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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)
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Hybrid Model for Regulating Carbon
Ashrafullina, Ksenia ; Hrubý, Zdeněk (advisor) ; Ščasný, Milan (referee)
The objective of this dissertation is to review the instruments used to reduce carbon emissions, discuss the emission trading introduced by the European Emission Trading System and tentatively suggest further improvements. We shall look at carbon emissions as a negative externality and explore the theoretical foundations of carbon taxation and cap-and-trade systems as well as their possible interactions, conflicts and synergies. We shall also look at the risks associated with using carbon regulation in the ELI, mainly carbon leakage and lack of international compliance with regulatory mechanisms, especially in the developing countries. On a practical side, we shall focus on the structure and performance of the carbon reduction policies during the three phases - NAP1, NAP2 and NAP3, paying close attention to free allocation and auctioning. Finally we shall discuss risk-reduction methods, focusing on a potential hybrid model combining both cap-and-trade and taxation with a percentage of the revenues redistributed to the developing world to stimulate climate change agenda.
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Actual discussion about the regulation of the energy market : theory and practice in the Czech Republic and France
Riemlová, Simona ; Hrubý, Zdeněk (advisor) ; Gregor, Martin (referee)
The European energy market has experienced a process of rapid change in recent years. The trend of liberalisation and deregulation is shaping in a fundamental way the environment in which energy companies operate. The aim of this paper is to analyse the present situation regarding the European debate on the liberalisation of the energy market. The analysis includes a theoretical excursus on the problem of the natural monopoly in the energy sector, a description of the European requirements for the organisation of the energy market and an account of the experience of the first countries opening their energy sectors. We will base our affirmation that European directive 2003/92/EC leaves sufficient room for each member state to organise its energy market on its own, on the current debate and the experience of two European Union member states, the Czech Republic and France. The culmination of this paper is section six comparing the present state of the liberalisation process in these two countries, the satisfaction of inhabitants with this process and its impact on energy prices. Powered by TCPDF (www.tcpdf.org)
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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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Mergers and Acquisitions in European Banking Sector: A Performance Analysis - Case Study: Czech and Slovak Republic
Dullová, Jana ; Hrubý, Zdeněk (advisor) ; Baxa, Jaromír (referee)
The European banking industry has undergone a remarkable wave of consolidation induced by profound changes in technology and regulation over the last two decades. Consequently, the focus from the bank growth has been shifted to the bank efficiency, the bank profitability and the value creation. The preferred strategy to enhance the effectivity has become accomplishing of a merger or an acquisition transaction. The aim of this diploma thesis is to investigate the influence the mergers and acquisitions have on the performance of the Czech and the Slovak banking sector. In order to do so we apply a two-stage approach consisting of a linear programmimg DEA method and a Tobit regression approach. The period under study is 2000 - 2006 and the total number of banks in the sample is 36 or 38. In our analysis we did not succeed in finding the evidence of the positive influence of the mergers and acquisitions on the bank performance. However, we were substantially limited by the unavailability of the bank data. For the future research, it might be interesting to find out whether a new time series cleaned from the post-transformation influences would offer significant results.
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