In my diploma thesis, I study optimality of the European Economic and Monetary Union on basis of principles of the Theory of Optimum Currency Areas -- OCA, with special attention to the criterion defined by R.A.Mundell. I point out some rigidities of the European labor market because of which this criterion is not met. On basis of an assumption that the more countries meet these criteria, the more suitable candidates for an entry of the monetary union they are, I reach a conclusion that EMU is not an optimal monetary zone. Nonetheless, the thesis does not ignore a hypothesis of the endogenous character of the OCA theory criteria, i.e. that they can be met even after an entry of the monetary union. Furthermore, with respect to the OCA theory criteria, I study appropriateness of the set Maastricht Convergence Criteria for evaluation of preparedness of countries for an entry of the EMU. The thesis also deals with potential revenues and costs of the introduction of euro in the Czech Republic. At the end of the thesis, I suggest potential alternatives of future development of EMU with respect to the current problems of the monetary union.

Se efectuaron análisis químico completo a tres tubérculos: Oca (Oxalis tuberosa),Olluco (Ullucus tuberosus) y Mashua (tropaeolum tuberosum) al estado fresco, mediante métodos de la AOAC y la FAO, encontrándose los siguientes valores: Proteína 0.97%, 1.00%, 1.20%; grasa 0.80%, 0.0%, 0.2%; cenizas 0.57%, 0.52%, 0.70%, fibra 0.76%, 0.58%, 0.79 %; carbohidratos 13.16%, 12.58%, 10.95%, respectivamente. Se aisló el almidón de los tres tubérculos siendo el rendimiento de 12.85%, 5.05% y 2.20 % para la oca, olluco y mashua respectivamente; a los que se efectuó análisis químico proximal no encontrándose diferencias significativas entre ellos. En cuanto a las características morfológicas, mediante el empleo de un microscopio Carl Zeiss, se encontró que los gránulos de almidón tenían la forma elíptica, triangular y globular con un tamaño promedio de 30, 15 y 10 micras para la oca, olluco y mashua respectivamente. Con respecto al carácter iónico todos mostraron un comportamiento catiónico similar. Se encontró que la solubilidad de los gránulos de los almidones a 60 ºC fue de 6.97% para la oca, 2.75% para el olluco y 2.27% para la mashua; mientras que el poder de hinchamiento varió entre 11.85, 8.36% y 4.51% para cada uno de ellos. La viscosidad determinada mediante un viscosímetro de Brookfield a 60 ºC, fue de 504, 392 y 340 centipoise para la oca, olluco y mashua respectivamente. De la aplicación tecnológica solo el almidón de oca proporcionó un excelente resultado, obteniéndose un producto alimenticio instantáneo (mazamorra) de buenas características organolépticas y un alto grado de aceptabilidad con un aporte calórico de 411.5 Kcal por cada 100g. Palabras claves: Tubérculos andinos, oca, mashua, olluco, almidón, caracterización. / A complete chemical analysis on three fresh tubercles: Oca (Oxalis tuberosa), Olluco (Ullucus tuberosus) and Mashua (Tropaeolum tuberosum), using AOAC and FAO Methods, were carried out. Values of protein: 097%, 1.00%, 1.20%; fat: 0.80%, 0.0% 0.2%; ash: 0.57%, 0.52%, 0.70%; fiber: 0.76%, 0.58%, 0.79% and carbohydrates: 13.16%, 15.58% and 10.95%, were found for each one. Performance of 12.85% for oca; 5.05% for olluco and 2,20% for mashua were found after the starch isolations were made. A proximal chemical analysis was made on the starch isolated from each tubercle and no significative differences between them was found. A morphological study of starch from each tubercle, using Carl Zeiss microscope was made. An elliptic starch granules shape for oca, triangular for olluco and globular for mashua were found, and an average size of 30 microns for oca, 15 microns for olluco and 10 microns for mashua were found also. Regarding to ionic character, a similar cationic behavior were shown for all of them. Solubility test for starch granules was made to 60 ºC. Values of 6.97% for oca, 2.75% for olluco and 2.27% for mashua were found, a swellness power of 11.85% for oca, 8.36% for olluco and 4.51% for mashua were found. A viscosimetric study, using Brookfield viscosimeter to 60 ºC was made. Values of 504 for oca, 392 for olluco and 340 centipoise for mashua was obteined. Technological use study was made. As a result only oca starch gave excellent result. An instant food product (crumbs), with good organoleptic characteristics, high acceptability grade and caloric content of 411,5 Kcal for 100 grams of product was obtained. Key Words: Tubercles anden, oca, mashua , olluco , starch , chacarteristation.

