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1

Kryzys finansowy strefy euro

100%
Kraciuk J.
Optimum. Studia Ekonomiczne
|
2013
|
issue 4(64)
125-132
EN
The financial crisis in the eurozone has laid bare the weaknesses of the Economic and Monetary Union, which is being built in Europe. The main problem is the fact that the euro area is not an optimal currency area, as described by Mundell (1961). This is a result of insufficient convergence between the members of the erozone. The author attempts to present the theoretical rationale of the Economic and Monetary Union and discusses its problems. The most important causes of the financial crisis in the eurozone are also listed.
2

Korzyści związane z przystąpieniem Polski do strefy euro w perspektywie krótko- i długookresowej

100%
Kuder D.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2012
|
issue 888
107-119
EN
The aim of this paper is to specify and evaluate the opportunities and benefits of Polish membership in the euro area. There are two basic groups of benefits, direct and indirect. The first type includes those aspects Poles should feel in the short term as a result of changes in the prevailing business conditions thanks to Eurozone accession. The second group includes all the positive effects resulting from the introduction of the euro, which will appear in the medium and long term. However, these benefits will be conditional in nature – their appearance depends primarily on the occurrence of the direct benefits from the adaptability of Polish businesses in adopting the new currency and the degree to which they are prepared for this process, and the quality of the country’s macroeconomic policies. The analysis showed that the act of Polish accession to the euro area should be treated as an investment, which first involves incurring costs (short term), but over time will bring about more benefits and become profitable (long term).
3

MUSE: MONETARY UNION AND SLOVAK ECONOMY MODEL

80%
Senaj M., Výškrabka M., Zeman J.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 5
435 – 459
EN
In this paper, we employ the Bayesian method together with the calibration approach to parameterise a medium-scale two-country dynamic stochastic general equilibrium model of Slovakia and the Eurozone. Parameters controlling the steady state of the model are calibrated to match the ratios of a few selected variables to their empirical counterparts. The remaining parameters are estimated via the Bayesian method. Since Slovakia has been a Euro area member for only two years, we need the model to operate under the two different monetary regimes – autonomous monetary policy regime and monetary union regime. This feature enables us to estimate the model parameters in the case of independent monetary policy and subsequently simulate impacts of various structural shocks on the Slovak economy as a part of the monetary union. At the end of the paper, we present the impulse-response functions of the model to selected structural shocks.
4

PERSPECTIVES ON POLAND'S CONVERGENCE TO THE EUROZONE IN TERMS OF PRICE STABILITY

80%
Blaszczyk P.
Optimum. Studia Ekonomiczne
|
2011
|
issue 5(53)
134-148
EN
The main aim of this paper is to assess the process of convergence of Poland to the eurozone in terms of price stability from the perspective of the ECB's uniform monetary policy. The above aim is covered mainly in section three of this study. The previous sections constitute a theoretical basis for an empirical assessment of Poland. Section one focuses on the methodology of the Maastricht criterion in terms of price stability. It further delineates the main questions within this issue and the resulting problems for the eurozone candidates. On the basis of the above issues the author presents remarks regarding possible directions for the modification of the methodology of the criterion in question. Thus, section one draws on the analysis from the perspective of the eurozone candidate country, which means that it concerns the pre-accession period. On the other hand, the analysis presented in section two depicts price convergence after joining the eurozone. The aim of this point is mainly to study the meaning of differences in the dynamics of general price level in the eurozone for keeping a uniform monetary policy within member states. Finally, in section three - which is the focal point of this article - the issues touched upon in the previous two sections are referred to on the example of Poland. This section presents above all the assessment of the convergence of general price level dynamics in Poland and the Maastricht criterion as well as an average inflation rate in the eurozone. The results of the following study are a basis for answers to such questions as what the prospects of fulfilling the reference inflation value are and whether uniform ECB's policy can pose a threat for Poland. The answer to the latter question greatly determines the balance between the gains and losses of joining the eurozone.
5

STRUCTURAL PUBLIC BALANCE ADJUSTMENT AND RELATIVE POVERTY IN THE EUROZONE COUNTRIES: AN EMPIRICAL INVESTIGATION

80%
Canale R. R., Liotti G.
Ekonomický časopis (Journal of Economics)
|
2016
|
vol. 64
|
issue 8
768 – 779
EN
The aim of the paper is to evaluate, through panel data dynamic models, the effects of structural public balance adjustment on relative poverty in 16 Eurozone countries from 2005 till 2013. The estimates are conducted by using the mean group (MG), the pooled mean group (PMG) and the dynamic fixed effects (DFE) estimators. The first two yield estimates of the long-run coefficients without the implausible assumption of identical dynamics in each country allowing to detecting a stable relationship even in presence of reduced explanatory variables. They all – through the error correction form – allow for considering the relation between the variables in their level and the dynamic of adjustment in the short-run. All the techniques generate outcomes supporting the conclusion that fiscal retrenchments increase relative poverty both in the short and in the long-run.
6

