|
|
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...
|
|
|
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.
|
|
|
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.
|
|
|
Opening of the EU 's energy market: Case study with focus on the electricity market in the Slovak Republic
Hrušč, Erik ; Hrubý, Zdeněk (advisor) ; Rečka, Lukáš (referee)
This bachelor thesis focuses on the question of electricity market liberalization in the European Union, especially on the case of Slovak Republic. The goal of this thesis is process analysis of the electricity market opening in Slovakia, tracking of the implementation process of individual European energy packages, as well as analysis of current state on the electricity market in Slovakia with focus on the key actors and participants on the market. This thesis is enriched by short analysis of positives and negatives of the liberalization process and of the unbundling process of vertically integrated companies.
|
|
|
Neglected corporate governance and its consequences: The case of Sazka, a. s.
Vrátníková, Kateřina ; Hrubý, Zdeněk (advisor) ; Seidler, Jakub (referee)
Importance of corporate governance as a setting of relations between management and shareholders of a corporation has been widely acknowledged in the past years. Mechanisms of corporate governance are very important in order to increase overall trust in the company and among the individual part of a corporation, especially between managers and investors. At the same time, these mechanisms should serve to shareholders to monitor better activity of management. However, shareholders must understand that an ownership stake obliges them to execute their shareholders rights and to be involved in the life of company, if they require adequate financial results. This paper describes possible negative consequences of a bad setting of corporate governance mechanisms and of resignation on execution shareholders rights using an example of a leading Czech lottery company SAZKA, a.s which went bankrupt in May 2011 and whose shareholders were Czech umbrella sports associations. It aims to show that it was the wrong practice of corporate governance which caused the failure of this company and not only the investment into a construction of a multifunctional arena in Prague which was rather a consequence, or a product of the neglected corporate governance. Also this study shows, that behaviour of shareholders who...
|
|
|
Public Procurement of homogeneous goods: Czech Republic case study
Soudek, Jan ; Skuhrovec, Jiří (advisor) ; Hrubý, Zdeněk (referee)
The goal of this thesis is to show that institutional and procedural characteristics are affecting the final price of the public procurement. In order to be able to compare the tenders among each other, only public procurement of homogeneous goods is analyzed. The presented model attempts to explain a variation in final price per one unit as a function of estimated unit price, market price and characteristic of procurement procedure - type of procedure, number of bidders and use of electronic auction. In case of electricity and gas public procurement final price elasticity with respect to the estimated price tents to be higher than such elasticity with respect to the market price. This result suggests high rigidity in public procurement procedures. We show that such ineffectiveness is reduced by using open procedure, electronic auction or attracting more bidders.
|
|
|
Ekonomické dopady podpory výroby energie z fotovoltaických článků v České republice
Krška, Štěpán ; Hrubý, Zdeněk (advisor) ; Cahlík, Tomáš (referee)
v Abstract The bachelor's thesis focuses on the generation of energy from photovoltaic cells in the Czech Republic and calculation of costs resulting from a support of renewable energy sources. Second part, following a short introduction, contains a brief description of the energy market in the Czech Republic and definitions of renewable energy sources. Third part covers photovoltaic energy in general. It deals with its historical development, technology and potential in the Czech Republic. Fourth part concerns with a legislation and contains a basic overview of the energy legislation of the Czech Republic and the European Union. Fifth part elaborates on the potential of other renewable sources in the Czech Republic and based on expert studies outlines their possible future development. Sixth part comments on the situation of photovoltaics in other states and brings a view of the support of renewable sources in Germany, Spain and Italy. Seventh (analytical) part deals with an analysis and calculations of the costs of the support of individual renewable sources including photovoltaics, cogeneration and secondary resources. The thesis is ended with a conclusion summarising the main results of the work.
|
|
|
EU's Competition Policy v. USA's Antitrust : Antitrust in Payoff Matrix
Luňáčková, Petra ; Hrubý, Zdeněk (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
EU's Competition Policy v. USA's Antitrust Antitrust in Payoff Matrix Abstract The thesis consists of two parts - comparative study and antitrust model. First part is dedicated to the comparison of European competition policy and American antitrust. It introduces both policies and focuses mostly on key differences between them, especially on the non-price vertical restraints and monopoly pricing. The economic theory is indecisive about the effects of vertical agreements on competition. The EU finds them often anticompetitive compared to the U.S. that believes in their procompetitive or neutral impact. Second part presents an antitrust model which describes the process of protecting competition and suggests optimal behavior for both enforcement officials and firms. In the game theory framework the payoff matrixes show the difference discussed in the first part and offer theoretical solution. Optimal strategies are derived for American, European and neutral policies and compared afterwards. The case study concludes the thesis and gives a real example of the difference between antitrust and competition policy. Key words: antitrust, competition policy, vertical mergers, game theory, payoff matrix, Article 101 and 102 of the TFEU, Sherman Act
|
|
|
Energy taxation as an environmental policy instrument
Cimrová, Michaela ; Hrubý, Zdeněk (advisor) ; Kracík, Jiří (referee)
The recent trend of the environment protection leads to introduction of new policy instruments to reach given goals. The most effective seem to be incentive-based instruments as taxes on energy products and electricity because they efficiently influence consumer and producer behaviour in order to mitigate energy consumption. This thesis is motivated by increasing requirements of implementing such environmental policy into individual tax systems. Energy taxation increases prices of the products, thus leads to the lower energy consumption and the emission abatement. Moreover, if additional revenues are used to cut existing distorting taxes, other positive effects can be reached. This will be discussed as the question of double dividend hypothesis. In the Czech Republic, the year 2008 denoted an important milestone when new taxes on solid fuels, gas and electricity were introduced as the first phase of ecological tax reform. The trend of introduction of new ecological taxes plays an important role not only for producers and providers but also for households since it brings a few pitfalls in the form of significant price regulation. The effectiveness of energy taxation and its distributional, macroeconomic and social welfare effects will be assessed. The general equilibrium analysis follows to show the major...
|
|
|
Impact assessment case study : EU ETS and investment decision-making of power generators
Chvalkovská, Jana ; Hrubý, Zdeněk (advisor) ; Mejstřík, Michal (referee)
This thesis is focused on the assessment of impacts of the regulatory uncertainty related to the EU Emission Trading System (EU ETS) on investment decision-making of power generators. The need for investments in new power generation capacities that would be capable to satisfy in the future the growing electricity demand is currently a discussed topic on the Czech as well as on the EU level. These investments are endangered by the uncertainty regarding the future development of the EU ETS regulatory framework, which is a major price driver of the tradable emission allowances. This thesis uses the real option model to analyze the impacts of potential future developments of the emission allowance prices on the investments into new power plants and identifies the regulatory uncertainty as one of the major causes, why investors postpone the investment into the construction of new sources. The analysis is embedded into a broader framework depicturing the EU ETS and the impact assessment procedure conducted by the European Commission. Powered by TCPDF (www.tcpdf.org)
|
guest ::
RSS feed.