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"The State of Emergency": The Contribution to the History of Great Britain in the First Half of the 1970s
Rýgrová, Pavla ; Kovář, Martin (advisor) ; Horčička, Václav (referee)
Bachelor thesis concerns itself with British economic policy of Conservative Heath government (1970-1974), the process of formulation of this policy during years in opposition 1965-1970 and reassessment of its principles in 1972. The emphasis is put on problematic aspects of the original policy and the analysis of a way how the experience from years 1970-1972 was reflected in the economic policy in years 1972-1974. There is also a scope given to an oil shock in 1973 and miner's overtime ban and subsequent strike in 1973-1974 as they are important factors testing the viability of the new direction of the economic policy. Thesis further examines the effects of the U-Turn in economic policy of the Conservative Party on its position among voters and the position of the leader of the party Edward Heath. Powered by TCPDF (www.tcpdf.org)
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"The State of Emergency": The Contribution to the History of Great Britain in the First Half of the 1970s
Rýgrová, Pavla ; Kovář, Martin (advisor) ; Horčička, Václav (referee)
Bachelor thesis concerns itself with British economic policy of Conservative Heath government (1970-1974), the process of formulation of this policy during years in opposition 1965-1970 and reassessment of its principles in 1972. The emphasis is put on problematic aspects of the original policy and the analysis of a way how the experience from years 1970-1972 was reflected in the economic policy in years 1972-1974. There is also a scope given to an oil shock in 1973 and miner's overtime ban and subsequent strike in 1973-1974 as they are important factors testing the viability of the new direction of the economic policy. Thesis further examines the effects of the U-Turn in economic policy of the Conservative Party on its position among voters and the position of the leader of the party Edward Heath. Powered by TCPDF (www.tcpdf.org)
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Vliv ropných šoků na ekonomiky USA a Venezuely od 70. let do současnosti
Pavlíček, Vojtěch ; Pikhart, Zdeněk (advisor) ; Strejček, Ivo (referee)
This paper attempts to define the impact of the oil price shocks on the economy. In the theory paper examines the general impact of the changes in the oil prices on the economy and the possibility of the central bank to respond to these changes, which proves to be quite difficult due to the time lag in the effectiveness of monetary policy. The practical part includes, inter alia, the development of the oil shocks of the 70s, with a focus on the latest crisis of 2014 the economy of the United States and Venezuela. In the US case is detected dual impact. Despite the negative impact on the individual segments of the economy, however, it can be argued that the low price of oil for the US is positive stimulus. On the contrary, the Venezuelan economy is experiencing within the low prices as export economy clearly negative shock, which uncovered nonfunctional economic system.
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The Macroeconomic Impacts of the Selected Oil Shocks in the United States of America
Šikulová, Markéta ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
The aim of this study is to analyze macroeconomic impacts of four selected oil shocks on the United States economy and their subsequent comparison. The first part of this study deals with the theoretical background of supply shock, its influence on the economy, and the possible responses of economic policy. Furthermore, in the first part I focus on the historical events that led to the oil crisis, specifically on the OPEC oil embargo imposed on the United States, production cuts caused by the Iranian revolution, Iran-Iraq War and Persian Gulf War and on the demand as well as the supply factors that led to the oil shock of 2007-2008. The second part of this study presents the specific impacts of four selected oil shocks on the US economy and their comparison. Based on the findings, it was possible to confirm the hypothesis saying that past oil shocks, especially those that took place in the 1970's, had more negative impacts on the United States economy in comparison with those that happened more recently. In other words, that the effects of changes in oil prices have lessened over time. There are many reasons of this moderation, but the most important ones include more effective monetary policy response, the decrease in wage rigidities, and more recently also the decline of United States dependency on imported oil.
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The effect of the oil price shock in 1973 on the real GDP of the United states
Dobrovolný, David ; Stroukal, Dominik (advisor) ; Chytilová, Helena (referee)
The goal of this paper is to analyze the effect of the oil price shock in 1973 on the real GDP of the United states. Theoretical part includes existing results of other works that also analysed the relationship and shows detailed outlook at the oil shocks issue. I verify the issue using two methods: fixed effects model using ordinary least squares and instrumental variables. Based on the results of my analysis I deny hypothesis that oil price supply shock in 1973 had statistically significant effect on the real GDP of the United states. Thus, conclusion of this paper presumes that oil price shock in 1973 was not responsible for the crisis that emerged in the United states right after the oil embargo.
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Comparison of impacts of oil crisis in 70´s on USA automotive industry
Kopřiva, Jaroslav ; Tajovský, Ladislav (advisor) ; Chalupecký, Petr (referee)
The main objective of this work is to prove the hypothesis that the oil shock of the year 1979 didn't have a negative impacts on the US automotive industry. Solution of this hypothesis is not found in the period of the second oil shock, but in the years 1973 and 1974, when the first oil crisis broked out. As a result of its development the United Sta-tes Government was forced to take a number of measures to mitigate their impacts. The-se administrative measures touched not only consumers, but also the energy industry. Using the government's measures laws regulating driving conditions on roads were mo-dified, technological innovations in the automotive industry were financially supported, oil supplies were diversified, an attempt to increase domestic mining was carried out, prices of oil products were regulated. However, those measures couldn't fully manifest in the second oil crisis, because they haven't been completed or haven't worked. The automotive industry had to adapt to new trends and customer requirements for cars with lower fuel consumption and it invested billions of dollars in new technology in the mid 70s. Other changes have taken place in the production and sales strategies to prevent or largely eliminate the sharp falls in sales and production.
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Do oil prices affect inflation?
Novotný, Lukáš ; Chytil, Zdeněk (advisor) ; Babin, Jan (referee)
Goal of bachelor thesis is exploration of relationship between development of oil price and inflation in United States of America, Federal Republic of Germany and Japan. Theoretical part is focused on previous research, development of oil price and analysis of prices of oil. My research has been conducted with help of regression and correlation analysis in three time periods in years 1970-1983, 1984-1999, 2000-2014 and is based on quarterly data. Based on development of selected macroeconomic variables is investigated hypothesis that there is small positive correlation between oil price and inflation. This correlation should be strongest in the 80s of last century, than it should be minimalized till turn of millennium, when it should be stronger again. Result of my work verifies the hypothesis about small positive correlation. However development of this correlation was different than I presumed.
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The change of OPECs market power after the first oil shock
Celer, Martin ; Tajovský, Ladislav (advisor) ; Chalupecký, Petr (referee)
In 1973 the world was hit by first, intentional, oil shock. It was caused by relatively new organization OPEC which imposed trade embargo on some western countries supporting Israel during Jom Kipur war. This oil shock which had deep impact on global economics was in fact due to long lasting friction between recently founded OPEC and cartel of oil producing companies known as "Seven sisters". These companies and OPEC led mutual negotiations concerning purchasing oil prices. In this work I intend to analyze the changes of OPEC power following the first oil shock and to prove that this power has substantially increased. I will achieve this by analyzing relationships between both players on the oil market and literature sources concerning time period being in concern.
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