Is Russia sick with Dutch Disease?
Abdullaeva, Nadiia; Máslo, Lukáš; Prokop, Jaromír
2017 - English
The aim of this work is to prove a hypothesis whether Russia is sick with Dutch disease or not. In the theoretical part, the author expounds the model of Dutch disease by Corden, Neary (1982) and places the phenomenon into a historical perspective. Further on, the author identifies four main symptoms of the Dutch disease, i. e. an increasing dependence of a country on the export of natural resources, appreciation of the real exchange rate, a decline of the manufacturing sector and a growth of the service sector and, finally, an overall wage growth. In the empirical part, the author tests the presence of the particular symptoms of the Dutch disease in the Russian economy on the data set for the years 1998-2015, drawing upon the research of Oomes, Kalcheva (2007) and extending it by adding the symptom of increasing dependence of a country on the export of natural resources (the 1st symptom) and by prolonging the time series until 2015. The author presents her own multiple regression model with the dependent variable of real effective exchange rate and independent variables interest rate, oil prices and government expenditures, proving a positive correlation of 83% between the real effective exchange rate and oil price. Next, the author proves that the service sector and the natural resource sector increased their respective shares of the GDP in the economy by 6 and 5 percentage points between 2000-2015, while the manufacturing sector decreased almost by the 9 percentage points. By this, the author supports the assumption about the ongoing indirect deindustrialization process and, in effect, supports her assumption about the presence of the third symptom. The aim of this work is to prove a hypothesis whether Russia is sick with Dutch disease or not. In the theoretical part, the author expounds the model of Dutch disease by Corden, Neary (1982) and places the phenomenon into a historical perspective. Further on, the author identifies four main symptoms of the Dutch disease, i. e. an increasing dependence of a country on the export of natural resources, appreciation of the real exchange rate, a decline of the manufacturing sector and a growth of the service sector and, finally, an overall wage growth. In the empirical part, the author tests the presence of the particular symptoms of the Dutch disease in the Russian economy on the data set for the years 1998-2015, drawing upon the research of Oomes, Kalcheva (2007) and extending it by adding the symptom of increasing dependence of a country on the export of natural resources (the 1st symptom) and by prolonging the time series until 2015. The author presents her own multiple regression model with the dependent variable of real effective exchange rate and independent variables interest rate, oil prices and government expenditures, proving a positive correlation of 83% between the real effective exchange rate and oil price. Next, the author proves that the service sector and the natural resource sector increased their respective shares of the GDP in the economy by 6 and 5 percentage points between 2000-2015, while the manufacturing sector decreased almost by the 9 percentage points. By this, the author supports the assumption about the ongoing indirect deindustrialization process and, in effect, supports her assumption about the presence of the third symptom.
Keywords:
spending effect; natural resource curse; resource-movement effect; Dutch disease; Oil; resource-movement effect; Dutch disease; Oil; spending effect; natural resource curse
Available in digital repository of the Library of University of Economics.
Is Russia sick with Dutch Disease?
The aim of this work is to prove a hypothesis whether Russia is sick with Dutch disease or not. In the theoretical part, the author expounds the model of Dutch disease by Corden, Neary (1982) and ...
The sensitivity analysis of the change in oil price on Norwegian government budget in years 2005-2015
Yarova, Hanna; Pekárek, Štěpán; Prokop, Jaromír
2017 - English
This study selectively surveys, unifies and extends the literature on the volatility of prices on commodity goods, in particular oil and its effect on the government budget of Norway in the period from 2005 until 2015. It employs an analytic framework that examines the sensitivity of the economical channels that connect the government budget of Norway to the offshore economy. Data was gathered from the reports provided by the Ministry of Finance, Statistics Norway and Norges Bank. Findings suggest that oil price is an important factor affecting the government revenues and expenditures and that from the assesses channels only the channel of Government Pension Fund Global in Norway is the least sensitive to fluctuation in the oil prices. . This study selectively surveys, unifies and extends the literature on the volatility of prices on commodity goods, in particular oil and its effect on the government budget of Norway in the period from 2005 until 2015. It employs an analytic framework that examines the sensitivity of the economical channels that connect the government budget of Norway to the offshore economy. Data was gathered from the reports provided by the Ministry of Finance, Statistics Norway and Norges Bank. Findings suggest that oil price is an important factor affecting the government revenues and expenditures and that from the assesses channels only the channel of Government Pension Fund Global in Norway is the least sensitive to fluctuation in the oil prices.
