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Diplomová práce "The EMU and the Theory of Optimum Currency Areas"

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Název práce: The EMU and the Theory of Optimum Currency Areas Typ práce: diplomová práce Rozsah práce: 60 stran Jazyk práce: angličtina Autor práce: Jan Jurák, absolvent vysoké školy [kontaktovat autora]

Klíčová slova

Economic and Monetary Union, Optimum Currency Areas


An Optimum Currency Areas is characterized as a geographic region which would maximize its economic efficiency by adopting a single currency. The theory of Optimum Currency Areas attempts to determine such criteria that would indicate the necessary common features of a currency union countries in order to evaluate its attractiveness for potential new members. There are two main aspects to consider. First, with monetary policy being set centrally, individual member countries are no longer able to use autonomous monetary or exchange rate policy to offset the adverse effects of asymmetric shocks. The effect of these shocks may vary greatly, but almost always will result in a loss of output and increase in unemployment. The main factors that will determine the magnitude of these effects will include, but not restrict to, the degree of labor mobility across the currency union, flexibility of prices and wages, degree of openness of the whole economy, industrial structure of the economy and the level of financial integration with fellow currency union countries. Second, there will be a need for union-wide agreement on the desired rates of inflation and other macroeconomic variables that the union’s central bank should aim for. In other words, there need to be common preferences. Without such common preferences, any currency union remains highly fragile. Since the OCA theory is frequently used to evaluate whether a country or countries are ready to become members of a currency union, one of the final stages of economic integration, the question will be addressed whether the European Union (or, more precisely, the Eurozone) is an optimum currency area and, if not, what are the likely challenges that lie ahead of policymakers for it to become one.


Chapter 1
Labor Mobility Criterion
Openness Criterion
Industrial structure criterion
Inflation preferences criterion
Financial Integration Criterion
Political Integration Criterion
OCA criteria – Critique
OCA Endogeneity
Chapter 2
Economic Integration
Types of Economic Integration
European Economic and Monetary Union Overview
Chapter 3
EMU and Price and Wage flexibility
EMU and Labor Mobility
EMU and Openness
EMU and Industrial Structure
EMU and Inflation Preferences
EMU and Financial integration
EMU and Political Integration
Final Overview of Empirical Evidence
Chapter 4
Costs and Benefits overview
Benefits of Single Currency
Costs of Single Currency
Costs and Benefits Compared
Chapter 5
Maastricht Criteria Overview
Monetary Criteria
Fiscal Criteria
Chapter 6
Euro and old EU Economies
Euro and new EU Economies
Euro and the Czech republic
Concluding Remarks
Literature and References
Macroeconomic Indicators of EU25 Countries (2006)
Maastricht Criteria Overview Prior to EMU Launch
Trade Openness of New Member States
Overview of Public Finances 1999-2004
Employment Protection in New Member States
Index of Business Cycle Correlation Between EU Member States

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