This diploma thesis deals with the real equilibrium exchange rate of the Czech Koruna to Euro which represents an important role in modern macroeconomics. To this purpose many methods are used and the most advanced work with the estimation on the principle of using macroeconomic fundamentals. The partial aim of this thesis is estimation the real equilibrium exchange rate of the Czech koruna and Euro currency by using the purchasing power parity theory and econometric analyses of BEER and PEER models. Based on the resuls of these estimations will be fulfil the main aim of this thesis - defining the recommendations for the national economic policies' decisions.

The diploma thesis deals with the comparison of the development of Slovakian and Czech economy. These countries which together in 1992 are made of a unitary state. The work is focused on their separate economic growth, between the years 1993 - 2015. The theoretical part explains the essence of the various macroeconomic indicators. This part also captures monetary policy which is related to the next chapter - Conditions for having the euro. The main part of the work is to valorize the economic development in the given timeframe. In the begining it is focused on the Czech economy and consequently on the Slovak economy. In tables and graphs for each indicator shown to highest or smallest fluctuations. Included are also the reasons why a given drop / rise occurred. Based on already acquired and calculated data occurs in the next section to compare to the two countries. Economic comparison of these countries are shown in the graph, for each of the macroeconomic indicators. The last part deals with the using the euro in the Slovakian Republic. From the already processeded data are compared to the economic situation that was before and after joining the eurozone. It also identifieds the reasons why the Czech Republic still doesnt have euro. The work even points to the possible impact on the Czech economy after the fulfillment of all convergence criteria.

The Thesis Analysis of preparedness of the Czech Republic to adopt the single European currency is focused on integration process of the Czech Republic into the Eurozone. The Thesis is divided into two main parts, the theoretical and practical part. The theoretical part is focused on the history of monetary cooperation in Europe, the European Central Bank and its instruments and also on the European currency. The practical part is dedicated to fulfilling the Maastricht convergence criteria and to procedures that are strictly related to adoption of the European currency, such as selection of scenarios and legislative preparations for euro adoption.

This thesis on the topic of perfomance the Maastricht criteria in the Czech Republic is paid to the analysis of the fulfillment of the Maastricht criteria by the Czech Republic for the period 2001 - 2014 and analysis of pairwise correlation and regression relationship between long-term interest rates and growth of the gross domestic product in the Czech Republic for various periods at different models. This thesis first deals with theoretical as regards economic and monetary union, the Eurosystem, the euro area and the Maastricht criteria. Within the theoretical basis thesis explains the advantages and disadvantages of monetary union for the Czech Republic. Analytical part is divided into two blocks. The first block analyzes the performance of individual Maastricht criteria by the Czech Republic in the period 2001 -2014 and outlines possible performance in future years. The second block of the analytical part focuses on the pair correlation and regression analysis between long-term interest rates and growth of the gross domestic product in the Czech Republic for various periods at different models. Chapter Results and discussion, together with the conclusion of the thesis summarizes the individual results and findings.

A adoção de uma moeda única por diferentes países muda significativamente a política econômica desses países. O objetivo desta dissertação, elaborada em forma de artigo, é estudar os efeitos da adoção do euro sobre a competitividade internacional dos países-membros da União Monetária Europeia (UME) com base no arcabouço teórico da teoria das áreas monetárias ótimas. A análise econométrica irá compreender um painel dinâmico com 12 países da UME nos períodos de 2002 a 2013 para inferir se a entrada de capitais teve impacto negativo na competitividade externa dos países periféricos da UME e como que os diferentes tipos de capitais interferiram sobre a taxa de câmbio real efetiva dos países da Zona do Euro. Conclui-se assim que não só a crise é capaz de permitir ganhos de competitividade entre os países da UME, como outros fatores mais desejáveis também, tal como a entrada de outros investimentos da conta financeira do balanço de pagamentos, a abertura comercial e os gastos do governo. Além disso, constata-se que o impacto da mobilidade de capital na competitividade é influenciado não só pelo tipo de capital como também pelo país que recebe esse fluxo. / Adopting a single currency in different countries changes significantly the economic policy of these countries. The objective of this dissertation, prepared in the form of an article is to study the effects of the adoption of the euro on the external competitiveness of member countries of the European Monetary Union (EMU) based on the theoretical framework of the theory of optimum currency areas. The econometric analysis will comprise a dynamic panel with 12 countries of the EMU in the period 2002-2013 to infer if the capital inflow had a negative impact on the external competitiveness of the peripheral countries of the EMU and how different types of capital flows interfered on the real effective exchange rate of the countries of the euro zone. It is therefore concluded that not only the crisis can allow gains in competitiveness between countries in the EMU, as more desirable factors as well, like the inflow of other investments of the financial account of the balance of payments, trade liberalization and government expenditures. In addition, it appears that the capital flows impact on competitiveness is influenced not only by the type of capital but also by the country that receives the flow.

