Dissertations / Theses on the topic 'Oil incomes'

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Instituto Brasileiro de Petróleo, Gás e Biocombustíveis - IBP
Este trabalho tem por objetivo avaliar os impactos econômicos da atividade petrolífera – produção e recebimento de royalties – em municípios da Bahia no período de 2005 a 2010. Nesse contexto, as mudanças recentes na indústria petrolífera brasileira, decorrentes da promulgação da Lei do Petróleo de 1997, fizeram com que fosse necessário reavaliar a situação desses campos e seu potencial de produzir impactos econômicos positivos nos municípios em que estão localizados. O objetivo principal da análise quantitativa foi o de verificar se i) a produção de petróleo e gás natural, e ii) o recebimento de royalties têm algum impacto sobre o crescimento econômico dos grupos de municípios baianos em que isso ocorre. Para isso, foi realizada uma análise de dados utilizando a metodologia de Painel Dinâmico Generalized Method of Moments (GMM), utilizando tanto o estimador Arellano-Bond (GMM-DIF) quanto o Arellano-Bover (GMM-SYS), e comparando seus resultados com outras metodologias de Painel Estático. Foi analisado o desempenho de municípios baianos produtores e não produtores de petróleo e gás, e de recebedores e não recebedores de royalties, bem como se há um efeito multiplicativo dos valores recebidos por esses municípios no período de 2005 a 2010, para os impactos dos royalties, e de 2007 a 2010, para os impactos da produção. Os resultados encontrados apontam que, em conformidade com a literatura sobre a “maldição dos recursos naturais”, há uma relação inversa entre arrecadação com royalties pelos municípios que recebem essa renda petrolífera e seu nível de renda, ainda que essa relação seja pouco relevante em termos econômicos. No entanto, as estimações realizadas apenas para os municípios produtores mostram que essa relação se inverte, tornando-se positiva, mas também de baixa magnitude. O mesmo ocorre quando se adiciona um termo interativo entre produção e royalties recebidos, que também apresenta um impacto positivo mas cuja magnitude é pouco relevante. Dessa forma, é plausível afirmar que, ainda que haja um impacto positivo no caso dos municípios produtores, há indícios de que esse impacto pode ser ainda maior, caso sejam adotados incentivos para o aumento da atividade petrolífera na região e políticas públicas que busquem atrelar as rendas petrolíferas recebidas por esses municípios a despesas como, por exemplo, saúde e/ou educação, além de exigir desses a adoção e divulgação de indicadores de governança mais robustos.
This study aims to evaluate the economic impacts of the oil and gas industry – production and royalties received – in municipalities in the state of Bahia between the years of 2005 and 2010. In this context, recent changes in the Brazilian oil and gas industry, resulting from the passing of the Petroleum Law of 1997, made it necessary to reevaluate the situation of these wells and their potential to generate positive economic impacts for the municipalities where they are located. The main objective of the quantitative analysis was to verify whether i) oil and gas production, and ii) receiving royalties had any impact on economic growth of the groups of municipalities where these occur. In order to accomplish that, an analysis of the available data was carried out with the methodology Generalized Method of Moments (GMM), using both the Arellano-Bond (GMM-DIF) and Arellano-Bover (GMM-SYS) estimators and comparing their results to those of other methodologies, namely Static Panel ones. The economic performance of producing and non-producing municipalities in Bahia, and of those that received and did not receive royalties was analyzed. Moreover, it was also evaluated whether or not there is a multiplicative effect of the royalty figures received by these municipalities during the period analyzed. Results show that, in accordance with the literature on the Curse of Natural Resources, there is an inverse relation between the collection of royalties and income levels for municipalities in Bahia, but this impact is of little economic relevance. However, estimations carried out solely for producing municipalities point to an inverse relationship in that sense, being positive for this specific group, but also of little economic relevance. A similar impact is observed when an interactive term including a dummy for production and the amount of royalties received is added to the model, also resulting in a positive but low economic impact. Thus, it is plausible to claim that even if there is a positive impact in producing municipalities steming from this activity, there is evidence that this impact could be even greater if incentives for the increase of production are provided for this region. In addition to that, public policies searching to bond oil incomes received by these municipalities to expenses in areas such as education and health, as well as more robust governance indicators, are also desirable in that sense.

