Diploma thesis is entitled Monetary policy of NBS and convergence to EMU. Introductory theoretical section describes the development of monetary unions in the past and the causes of their extinction. Subsequently, it is devoted to the foundation of the European Monetary Union in various stages, of its crisis and transition to the ERM II exchange rate system. It characterizes the nominal Maastricht criteria in theory. Following chapters constitute the practical part of the thesis. Chapters 2-4 discuss the monetary policy of the NBS and its roles and objectives. They outline monetary policy of NBS in the individual periods followed by an evaluation of measures and compliance with the main objectives, such as exchange rate stability, inflation targeting and inflation targeting in ERM II. The last chapter discusses the costs and benefits of euro, their comparison and evaluation of the appropriateness of the timing of entry into EMU. Real convergence is emphasised and represented by GDP per capita, the adjustment of price levels, employment and foreign trade. Nominal convergence is represented by Maastricht convergence criteria and their implementation. The development of various criteria is compared with the countries of V4 -- Czech republic, Poland and Hungary. Finally it summarises the overall functioning of the National Bank in the field of monetary policy, the appreciation of the euro advantages and appropriateness of the timing.

The diploma thesis is aimed to apply the theoretical concept of optimum currency areas, i.e. probably the most comprehensive approach to analyze the suitability of establishing a currency area, to the real and currently difficulties solving environment of EMU states. The first, theoretical-methodological part shows the development of the OCA theory, as founded by Robert A. Mundell and expanded upon by further contributors and critics thereafter. This part focuses especially on defining the optimality criteria, which are then analyzed in the empirical-analytical section. In order to assess the level of optimality, which the euro area members have reached during the common currency existence period, concrete and empirical data are analyzed - data, showing the previous development of the selected indicators, describing the criteria fulfilling. In the final part of the thesis, the author considers the overall optimality rate of euro area and points out its consequences for the Czech Republic, as a candidate country. Furthermore, the entry-timing question is discussed as well, when finished by a two possible scenarios of our accession to EMU. In relation to this issue, the author also discusses the relevancy to assess the readiness for entering the euro area according to the parameters of Maastricht criteria.

EMU as the only functioning single currency area has been criticised as a non-optimal currency area since the Treaty on European Union was signed. Despite this, it has been seen as, probably, the most complete economic project that has ever been conducted by any group of governments. Through Dynamic Factor model and Panel VAR method, we are focusing on the issues of business cycle synchronisation, effectiveness of ECB monetary policy and the euro fiscal dividend, thus to advances the current studies on EMU through assessing whether it can be a sustainable system. For example, whether economic fluctuations can be effectively managed by implementing a single ECB monetary policy and financial market can be relied upon as a monitoring and enforcing device to discipline fiscal behaviour of Eurozone countries. Overall, we concluded that EMU could be more sustainable if it was just formed by its core members, leaving the periphery outside the single currency area. However, since the EU has recently conducted many rescue measures to save the Eurozone, we are unlikely to see those troubled countries to quit EMU, at least, at the present time. The sustainability of the current EMU can be improved if more intra-trade can be promoted to enhance business cycle convergence; hence, it will be more likely to have a union-wide appropriate monetary policy. This will also reduce the requirement of depending upon using fiscal measures to compensate the loss of monetary sovereignty. Moreover, fiscal activities can also be better monitored/enforced since the financial market has begun to adequately adjust the long-term interest rates on Eurozone government bonds according to the development in those countries fiscal stance.

