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1

Problemy związane z przyjęciem euro w Polsce i krajach bałtyckich

100%
Davulis G.
Roczniki Naukowe Wyższej Szkoły Bankowej w Toruniu
|
2011
|
issue 10
41-50
EN
The possibilities of Poland, Latvia and Lithuania to adopt the euro, which is one of most important task of the economic policy in these countries is analyzed in the article. The international importance of the euro, the advantages and disadvantages of the single currency are discussed. Experience of Germany in adopting of the euro is analyzed. The strategy of the adoption of the euro in Lithuania is presented. The analysis based on the data of Eurostat database shows that Poland is the country with most possibilities to adopt the euro. However both Lithuania and Latvia may become the euro zone member states, too, if they firstly will cope with financial problems of the government and will revitalise and develop their internal market.
2

MUNDELL-FLEMING CRITERIA FOR OPTIMUM CURRENCY AREAS: THE CASE OF SLOVAKIA

100%
Raguseo D., Šebo J.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 3
278-290
EN
This paper tests the suitability of Slovakia to join the European Monetary Union based on the international factor (labour and capital) mobility. The analysis involves others optimum currency areas criteria and also others Central and Eastern European countries and European Monetary Union member states as well are included in the sample as a benchmark for a better comparison. The results do not fully confirm the hypothesis that Slovakia already constitutes an optimum monetary union with the rest of the EMU countries; mainly the labour mobility is largely ineffective as adjustment mechanism. But, Slovakia is a open country and its economic and production structures are quite similar to the euro average. This would indicate that Slovakia should not suffer from increased likelihood of asymmetric shocks and that it is a suitable member of the euro area.
3

EXCHANGE RATE POLICIES IN THE NEW MEMBERS OF THE EUROPEAN UNION

100%
Cuenca García E.
Ekonomický časopis (Journal of Economics)
|
2007
|
vol. 55
|
issue 3
297-311
EN
The Economic and Monetary Union (EMU) has gone through the different stages until arriving at the creation of the euro. Now the new ten member states of the European Union (EU) are in the process of trying to close policies in order to meet the macroeconomic criteria of Maastricht. An overview on exchange rate policy of those countries will be analysed in this paper. Most of the new member states have pegged their currencies to the euro and are trying to join with it as soon as possible. Nevertheless, others are still highly linked with the currencies of the international monetary system or their exchange rate policy is still far from meeting the objective of the exchange rate in a short-term period of time.
4

RIZIKÁ EURÓPSKEJ MENOVEJ ÚNIE

100%
Iša J.
Ekonomický časopis (Journal of Economics)
|
2005
|
vol. 53
|
issue 6
559-575
EN
This article presents the idea that euro area is an 'immature' monetary union, which is far from optimum currency area. The 'immaturity' of the European Monetary Union - EMU which is associated with its heterogeneous asymmetric economic structure, can be deepened along with its further enlargement. Single monetary policy does not satisfy various interests of all EMU members.
5

Enlargement of the European Monetary Union and the Perspectives of Economic Development in Poland

100%
Belka M.
Ekonomista
|
2007
|
issue 6
873-890
EN
Nowadays Poland possesses a comparative advantage arising from relatively lower production costs. However, it is apparent, that this advantage is fading away. The sources of the process lie, among others, in Poland's exposure to manufactures from beyond the European Union, from countries that are developing more dynamically than Poland. This process is unavoidable. Moreover, our lower-cost advantage is diminishing as a result of appreciation pressure which the zloty is permanently exposed to. Also high inflation pressure can boost this process. Therefore it is clear that Poland is facing a race against time: not only has it to slow down the loss of the above advantage, but it also has to create new advantages as quickly as possible. Consequently, one of the objectives of macroeconomic policy should be to accelerate Polish accession to the European Monetary Union. Failure to do so would result in further strengthening of the zloty and in its volatility that impair operations of Polish companies (especially small and mid-size which can not afford to hedge against exchange rate risks). Joining the EMU would give Poland extra time to build a modern economy, prevent the zloty's further appreciation and, as a result, reduce ongoing falling relatively-lower-costs competitive advantage.
6

