We find a positive relationship between the OCA indices and GDP decline during the economic crisis of 2008-09, which further supports the view that the OCA index is a useful indicator of the candidates' readiness to join the Euro Area. We apply the results to the...
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Convergence of the Czech Republic to the European Union
Pešková, Jana ; Kučerová, Irah (advisor) ; Černoch, Jakub (referee)
This thesis deals with an analysis of the convergence of the Czech Republic to the first fifteen member states of the European Union. The aim of this thesis is to evaluate different types of resources that are available for the Czech Republic from the European Union and if and to what extent the development levels of the Czech Republic and the EU 15 countries come closer. The first part of this thesis describes resources provided by the European Union to its member states and funds used to their allocation. The second part focuses on drawing of these resources by the Czech Republic. Specifically, the amount of resources allocated to the Czech Republic is described and the ability of the Czech Republic to use them is analyzed. The third part, core of this work, concentrates on an analysis of several fundamental development indicators. Main indicators of both nominal and real convergence are evaluated, as well as the Human Development Index. These indicators are applied on both the Czech Republic and the EU 15 countries, they are compared and the level of the convergence between the two units is evaluated. Powered by TCPDF (www.tcpdf.org)
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The Convergence Process of the Czech Republic to the Federal Republic of Germany in the years 1993-2015
Křížek, David ; Vostrovská, Zdenka (advisor) ; Ševčíková, Michaela (referee)
This diploma thesis is focuses on the Czech Republic's convergence to the Federal Republic of Germany. Both nominal and real convergences on selected indicators for the period from 1993 to 2015 are examined. Firstly, a part of the convergence of the issue, its theoretical concepts and the concepts that can be used to explore this process are devoted. The necessary political, historical and economic contexts are provided which enable the Czech Republic to position itself in relation to the Federal Republic of Germany. Subsequently, the thesis deals directly with analysis of time series. Nominal convergence is judged by the Maastricht criteria, namely the harmonized index of consumer prices and the value of long-term interest rates. Real convergence is then analyzed using the GDP indicator. The last part of this work is focused on testing beta and sigma convergence hypothesis. It is thus proven that the Czech Republic's convergence towards the Federal Republic is ongoing, but it is strongly influenced by economic cycles and other shocks to the national economy.
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Real Convergence of Economies and their Disruption of Economic Crisis
Janeček, Michal ; Bartošová, Jitka (advisor)
The bachelor thesis examines the impact of the economic crisis on the real convergence of the Czech Republic and the other states of the Visegrad Group towards the states of the European Union. The beta and sigma convergence methods were used to determine whether real convergence was taking place. For these purposes, three models were created, all EU members without the excluded Ireland and Luxembourg due to their extreme values (EU-26), the Czech Republic and the original EU member (EU-13) and the Visegrad Group and EU-13. Each model was further divided into pre-crisis and post-crisis periods. In the pre-crisis period beta-convergence was demonstrated in the EU-26 group, V4 and EU-13 group and sigma-convergence was demonstrated in the EU-26 group. In all other cases, the result of the analysis was ambiguous. After the crisis, the results of the analyses in all groups were ambiguous.
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Euro adoption in Slovakia
Panáková, Patrícia ; Vejmělek, Jan (advisor) ; Šíma, Ondřej (referee)
The subject of the bachelor thesis is to describe the process of preparation and adoption of euro currency in the Slovak Republic. Slovakia showed a significant convergence to the euro area after joining the EU in 2004. Despite the worsening economic situation due to the global economic crisis, Slovakia did not have problems meeting the Maastricht convergence criteria. Long-standing and thorough preparation helped smooth transition from the Slovak crown to the euro. The Slovak Republic became the sixteenth member in the euro area on 1st January 2009. Currency change brought advantages and disadvantages to the banking sector. In the long run, banks lost a significant part of foreign exchange transactions, but on the other hand, they gained better access to the European interbank market.
