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Consequences of liberalization of electricity market
Kalabiška, Roman ; Polák, Petr (advisor) ; Valíčková, Petra (referee)
This thesis examines the impacts of liberalization of electricity market. The first part of this work provides theoretical overview of the liberalization process and electricity market design in Czech Republic. To understand how the european wholesale markets are integrated, I have performed correlation analysis of daily spot prices on selected power exchanges. On the basic of this analysis I confirmed that selected power exchanges are on different levels of integration and have higher dependency on regional level. The second part of the empirical part is focused on the impact of competition on czech retail market. The objective was to show that liberalization and following increase of competition in electricity market result into decrease of retailers' gross profit margins in the segment of housholds with ordinary consumption. The last part of this work is focused on the measurement of market power using the most famous methods of measuring market power, such as Lerner index and Herfindahl-Hirschman index. My calculations indicate that while market concentration has decreased in the long run, since 2012 it is slightly increasing. I have also learned that selected retailers are on similar level of market power. This work fills the gap in literature focusing on the issue of measuring market power...
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Three essays in Development Economics
Valíčková, Petra ; Cahlík, Tomáš (advisor) ; Janda, Karel (referee) ; Ščasný, Milan (referee) ; Nicolas, Claire (referee)
This dissertation thesis touches on some important aspects of development, including financial development and improved access to reliable energy sources, regional integration and expanded opportunities for trade. This thesis was written to help guide policy reforms especially in developing countries to expand sources of growth and put countries on track to better meet their long-term development goals, including a better and more sustainable future for everyone. This dissertation consists of three papers. In the first paper I investigate the empirical evidence on the relationship between financial development and economic growth. In doing so, I assessed over 270 studies for their potential inclusion in a meta-analysis. From those studies that contained an empirical estimate of the finance growth relationship, I compiled 1,334 coefficients and coded study characteristics for each. Taking the reported estimates together, I find a positive link between financial development and economic growth, but with widely varying individual estimates. By applying a multi-variate meta-regression, I explain the variation in reported results, stemming not only from differences in research design (by authors addressing or ignoring potential endogeneity issues) but also from real drivers (different regional and time...
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Relationship of Economic Growth and Pollution in the Czech Republic
Moldan, Martin ; Červinka, Michal (advisor) ; Valíčková, Petra (referee)
The Environmental Kuznets Curve (EKC) is a hypothesized relationship between GDP per capita and pollution. It suggests that the relationship has a shape of a concave quadratic function-i.e. that firstly, with increasing GDP per capita, levels of pollution increase. And then, from some level of GDP per capita, as GDP per capita rises, levels of pollution decrease. This bachelor thesis examines whether the EKC holds for the Czech Republic or not. It uses panel data on air pollution for the period 1995-2017, in particular concentrations SO2 and NOx. This analysis is conducted using the fixed effects method. The results of this bachelor thesis suggest that for the case of SO2, there is a relationship between GDP per capita and the pollutant's concentrations. However, this relationship does not change over time significantly. Moreover, for the case of NOx, the relationship between the pollutant's concentrations and GDP per capita is not significant, hence, the EKC hypothesis can be rejected for both examined pollutants.
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Does Daylight Saving Time Save Energy? Evidence from Slovakia
Kúdeľa, Peter ; Havránková, Zuzana (advisor) ; Valíčková, Petra (referee)
This thesis studies the impact of the daylight saving time (DST) on electricity consumption in Slovakia in the period between April 2010 and July 2017. Re cently the relevance of the DST policy has been questioned by the European Parliament which calls on the revaluation of the policy. Research conducted in other countries has suggested that in some countries the DST might be an out dated or not suitable policy. To determine the magnitude and the direction of the effect in Slovakia difference-in-difference estimation is used. Relevant fac tors are controlled for (e.g. price, weather, seasonality). The lack of the control group is solved by using ''equivalent day normalization" technique. The results suggest yearly overall savings in electricity consumption due to the DST pol icy to range between 1.27% and 1.56% which, given the price levels in 2016, amounts from 6.3 to 7.8 million Euros. DST is estimated to cause the highest energy savings during the peak of electricity consumption which occurs in the early evening hours. On the other hand, during the late evening hours the DST seems to increase the electricity consumption which partially mitigates the overall savings. JEL Classification Keywords Author's e-mail Supervisor's e-mail C51, H77, Q48 daylight saving time, difference in difference,...