Cílem práce je zhodnotit schopnost České republiky nést dlouhodobé náklady související s členstvím v měnové unii. Riziko ztráty vlastní monetární politiky je analyzováno z hlediska kritérií teorie optimálních měnových oblastí. Práce se zabývá také otázkou vývoje inflace po uzavření kurzového konvergenčního kanálu. To vše je doplněno stručným shrnutím vývoje měnové integrace v západní Evropě a přímých i nepřímých přínosů přijetí jednotné měny.

Yes / Although the eurozone sovereign debt crisis took many by surprise following the Global Financial Crisis induced Great Recession, this chapter argues that this was an accident waiting to happen with unjustified emphasis placed upon unproven rules and institutions derived from contemporary neoliberal macroeconomic thinking. First, recent developments in macroeconomic are discussed and evaluated in terms of the so-called New Consensus Macroeconomics (NCM) that forms the current mainstream macroeconomic model comprising a blend of New Classical and New Keynesian theories is through adopting the rational behaviour hypothesis and supply-side-determined long-term equilibrium of output. A particular feature of these ideas is the inclusion of rules and institutions that are perceived to result in time consistent policymaking through essentially binding politicians from undertaking in non-optimal behaviour for either opportunistic, partisan or non-rational expectations reasons. Second, in addition to the general backdrop of macroeconomics the chapter considers the notion of a monetary union between countries under the rubric of both exogenous and endogenous Optimum Currency Area (OCA) theory. This combination of theoretical propositions form the bedrock of the eurozone where the TEU convergence criteria and SGP form the rules, while the European Central Bank is the key institution tasked with delivering low and stable price inflation. However, although these notions have become the staple diet of a generation of mainstream economists they comprehensively failed to insulate the eurozone from its sovereign debt crisis. / Full text of this chapter will be released for public view at the end of the publisher embargo on 1 Nov 2019.

Se efectuaron análisis químico completo a tres tubérculos: Oca (Oxalis tuberosa),Olluco (Ullucus tuberosus) y Mashua (tropaeolum tuberosum) al estado fresco, mediante métodos de la AOAC y la FAO, encontrándose los siguientes valores: Proteína 0.97%, 1.00%, 1.20%; grasa 0.80%, 0.0%, 0.2%; cenizas 0.57%, 0.52%, 0.70%, fibra 0.76%, 0.58%, 0.79 %; carbohidratos 13.16%, 12.58%, 10.95%, respectivamente. Se aisló el almidón de los tres tubérculos siendo el rendimiento de 12.85%, 5.05% y 2.20 % para la oca, olluco y mashua respectivamente; a los que se efectuó análisis químico proximal no encontrándose diferencias significativas entre ellos. En cuanto a las características morfológicas, mediante el empleo de un microscopio Carl Zeiss, se encontró que los gránulos de almidón tenían la forma elíptica, triangular y globular con un tamaño promedio de 30, 15 y 10 micras para la oca, olluco y mashua respectivamente. Con respecto al carácter iónico todos mostraron un comportamiento catiónico similar. Se encontró que la solubilidad de los gránulos de los almidones a 60 ºC fue de 6.97% para la oca, 2.75% para el olluco y 2.27% para la mashua; mientras que el poder de hinchamiento varió entre 11.85, 8.36% y 4.51% para cada uno de ellos. La viscosidad determinada mediante un viscosímetro de Brookfield a 60 ºC, fue de 504, 392 y 340 centipoise para la oca, olluco y mashua respectivamente. De la aplicación tecnológica solo el almidón de oca proporcionó un excelente resultado, obteniéndose un producto alimenticio instantáneo (mazamorra) de buenas características organolépticas y un alto grado de aceptabilidad con un aporte calórico de 411.5 Kcal por cada 100g. Palabras claves: Tubérculos andinos , oca , mashua , olluco , almidón , caracterización. / A complete chemical analysis on three fresh tubercles: Oca (Oxalis tuberosa), Olluco (Ullucus tuberosus) and Mashua (Tropaeolum tuberosum), using AOAC and FAO Methods, were carried out. Values of protein: 097%, 1.00%, 1.20%; fat: 0.80%, 0.0% 0.2%; ash: 0.57%, 0.52%, 0.70%; fiber: 0.76%, 0.58%, 0.79% and carbohydrates: 13.16%, 15.58% and 10.95%, were found for each one. Performance of 12.85% for oca; 5.05% for olluco and 2,20% for mashua were found after the starch isolations were made. A proximal chemical analysis was made on the starch isolated from each tubercle and no significative differences between them was found. A morphological study of starch from each tubercle, using Carl Zeiss microscope was made. An elliptic starch granules shape for oca, triangular for olluco and globular for mashua were found, and an average size of 30 microns for oca, 15 microns for olluco and 10 microns for mashua were found also. Regarding to ionic character, a similar cationic behavior were shown for all of them. Solubility test for starch granules was made to 60 ºC. Values of 6.97% for oca, 2.75% for olluco and 2.27% for mashua were found, a swellness power of 11.85% for oca, 8.36% for olluco and 4.51% for mashua were found. A viscosimetric study, using Brookfield viscosimeter to 60 ºC was made. Values of 504 for oca, 392 for olluco and 340 centipoise for mashua was obteined. Technological use study was made. As a result only oca starch gave excellent result. An instant food product (crumbs), with good organoleptic characteristics, high acceptability grade and caloric content of 411,5 Kcal for 100 grams of product was obtained. Key Words: Tubercles anden, oca, mashua , olluco , starch , chacarteristation.

