Current Accounts in Monetary Union: The Role of Euro, Fiscal Policy and Financial System
| Thesis title in Czech: | Běžné účty v měnové unii: Role Eura, fiskální politiky a finančního systému |
|---|---|
| Thesis title in English: | Current Accounts in Monetary Union: The Role of Euro, Fiscal Policy and Financial System |
| Key words: | current account, monetary union, fiscal balance, euro |
| English key words: | bežný účet, menová únia, fiškálna rozpočet, euro |
| Academic year of topic announcement: | 2012/2013 |
| Thesis type: | rigorosum thesis |
| Thesis language: | angličtina |
| Department: | Institute of Economic Studies (23-IES) |
| Supervisor: | PhDr. Jaromír Baxa, Ph.D. |
| Author: | hidden - assigned by the advisor |
| Date of registration: | 28.08.2013 |
| Date of assignment: | 28.08.2013 |
| Date and time of defence: | 23.03.2015 00:00 |
| Venue of defence: | IES |
| Date of electronic submission: | 05.02.2015 |
| Date of proceeded defence: | 23.03.2015 |
| Opponents: | PhDr. Natálie Švarcová, Ph.D. |
| Preliminary scope of work |
| V rámci diplomovej práce som sa zaoberal vzťahom eura a vývoja stavu bežných účtov krajín, ktoré ho používajú. Na základe teoretických modelov by spoločná mena mala skôr
posilňovat vzájomné bilancie založené na strednedobom stave a výkone ekonomiky ako byť jednou z príčin týchto bilancií. Náš empirický výzkum ale jednoznačne nepotvrdil ani jeden z týchto efektov. V rámci práce som ale skúmal aj fiškálnu politiku ako jeden z hlavných determinantov bilancií bežných účtov. V tomto prípade kvantitatívny výzkum odhadil zmenu v správaní ekonomík v reakcii na fiškálne deficity, ktorá môže byť spojená s členstvom v menovej únii. Regresie navyše odhalili signifikatnú a robustnú rolu finančného systému. |
| Preliminary scope of work in English |
| The relationship between euro and current account balances of countries sharing it has been examined in this thesis. Theoretical models predict that common currency should simplify international exchange which should be linked to underlying economic determinants rather than codetermine the direction of these flows. Our empirical research did not confirm either one of these hypothesis. We closely analyzed fiscal policy as it is one of the most important determinants of current account balances. In this case, quantitative research revealed change in the behaviour of economies with respect to fiscal deficits which can be attributed to common currency. Moreover, regressions confirm significant and robust role of financial system in the process. |