scholarly journals Post-communist countries of the EU and the euro: Dynamic linkages between exchange rates

2017 ◽  
Vol 67 (4) ◽  
pp. 511-538 ◽  
Author(s):  
Nikolaos Stoupos ◽  
Apostolos Kiohos
Keyword(s):  
Czech Republic ◽  
Exchange Rates ◽  
Euro Area ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Monetary Integration ◽  
The Czech Republic ◽  
The Impact ◽  
The Eu ◽  
Dynamic Linkages

The sovereign debt crisis of 2010 in the euro area significantly decelerated the monetary integration of the EU. The main purpose of this paper is to explore whether five post-communist member states of the EU are mature enough to adopt the euro. We used nominal exchange rates in the error correction model with asymmetric power ARCH (ECM-APARCH). Our results highlight that EU membership positively increased the impact of the euro on the currency of each of these countries in the short-run. In contrast, the long-term effect of the euro on each currency is negative for the Czech Republic, Hungary, and Croatia. Wholly different results were obtained for Poland and Romania. The APARCH model showed that the negative responses of the euro had a greater or neutral effect on the conditional variance of each currency instead of the positive responses. The debt crisis of the euro area had no impact on the dynamic linkages between the currencies. Our research concludes that Croatia, the Czech Republic, and Hungary are not ready to join the euro area in the near future. On the other hand, the currencies of Poland and Romania are already aligned with the fluctuations of the euro.

scholarly journals Givers or Recipients? Co-Movements between Stock Markets of CEE-3 and Developed Countries

2019 ◽  
Vol 11 (22) ◽  
pp. 6495 ◽  
Author(s):  
Grabowski
Keyword(s):  
Czech Republic ◽  
Euro Area ◽  
Stock Markets ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Developed Countries ◽  
Sovereign Debt Crisis ◽  
The Czech Republic ◽  
Volatility Spillovers ◽  
The Us

In this paper, time-varying co-movements between the stock markets of Poland, the Czech Republic, Hungary, and the capital markets of developed countries in stable and crisis periods are studied. The parameters of the VAR-AGDCC-GARCH (Vector Autoregressive- Asymmetric Generalized Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroscedasticity) model are estimated, and volatility spillovers are calculated. The evidence suggests that the level of correlation between stock return shocks of Central and Eastern European countries increased significantly in the period of financial turmoil and was high in the period of the US sub-prime crisis, as well as during the euro area sovereign debt crisis. After the announcement of the OMT (Outright Monetary Transactions) program, the evolution of the stock market indices in Central and Eastern Europe countries (CEECs) have followed different paths. An analysis of the volatility spillovers indicates that CEECs are the recipients of volatility. In the period of 2004–2019, they received much volatility—from Germany and the US, in particular. They also received much volatility from Spain during the euro area sovereign debt crisis. After 2012, volatility transmission to Poland, the Czech Republic, and Hungary dropped significantly.

The building of economic governance in the European Union

2013 ◽  
Vol 19 (1) ◽  
pp. 23-35 ◽  
Author(s):  
Amy Verdun
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Social Dimension ◽  
Monetary Integration ◽  
Economic Governance ◽  
The European Union ◽  
The Past ◽  
The Social ◽  
Shed Light ◽  
The Eu

This article seeks to shed light on the development over the past decades of the concept of economic governance. It asks what is understood by economic governance and what role the social dimension has played. The article offers an analysis of the problems and possible issues confronting the EU as it seeks ways to address the sovereign debt crisis by embarking on deeper economic integration. The article concludes that from the early days there have been questions about the exact interaction between economic and monetary integration and thus between ‘economic’ and ‘monetary’ union. Despite Delors’ original inclination, few were willing to establish any linkage between EMU and social matters. The crises have again brought out the need to consider the two in tandem. Moreover, with the increased role in economic governance accorded to EU-level institutions, there is a need to rethink the EU democratic model.

scholarly journals Interest Limitation Rule Under ATAD: Case of the Czech Republic

