NUNES NETO, Afonso de Deus. A vulnerabilidade das economias europeias ante a crise financeira internacional: um estudo para países selecionados. 2013. 33 f. Dissertação (mestrado profissional) - Programa de Pós Graduação em Economia, CAEN, Universidade Federal do ceará, Fortaleza-CE, 2013. / Submitted by Mônica Correia Aquino (monicacorreiaaquino@gmail.com) on 2013-09-24T22:30:09Z No. of bitstreams: 1 2013_dissert_adnunesneto.pdf: 1333587 bytes, checksum: da00320546483c9d92534062349f5fad (MD5) / Approved for entry into archive by Mônica Correia Aquino(monicacorreiaaquino@gmail.com) on 2013-09-24T22:30:21Z (GMT) No. of bitstreams: 1 2013_dissert_adnunesneto.pdf: 1333587 bytes, checksum: da00320546483c9d92534062349f5fad (MD5) / Made available in DSpace on 2013-09-24T22:30:21Z (GMT). No. of bitstreams: 1 2013_dissert_adnunesneto.pdf: 1333587 bytes, checksum: da00320546483c9d92534062349f5fad (MD5) Previous issue date: 2013 / Whereas the decisive performance of the public sector in the economies affected by the international financial crisis of 2008, this thesis investigates how the key European economies lead his tax policy to establish a measure of vulnerability of the Euro Area to adverse shocks such as the recent crisis. Investigates further, the functions of reaction estimated tax for eight of the main European economies and for the Euro area as a whole and the negligence of the monetary authorities of these countries in relation to the generation of primary surplus ahead to possible increases in public debt. This situation worsens in times of crisis and exposes the economies on negative impacts due to the limited ability of the public sector to conduct counter-cyclical policies able to reverse the recession, promoting the increase in the number of jobs and stimulating the growth of production. / Considerando a atuação decisiva do setor público nas economias atingidas pela crise financeira internacional de 2008, esta dissertação investiga a forma como as principais economias europeias conduzem sua política fiscal para estabelecer uma medida de vulnerabilidade da Zona do Euro aos choques adversos como o da referida crise recente. Investiga ainda, as funções de reação fiscal estimadas para oito das principais economias europeias e para Zona do Euro como um todo e a negligência das autoridades monetárias desses países em relação à geração de superávit primário frente a eventuais aumentos da dívida pública. Tal situação agrava-se nos períodos de crise e expõe as economias aos impactos negativos em virtude da limitada capacidade do setor público de realizar políticas anticíclicas capazes de reverter à recessão, promovendo o aumento no número de empregos e estimulando o crescimento da produção.

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The acceptation of a single currency has an influencial impact on the economy of the country, especially on its financial market. This work examines all parts of finacial market of the Eurozone, assesses their state of development and compares it with the situation in the Czech Republic. The work also tries to estimate the impacts, that the acceptance of a single currency will bring to Czech financial market, and where it is possible, it uses the experience of Slovenia, which has adopted euro in 2007 and its economy is very similar to that of Czech Republic. The work finds out that the Eurozone has achieved a significant progress in the integration of its financial market, an improvement in its liquidity, costs of security issues and other aspects as well. Adoption of the euro in Slovenia has been successfull and it was not accompanied by substantial problems, except for an increase in inflation. However, the expected progress in the development of financial market is not observable yet, althought this fact may be attributed to many other external reasons, too. Finally the conslusion of this work implicates, that the Czech Republic has the oportunity to benefit from participating in a large integrated financal market and achieve a progress, that would never be possible if it remained separate.

ČR je členskou zemí EU od 1. května 2004. Z tohoto členství vyplývá závazek, že dříve nebo později vstoupí ČR do eurozóny. Termín přijetí eura však v ČR zůstává v současné době neznámý. Na jedné straně vznikají začleněním do eurozóny přínosy, na druhé straně náklady podmíněné plněním maastrichtských konvergenčních kritérií, a zároveň členstvím v eurozóně.