Based on widespread public debate prior to Swedish EMU-referendum 2003, the main purpose of this thesis is to examine and analyze the standpoint of the Swedish parliamentary parties in the EMU-issue, from perspektive of the following questions; 1) What is the official standpoint of the parliamentary parties in the EMU-issue? 2) What claimed effects of a Swedish EMU-membership or non-membership have the parties presented? 3) What rifts can be found within the parties, in relation to their official standpoint in the EMU-issue? The Sweidish parliamentary parties´ standpoint in the EMU-issue will be analyze from the point of view of a number of current theories. These theories are basically democrazy theories that all have transnationalization and Europeanization as a common ground. The conclusions are, among others, that the parliamentary parties` standpoints in the EMU-issue are based on ideological values about whether or not a Swedish EMU-membership is good for Sweden. The Liberal Party, the Christian Democrats, the Moderate Party and the Social Party have a positive view on EMU and a deeper European integration, and basically value the economic efficency of the EMU higher than democratic decision making and a national currency and monetary policy. As for the EMU-critical parties such as the Centre Party, the Green Party and the Left Party, their view in the EMU-issue can be regarded as more nationalistic, since they say no to an exapanded financial cooperation. A contibuting factor to their standpoint in this issue is that they value the national influence over currency and monetary policies, and democratic decision making higher than the economic effciency of the EMU. The Swedish parliamentary parties have suggested a number of effects of a Swedish EMU-membership or non-membership. In general; all parties tend to exaggerate the factors which benefit their own EMU-standpoint, and to some extent discard those which oppose their stand in the EMU-issue. This thesis makes it clear that regarding the EMU-issue all of the parliamentary parties are more or less divided. The Moderate Party and the Liberal Party are seen as the most united for a Swedish EMU-membership, whereas the Left Party and the Green Party are the most united against Sweden joining the EMU. The Centre Party is resonably united in their opposition to a Swedish membership, apart from a small minority of EMU-advocates. The Christian Democrats and the Social Democrats, on the other hand, are the most devided parties in the EMU-issue. / Med anledning av den omfattande debatten inför den svenska EMU-folkomröstningen år 2003 är det huvudsakliga syftet med denna uppsats att undersöka samt analysera de svenska riksdagspartiernas ställningstagande i EMU-frågan utifrån följande frågeställningar: 1) Vilka är de svenska riksdagspartiernas officiella ståndpunkter i EMU-frågan? 2) Vilka påstådda effekter har riksdagspartierna fört fram vid ett svenskt EMU-medlemskap eller ett EMU-utanförskap? 3) Vilka splittringar finns det inom riksdagspartierna i relation till partiernas officiella ställningstagande i EMU-frågan? De svenska riksdagspartiernas förhållningssätt i EMU-frågan behandlas utifrån flera demokratiteorier som har transnationaliseringen och europeiseringen som gemensam bas. Slutsatserna är bland andra att riksdagspartiernas ställningstagande i EMU-frågan bottnar i ideologiska värderingar om att ett svenskt EMU-medlemskap är bra respektive dåligt för Sverige. Folkpartiet, kristdemokraterna, moderaterna och socialdemokraterna är positiva till EMU och till en fördjupad europeisk integration där de i grund och botten värderar EMU:s ekonomiska effektivitet mer än en demokratisk beslutsordning och en nationell valuta- och penningpolitik. När det gäller EMU-kritiska partierna som centerpartiet, miljöpartiet och vänsterpartiet är deras synsätt i EMU-frågan att betrakta som mer nationalistiskt eftersom de säger nej till ett utökat ekonomiskt samarbete. En bidragande orsak till deras uppfattning i denna fråga är att de värdesätter det nationella inflytandet över valuta- och penningpolitiken samt en demokratisk bestlutsordning mer än EMU:s ekonomiska effektivitet. Sveriges riksdagspartier har fört fram många påstådda effekter vid ett svenskt EMU-medlemskap eller ett EMU-utanförskap. Generellt sett tenderar alla riksdagspartier förstora de faktorer som främjar deras egna EMU-ståndpunkter och i viss mån förkasta det som går tvärt emot deras ställningstagande i EMU-frågan. Moderaterna och folkpartiet bedöms vara de mest enade partierna för ett svenskt EMU-medlemskap medan vänsterpartiet och miljöpartiet är de mest sammanhållna partierna mot en svensk EMU-anslutning. Centerpartiet är förhållandevis överens i sitt EMU-motstånd bortsett från en mindre minoritet med EMU-förespråkare. Kristdemokraterna och socialdemokraterna är däremot de mest splittrade partierna i EMU-frågan.

År 2011 uppfyllde Estland Maastrichtkriterierna, kraven för att ingå i den Europeiska Monetära Unionen (EMU) och kunde därför ansluta sig till valutaunionen. Enligt teori och tidigare forskning förväntas ett lands ekonomiska tillväxt påverkas positivt av ett medlemskap i en valutaunion.Syftet med denna studie har varit att analysera huruvida Estlands anslutning till EMU genererat en positiv effekt på landets ekonomisk tillväxt. Analysen har genomförts genom en tidsserieanalys där åren 2002–2019 undersökts, nio år innan anslutningen till EMU samt nio år efter anslutningen till EMU.Resultatet visar att dummyvariabeln för EMU inte är signifikant, vilket resulterar i att det inte med säkerhet är möjligt att fastställa effekten på Estlands ekonomiska tillväxt. / In 2011, Estonia fulfilled the Maastricht criteria, the requirements for membership of the European Monetary Union (EMU) and was therefore able to join the monetary cooperation. According to theory and previous research, a country’s economic growth is expected to be positively affected by a membership into a monetary union.The purpose of this study has been to analyze whether Estonia's accession to EMU has generated a positive effect on the country's economic growth. The analysis was carried out through a time series analysis in which the years 2002–2019 was examined, nine years before joining EMU and nine years after joining EMU.The results are showing that the dummy variable for EMU is not significant. As a result of that, it is not possible to determine with certainty the effect on Estonia’s economic growth.