The paper investigates net lending and net borrowing flows of the institutional sectors in Europe since the introduction of the Euro in 1999. Applying a simple statistical apparatus, this paper is novel in describing the sectoral behavior leading up to and during the crisis. We find that (1) many countries of the Northern group were characterized by low public deficits or even budget surpluses, current account surpluses and a private sector in a net lending position. In countries of the Southern periphery, in the Anglo-Saxon countries as well as in many Eastern European Economies private sector net borrowing coincided with a budget deficit and substantial current account deficits. (2) With the onset of the crisis private net lending soared in all countries while all governments incurred deficits, consistent with the notion of a balance sheet recession. (3) Private net lending is pro-cyclical, reinforcing the economic downturn, while public net lending is countercyclical in all countries. (4) Household net lending tends to lead the business cycle, while corporate net lending tends to lag it especially in the Northern group. (5) Prominent concepts asserting causal relationships in sectoral net lending, such as Ricardian equivalence and the twin deficit hypothesis are not supported by the data. (authors' abstract) / Series: Ecological Economic Papers

I directed my project at strategic development in textile industry. I worked the project at an example of the company Prima Moda, s. r. o., which has headquarters in Cesky Krumlov. The textile industry can not compete with other branches. Although nowadays the textile industry has automated production already, people have to work by hands. There are high wage cost. It caused, that in developed states the companies canceled production and they transferred it to Eastern Europe.

A adoção de uma moeda única por diferentes países muda significativamente a política econômica desses países. O objetivo desta dissertação, elaborada em forma de artigo, é estudar os efeitos da adoção do euro sobre a competitividade internacional dos países-membros da União Monetária Europeia (UME) com base no arcabouço teórico da teoria das áreas monetárias ótimas. A análise econométrica irá compreender um painel dinâmico com 12 países da UME nos períodos de 2002 a 2013 para inferir se a entrada de capitais teve impacto negativo na competitividade externa dos países periféricos da UME e como que os diferentes tipos de capitais interferiram sobre a taxa de câmbio real efetiva dos países da Zona do Euro. Conclui-se assim que não só a crise é capaz de permitir ganhos de competitividade entre os países da UME, como outros fatores mais desejáveis também, tal como a entrada de outros investimentos da conta financeira do balanço de pagamentos, a abertura comercial e os gastos do governo. Além disso, constata-se que o impacto da mobilidade de capital na competitividade é influenciado não só pelo tipo de capital como também pelo país que recebe esse fluxo. / Adopting a single currency in different countries changes significantly the economic policy of these countries. The objective of this dissertation, prepared in the form of an article is to study the effects of the adoption of the euro on the external competitiveness of member countries of the European Monetary Union (EMU) based on the theoretical framework of the theory of optimum currency areas. The econometric analysis will comprise a dynamic panel with 12 countries of the EMU in the period 2002-2013 to infer if the capital inflow had a negative impact on the external competitiveness of the peripheral countries of the EMU and how different types of capital flows interfered on the real effective exchange rate of the countries of the euro zone. It is therefore concluded that not only the crisis can allow gains in competitiveness between countries in the EMU, as more desirable factors as well, like the inflow of other investments of the financial account of the balance of payments, trade liberalization and government expenditures. In addition, it appears that the capital flows impact on competitiveness is influenced not only by the type of capital but also by the country that receives the flow.