I den här studien analyseras hur Kinas konsumtion av olja påverkas av förändringar i oljepris och inkomst. Resultat visar att deras konsumtion av olja i förhållande till BNP per capita är relativt låg samt att deras fordonskoncentration är låg. År 2004 konsumerade Kina 14 procent mindre olja per capita än vad genomsnittligt land gör vid samma BNP per capitanivå. Fordonskoncentration år 2003 var 25 fordon per 1000 invånare, denna studie visar att om de hade haft en genomsnittlig fordonskoncentration skulle denna siffra varit 40 samma sätt till att vara på Deras ovan nämnda relativt låga fordonskoncentration och konsumtion av olja, kan peka mot att en fortsatt konsumtionsökning.

År 2004 var den globala konsumtionen av olja i genomsnitt 81 miljoner fat dagligen (mb/d) och Kinas uppgick till 6.7 mb/d (BPstats ). Ett antal prognoser finns gjorda angående Kinas framtida konsumtion av olja. Enligt EIA 2005, kommer den att uppgå till 12.3 mb/d år 2020 och enligt IEA 2005 till 11.2 mb/d år 2020.

Den empiriska undersökningen i denna studie belyser med signifikanta resultat hur Kinas konsumtion av olja påverkas utav pris- och inkomstförändringar. De ekonometriska resultaten i denna studie indikerar att deras konsumtion av olja är mer känslig för inkomst- än prisförändringar. Den långsiktiga inkomstelasticiteten uppmättes i den här studien till 1.317 och den långsiktiga priselasticiteten till -0.633. Med hänvisning till detta och ceteris paribus, kan en inkomstökning på 100 procent över perioden 2005-2020 leda till att Kina år 2020 konsumerar 17.6 mb/d. Således kan prognoserna från EIA (2005) och IEA (2005) vara underestimerade.

De inkomst- och priselasticitet som är estimerade i denna studie konfirmerar Dargay och Gatelys resultat från 1994 att ett mindre utvecklat lands konsumtion av olja påverkas mer av förändringar i inkomst än i pris.

This study aims to identify the effects of oil income on economic growth in Iran over the period 1955-2014. The empirical literature indicates that countries with natural resources are growing more slowly than their counterparts. However, the results from this literature are far from conclusive, particularly in regard to the role played by oil-rich countries. Needless to say, this role depends on other factors as well, including the political situation in the country, the quality of institutions, and the efficacy of the financial system. Some empirical research has found that natural resources, particularly oil, can have a positive impact on the output of a country. although natural resources are not a factor of production in growth theories, studies have used different growth frameworks in order to discover whether having natural resources is a blessing or a curse. In line with recent studies, this work uses an augmented neoclassical growth model to develop a theoretical framework where oil enters the long-term output of the country through saving and investment. Overall, the results suggests that oil income has a positive impact on the level of output per capita in Iran. The findings of the econometric results are in line with the historical analysis of the study. Since different methods and proxies were used, a total of eight models were estimated. Interestingly, when PRIVY is used as an index of financial development, the result of the study changes and oil no longer has a significant impact on the economy. However, this can be translated to an inefficient allocation of credit to the private sector.

This paper provides specific estimates on the scale of profit shifting among hydrocarbon MNEs. We estimate a lower-bound semi-elasticity of reported profits to sector specific income taxation of -1.88. To assess the importance of domestic profit-shifting channels, we take advantage of domestic tax differentials among hydrocarbon producers facing additional rent taxes and find that domestic profit shifting accounts for about one third of total income concealed. Overall, we estimate revenue losses in the sector due to profit-shifting amount to 12% - 35% of the income tax base, depending on the characteristics of a country's tax regime. We also observe a higher vulnerability of non-OECD economies to profit shifting in our sample, which consists of 294 domestic and multinational parents and subsidiaries during the period from 2004-2012. Finally, our analysis confirms the mitigation effect of documentation requirements for internal transactions. However, we also find that increased enforcement prompts MNEs in the Oil and Gas sector to rely more heavily on the reallocation of profits at the domestic level. (authors' abstract)
Series: WU International Taxation Research Paper Series

