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Vliv přijetí společné měny euro na export
Urbanová, Daniela
The diploma thesis deals with the impact of euro adoption on export. Two basic channels of an impact of the adoption of the common currency are identified, namely the reduction of the exchange rate risk and the loss of an autonomous monetary policy. The main contribution of the thesis is the application of the exchange rate stability index and the index of monetary independence as variables representing the mentioned channels and the assessment of their impact on exports in the empirical analysis. The regression analysis of the panel data with fixed effects is used because of the heterogeneity of EU states. In addition to the aforementioned indices, a foreign demand and the nominal effective exchange rate are included in the models. The results indicate that the exchange rate stability index and a foreign demand have a positive and statistically significant impact on export. The empirical analysis uses monthly data for 25 countries of the European Union during the period from January 1994 to May 2017.
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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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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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Analysis of the Impact of Common Currency on the International Trade within the Member Countries of the European Union
Křapáček, Tomáš ; Chytilová, Helena (advisor) ; Mirvald, Michal (referee)
The aim of this thesis is to confirm and consequently quantify the impact of common currency on the size of bilateral trade flows within the member countries of the European Union with the help of gravity model of international trade. The hypothesis of anticipated positive effect was confirmed, whereas performed regression analysis has provided constant estimations of impact of the euro on the size of international trade, which - assuming ceteris paribus - ranged in the interval from 13.6 to 16.3%. Data set tracked the flow of goods of 378 business partners in the period between 2001-2014 providing a very detailed analysis in this specific area, which, according to my knowledge, is missing in the current EU space. At the same time the so-called Lindner's hypothesis was confirmed. This hypothesis together with a new theory of trade helped to identify a model that speaks in favor of monopolistic competition and exchanges with differentiated products.
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Czech Republic and the adoption of euro on the background of macroeconomic imbalances
Caletka, Petr ; Bič, Josef (advisor) ; Žamberský, Pavel (referee)
This work is aimed to determine whether the Czech Republic is ready to enter to the third stage of European economic and monetary union which is associated with the adoption of the euro, and that regarding the fulfillment of the formal entry criteria and also in terms of alignment of the Czech economy with the rest of the eurozone. On that basis evaluate whether it is advantageous for the country to adopt the euro. The first part introduces the different stages of regional integration, as well as the theory of optimum currency areas and economic governance in the European Union. The second chapter is devoted to evaluate the readiness of the Czech Republic to join the euro zone from three perspectives. First, fulfillment of nominal convergence criteria is evaluated. Real convergence and macroeconomic imbalances within the euro area are assessed using cluster analysis. The second approach is to analyze whether EMU constitute an optimal currency area. At the end the experience, of three countries of the eastern enlargement, with changeover to a common currency are presented.
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Is Eurasian union suitable for single currency?
Štekr, Václav ; Melcher, Ota (advisor) ; Čajka, Radek (referee)
The aim of this thesis is to give an opinion on whether states of the Eurasian Economic Union (EEU) are suitable for adopting the common currency. The criteria of optimum currency area (OCA) are used for the assessment. The theoretical part briefly describes economic integration and monetary union. The main attention is paid to the theory of optimum currency area and the definition of the individual criteria. The analytical part of the thesis first defines the surveyed region and then applies the OCA criteria defined in the theoretical part on the individual EEU countries. As a main method of study was used comparative analysis.
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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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