Tese (doutorado)—Universidade de Brasília, Faculdade de Medicina, 2006. / Submitted by Fernanda Weschenfelder (nandaweschenfelder@gmail.com) on 2009-10-05T19:59:50Z No. of bitstreams: 1 Cesar Augusto M e Silva - tese de doutorado.pdf: 12677167 bytes, checksum: fbc5893a3b0a2783f94b0033256bf3d1 (MD5) / Approved for entry into archive by Guimaraes Jacqueline(jacqueline.guimaraes@bce.unb.br) on 2009-11-24T13:24:50Z (GMT) No. of bitstreams: 1 Cesar Augusto M e Silva - tese de doutorado.pdf: 12677167 bytes, checksum: fbc5893a3b0a2783f94b0033256bf3d1 (MD5) / Made available in DSpace on 2009-11-24T13:24:50Z (GMT). No. of bitstreams: 1 Cesar Augusto M e Silva - tese de doutorado.pdf: 12677167 bytes, checksum: fbc5893a3b0a2783f94b0033256bf3d1 (MD5) Previous issue date: 2006 / Introdução: Os fatores mecânicos pulmonares relacionados às vias aéreas e à microvasculatura desempenham papel fundamental no contexto da lesão de isquemia e reperfusão (I/R). O objetivo deste trabalho foi estudar o impacto do flush vascular pulmonar (FVP), da isquemia fria e o efeito de estratégias de recrutamento alveolar sobre as propriedades mecânicas e morfométricas e correlacionálas à função pulmonar durante a reperfusão ex-vivo. Material e Métodos: 128 ratos da raça Wistar foram divididos em 4 grupos (i) controle: pulmões isolados submetidos a 15 minutos de isquemia à temperatura ambiente; (ii) Flush: pulmões isolados submetidos ao flush vascular pulmonar (FVP) com solução de Euro-Collins (EC) e preservados a 4 0C por 10 horas (isquemia fria); (iii) CPT: pulmões isolados submetidos ao FVP com EC e à isquemia fria e que foram recrutados à CPT por 2 minutos antes do início da reperfusão; (iv) VC: pulmões isolados submetidos ao FVP com EC e ventilados com volume corrente (VC) por 10 minutos antes do início da reperfusão. Todos os pulmões foram reperfundidos durante 60 minutos, tempo no qual foram estudadas as trocas gasosas, as propriedades mecânica e hemodinâmica. Ao final da reperfusão, o peso líquido/peso seco foi calculado e a análise morfométrica realizada. Em outra etapa, 40 ratos da raça Wistar foram divididos em 5 grupos: (i) controle: pulmões com sangue; (ii) Flush: pulmões submetidos ao FVP com EC; (iii) Isquemia: pulmões submetidos ao FVP com EC e submetidos à isquemia fria; (iv) CPT: pulmões submetidos ao FVP com EC, submetidos à isquemia fria e recrutados à CPT por 2 minutos; (v) VC: pulmões submetidos ao FVP com EC, submetidos à isquemia fria e ventilados com volume corrente por 10 minutos. A análise das propriedades mecânicas e o estudo morfométrico foram realizados em todos os pulmões dos 5 grupos. Resultados: o FVP e a isquemia fria aumentaram (i) a percentagem de área alveolar colapsada, (ii) a dissipação de energia nos componentes viscoelásticos pulmonares e (iii) a eslastância estática pulmonar. Estes pulmões desenvolveram edema fulminante durante os primeiros 15 minutos de reperfusão. O recrutamento à CPT e a ventilação com VC atenuaram as alterações mecânicas e morfométricas provocadas pela preservação e evitaram a lesão I/R. Durante a reperfusão, as trocas gasosas, as propriedades mecânica e hemodinâmica dos pulmões recrutados foi similar a dos controle. Conclusões: as alterações mecânicas e morfométricas causadas pela preservação pulmonar aumentam a impedância dos pulmões tornando-os mais susceptíveis à lesão I/R, e as manobras de recrutamento alveolar empregadas imediatamente antes do início da reperfusão atenuam as inomogeneidades pulmonares causadas pela preservação e previnem a lesão I/R. ___________________________________________________________________________________ ABSTRACT / Rationale: mechanical factors related to the airways and to the pulmonary microvasculature play a fundamental role in the context of ischemic-reperfusion injury (I/R). The goal of this study is to investigate the impact of pulmonary vascular flush (PVF), cold ischemia and alveolar recruitment on the mechanical and morphometrical properties and to correlate these findings and pulmonary hemodynamics and gas exchange during the reperfusion. Methods: 128Wistar rats were randomically divided into 4 groups: (i) Control: fresh lungs; (ii) Flush: lungs flushed with Euro-Collins solution (EC), preserved at 4 0C for 10 hours (cold ischemia); (iii) TLC: flushed lungs, preserved at 4 0C for 10 hours, inflated to TLC for 2 minutes prior to rapid reperfusion; (iv) VT: flushed lungs preserved at preserved at 4 0C for 10 hours, ventilated with tidal volume during 10 minutes prior to rapid reperfusion. All lungs were subjected to an ex-vivo reperfusion during 60 minutes. In this period, the gas exchange, the mechanical and hemodynamical properties were evaluated and, at the end, the wet-to-dry ratio was calculated and the morphometrical analysis performed. In other phase, 40 Wistar rats were randomically divided in 5 groups: (i) Control: fresh lungs; (ii) Flush: lungs flushed with EC; (iii) Ischemia: flushed lungs, preserved at 4 0C for 10 hours; (iv) TLC: flushed lungs, preserved at 4 0C for 10 hours, inflated to TLC for 2 minutes; (v) VT: flushed lungs preserved at 4 0C for 10 hours, ventilated with tidal volume during 10 minutes. The end-inflation occlusion method was used to evaluate mechanical properties of the lungs. The morphometrcial analysis was also performed. Results: PVF and cold ischemia increased (i) the percentage of alveolar colapsed area; (ii) the energy dissipation on the lung viscoelastic components and (iii) the pulmonary lung elastance. These lungs (ischemic not subjected to alveolar recruitment prior to reperfusion) presented severe pulmonary edema, whereas the function of the recruited lungs were similar to that of fresh lungs. Conclusions: cold preservation increases pulmonary impedance and the huffiness to the I/R injury, and the alveolar recruitment manoeuvres performed before the reperfusion reverts, or at least, decreases the pulmonary inhomogeneities caused by the preservation and warns the I/R injury.