The oil and natural gas industry worldwide has become one of the most important commodities due to its value in use and dependency in our modern lifestyle. Countries with rich oil and natural gas reserves has shown to exploit these resources to the country's economic benefit. South Africa has in the past not been part of the big oil and natural gas producing countries of the world. But recent discoveries of possible shale gas reserves in the Karoo Basin attracted interest by foreign oil and gas companies with the potential that South Africa has as an oil and natural gas producing country. The purpose of this study is to compare the South African income tax law and regulations with that of the Republic of Equatorial Guinea, which arguable can be seen as one of the world's big oil and natural gas producing countries. The study firstly develops an understanding of each of the two countries' oil and natural gas industries and thereafter compares the two countries income tax laws, the income tax system and collection method of the income tax revenues. The study then concludes on the status of the South African income tax regime in comparison to the Republic of Equatorial Guinea's income tax regime. The introduction of the Tenth Schedule to the South African Income Tax Act (58/1962) has brought the income tax laws in South Africa in line with international practice. Consideration should be given to broadening the income tax revenue collection methods in order to broaden the tax base for South Africa. AFRIKAANS : Die olie en natuurlike gas industrie wêreldwyd het een van die mees belangrike kommoditeite geword as gevolg van die waarde en afhanklikheid wat dit het vir ons moderne leefstyl. Lande met ryk olie en natuurlike gas reserwes het bewys dat die gebruik daarvan tot voordeel van 'n land se ekonomiese groei kan lei. Suid-Afrika het in die verlede nie as een van die wêreld se reuse in olie en natuurlike gas produksie getel nie. Maar met die onlangse ontdekking van moontlike skalie gas reserwes in die Karoo Kom het belangstelling van buitelandse olie en gas maatskappye gelok in die potensiaal wat Suid-Afrika het om 'n olie en natuurlike gas produserende land te wees. Die doel van die studie is om 'n vergelyking te tref tussen Suid-Afrika se inkomste belasting wette en regulasies met die van die Republiek van Equatoriaal Guinea, wat gesien kan word as een van die reuse van die wêreld as dit kom by olie en natuurlike gas produserende lande. Die studie skets eerstens 'n agtergrond van die twee lande se olie en natuurlike gas industrieë en daarna vergelyk die studie die twee lande se inkomste belasting wette, die inkomste belasting stelsels en invorderings metodes van die inkomste belasting. Die studie kom dan tot 'n gevolgtrekking oor die status van die Suid-Afrikaanse inkomste belasting omgewing teenoor die Republiek van Equatoriaal Guinea se inkomste belasting omgewing. Die bekendstelling van die Tiende Skedule tot die Inkomste Belasting Wet (58/1962) het die Suid-Afrikaanse inkomste belasting wet in lyn gebring met internasionale inkomste belasinvorderings metodes van die inkomste belasting te verbreed om sodoende die belastingbasis te vergroot.ting wette. Oorweging moet geskenk word aan die invorderings metodes van die inkomste belasting te verbreed om sodoende die belastingbasis te vergroot.
Dissertation (MCom)--University of Pretoria, 2012.
Taxation
unrestricted

