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The Convergence Process in the EMU and the Fulfilment of Maastricht Criteria
Mecová, Markéta ; Izák, Vratislav (advisor) ; Blažek, Petr (referee)
The content of this bachelor thesis is the issue of meeting Maastricht criteria as well as presenting the view of Mundell's theory of Optimum currency areas. The work is divided into three chapters. In the first chapter, I generally describe and define the convergence criteria one by one and I also characterize the theory of Optimum currency areas. Some economists argue that the European Union's monetary area meets the conditions and could be considered as Optimum currency area. On the contrary, some economists use this theory and claim that European monetary area will never be able to meet those conditions. The second chapter of the thesis analyses the fulfilment of quantitative convergence criteria of chosen countries that have made a commitment to become a member of the European Monetary Union in the future. The third chapter summarizes fiscal criteria of all twenty-seven Member States of the European Union.
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Analysis of the Maastricht criteria, Czech republic since 1998
Křivánek, Matěj ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The convergent criteria and its implementation across countries is a very actual and discussed issue of the past few years with regard to the increasing number of countries striving for joining the European Economic and Monetary Union (EMU). It has also become a part of the policies of the particular central banks having a significant impact on its performance. The beginning of this work is intent on the theory of the Optimal Currency Area (OCA) as developed by Robert A. Mundell in the sixties, which gave rise to the Maastricht criteria, subsequently the findings will be applied to the environment of the Czech Republic. The aim of this thesis is to analyze the evolution of the monetary policy of the Czech Republic with regard to the fact that the Czech Republic also commited itself to adopting the common European currency. And what about the impact of a fact, that the Czech Republic represents a small open economy strongly reliant on the development of Euro, especially the German economy? Furthermore I will also evaluate the policy of the central bank which must be performed in order to meet the determined Maastricht criteria. One of the other aims of this thesis is to assess the benefits and risks associated with the entry to the monetary union, such as depreciation of Czech National Bank (CNB), primarily the loss of using the exchange rates representing the important means to stabilize the economy.
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Strengths and Weaknesses of the Euro for Trade Balance
Maříková, Eva ; Štěpánek, Pavel (advisor) ; Nováček, Jan (referee)
Práce se zaměřuje na vývoj zahraničního obchodu eurozóny od zavedení společné měny do roku 2006. Je přitom hodnocen vývoj jak vnějšího, tak i vnitřního exportu a importu členských států. V práci jsou nejprve zhodnocena teoretická východiska shrnující základní poznatky o Teorii optimálních měnových zón R. A. Mundella, obohacené o příspěvky Ronalda I. McKinnona a Petera B. Kenena. Zmíněna je i teorie endogenity optimálních měnových zón. Druhá část práce je věnována shrnutí hlavních přínosů, nákladů a potencionálních hrozeb vyplývajících z členství v měnové unii. Poslední část práce se pak věnuje již samotnému exportu a importu eurozóny. Nejprve je zhodnoceno postavení eurozóny na světových trzích, poté je zachycen vývoj jejího vnějšího obchodu. Zde je zvláštní kapitola věnována obchodním partnerům eurozóny a produktové struktuře jejího obchodu. Poslední kapitola celé práce se zaměřuje na vývoj vnitřního obchodu eurozóny. V práci jsou též uvedeny závěry několika analýz zkoumajících vliv členství v měnové unii na zahraniční obchod členských států. Přínosy jsou hodnoceny jak pro eurozónu jako celek, tak i pro jednotlivé členské státy.
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CONVERGENCE OF BUSSINESS CYCLES OF THE EMU REGIONS
Zezulová, Petra ; Jaklín, Jiří (advisor) ; Chytil, Zdeněk (referee)
The aim of this bachelor thesis is to answer the question whether the region of countries that participate in the European Monetary Union since 1999, constitute an optimal currency area. We will identify it under one of the criteria of OCA theory -- synchronization of economic cycles. This work first explain the emergence and development of the theory of optimum currency areas, and its criticism mainly by two different perspectives on the incidence of asymmetric shock in the economy after joining the single currency union, which causes asynchronous business cycle of the country. It also explains the economic cycle and particularly the methods used to detrending the time series, which are used for our research. In the analytical part, we create a correlation analysis, by force of detrending annual data of gross value added of NUTS2 regions that we will be able to answer whether the business cycles converge or diverge.
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The convergence of the Czech Republic and Slovakia to euro area
Lukáčová, Jana ; Bič, Josef (advisor) ; Jelínek, Tomáš (referee)
My bachelor's thesis concerning "The convergence of the Czech Republic and Slovakia to euro area" describes and compares nominal, real and structural convergence process in Czech Republic and Slovakia since 1998 till the present day, evaluates if the countries fulfill the criteria of theory of optimum currency area and tries to make a judgment if the Czech Republic and Slovakia are/were ready for the euro area entry.
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The European Economic and Monetary union: Pros and Risks for the Czech Republic
Kořínek, Tomáš ; Kalínská, Emílie (advisor) ; Čajka, Radek (referee)
The intention of this essay is to evaluate pros and risks related to the Czech republics joining the European Economic and Monetary union (EMU). It reviews the present condition of economy and meeting the Maastricht criteria. It compares the development of economy though indexes of inflation and the gross domestic product (GDP) in EMU countries and the countries outside EMU. The last part gives attention to the analysis of cyclic and structural harmonization of Czech economy with EMU. The essay makes use of the Theory of Optimal Currency Areas (Mundell).
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