Keywords:
Government Budget; Norway; Oil prices; Petroleum taxes; Government Pension Fund Global; Norway; Petroleum taxes; Government Pension Fund Global; Government budget; Oil prices
Available in digital repository of the Library of University of Economics.
The sensitivity analysis of the change in oil price on Norwegian government budget in years 2005-2015
This study selectively surveys, unifies and extends the literature on the volatility of prices on commodity goods, in particular oil and its effect on the government budget of Norway in the period ...
CZECH CIVIL AIRPLANES MANUFACTURES AND THEIR POTENTIAL ON EMERGING MARKETS TYPE OF CHINA
Brix, Vojtěch; Frömmel, Tomáš; Prokop, Jaromír
2017 - English
V této práci autor analyzuje potenciál českých výrobců letadel na rozvíjejících se trzích. Tito výrobci operuji především ve dvou podkategoriích trhu a to regionálních komerčních letadlech a obecné letecké technice. Ze všech výrobců byly vybráni 3 největší dle tržeb a následně byly analyzovány jejich finanční stránka, portfolio produktů, prodeje a výzkumné a vývojové aktivity. Cílové trhy byly vybrány za pomoci hodnotící matice. Pro přesnou selekci trhů byly sestavena multikriteriální matice s jedenácti parametry pro obecný potenciál trhu, následně doplněna o čtyři další kritéria pro každou z podkategorií. Závěrem byl odhadnut dopad na českou ekonomiku, především v oblasti trhu práce a příspěvku do státního rozpočtu, za díky vyšším daním. In this thesis the author analyses the potential of aircraft manufacturing industry of the Czech Republic on emerging markets. Czech manufacturers have been operating only in two of the main sub-segments of the whole industry. Three main manufacturers were selected based on their revenues and each analysed from the financial, product portfolio, sales, and R&D point of view. The markets were selected applying the rating approach. For the purposes of the selection process a multi-criterial matrix was constructed of eleven parameters and two specific superstructures for each of the segments within the range. In the last part, the economic impact on the Czech Republic was estimated, specifically in terms of the labour market and contribution to the state budget via taxes and foreign trade balance.
Keywords:
Rozvýjející se trhy; Ekonomický dopad; Výroba letadel; Emerging markets; Economic impact; Aircraft manufacturing
Available in digital repository of the Library of University of Economics.
CZECH CIVIL AIRPLANES MANUFACTURES AND THEIR POTENTIAL ON EMERGING MARKETS TYPE OF CHINA
V této práci autor analyzuje potenciál českých výrobců letadel na rozvíjejících se trzích. Tito výrobci operuji především ve dvou podkategoriích trhu a to regionálních komerčních letadlech a obecné ...
Can we still call OPEC a cartel?
Ali, Dalia; Stroukal, Dominik; Prokop, Jaromír
2017 - English
This paper raises the question whether OPEC actually acts like a cartel, given the fact that there were many controversy surrounding the organization due to its coordination failures, which resulted to an oil glut between 2014-2016. Consequently, the oil industry experienced a dramatic decline in oil prices due to the oil surplus. A comparison was made between OPEC's allocated quotas, and its actual oil production to investigate whether the members of the organization adhere to the assigned quota, to achieve highest possible prices. This paper raises the question whether OPEC actually acts like a cartel, given the fact that there were many controversy surrounding the organization due to its coordination failures, which resulted to an oil glut between 2014-2016. Consequently, the oil industry experienced a dramatic decline in oil prices due to the oil surplus. A comparison was made between OPEC's allocated quotas, and its actual oil production to investigate whether the members of the organization adhere to the assigned quota, to achieve highest possible prices.
Keywords:
collusion; Cartel; oligopolies; Crude oil; OPEC; Middle East; Collusion; Cartel
Available in digital repository of the Library of University of Economics.
Can we still call OPEC a cartel?
This paper raises the question whether OPEC actually acts like a cartel, given the fact that there were many controversy surrounding the organization due to its coordination failures, which resulted ...
