Uplatnenie teórie optimálnych menových oblastí prostredníctvom výpočtu indexu OCA pre vybrané krajiny strednej a východnej Európy

Abstract

The aim of this master thesis is using of knowledge of theory optimal currency areas on sample of Central and Eastern European Countries (CEECs). The objective of this thesis is to judge achieving structural convergence in selected economies and its progress for and after the joining CEECs the European Union (EU). Indicator measuring the value of structural convergence is OCA index, which was created by the authors Bayoumi and Eichengreen in 1996. With the help of development of variables, especially trade links and synchronization of economic cycles, in the work, there was tested the validity of the hypotheses about the endogenous nature OCA criteria. The theoretical part is devoted to the genesis of ideas, of which the theory OCA was formed and to the empirical studies, which applicated this theory for monetary integration within the EU. In the practical part is calculated OCA index and on the basis of achieving values in each country, is judged suitability of countries to join Eurozone. Low values of OCA index are presenting situation, when the costs of losing the autonomy monetary policy are lower, then the benefits of membership in Eurozone. Finally, there is the finding, that the CEECs don’t form with the EU the optimal currency area and the CEECs are at different stages of structural similarity with the EU. The raising rate of economic integration after the entry CEECs to the EU, positively operated to the increase in trade and so became the economic cycles CEECs with EU more tuned. The master thesis has a positive relationship to the hypothesis about the endogenous nature of the OCA criteria.