The paper explores the theory of optimum currency areas, outlines its implications for current international monetary order, and applies its conclusions to the European Economic and Monetary Union

The access to the monetary union has many advantages for the country. A foreign trade is the most reflected indicator of the euro impact on the economy of a certain country. It has an important role in every economy. The main aim of this diploma thesis is to identify the effects of the euro on the development of the foreign trade of euro area countries. At the same time the main aim is to confirm or refute the fact, that the introduction of the euro is capable of influencing the development of export efficiency of individual euro area economies. The theoretical part explains the concepts of the payment balance and also the assessment of the situation before and after the introduction of euro.

Poland has joined the European Union and is set to join the European Monetary Union (EMU) in the near future. Euro area membership involves potential costs and benefits. On the one hand, Poland will abolish the zloty/euro exchange rate and, as a result, transaction costs and exchange rate risk within the single currency area will be eliminated. On the other hand, it is argued that a single currency area implies the costs stemming from the sacrifice of autonomous monetary stabilization policy, which allows for an independent interest rate policy, and an exchange rate adjustment mechanism in the presence of country-specific shocks. This dissertation focuses on a quantitative assessment of the economic costs of joining the EMU. The evaluation of the volatility of main macroeconomic variables under the current inflation targeting regime and fixed exchanged rate is performed within an optimizing dynamic general equilibrium model of a small open economy with nominal rigidities. Model dynamics under terms of trade and world interest rate shocks are investigated. We find that the euro adoption implies a higher macroeconomic volatility. Analyzing the impact of terms of trade shock, the inflation targeting regime is more favorable, as an inability to devalue the currency under the euroization scenario leads to a slower recovery in demand for non-tradable goods and thus consumption. Considering the impact of a sudden decline in the world interest rate, an excessive zloty appreciation and the tightening of monetary policy under inflation targeting pushes the economy into a deeper recession compared to the adoption of the euro regime, while long-run implications are almost the same for the two scenarios. / Economics

Pour faire face à la mondialisation, les pays se trouvent obligés de se réunir, au moins économiquement, dans certaines formes de partenariats. Ainsi, l’UE et ses voisins sud-méditerranéens ont établi de nouveaux cadres de coopération économique fondés sur la plus grande zone de libre-échange au monde. Pour répondre aux nouvelles préoccupations, la douane syrienne se trouvera obligée d’adopter une nouvelle politique douanière en écartant toute politique protectionniste. L’instauration progressive de la zone de libre-échange euro-syrienne permettra la libre circulation des marchandises, des services et des capitaux. Ainsi, les obstacles tarifaires et non tarifaires aux échanges devront être éliminés. Pour faciliter la mise en place de la zone de libre-échange, il sera indispensable d’assurer un nouvel encadrement en matière de règles d'origine, de certification, de protection des droits de propriété intellectuelle, industrielle et de concurrence. Dans cette perspective, la Syrie et l’UE seront invitées, pour assurer le bon fonctionnement de la future zone libre-échange, à réaliser un rapprochement législatif, réglementaire et procédural. L’objectif de cette recherche est de déterminer les traits d’un système douanier syrien apte à servir les objectifs annoncés dans le cadre du partenariat euro-syrien. / In order to deal with globalization, countries today are forced to unite themselves, at least economically, by establishing many forms of partnership. The European Union and some southern and Mediterranean countries have established new forms of economic cooperation based on the largest free trade zone in the world. Confronted with these new concerns, the Syrian Customs Services will be forced to adopt new policies by abandoning their protectionist tendencies.The progressively establishing a free trade zone between Syria and EU will make for more free flow of goods, services and capital. Thus, the tariff obstacles as well as some other non-tariff obstacles will have to be eliminated. To facilitate the establishment of the free trade zone, it will be indispensable to assure a new legal framework, such as rules of origins, certification, protection of intellectual property, industrial as well as competition rights. In this perspective, Syria and the European Union will be invited to ensure the proper functioning of the future free trade zone, and to provide for legislative, regulatory, and procedural harmonization. The purpose of this study is to determine the features of the Syrian customs system capable of serving the above-mentioned objectives of the Euro-Syrian partnership.

The master thesis deals with european monetary integration. Its aim is to evaluate results of eurozone performance mainly for the first ten years of its existence. The thesis starts with short historical introduction, than continues by analysis OCA theory and Maastricht convergence criteria. The evaluation of effects, which eurozone brought to its members or candidates is made firstly from the point of view of monetary policy and than by confirming or refusing arguments for euro (non)adoption.