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Proces cenotvorby pohonných hmot: proces produkce a cenotvorby pohonných hmot ve výrobkové vertikále.
Němec, Vít
The bachelor thesis deals with the mapping and pricing of the entire fuels production and distribution process vertical. It seeks to describe the route of crude oil from its extraction to its distribution and refining, during which it is transformed into gasoline and diesel, and to trace the path of fuels to the final consumers. Subsequently, the pricing of fuels was examined in order to establish the relative proportions of the identified components that make up the price of fuels to the final consumer, i.e. the ratio of the oil prices, the tax burden and the costs of companies entering the fuel market. Finally, a statistical analysis of oil and fuel prices was carried out to find structural breaks in the time series, identify the cause of these breaks and determine the strength of the correlation between the oil prices and the fuel prices.
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Influence of energy policy on US-Saudi relations during Barack Obama's presidency 2009 - 2017: Possible end of exceptional partnership
Buriánek, Petr ; Bečka, Jan (advisor) ; El-Ahmadieh, Jakub (referee)
This bachelor thesis aims at describing impact of energy policy of Barack Obama during his two terms as american president on US-Saudi relations. Concretely reactions from Saudi Arabia on these policy decisions with chronologic analysis and emphasis on movement of world oil prices. Core of these thesis could be divided into three parts. First on eis fall of oil prices which took place against the backdrop of the Global Financial Crisis. Second is period of stable oil prices between 2009-2014 with huge tight oil development. Last one is fall of oil prices after June 2014. Each of these periods had its own impact on US-Saudi relations. This analysis shows change in Saudi traditional role as swing producer between 2008 and 2014. Main reasons were behaviour of producents like Ira nor Russia in 2008 downcycle and mentioned development of tight oil production in US, which both were perceived as a threat by Saudi Arabia. Analysis also shows that although president Obama to some extend managed to achieve american energy independence on imported oil it does not solve american energy security issue. Main security threat stays american incapability of controling world oil prices.
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Volatility transmission between oil prices and European stock market
Nechvátalová, Lenka ; Kočenda, Evžen (advisor) ; Kuc, Matěj (referee)
This thesis examines transmissions of returns and volatility between crude oil and stock indices from different sectors of economy. We will be using daily Brent crude futures and Euro Stoxx sector indices from 1992 to 2017. For the analysis we employ bivariate VAR BEKK-GARCH model to simultaneously estimate the conditional mean and variance equations, to investigate the causal relationships between the variables. In addition we use the results of our estimation to calculate optimal portfolio weights and hedge ratios. The results show Granger causality from oil to most of the individual sectors, reverse relationship exists in two cases. We found unidirectional volatility spillovers from stock sectors to oil in majority of cases and in 4 sectors the spillover was bidirectional. Keywords volatility transmissions, VAR GARCH model, crude oil prices, stock sector indices 1
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Impact of Oil Price Shocks on Automobile Stock Prices, An Impulse Response Analysis
Malárik, Lukáš ; Jánský, Ivo (advisor) ; Mikolášek, Jakub (referee)
The goal of this master thesis is to analyze impact of shocks in oil prices to automobile industry stock prices and returns. We decompose oil price shocks on oil supply shocks, aggregate demand shocks and oil-specific demand shocks and assess their individual impacts on these stock prices/returns. This is done using the vector autoregression (VAR) methodology which allows us to compute impulse responses, that is the reaction paths on the individual shocks. In addition to linear VARs we also employ threshold VAR models in order to capture nonlinearities in impulse responses and besides the aggregate automobile stock price index we compute these nonlinear impulse responses also for some selected individual car producers. We think that this analysis have two different uses. First, it can be beneficial to stock market investors. Second, it can be used by policymakers in countries such as Slovakia and the Czech Republic, which are relatively heavily dependent on automotive industry. 1
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Terms of trade: impact on the czech international trade and economic growth in 2005 - 2015
Dulovec, Adam ; Zamrazilová, Eva (advisor) ; Šimíček, Petr (referee)
The thesis is focused on the changes in the terms of trade in Czech international trade in the term of from 2005 to 2015, as the period after the Czech Republic joined the European Union. The terms of trade are an important indicator of the benefits and loses of international trade. The main aim is to analyze the changes of terms of trade, the causes of their changes, and the impact on the real economy. The direction of the overall terms of trade index was highly unsettled, and did not actually generated additional gains in the economy not over the reporting period. The overall terms of trades were most influenced by the price development of two groups of the Standard International Trade Classification, Crude materials and lubricants, and machinery and transport equipment. The prices of Crude materials and lubricants are determined mainly by changes in the oil prices. These were very volatile in the reporting period, the especially the collapse of the prices in both 2009 and 2014-2015, had a significant impact on the import prices of the Czech economy. The thesis also analyzes the impact of exchange rate on the international trade prices, in the period since November 2013, i.e. after the Czech National Bank has committed to maintain the rate of Czech koruna against the Euro above the level of 27 CZK/EUR, which helped to protect the economy from deflations and enhance the economic growth. The effect of the weak crown, that favored the Czech exporters, however a faded over time.
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