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Relationship between oil and GDP: the case of Kazakhstan: assesment of economic situation and economic development of Kazakhstan based on the economy of oil
Pushkarev, Vyacheslav ; Hrubý, Zdeněk (advisor) ; Melikhova, Oksana (referee)
This Master thesis is devoted to research of the economic development of Kazakhstan based on the economy of oil. This study is an attempt to analyze the relationship between oil price, GDP, inflation and oil exports in Kazakhstan on the basis of quarterly data from 2000Q1 to 2010Q4. We explored the role of oil price for the Kazakhstani economy by using time-series Vector Error Correction Model (VECM) approach. Moreover, we applied the Johansen cointegration test to examine the sensitivity of economic growth to changes of oil prices in the long term. The key result shows that oil price shock has no significant impact on real economic growth in Kazakhstan. However, the price of oil has significantly positive effect on GDP in the short-term. In addition, we investigated a relationship between FDI and economic growth of Kazakhstan. Foreign direct investment plays a significant role in the development of republic. For the analysis we used the annual data for the period 1993 to 2011 (almost from the period of independence of Kazakhstan). Regression analysis of Ordinary Least Square (OLS) was used in analyzing the data. Based on the empirical results, the analysis shows that there is a positive relationship between the FDI and economic growth. Our findings confirmed that Kazakhstan as a new developing...
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The system of crude oil transportation in Czech Republic and Slovakia, its efficiency and potential diversification
Rakovská, Zuzana ; Hrubý, Zdeněk (advisor) ; Cahlík, Tomáš (referee)
This bachelor thesis focuses on the analyses of the efficiency of crude oil transportation system in the Czech Republic and Slovakia. Several aspects are included from which the amount of transportation tariff and the rate of the diversification of pipeline infrastructure are the most important. Its aim is to determine the oil delivery conditions through Druzhba and IKL pipelines during the years 2008, 2009 and 2010, the development of storage capacity and also the development of attempts to diverse the sources in both states. Firstly, I will outline the history of the formation of oil contractors in order to show the conditions of oil market in the Czech Republic and Slovakia. Secondly, I will analyze the efficiency of the crude oil transportation and compare the Czech and Slovak refineries' costs for crude oil delivery trough this countries. Finally, this bachelor thesis tries to evaluate the potential sources diversification and measures the position of Druzhba pipeline by means of crude-oil-flows importance.
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Interconnections within Food, Biofuel and Fossil Fuel Markets: Cointegration Analysis
Chrz, Štěpán ; Hrubý, Zdeněk (advisor) ; Hildebrandt, Barbora (referee)
This work examines a topic of interconnections within food, biofuel and fossil fuel markets. The first part provides a general description of biofuel types, related policy measures and a development of relevant legal framework in selected regions. Second part describes an analysis of long and short-term causal relationships between commodities. Furthermore, an impact of Energy Policy Act of 2005 on these relationships is examined. The analysis incorporates Johansen cointegration, error correction model, vector autoregression and Granger causality. A number of equilibrium relationships are found across the examined markets suggesting an interconnection of the studied markets. The results of the impact of EPA are inconclusive due to limitations of employed models.
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