This thesis examines fiscal policy coordination in the EU during the Great Recession (2008-2010). For the first time since the Maastricht Treaty heralded the coordination of macroeconomic policies among EU Member States, public finances were collectively focused on stimulus policies. In sharp contrast to the preceding decade of consolidation and constraint, fiscal policy coordination during the Great Recession presents a novelty: a study in fiscal expansion. Drawing on Mancur Olson’s Logic of Collective Action, this thesis uses a mixed-methods approach that combines the insights from over 40 in-depth interviews and econometric analyses. The central argument of this thesis is that the fiscal crisis responses of EU Member States were not coordinated. Yet despite this lack of coordination, free-riding was kept at bay. First, the overarching consensus on the need for counter-cyclical fiscal policies prevented growth free-riding (i.e. a situation of limited domestic stimulus and free-riding on other countries’ expansive fiscal policies). Second, discipline imposed by financial market participants contributed to policy-makers’ awareness of their limited room for fiscal manoeuvre, which meant that stability free-riding (i.e. stimulus policies that exceeded a country’s fiscal space) did not occur. The first finding suggests the importance of shared policy ideas in achieving collective action; the second points to the role of financial markets in constraining public finances. Ultimately both, shared policy ideas and market discipline, can function as a substitute for strong institutional commitment to shape group oriented behaviour.

<p>The purpose of this thesis is to identify a general model to forecast GDP growth for the Baltic States, Estonia, Latvia and Lithuania. If the model provides reliable results for these states, then the model should be able to forecast GDP growth for other countries of interest. Forecasts are made by using a reduced vector autoregressive (VAR) model. The VAR models make use of past values of Gross Domestic Product-Inflation-Unemployment as explanatory variables.</p><p>The performed forecasts have provided good results for horizons up to t+8. The forecasts for 2009 (t+12) are in line with those of several other actors. It is reasonable to assume that some of the forecasts for t+16 have reliable results. The Lithuanian forecast show a fall in GDP with 12.51 per cent in 2009 and a GDP growth of 4.23 per cent in 2010. The forecast for Estonia show that the GDP will decrease with 1.49 per cent in 2009 and 12.72 per cent in 2010. Finally the forecast for Latvia show a fall in GDP of 3.1 per cent in 2009 and 18 per cent in 2010. From the findings it is possible to conclude that the model provided reliable estimates of future levels of GDP for the Baltic States and the benchmark countries. This indicates that the model should be applicable on other countries of interest.</p>

The first and second chapter sum up the most relevant parts of the generally accepted theory of external economic balance and the theory of exchange rates. The way of Czech Republic and entrance of Slovak republic to EMU is described in theird chapter. Fourth part anlyzes and compares development of the CZK and SKK (EUR). The final chapter compares the development of the shapes of the Czech and Slovak external economic balance.

An analytical method was developed for the determination of the â-agonists clenbuterol, cimaterol and salbutamol in bovine retina. The method involved extraction into a pH 8.5 tris-HCl buffer, followed by protease enzyme digestion and immunoaffinity column cleanup before analysis by liquid chromatography with tandem mass spectrometry detection LC/MS/MS. The LOD for clenbuterol, salbutamol and cimaterol were 0.64, 1.20 and 1.92 ng/g respectively. The identities of the analytes were able to be confirmed to an acceptable standard. An analytical method was also developed for the analysis of the â-agonists clenbuterol, salbutamol, cimaterol, ractopamine, and mabuterol in bovine urine and emu muscle. The urine and muscle samples were digested with â-glcuronidase enzyme and cleaned up using a Bond Elute Certify SPE. The extracts were analysed by LC/MS/MS. Deuterated internal standards were used for quantitation. The LOD for urine [less than] 1ng g and for emu muscle it was [less than] 0.3 ng/g. The last part of the work describes the simultaneous gas chromatography-mass spectrometric analysis of diethylstilbestrol DES, hexestrol HEX, dienestrol DIEN, zeranol ZER, taleranol TAL and zeralenone ZON in fresh full cream and fresh skim milk. The analytes were analysed as their trimethyl silane (TMS) derivatives. A three phase solvent system was used for extraction and the extract was cleaned up using a combination of the anion exchange and hydrophobic properties of an anion exchange SPE. The detection limits for DES, DIEN, HEX, ZER, TAL and ZON were 9.6, 9.6, 16.8 , 7.2 , 13.5 and 34.8 ng/L respectively. / Doctor of Philosophy(PhD)

<p>The purpose of this paper is to study whether Sweden or Finland was initially better suited for the euro, and whether Sweden has benefited from remaining outside the third step of the European Monetary Union as opposed to Finland.  The analysis is based on the optimum currency area theory.  The findings show that Sweden initially was better suited for euro adoption than Finland, but the ECB’s monetary policy has suite Finland quite well.  However, Sweden appears to have benefited from remaining outside the euro.</p>