2021 ◽  
Vol 12 (2) ◽  
pp. 121-134
Author(s):  
Aneta Pivoňková ◽  
Jana Tepperová
Keyword(s):  
Czech Republic ◽  
Tax Avoidance ◽  
Safe Haven ◽  
The Czech Republic ◽  
Common Rule ◽  
Borrowing Costs ◽  
Eu Countries ◽  
The Impact ◽  
The Eu

Abstract The anti-tax avoidance directive (ATAD) implemented in the EU countries in 2019 has brought, among other things, a common rule for tax-deductibility of exceeding borrowing costs of corporate taxpayers – the interest limitation rule. For interest limitation, the Czech Republic had so far used the so-called safe haven thin capitalisation rule. With the implementation of ATAD, companies need to test not only the thin capitalisation rule but also the new interest limitation rule according to ATAD. This paper aims to review the impact of the new interest limitation rule on the 200 largest Czech companies by their 2017 revenue as recorded in the Albertina database. Results covering the new rules, i.e. following the ATAD implementation, are being compared to the situation before the implementation. Most of the analysed companies seem unaffected by the new interest limitation rule. The analysis also showed that most of the analysed companies do not imply exceeding borrowing costs, either before or following the ATAD implementation.

scholarly journals Euro Crisis and the EMU Institutional Reforms

Equilibrium ◽  
2013 ◽  
Vol 8 (1) ◽  
pp. 7-31 ◽  
Author(s):  
Jarosław Kundera
Keyword(s):  
Euro Area ◽  
Debt Crisis ◽  
Essential Element ◽  
Monetary Integration ◽  
Banking Union ◽  
Fiscal Policies ◽  
Euro Crisis ◽  
Institutional Reforms ◽  
Political Union ◽  
The Eu

The main goal of this article is to find the answer for the question about the necessary reform to be undertaken in the EU to save the euro as a common currency. The author envisages three scenarios of the euro area’s future development. In his opinion, the most probable one are the institutional reforms in the euro area. The essential element of the reform is to establish a proper mix between the ECB’ monetary policy and fiscal policies in the member states. All proposed steps against the euro crisis are mutually correlated: monetary integration requires stricter fiscal integration, fiscal integration requires banking union, but banking union is going to require some form of a political union. This way the debt crisis in the euro area may present an opportunity to renew the strength of the European institutions.

scholarly journals Rola dużych gospodarstw rolnych we wzroście produktywności pracy rolnictwa polskiego na tle sytuacji w innych wybranych krajach Unii Europejskiej

2018 ◽  
Vol 105 (1) ◽  
pp. 32-46 ◽  
Author(s):  
Wojciech Józwiak ◽  
Zofia Mirkowska ◽  
Wojciech Ziętara
Keyword(s):  
Czech Republic ◽  
Labor Productivity ◽  
Productivity Growth ◽  
The Czech Republic ◽  
Group 2 ◽  
Large Farms ◽  
The Impact ◽  
The Eu ◽  
Group 1

The study focuses on the analysis of labor productivity in Polish agriculture in 2005 and 2016 in comparison to selected EU-15 countries (group 1) and some countries that joined the EU after 2004. In group 1, Austria, Belgium, Denmark, the Netherlands and Germany are included, while in group 2 - the Czech Republic, Slovakia, Lithuania, Latvia and Hungary. The analysis particularly considers the role of large farms, the size of which was contractually agreed at 30 ha of UAA. The aim of the study was to determine the impact of large farms on the level of labor productivity in total farms and to determine the possibility of reducing the differences between labor productivity in Polish large farms in relation to analogous farms in EU-15 countries, and determining whether changes occurring in Poland differ from those occurring in large farms in other post-socialist countries. In both groups of countries there was a decrease in the number of farms and an increase in labor productivity in agriculture in general and in surveyed classes in large farms. In the countries of group 2. the rate of labor productivity growth was higher than in group 1. However, it slightly reduced the differences. Labor productivity in agriculture in the countries of Group 1 was significantly higher than in Group 2. The increase in the number and share of large farms in the structure of farms was positively correlated with labor productivity in agriculture.