The 2008/2009 world financial crisis, as well as the 2010 onwards European sovereign debt crisis, retriggered the debate on costs and benefits of a European Monetary Union membership. This thesis examines whether Sweden experienced net costs or benefits in opting out the EMU, especially in comparison to Finland due to the close link between both economies, as well as cultural and geographical similarities. While both countries were drawing a convergent economic path from the 1990’s, in 1999, with the Euro adoption in Finland, the two Scandinavian economies chose different tracks in terms of monetary policies. Sweden opted to remain outside the EMU and maintain the floating exchange rate and the control of domestic monetary issues, while Finland chose to relinquish monetary policy autonomy and started to follow the rules and constraints of the European Central Bank. Furthermore, the paper analyzes the economic development of UK in comparison with France, due to the approximate size of both economies (one EMU member and the other an outsider), and also Germany, the EMU leader, and the Euro area as a whole. The data base from Eurostat and the Synthetic Counterfactual Method have shown that there were net benefits for Sweden not to had joined the EMU. Moreover, the paper presents the Theory of Optimum Currency Area, first introduced by Mundell in 1961 as the starting point on the discussion of costs and benefits of an EMU membership.

The objective of this thesis is to evaluate the readiness of SADC economies to complete the process of monetary integration in the region and to form a monetary union and adopt a common currency. This is done against the backdrop of optimal currency area (OCA) theory. Given this objective, the study hypothesizes that the majority of SADC economies in the region are potential candidates to bring the proposed monetary union into existence sometime in the future, if not in 2018 as proposed by SADC secretariat. The study uses a mix of different methodologies ranging from developing a conceptual framework to empirical investigation in order to answer the research questions and to test the hypotheses. In addition to theoretical reviews and discussions, four findings emerge as fundamental from the four essays. First, from the Triples test the study has not found significant evidence to reject the null hypothesis of „structural symmetry‟ among ten SADC member countries. 10 out of 15 members (i.e.66.67 percent) have exhibited structural symmetry in their real business cycles over the study period. However, close to 50 percent of the member states have weak cyclical co-movements with a low relative intensity. Taking the experience of the EMU where just five countries are able to create havoc in the entire union, we can safely say that the findings from the combined three tests from the first essay confirm that there is still work that needs to be done to coordinate economic policies in the region to improve real economic integration before entry into the proposed monetary union in 2018. In Essay 2, the study finds that the generalised purchasing power parity (GPPP) hypothesis holds for SADC economies given the stationary panel of RER series with one cointegrating relationship as exhibited by trace statistics and the existence of a long run co-integrating relationship amongst the system of real exchange rates. This implies that there is potential for relative prices to converge in the region in the long run, hence SADC is a potential OCA, based on the criteria of price convergence. However, the slow speed of adjustment towards GPPP long run equilibrium should be a warning for the possible ineffectiveness of policy to defend these countries against external shocks. In Essay 3, the Brock, Dechert, and Scheinkman (BDS) test and Fourier approximation confirm the non linear nature of real exchange series in SADC economies. This finding further supports an OCA in the region comprising those countries included in the study. The findings in this essay further strengthen the findings from the previous two essays that claim that member states could constitute a monetary union in the region at some future date. Lastly, the fourth essay, using a long run dynamic panel model finds that there are common policy variables determining the real exchange rate (RER)/ the real effective exchange rate (REER) series of SADC economies. The RER/REER equilibrium analysis reveals that SADC economies are characterised by persistent misalignment. This calls for further policy coordination and policy harmonisation in the region. By considering findings from all the four essays the study finds that nine SADC countries can potentially constitute SADC-OCA namely; Botswana, Madagascar, Malawi, Mozambique, Seychelles, South Africa, Swaziland, Tanzania and Zambia. Angola and Mauritius disqualified from a SADC-OCA at least for the sample period considered in this study. Lesotho, DRC, and Zimbabwe are not included due to data limitations, otherwise Lesotho could join the qualifying group of countries given long experience with the Common Monetary Area (CMA). To reap benefits SADC economic integration initiatives, it requires realistic time span, political will, common understandings and awareness, commitment and self-disciplined policy actions from member states and their fellow citizens. / Thesis (PhD)--University of Pretoria, 2014. / tm2015 / Economics / PhD / Unrestricted