An Analysis of Contribution of the USA to the Economic Collapse of the Soviet Union
Vaneeva, Viktoria; Johnson, Zdenka; Máslo, Lukáš
2017 - English
In the given thesis some of the internal factors and especially external factors of the economic collapse of the Soviet Union are analysed. The external factors are represented as part of the anti-communist strategy of the United States in the 1980s. The strategy consisted of concrete economic sanctions and policies imposed by President Reagan and his administration in order to deteriorate the condition of the Soviet economy during the 1980s. Each of the steps against communist regime undertaken by the US is described and its impact on the Soviet economy is analysed. For example: the economic sanctions on the USSR after its invasion of Afghanistan in 1979; the increased military expenditures in the US in order to exhaust the Soviet economy in the arms race; the announced Strategic Defense Initiative; the secret negotiations between Reagan and the King of Saudi Arabia on reduction of oil prices in 1985; the US embargo on technology exports to the Soviet Union. The results of the research prove that strategy of President Reagan for economic destruction of communism contributed to the Soviet collapse in 1991. In the given thesis some of the internal factors and especially external factors of the economic collapse of the Soviet Union are analysed. The external factors are represented as part of the anti-communist strategy of the United States in the 1980s. The strategy consisted of concrete economic sanctions and policies imposed by President Reagan and his administration in order to deteriorate the condition of the Soviet economy during the 1980s. Each of the steps against communist regime undertaken by the US is described and its impact on the Soviet economy is analysed. For example: the economic sanctions on the USSR after its invasion of Afghanistan in 1979; the increased military expenditures in the US in order to exhaust the Soviet economy in the arms race; the announced Strategic Defense Initiative; the secret negotiations between Reagan and the King of Saudi Arabia on reduction of oil prices in 1985; the US embargo on technology exports to the Soviet Union. The results of the research prove that strategy of President Reagan for economic destruction of communism contributed to the Soviet collapse in 1991.
Keywords:
United States; Soviet Union; Perestroika; OPEC; Arms race; Cold War; War in Afghanistan; Soviet Union; Perestroika; Arms race; OPEC; War in Afghanistan; Cold War; United States
Available in digital repository of the Library of University of Economics.
An Analysis of Contribution of the USA to the Economic Collapse of the Soviet Union
In the given thesis some of the internal factors and especially external factors of the economic collapse of the Soviet Union are analysed. The external factors are represented as part of the ...
Self-Employment in the Czech Republic: Present and future dynamic of the phenomenon
Vovchenko, Vladyslav; Špecián, Petr; Slaný, Martin
2017 - English
Práce zkoumá dynamiku počtu osob samostatné výdělečně činných. Hypotéza je následující: pozitivní dynamika počtu osob samostatné výdělečně činných je způsobena extraordinárními trendy v klíčových faktorech oblasti. Panel OECD a databáze Eurostatu byly použité pro empirickou verifikaci hypotézy. Regrese je založena na sloučení dat z OECD. Databáze Eurostat byly použité pro dodatečnou analýzu. Zjistil jsem, že všechny klíčové faktory se chovají způsobem, který odpovídá teoretickému pozadí. Kromě toho, na klíčových faktorech samozaměstnání není nic mimořádného pro Českou Republiku. Nicméně, další státy, které mají pozitivní dynamiku počtu osob samozaměstnaných, předváděly jiné trendy. A tak, probírám alternativní příčiny. The thesis examines an unusual dynamic of the rate of self-employment in the Czech Republic. The hypothesis is that the positive dynamic of the rate of self-employment was caused by the influence of the extraordinary trends of the main determinants of the rate. OECD panel data and Eurostat databases were used for the empirical verification of the hypothesis. All regressions were based on the merged OECD data sets. Eurostat databases were used for an additional analysis. I found that all main determinants perform according to the theoretical background. Furthermore, there is nothing unusual in the main determinants of the self-employment for the Czech Republic. Despite the fact that other countries with the positive dynamic of the rate showed differences in the trends. Thus, I discuss possible alternative reasons.
Keywords:
Panel data; Pozitivní dynamika; OECD; Eurostat; Česká Republika; Samostatně výdělečná činnost; Eurostat; Positive dynamic; OECD; the Czech Republic; Self-employment; Panel data
Available in digital repository of the Library of University of Economics.
Self-Employment in the Czech Republic: Present and future dynamic of the phenomenon
Práce zkoumá dynamiku počtu osob samostatné výdělečně činných. Hypotéza je následující: pozitivní dynamika počtu osob samostatné výdělečně činných je způsobena extraordinárními trendy v klíčových ...