Divergent Business Cycles within a Monetary Union

100%
Koronowski A.
Ekonomista
|
2008
|
issue 1
77-95
EN
Critical appraisal of the optimum currency area theory, seen as the theoretical foundation of the monetary union, opens the article. The author points to the reserved attitude of the promoters of the European Monetary Union (EMU) towards the theory of optimum currency area as containing the justification for the adoption of common monetary unit. The history of existence of EMU provides empirical data that display marked divergencies in macroeconomic conditions among euro zone member countries. The observed divergencies are discussed in reference to the literature of the subject. Arguments that surround the theory of optimum currency area on the one hand and the divergencies among economies that belong to the EMU on the other, provoke to ask questions addressing the issue of how to explain the phenomena that reveal themselves in the euro zone. The concluding part of the article contains an attempt to answer the formulated questions. An original theoretical model is used to provide hypothetical explanations of the processes that take place inside the EMU.
7

IS THERE CONVERGENCE ACROSS EUROPEAN COUNTRIES? SIMPLE CLUSTER ANALYSIS APPROACH

88%
Burian S., Frydrych J.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 5
393 – 407
EN
In this paper, we have verified the convergence process in the EU in the period 2001 – 2013. The methodology of this paper is similar to that of Artis and Zhang (1997), Boreiko (2003), and Crowley (2013), who also focused on the European convergence process. This paper is based on the thesis that the convergence process is proven if the clusters are gathering in shorter squared Euclidean distances during the time, or, alternatively, if the distances between European Union economies and Germany are shorter. First, in order to perform the cluster analysis, the convergence criteria are identified (the choice of the criteria is based on optimum currency area). Second, with regards to the criteria, we conduct thirteen cluster analyses for every year of the period 2001 – 2013. From this perspective, we focus on the differences between the analyses' outputs during the time. According to our results, it is possible to draw the conclusion that the economic convergence process in the EU was not proven.
8

Target-zone rearrangement and exchange-rate behaviour in an options-based model

88%
Naszodi A.
Kozgazdasagi Szemle (Economic Review)
|
2004
|
vol. 51
|
issue 7/8
638-658
EN
This paper sets up an options-based model of the exchange rate in a target-zone system, according to which the observed exchange rate is equivalent to a floating exchange rate adjusted to the value of two options. The strike prices of the options are the limits of the band, but the two options are interrelated, which complicates valuation of them. Within that framework, the direct effect of the band rearrangement on the exchange rate can be measured by the change of the option prices caused by the change of the strike prices. The author applies this options-based model to analyse depreciation of the forint in the summer of 2003. Depreciation is decomposed into (a) the direct effect of the band shift; (b) changing expectations relating to the final conversation rate in the EMU, and (c) changing uncertainty.
9

VPLYV MAKROEKONOMICKÝCH šOKOV NA VÝVOJ MENOVÉHO KURZU A OUTPUTU VO VYBRANÝCH KRAJINÁCH SVE (V MODELI SVAR)

75%
Mirdala R.
Ekonomický časopis (Journal of Economics)
|
2008
|
vol. 56
|
issue 8
745-763
EN
After the entry to the European Monetary Union new European Union member countries loose ability to perform sovereign monetary policy. It is usually mentioned that after the euro adoption these countries will not be able to control the potential inflation pressures under the common monetary policy performed by the European central bank. Another key aspect of the euro adoption is the loss of the ability to manage the exchange rate that is considered to be a very useful absorber of the structural shocks that affect the national economy. At the same time the ability of the exchange rate to absorb or stimulate the potential effects of the exogenous structural shocks to the domestic output development could be different among the new European Union member countries. In the paper the author analyzes the impact of the main structural macroeconomic (nominal, demand and supply) shocks to the exchange rates (NEER, REER) and output (real GDP) development in the Visegrad countries in the period 1995-2007 using the structural vector autoregression (SVAR) model.
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