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Impact of Czech intraday market on the electricity prices
Béreš, Samuel ; Krištoufek, Ladislav (advisor) ; Valíčková, Petra (referee)
We analyse Czech intraday market for electricity and its impact on day- ahead prices. We inspect effect of fundamental drivers of price deviation between intraday and day-ahead market in form of positive and negative forecast errors and examine intraday price's role in explaining next trading period's day-ahead price. Our findings suggest photovoltaic and load fore- cast errors to be most statistically significant fundamental factors, together with autoregressive term and day-ahead price, determining intraday market price deviation from day-ahead. Variables' influences on intraday market are in accordance with hypothesised expectations, except for the effect of export and excessive import of electricity to and from German TSO, 50 Hertz, and extreme day-ahead prices. We confirmed symmetric effects of forecast errors on intraday price for all observed variables. In the second part, intraday prices are found to be statistically significant factor affecting next day's day-ahead market price. The results support the conclusion that Czech spot market for electricity possesses mean-reverting properties. Keywords electricity, intraday market for electricity, price modeling
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Analysis of Energy Economy to drive Ukraine's economic growth
Kariagina, Viktoriia ; Jakubík, Petr (advisor) ; Valíčková, Petra (referee)
This thesis investigates the relationship between energy consumption and economic growth in 15 post- Soviet states with a primary focus on Ukraine over the time period 1991-2013. First, panel unit root tests are applied to the time series for energy use and GDP for each post-Soviet country, then cointegration tests are run to identify the relationship between the variables. The empirical strategy of the panel data analysis is based on a neoclassical growth model specification, which includes the gross capital formation and total labor force of each country as additional explanatory variables for economic growth, along with energy inefficiency, % fossil fuel use, liberalization of the energy sector, and several other variables. The dataset is analyzed using Pooled OLS, Fixed Effects and Random Effects models, with Fixed Effects being identified as the optimal estimator. The results of the analysis show that there is a positive, bidirectional causality relationship between economic growth and energy consumption for Ukraine (the "Feedback Hypothesis"). In addition, the results of the panel data analysis suggest that reducing energy inefficiency, increasing "own production" of energy (including renewable energy), and liberalizing the energy sector of Ukraine could all be valuable strategies for increasing the...
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Consequences of liberalization of electricity market
Kalabiška, Roman ; Polák, Petr (advisor) ; Valíčková, Petra (referee)
This thesis examines the impacts of liberalization of electricity market. The first part of this work provides theoretical overview of the liberalization process and electricity market design in Czech Republic. To understand how the european wholesale markets are integrated, I have performed correlation analysis of daily spot prices on selected power exchanges. On the basic of this analysis I confirmed that selected power exchanges are on different levels of integration and have higher dependency on regional level. The second part of the empirical part is focused on the impact of competition on czech retail market. The objective was to show that liberalization and following increase of competition in electricity market result into decrease of retailers' gross profit margins in the segment of housholds with ordinary consumption. The last part of this work is focused on the measurement of market power using the most famous methods of measuring market power, such as Lerner index and Herfindahl-Hirschman index. My calculations indicate that while market concentration has decreased in the long run, since 2012 it is slightly increasing. I have also learned that selected retailers are on similar level of market power. This work fills the gap in literature focusing on the issue of measuring market power...
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The Role of Financial Development in Economic Growth: A Meta-Analysis
Valíčková, Petra ; Horváth, Roman (advisor) ; Havránek, Tomáš (referee)
This diploma thesis presents a meta-analysis of the accumulated empirical evidence on the relationship between financial development and economic growth. So far, hundreds of studies have been written on the role of financial systems in economic growth; however, their results are ambiguous. This is supported both by theory and empirical research. In order to shed some light on the underlying relationship, narrative literature surveys have been conducted. Nevertheless, the authors of these surveys select representative studies for inclusion subjectively and thus build their results on only a limited set of information. Moreover, due to the nature of their analyses, they cannot systematically assess which factors influence the heterogeneity in reported findings or whether the results are driven by the desire to produce only positive and statistically significant results. Thus, the main focus of our work lies in investigating what the role of financial development in economic growth is, adjusted for possible publication selection, and to systematically explain the heterogeneity behind reported results. For this analysis a pool of available studies investigating the underlying relationship was collected. More specifically, our analysis takes into account data from 67 empirical studies with 1334...
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Financial Development and Economic Growth: A Meta-Analysis
Havránek, Tomáš ; Horváth, Roman ; Valíčková, Petra
We analyze 1334 estimates from 67 studies that examine the effect of financial development on economic growth. Taken together, the studies imply a positive and statistically significant effect, but the individual estimates vary widely. We find that both research design and heterogeneity in the underlying effect play a role in explaining the differences in results. Studies that do not address endogeneity tend to overstate the effect of finance on growth. While the effect seems to be weaker in less developed countries, the effect decreases worldwide after the 1980s. Our results also suggest that studies using stock-market-oriented measures as a proxy for financial development tend to report larger positive effects on growth. We find little evidence of publication bias in the literature.
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Analysis of the marketing mix in the company Sedláček s. r. o.
Valíčková, Petra ; Lešetický, Ondřej (advisor) ; Polanecká, Šárka (referee)
The aim of the thesis entitled " Analysis of the marketing mix in the company Sedláček s. r. o." is particularly characteristic of the chosen company. Further analysis of the current marketing mix , not only as a whole but also individual marketing tools. Finally, to evaluate the status of the company and to propose recommendations for the establishment of a new marketing mix, which could improve the current situation in the company.
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