Yes / Although the eurozone sovereign debt crisis took many by surprise following the Global Financial Crisis induced Great Recession, this chapter argues that this was an accident waiting to happen with unjustified emphasis placed upon unproven rules and institutions derived from contemporary neoliberal macroeconomic thinking. First, recent developments in macroeconomic are discussed and evaluated in terms of the so-called New Consensus Macroeconomics (NCM) that forms the current mainstream macroeconomic model comprising a blend of New Classical and New Keynesian theories is through adopting the rational behaviour hypothesis and supply-side-determined long-term equilibrium of output. A particular feature of these ideas is the inclusion of rules and institutions that are perceived to result in time consistent policymaking through essentially binding politicians from undertaking in non-optimal behaviour for either opportunistic, partisan or non-rational expectations reasons. Second, in addition to the general backdrop of macroeconomics the chapter considers the notion of a monetary union between countries under the rubric of both exogenous and endogenous Optimum Currency Area (OCA) theory. This combination of theoretical propositions form the bedrock of the eurozone where the TEU convergence criteria and SGP form the rules, while the European Central Bank is the key institution tasked with delivering low and stable price inflation. However, although these notions have become the staple diet of a generation of mainstream economists they comprehensively failed to insulate the eurozone from its sovereign debt crisis.

Syftet är att undersöka om Sverige tillsammans med ett eller flera av de nordiska länderna kan utgöra en optimal valutaunion. Utifrån ett svenskt perspektiv visar resultaten att det är lämpligast för Sverige att ingå i en valutaunion med Norge och Danmark eftersom den ekonomiska integrationen mellan dessa länder har varit störst. Taylors ränteregel visar att Sverige och Norges räntebanor samvarier mest och Optimal currency area-index (OCA-index) visar att Sverige, Danmark och Norge präglas av störst ekonomisk integration. Vi har använt två olika metoder för att undersöka en optimal nordisk valutaunion utifrån ett svenskt perspektiv, OCA-index och Taylors ränteregel. De båda tillvägagångssätten fokuserar på hur ekonomiskt integrerade länderna är, men genom olika variabler och ekonomiska storheter. Ett OCA-index har skapats och skattningen visar att variabeln som beskriver konjunkturcykeln är den som har störst inverkan på den beroende variabeln, växelkursvolatilitet. För att undersöka hur de nordiska länderna har påverkats av chocker har taylor-räntor beräknats och skillnader i korrelation har analyserats. Analysen visar på svårigheter i att mäta ekonomisk integration, något som OCA-teorin hävdar är viktigt för en optimal valutaunion. Beroende på vilken utgångspunkt som väljs varierar resultatet för vilket land Sverige skulle kunna bilda en optimal valutaunion med. Resultaten skiljer sig från tidigare forskning, delvis i tolkningen av variabeln för exportsektorsammansättning och delvis på grund av den studerade tidsperioden. / The aim is to investigate if Sweden constitutes a possible optimal currency area with one or more of the Nordic countries. The results show that Norway and Denmark are the two most suitable partners to join Sweden in a currency union since the economic integration between these countries is the strongest. The Taylor interest rate rule indicates that the interest rate paths between Sweden and Norway correlate the most. The variables in the optimal currency area-index (OCA-index) show that it is Sweden, Denmark and Norway that enjoys the strongest economic integration and therefore constitutes a possible optimal currency area. Two different methods have been used to investigate the possibility of an optimal currency area; the OCA-index and the Taylor interest rate rule. Both methods focus on the level of economic integration between the countries but do this by assessing different economic variables. The OCA-index has been compiled and the estimation indicates that the variable describing the business cycle has the greatest impact on the dependent variable, exchange rate volatility. In order to examine how the Nordic countries have been affected by shocks, Taylor interest rates have been calculated and differences in correlation have been examined. The conducted analysis points toward difficulties measuring economic integration, which according to the OCA-theory is important for an optimal currency union. There are several consistencies between the results of the two methods but also important differences such as which country would be the best partner in a currency union with Sweden. The findings differ from earlier scientific results mostly regarding the interpretation of the variable describing the export sectorial composition and the considered time period.

En el presente trabajo se muestra un estudio de prefactibilidad para la implementación de una planta procesadora de snacks de oca frita donde se evalúa la viabilidad técnica, económica y de mercado. / In this work is showed a study of pre-feasibility for the implementation of a processing plant to produce fried yam snacks where the technical, economic and market viability is assessed. / Trabajo de investigación