Impact of the Oil Price Drop on the Czech Economy
| Thesis title in Czech: | Dopad prodkého poklesu cen ropy na českou ekonomiku |
|---|---|
| Thesis title in English: | Impact of the Oil Price Drop on the Czech Economy |
| Academic year of topic announcement: | 2016/2017 |
| Thesis type: | Bachelor's thesis |
| Thesis language: | angličtina |
| Department: | Institute of Economic Studies (23-IES) |
| Supervisor: | doc. Mgr. Tomáš Holub, Ph.D. |
| Author: | hidden - assigned by the advisor |
| Date of registration: | 09.11.2016 |
| Date of assignment: | 09.11.2016 |
| Date and time of defence: | 15.06.2017 09:00 |
| Venue of defence: | Opletalova - Opletalova 26, O206, Opletalova - místn. č. 206 |
| Date of electronic submission: | 18.05.2017 |
| Date of proceeded defence: | 15.06.2017 |
| Opponents: | PhDr. Hana Hejlová, Ph.D. |
| URKUND check: | |
| Guidelines |
| In the mid-2014, prices of crude oil Brent dropped rapidly, bottoming at less than 30 USD per barrel in January 2016. Only few years back, in 2008, the USD price of a barrel of Brent oil reached 140 USD. Nevertheless, in comparison with significant oil price rises, no substantial impact is generally observed on oil importing or oil exporting countries. The main research question of this thesis is whether the most recent oil price shock affected th Czech economy.
The aim of this paper is to determine the causes behind such an extensive oil price drop and to study the degree of interdepence between oil price and key macroeconomic indices as, for instance, consumer prices, import and producer prices, GDP, consumption, investment, and current account balance. This thesis will start its research with a theoretical and historical background giving information about the oil market and past oil fluctuations. Then, it will focus on data analysis, for which the datasets will be obtained mainly from the Czech National Bank (CNB) and other resources, such as the Energy Information Agency (EIA). Last but not least, this thesis will also include an empirical model, in which it will examine whether oil price does or does not affect above mentioned variables, and if it does, the magnitudes of these effects will be discussed. |
| Preliminary scope of work in English |
| 1. Introduction
2. Theoretical Background 3. The 2008 and 2014 Oil Price Drops 4. Impact of the 2014 Oil Price Drop on the Czech Economy 5. Empirical Part 6. Conclusion |