Teorie optimální měnové oblasti a možnosti její aplikace na Velkou Británii

Abstract

The aim of the Thesis is to apply the chosen criteria of the theory of optimum currency area to the economy of Great Britain. Especially the definition of the main OCA criteria and its subsequent application to the British economy could contribute to achieve the objective.

The Thesis is divided into three chapters. The first chapter is focused on the theoretical basis of the theory of OCA. The chapter is divided into several sections, in which is gradually dissected the creation and development of the OCA theory, including its logic and effect or asymmetric and symmetric shocks. The brief description of the OCA criteria and a summary of costs and benefits of the membership in a monetary union follow. The conclusion of the chapter is devoted to the comparison of costs and benefits of the membership in a monetary union. The second chapter demonstrates the involvement of Britain to the European monetary integration. Attention is gradually focused on monetary cooperation before World War II, after the Second World War and then on monetary cooperation within the EU. This chapter is to some extent analytically focused, because it includes analysis of meeting the Maastricht criteria, the results of the so-called five economic tests and it evaluates the readiness of Britain to enter the Euro-area. The last chapter is devoted to the application of selected OCA criteria to the British economy. To be more specific, the selected criteria are: the criterion of economic openness, diversification of production and the mobility of production factors, respectively labor mobility. As additional criteria, the alignment of economic cycles and the degree of real convergence were selected. Results tab of these criteria helps to assess whether it is good for Britain to become a part of the European Monetary Union and adopt the euro.