Template-Type: ReDIF-Article 1.0 Author-Name: Vojtěch Spěváček Author-Name: Růžena Vintrová Author-Name: Eva Zamrazilová Author-Name: Mojmír Hájek Author-Name: Václav Žďárek Title: Česká ekonomika po vstupu do Evropské unie Title: The czech economy after its entry into European Union Abstract: Economic growth of the Czech Republic differed strongly in two periods: 2001-2003 and 2004-2006. While in the first period the average annual rate of growth of GDP reached only 2,7 %, in the second period the growth accelerated to 5,7 %. The economic growth measured by the indicators of real income (namely of real gross domestic income) was faster. This was caused by positive contribution of the terms of trade. On the supply side the main contributing factors were labour and total factor productivity. On the demand side the growth was pulled by domestic demand which grew in the period 2001-2003 even faster than GDP. The contribution of foreign trade becomes positive in the years 2004-2006 with very strong contribution in the year 2005. Macroeconomic stability of the Czech economy improved substantially in the field of foreign trade. The trade balance becomes positive from the year 2004 and growing imbalance persists in the balance of income. The negative gap between savings and investments is caused mainly by households and general government. The process of real convergence accelerated in the years 2000-2006 and was based on the growth of labour and total factor productivity. In 2006 the GDP per capita in purchasing power standards reached almost 80 % of the average level in EU-27. The comparative price level of the Czech Republic in this year reached only 61 % despite accelerated process of catching-up. Keywords: economic growth, inflation, gross domestic product, total factor productivity, real gross domestic income, domestic demand, foreign trade and trade balance, national savings, gross capital formation, general government budget Classification-JEL: E22, E24, J30, O11, P24 Pages: 291-317 Volume: 2008 Issue: 3 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=641.pdf File-URL: http://www.vse.cz/polek/641 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:3:id:641:p:291-317 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Iša Author-Name: Ivan Okáli Title: Európska menová únia, optimálna menová oblasť a možné dôsledky vstupu slovenska do eurozóny Title: European monetary union, optimum currency area and possible effects of slovakia's joining the euro area Abstract: Slovak Republic entered the ERM II in the end of 2005 whereby it came nearer to its strategic objective - joining the euro area. In this paper we try to answer two questions. Section 1 examines the features and risks of the EMU. Is EMU an optimum currency area and what is the OCA scorecard of euro area? We conclude that euro area - in spite of its indisputable benefits - is rather a premature monetary union with asymmetric monetary policy effects and other policy asymmetries. Section 2 analyzes possible effects of the EMU on the Slovak economy. We examine the experience of other countries and compare their real convergence to average level of euro area before and after joining the EMU. The readiness of Slovak economy for euro adoption, possible obstacles on this uneasy way and the connection between income level, price level and real convergence are analysed at the end of the paper. Keywords: European monetary union, price level, real convergence, OCA criteria, single monetary policy, income level Classification-JEL: E31, E42, E52, F15, F33 Pages: 318-344 Volume: 2008 Issue: 3 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=642.pdf File-URL: http://www.vse.cz/polek/642 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:3:id:642:p:318-344 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Kaňková Title: Vliv společné měny na hospodářské cykly jednotlivých částí měnové unie Title: The influence of common currency on economic cycles of individual parts of currency union Abstract: Paul de Grauwe and Paul Krugman are two of the most significant economists who are interested in single currency influence on the economic cycle. In our paper we try to show that a complex view of argumentation of both the economists i.e. (from both the views of the individual countries and the view of individual regions) reveals that the existence of the currency union will lead to the most frequent asymmetrical shocks in the currency union mentioned. To limit ourselves only to the view of the individual countries, as the authors mentioned do, will lead to unacceptable simplification of the whole problem. Further we try finding out if after introducing single currency, economic cycles became synchronized in the eurozone. For the determination of the harmony between economic cycles use is made of the real GDP in the individual countries of the eurozone. We deal with time series from the years 1994 to 2005. With the help of the correlation coefficients we finding out if the rise of real GDP the individual countries of eurozone developed similarly as after rise of the eurozone then before. We come to the conclusion that on the basis of the result achieved it will not be possible to speak about grater harmonization of economic cycle after the rise of the eurozone. But with a view of short time series and a short period of accommodation of economies this result is in no way unacceptable. Keywords: European Union, eurozone, imperfect competition, monetary union, Theory of Optimum Currency Areas, real Gross domestic product, economic cycle, ERM II, region, trade integration Classification-JEL: E32, F15 Pages: 345-361 Volume: 2008 Issue: 3 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=643.pdf File-URL: http://www.vse.cz/polek/643 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:3:id:643:p:345-361 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: Zachrání Evropu imigrace? Title: Will immigration save Europe? Abstract: The current record wave of immigration is a problem and does not conform to the interests of most people in Europe. Immigration is ineffective as a global development policy. The article argues in favor of an immigration that is balanced and that is in the interests of citizens in Europe rather than just in the interests of potential immigrants, recent immigrants and businesses that like cheap labor. First section of the article perceives immigration in the context of the public debate. Second section calls attention to the record wave of immigration to Europe. Third section asks a question of who are the winners and losers of immigration. Forth section analyses free movement of people in the EU. Fifth section explains why immigration is not remedy to population aging. Sixth section is concerned with the strengths and weaknesses of multiculturalism. Seventh section draws attention to the problem of democratic legitimacy. Eighth section asks a question of whether there is a rational immigration policy. Keywords: European Union, population policy, immigration, multiculturalism Classification-JEL: F22, J1, O15, R23 Pages: 362-379 Volume: 2008 Issue: 3 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=644.pdf File-URL: http://www.vse.cz/polek/644 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:3:id:644:p:362-379 Template-Type: ReDIF-Article 1.0 Author-Name: Mojmír Helísek Title: Riziko měnové krize z hlediska účasti v kursovém mechanismu ERM II Title: The risk of currency crisis in the period of participating in exchange rate mechanism ERM II Abstract: In the course of exchange rate development history of the countries taking part and evaluated in ERM or ERM II before they entered the euro-area there was no depreciating evolution with a trend to currency crisis at all. Fundamental indicators of these economies, partly owing to the compliance with other Maastricht criteria, do not induce devaluation expectancions of investors. However, there is a danger in two other lines. Firstly there is the possibility of so called pure contagion, secondly there are specifics connected directly with taking part in ERM II (wrong configuration of the central parity, appreciating exchange rate overshooting or advancing the date of the euro conversion). The second generation models of currency crisis admits the risk of crisis even without an outstanding decline of fundamental indicators. Taking part of exchange rate in ERM II is a suitable application of the model. Under specific conditions, when taking part in ERM II should trend to the compliance with the exchange rate convergency criterion at the same time, there is a small expectancy of a speculative attack success. Keywords: currency crisis, ERM II, euro, euro area, exchange rate convergence criterion Classification-JEL: E58, F32, F36 Pages: 380-403 Volume: 2008 Issue: 3 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=645.pdf File-URL: http://www.vse.cz/polek/645 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:3:id:645:p:380-403