Automotive industry in Slovakia as a driver of economic growth and development
Zvarková, Zuzana; Frömmel, Tomáš; Špecián, Petr
2017 - English
Cieľom tejto práce je dokázať vzájomný vzťah a závislosť medzi automobilovým priemyslom a Slovenskou ekonomikou. Prvá polovica praktickej časti počíta korelačné koeficienty medzi piatimi potencioálnymi spojeniami jednotlivých indikátorov výkonnosti (napr. Výnosy výrobcov áut a Slovenské nominálne HDP). Signifikantné korelačné koeficienty medzi týmito spojeniami dokazujú, že silný vzájomný vzťah a závislosť prítomné sú. Druhá časť praktickej časti prezentuje komplexnú SWOT analýzu automobilového priemyslu na Slovensku. Cieľom tejto analýzy je podoknúť silný obojstraný vzťah a navrhnúť, ako by mohol slovenský automobilový priemysel zrýchliť slovenskú ekonomiku, ak by bol štátom ovplyvnený správne. Taktiež, ako by mohol automobilový priemysel predísť hrozbám, ktoré by mohli mať negativný dopad na ekonomiku Slovenska. The aim of this work is to prove the mutual relationship and dependence between the Automotive industry and the Slovak economy. First half of practical part calculates cor- relation coefficients between five potential bonds of individual performance indicators (e.g. Revenues of car manufacturers and Slovak nominal GDP). Strong correlation coefficients between these bonds prove that there is a significant mutual relationship and strong dependence. Second half of practical part presents very comprehensive SWOT analysis of the automotive industry in Slovakia. The aim of the analysis is to emphasize the strong two-way relationship. Additionally, to propose, how could the automotive industry accelerate the Slovak economy if influenced properly and how it could overcome upcoming threats that could have a negative impact on the economy of the country.
Keywords:
Korelácia; Slovenská ekonomika; Automobilový priemysel; SWOT; Correlation; Slovak economy; Automotive industry; SWOT
Available in digital repository of the Library of University of Economics.
Automotive industry in Slovakia as a driver of economic growth and development
Cieľom tejto práce je dokázať vzájomný vzťah a závislosť medzi automobilovým priemyslom a Slovenskou ekonomikou. Prvá polovica praktickej časti počíta korelačné koeficienty medzi piatimi ...
From Apartheid to Democracy: A Case Study of Education in Post-Apartheid South Africa
Ammu, Naga Sailaja; Frömmel, Tomáš; Chytilová, Helena
2017 - English
Tato práce zkoumá úlohu vzdělání, věku, pohlaví, vzdělání, životní oblasti a rasy v příjmech získaných občany Jihoafrické republiky. Cílem je analyzovat, jaký je rozdíl mezi různými rasami v Jihoafrické republice. Metody, které se používají k analýze těchto jevů, jsou pomocí metody STATA a běhání modelu lineární regrese, aby se dokázala hypotéza: že černí Afričané vydělávají mnohem méně než bílá rasa kvůli úrovni vzdělání a minulosti, která vždy ošetřovala černé jako podřízené . Při regresních modelech bylo zjištěno, že černoši vydělávají mnohem méně než ostatní rasy, které jsou v Jihoafrické republice, a zejména ženy. Informace uvedené v tomto dokumentu mohou být užitečné pro budoucí výzkumníky, nevládní organizace v Jihoafrické republice nebo ty, které pomáhají dělat věci lépe v tomto národě. This thesis examines the role of education age gender years of education area of living and race in the income earned by citizens of South Africa. The aim of this is to analyse how the income earned is different for the various races present in South Africa. The methods used to analyse these phenomenons are by using STATA and running a linear regression model to prove the hypothesis: that black Africans earn much less than the white race due to the level of education and the past history which has always treated the blacks as inferiors. By regressing models it was discovered that the blacks earn much less than the other races that are in South Africa and especially the females. The information presented in this paper can be useful to future researchers NGOs in South Africa or the ones helping to make things better in that nation.
Keywords:
Apartheid; Whites; Inequality; Blacks; Income; Whites; Blacks; Income; Inequality; Apartheid
Available in digital repository of the Library of University of Economics.
From Apartheid to Democracy: A Case Study of Education in Post-Apartheid South Africa
Tato práce zkoumá úlohu vzdělání, věku, pohlaví, vzdělání, životní oblasti a rasy v příjmech získaných občany Jihoafrické republiky. Cílem je analyzovat, jaký je rozdíl mezi různými rasami v ...