Cette thèse étudie quelques aspects de la contagion financière en Europe, pendant la crise des subprimes et celle des dettes souveraines européennes. Ainsi, dans le premier chapitre, nous étudions la transmission du stress financier de la zone euro aux pays de l’Europe Orientale, et centrale (PECO). Notre objectif est d’examiner empiriquement le lien entre la dégradation de l’environnement financier de la zone euro -pendant ces deux crises- et les variations de la volatilité sur les marchés boursiers des PECO. Dans le deuxième chapitre, notre objectif est d’étudier la contagion entre les marchés boursiers des PECO et de la zone euro. Pour ce faire, nous optons pour la méthodologie de Flavin et al. (2008) fondée sur une approche unifiée qui permet de tester à la fois la shift et la pure contagion. Enfin, dans le troisième chapitre, nous nous intéressons aux effets des crises financières récentes sur les rendements des actions bancaires de 15 pays. Notre contribution à la littérature est double. Tout d’abord, nous utilisons un modèle multifactoriel des rendements des actions bancaires augmenté par un facteur de risque souverain. En outre, nous optons pour un modèle de régression avec transition douce (STR) qui permet une définition endogène des périodes de crises et capte les changements de paramètres associés à la shift contagion. / This thesis examines some aspects of the financial contagion in Europe during the subprime crisis and the European sovereign debt. The aim of the first chapter is to study the transmission of financial stress in the Eurozone to Central and Eastern European countries (CEE). Our goal is to empirically examine the relationship between the degradation of the financial environment of the Eurozone -during these two crises- and the variations of volatility on the CEE’s stock markets. In the second chapter, we investigate contagion between pairs of Eurozone and CEE’s stock market. For this purpose, we opt for the methodology of Flavin et al. (2008) based on a unified approach that allows for testing both shift and bi-directional pure contagion. In the third chapter, we analyze the influence of the recent European sovereign debt crisis on banks’ equity returns for 15 countries. Our contribution to the literature is twofold. First, we use an explicit multifactor model of equity returns extended with a sovereign risk factor. Second, we adopt a Smooth Transition Regression (STR) framework that allows for an endogenous definition of crisis periods and captures the changes in parameters associated with shift contagion.