scholarly journals Searching for the Soul of Europe: The Impact of the Sovereign Debt Crisis on an ‘Ever Closer Union’

2021 ◽  
Author(s):  
◽  
Finnian O’Dwyer-Cunliffe
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Ripple Effect ◽  
Sovereign Debt Crisis ◽  
Political Actors ◽  
Shifting Balance ◽  
The Status ◽  
Fiscal Austerity ◽  
The Impact ◽  
The Eu

<p>The destruction of global financial markets and the collapse of the Greek and Irish economies in 2010 caused a ripple effect that spread across the Eurozone and presented the EU with an unprecedented crisis. The level of economic devastation led many to question the integrity of the single currency and the direction of the European project as a whole. This thesis has examined three rounds of debate during the Sovereign Debt Crisis between 2010 and 2014, in order to ascertain the effect of this period on three competing ‘visions’ for the future of Europe. It has found that efforts to reform economic governance in the EU in the wake of the crisis have for the most part led to an entrenchment of the consolidation orthodoxy sponsored by Germany and its allies in northern Europe. However, a political turning point in mid-2012 led to a reprieve for the European Left and the subsequent advancement of the Social European vision advocating greater solidarity in the place of fiscal austerity. While the consolidation coalition’s commitment to economic stability and oversight has for the most part been maintained, the shifting balance of power in European politics, and an increasing frustration with the failures of austerity, have provided momentum for a major revision to the status quo. This thesis has found that while the Eurosceptic rise in the 2014 elections has raised serious questions for the EU, it has highlighted the unwavering commitment towards further integration among the dominant political actors in Europe, and will most likely set the Continent further along the path towards an ever closer union.</p>

Dopady společné zemědělské politiky EU na české zemědělce v období 2014–2020

2021 ◽  
Author(s):  
Eliška Stromská ◽  
Dominika Tóthová ◽  
Katarína Melichová
Keyword(s):  
Czech Republic ◽  
Agricultural Policy ◽  
Common Agricultural Policy ◽  
Financial Stability ◽  
Agricultural Sector ◽  
The Czech Republic ◽  
The Common ◽  
Political Economic ◽  
The Impact ◽  
The Eu

The implementation of the Common Agricultural Policy of the EU in the Czech Republic brought many changes in the functioning and financing of agriculture in the Czech Republic with political, economic, and social impacts and many challenges and threats for Czech farmers. Since the Czech Republic acceded to the EU, the Common Agricultural Policy has been reformed several times. The aim of the article is to evaluate the impact of the Common Agricultural Policy on Czech farmers in 2014–2020. The evaluation is based on a qualitative survey among selected farmers in the Moravian-Silesian and Olomouc regions. The research results show that enterprises positively evaluate financial stability and the overall protection of the agricultural sector. Support for the diversification of agriculture and support for the investment was also highlighted. On the contrary, the administrative burden, great emphasis on cross compliance rules, differences in the payments in EU countries, reducing the competitiveness of Czech agriculture and unfavourable conditions for livestock farmers were assessed negatively.

The Europeanization of social movements in the Czech Republic: The EU and local women’s groups

2010 ◽  
Vol 43 (2) ◽  
pp. 209-219 ◽  
Author(s):  
Ondřej Císař ◽  
Kateřina Vráblíková
Keyword(s):  
Czech Republic ◽  
The Political ◽  
Political Opportunity Structure ◽  
Women's Groups ◽  
Political Opportunity ◽  
The Czech Republic ◽  
Women’S Groups ◽  
Accession Process ◽  
The Impact ◽  
The Eu

The goal of this paper is to analyse the impact the EU has had on Czech women’s groups since the1990s. Drawing on both Europeanization and social movement theories, the first section defines the theoretical framework of the paper. The second section is focused on the impact of changes in the funding of women’s groups which, since the end of the1990s, have relied more than before on European funding. The third section analyses the shift in the political context and the domestic political opportunity structure in the Czech Republic that has occurred in connection with the accession process. The fourth section analyzes transnational cooperation for which new opportunities have appeared with the EU’s eastward expansion. The paper concludes by summarizing its main findings.

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