The Impact of EU Funds on Income Convergence: Case of Central European Countries
Kim, Joo Hyun; Slaný, Martin; Chytilová, Helena
2017 - English
Cílem práce je přezkoumat konvergenční hypotézu a také, zda prostředky EU pozitivně ovlivňují konvergenci příjmů. V letech 1993 až 2015 jsou zvoleny čtyři země středoevropských zemí: Česká republika, Maďarsko, Polsko a Slovensko. V původním případě se uvádí, že Polsko by mělo vykazovat nejrychlejší rychlost konvergence příjmů; Česká republika by měla vykazovat nejnižší rychlost podle konvergenční hypotézy. Navíc se předpokládá, že fondy EU mají pozitivní vliv na konvergenci příjmů. Za účelem testování hypotézy jsou beta konvergence a konvergence sigma využívány spuštěním regresních modelů v STATA. Hypotéza konvergence je správně potvrzena daty z regresních modelů. Dále se ukázalo, že finanční prostředky EU přinesly kladný dopad na konvergenci příjmů na základě změn v rozdílu příjmů v letech 1993 až 2015. Finanční prostředky EU tak přispěly k procesu sbližování příjmů mezi čtyřmi zeměmi směřujícími k EU15. The aim of the paper is to examine the convergence hypothesis as well as whether EU funds positively influence income convergence. Four countries of Central European countries are chosen: Czech Republic, Hungary, Poland, and Slovakia, to be compared to EU15 over the period of 1993 to 2015. The original hypothesis states that Poland should show the fastest speed of income convergence; Czech Republic should exhibit the lowest speed according to the convergence hypothesis. Moreover, it is assumed that EU funds have positive influences on income convergence. In order to test the hypothesis, beta convergence and sigma convergence are utilized by running regression models in STATA. The convergence hypothesis is correctly confirmed with the data from the regression models. Furthermore, it is proved that the EU funds brought positive impacts on income convergence based on changes in the income gap in the period of 1993 to 2015. So, EU funds have contributed to the process of income convergence between the four countries towards EU15.
Keywords:
Sigma konvergence; Beta konvergence; Neoklasický model růstu; Fondy EU; Sbližování příjmů; Neoclassical growth model; Beta convergence; Sigma convergence; EU funds; Income convergence
Available in digital repository of the Library of University of Economics.
The Impact of EU Funds on Income Convergence: Case of Central European Countries
Cílem práce je přezkoumat konvergenční hypotézu a také, zda prostředky EU pozitivně ovlivňují konvergenci příjmů. V letech 1993 až 2015 jsou zvoleny čtyři země středoevropských zemí: Česká republika, ...
Natural resource curse: The case of Russia
Belyakova, Elena; Frömmel, Tomáš; Máslo, Lukáš
2017 - English
Cílem této práce je poskytnout pohled na problematiku prokletí přírodních zdrojů, zejména v Ruské federaci, s ohledem na historii, změny cen ropy a situaci na světové scéně. S hypotézou, že změny cen ropy ovlivňují ruský HDP a vývoj dalších průmyslových odvětví, která nejsou založená na ropě, probíhají dvě různé regrese po dobu dvou časových období. Výsledky regresí a následný test potvrzují hypotézu, že ruský HDP závisí na cenách ropy a na změnách na světovém trhu s prostředky. Bylo zjištěno, že v sovětském období nebyla závislost sovětské ekonomiky na vývozu ropy a cenách. Výsledky jsou na podporu předchozího článku, napsaného Benedictowem et al. (2010), že ruská ekonomika skutečně trpí prokletím přírodních zdrojů. The purpose of this paper is to provide insight into the problem of the natural resource curse, particularly in the Russian Federation, with respect to history, changes in oil prices and the situation in the world arena. With the hypothesis that the changes in oil prices affect the Russian GDP and the development of other non-oil based industries, two different regressions for two time periods are run. The results of the regressions and subsequent test confirm the hypothesis that Russian GDP depends on the oil prices and on changes on the world resource market. It is found, that in the Soviet period there was no dependence of Soviet economy on oil export and prices. The results are in support of the previous paper, written by Benedictow et al. (2010), that indeed Russian economy suffers from the natural resource curse.
Keywords:
Hospodářský růst; Prokletí přírodních zdrojů; Ropný trh; Economic Growth; Natural Resource Curse; Oil Market
Available in digital repository of the Library of University of Economics.
Natural resource curse: The case of Russia
Cílem této práce je poskytnout pohled na problematiku prokletí přírodních zdrojů, zejména v Ruské federaci, s ohledem na historii, změny cen ropy a situaci na světové scéně. S hypotézou, že změny cen ...
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