END OF THE EUROZONE? AN ECONOMIST’S PERSPECTIVE

80%
Nowak A. Z.
Yearbook of Polish European Studies
|
2011
|
vol. 14
11-26
EN
The current fiscal problems confronting the European Union have created a precarious situation, affecting not only the Europeans but all the key players in the global economy. Everyone – from scholars and leading figures in the business circles to people in the street – is asking the same question: are the politicians who are making the decisions about the future of European integration going to cope successfully with challenges facing the Eurozone, and by extension the European Union and wider? If so, when and how? The continuing financial and fiscal crisis, in particular coupled with the economic and social crisis which is becoming more and more manifest worldwide, including in some of the EU Member States, makes these questions ever more urgent and raises several new doubts. This article sketches the present concerns, examines the instability in the Eurozone, and analyses possible scenarios for the future.
7
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OBMEDZENIE SUVERENITY ČLENSKÉHO ŠTÁTU V EURÓPSKEJ ÚNII

80%
Zjarová A.
Annales Scientia Politica
|
2018
|
vol. 7
|
issue 2
41 – 49
EN
The sovereignty is the power of the state which is independent from any other internal or external powers. The sovereignty is the attribute of the power of the state or the right of the state, whose condition is the existence of the state independent of any other state. The purpose of this contribution is to provide the impact of European Union member states sovereignty. The concept of sovereignty is changing because of the integration of the states in supranational European Union. The sovereignty of all member states of European Union is limited upon the international treaties which create the field of this supranational organization. The Fiscal union, the Eurozone, limiting of the designation of top officials, limiting the development of foreign relations or limiting the justice are some examples of limitation of sovereignty in European Union. Last part of this contribution deals with specific examples of limitation of sovereignty which are actual today. The last chapter deals with the limitation of sovereignty in Kosovo, which is the typical example of the relation between sovereignty and self-determination like two basic norms of international law which often appear in contradiction to each other, Ukraine, whose state sovereignty is questioned, the Basque territory whose habitants consider to be a nation, whose main purpose is to create their own state with their own sovereignty and Gibraltar, the British overseas territory.
8

ACCESS TO THE EUROZONE - FROM ILLUSIONS TO REALITIES (Wejscie do strefy euro - od iluzji do konkretów)

80%
Zyzynski J.
Ekonomista
|
2009
|
issue 5
579-605
EN
The author deals with the question of unpreparedness of the Polish economy to joining the Eurozone. He shows the levels of divergence in income distribution, in the development of the bank sector in terms of its assets related to GDP, and in the financial weakness of the public sector. He discusses the possible effects of the change of currency for the public, showing the results of divergence between the market exchange rate and the purchasing power parity. He advocates throwing away all general argument for access to the euro-zone as creating illusion. Instead he proposes to scrutinize the consequences of currency change at different levels of exchange rate.
9

NOMINÁLNY VÝMENNÝ KURZ A SWAPY ÚVEROVÉHO ZLYHANIA NA VLÁDNE DLHOPISY: KOINTEGRÁCIA A GRANGEROVA KAUZALITA

61%
Boďa M., Pinter Ľ., Zimková E.
Ekonomický časopis (Journal of Economics)
|
2014
|
vol. 62
|
issue 1
46 – 70
EN
The paper offers an insight into the relationship between the euro to US dollar nominal exchange rate and the cost of sovereign credit default swaps (CDSs) of five selected countries of the Eurozone: Germany and the PIGS countries. The investigation is undertaken under the rationalized belief that the former indicator represents the status of external economic stability of a country and the latter indicator is a descriptor of their internal debt capacity. The results affirm, inter alia, that there were substantial differences in the intensity and quality of the relation between external economic stability and internal debt capacity during the pre-crisis period as opposed to the crisis period.
10

BUSINESS CYCLE SIMILARITY MEASURING IN THE EUROZONE MEMBER AND CANDIDATE COUNTRIES: AN ALTERNATIVE APPROACH

61%
Rozmahel P., Najman N.
Ekonomický časopis (Journal of Economics)
|
2011
|
vol. 59
|
issue 5
445 – 458
EN
The article sheds some light on the process of measuring business cycle similarity and points out the fact that contemporary studies usually simplify this problem by measuring a simple correlation of cyclical development in GDP. The main goal is to assess the level of business cycle similarity in selected Eurozone member and candidate countries using the Concordance index. The article also includes a comparison of the Concordance index technique with traditional correlation methods. The results show that the Czech Republic belongs to the states with relatively high level of concordance comparing to the other Eurozone member and candidate countries. The resulting concordance measures give also an evidence of relatively low level of the business cycle similarity of Slovak economy and the Eurozone.
11

ACCESS TO CREDIT AND UNCONVENTIONAL MONETARY POLICY IN THE EUROZONE AFTER THE FINANCIAL CRISIS

61%
Koráb P.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 6
520 – 533
EN
This paper investigates the availability of bank credit to enterprises in the Eurozone after the recent financial crisis. The analysis draws from a rich firm-level dataset on perceived credit availability of micro-, small- and medium-sized, and large enterprises in 11 countries in the Eurozone during the time horizon 2010 – 2014. Employing probit and logit estimators, the empirical results suggest that GDP growth is a significant factor improving availability to small and medium-sized, and large firms. I also find evidence on the heterogeneous impact of quantitative easing conducted by the European Central Bank within the Euro area. The non-standard measures improve credit availability in the central economies, while my estimates do not show an effect in the Eurozone periphery.
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