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The Evolution of Optimum Currency Area Index: Post-crisis Perspective
Kadlecová, Pavlína ; Horváth, Roman (advisor) ; Geršl, Adam (referee)
This paper estimates the determinants of exchange rate variability for 21 developed economies in 1980-1998. The results show that traditional criteria implied by the optimum currency area (OCA) theory, such as business cycle synchronisation, trade linkages and economy size, determine to a large extent bilateral exchange rate variability. Using the ordinary least squares estimation, we compute OCA indices for European economies vis-à-vis Germany and identify countries showing consistently large or little signs of convergence. We find that since 1998, most European developed economies have converged to Germany whether or not they are using the euro, suggesting that structural similarity is not driven solely by monetary integration. Our results from the model estimated by the generalized method of moments suggest that two additional criteria reflecting labour market flexibility and private credit growth are significant in explaining the exchange rate variability and lead to a ranking of countries different from the traditional approach. We find a positive relationship between the OCA indices and GDP decline during the economic crisis of 2008-09, which further supports the view that the OCA index is a useful indicator of the candidates' readiness to join the Euro Area. We apply the results to the...
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Convergence of the Czech Republic to the European Union
Pešková, Jana ; Kučerová, Irah (advisor) ; Černoch, Jakub (referee)
This thesis deals with an analysis of the convergence of the Czech Republic to the first fifteen member states of the European Union. The aim of this thesis is to evaluate different types of resources that are available for the Czech Republic from the European Union and if and to what extent the development levels of the Czech Republic and the EU 15 countries come closer. The first part of this thesis describes resources provided by the European Union to its member states and funds used to their allocation. The second part focuses on drawing of these resources by the Czech Republic. Specifically, the amount of resources allocated to the Czech Republic is described and the ability of the Czech Republic to use them is analyzed. The third part, core of this work, concentrates on an analysis of several fundamental development indicators. Main indicators of both nominal and real convergence are evaluated, as well as the Human Development Index. These indicators are applied on both the Czech Republic and the EU 15 countries, they are compared and the level of the convergence between the two units is evaluated. Powered by TCPDF (www.tcpdf.org)
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Czech-German Economic Ties: The Relevance of the Neofunctionalist Approach in the Contemporary Socio-Economic Context
Janíčko, Martin ; Kučerová, Irah (advisor) ; Zemplinerová, Alena (referee)
The thesis was most importantly concerned with the intensity of economic ties between the Czech Republic and Germany from 2004 enlargement, using neofunctionalist approach framework as a theoretical background. Two main hypotheses have been tested and the effects of financial and economic crisis have been also taken into account. We can affirm, based on the observed data and analysis made, that the intensity of economic ties has grown substantially since 2004 as well as the synchronization of the business cycles. Much of these effects could be attributed to the practical working of neofunctionalist premises. This is demonstrated by the fact the EU integration leads to a more significant interconnection in many spheres of economic activity that in turn affect the whole economic development and determination. Economic reciprocity has in general strengthened the political one, which is now being perceived on quite many political levels. However, more or less exogenous effects of the financial and economic crisis of 2008 and 2009 have led to a relatively visible slowdown in further integration and interconnection. From this reason, we can ask ourselves a pertinent question to what extent the integration is about to continue and what will be its impact on political relations of both countries in the...
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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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Analysis of readiness of the Czech Republic for entry into the Eurozone
Skála, Martin ; Pavelka, Tomáš (advisor) ; Krameš, Jaroslav (referee)
The aim of this thesis is to analyze readiness of the Czech Republic for accession to the European Monetary Union. Although we celebrated 12th anniversary of our membership in the European Union, the Czech government still has not set a date of entrance to the Eurozone. The theoretical part of my thesis focuses on analysis of fulfillment of Maastricht criteria, which had to be fulfilled by each candidate country for membership in the currency union. In the practical part of this thesis I will evaluate the macroeconomics impacts of adapting the common European currency in new member countries. In conclusion, I will try to outline benefits and costs of membership of the Czech Republic in the Eurozone.
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