La richesse naturelle est-elle un gage de prospérité ou se révèle-t-elle être une malédiction? Comment le pétrole a-t-il façonné l'évolution économique des pays producteurs ? Dans le prolongement de ces interrogations, l'objectif de cette thèse est de progresser dans la compréhension des mécanismes qui font que le pétrole est, pour les pays exportateurs, aussi souvent une malédiction qu'une bénédiction. Les travaux empiriques qui constituent notre thèse permettent ainsi de répondre à trois questions distinctes : (i) quelle est la contribution du pétrole en tant que ressource énergétique (ou source d'énergie) au processus de croissance économique ? (ii) quels sont les effets directs et indirects de la dépendance aux revenus pétroliers sur la croissance économique et (iii) la malédiction pétrolière n'est-elle pas une question qui renvoie à la stabilité macroéconomique?Notre analyse met ainsi en évidence les résultats suivants : (i) une richesse pétrolière abondante et la surconsommation de pétrole observée dans une large majorité de pays exportateurs de pétrole contribuent positivement au processus de croissance économique. Ce résultat n'est toutefois valable que sur le court terme. En effet, sur le long terme, la consommation de pétrole s'avère être une conséquence de la croissance économique ; (ii) le pétrole en tant que source de revenus impacte la croissance économique directement et indirectement via ses effets sur le montant et la qualité des dépenses publiques ainsi que sur l'ouverture commerciale. Au regard de ces mécanismes de transmission, nos résultats montrent qu'au-delà d'un certain seuil de dépendance aux revenus pétroliers, la croissance économique est entravée par les effets directs et indirects de la rente pétrolière. Toutefois, ces effets peuvent être contenus, tout d'abord, en réduisant la dépendance aux revenus pétroliers, en améliorant, ensuite, la gouvernance et, enfin, en allant vers davantage de stabilité politique ; (iii) les revenus pétroliers, de part leur extrême instabilité peuvent nuire à la croissance économique en induisant des distorsions macroéconomiques. Cette instabilité se traduit plus précisément par une appréciation du taux de change réel, une hausse des dépenses publiques et de l'inflation. Les pays les plus tributaires de la rente pétrolière sont les plus exposés à cette instabilité macroéconomique. De même, les pays où l'efficacité et la crédibilité du gouvernement sont moindres sont ceux où la croissance économique pâtit le plus de cette instabilité macroéconomique.Le pétrole est ainsi un atout pour les économies des pays exportateurs de pétrole dont il faut maitriser les effets indésirables sur l'économie. Une première solution consisterait alors à réduire le niveau de dépendance de l'économie aux revenus pétroliers pour diminuer le risque d'exposition à la volatilité des prix du pétrole et en réduire le risque de contagion à l'économie. Une autre solution nécessiterait d'améliorer la capacité des gouvernements à mettre en place des politiques économiques efficientes
Is natural wealth a guarantee of prosperity or is it a curse? How has petroleum shaped growth economic process in oil producing countries? To the extent that these questions have to be raise, the purpose of this thesis is to move towards a better understanding of the mechanisms that make oil becoming a curse as often as a blessing, in oil exporting countries. The empirical studies conducted in this thesis help answer three main questions: (i) What is the contribution of oil as energy (or an energy source) in the process of economic growth? (ii) What are the direct and indirect effects of dependence to oil revenues on economic growth? (iii) Is the oil curse a question of macroeconomic stability?Our contributions thus highlight the following results. (i) Abundant oil wealth and overconsumption observed in the vast majority of oil exporting countries contribute positively to the economic growth process. This result is, however, valid only in the short term. Indeed, in the long term, oil consumption appears to be a consequence of economic growth. (ii) Oil as a source of revenue impacts economic growth directly and indirectly through its effect on the amount and quality of public spending as well as on trade openness. Given these mechanisms, our results show that beyond a certain threshold of dependence on oil revenues, economic growth is constrained by the direct and indirect effects of oil revenues. However, these effects can be contained, first, by reducing dependence on oil revenues; then, by improving government effectiveness; and finally by increasing political stability. (iii) Oil revenues, due to their extreme instability may harm economic growth by inducing macroeconomic distortions. This instability results more precisely by an appreciation of the real exchange rate, a rise in public spending and inflation. The most dependent are countries, the most they are exposed to macroeconomic instability. Similarly, countries with an efficient and credible government are the one which suffer economic growth suffers the less from macroeconomic instability.Oil is, thus, a vantage for oil exporting countries but the adverse effects of such a natural resource on the economy must be mastered. One solution would, then, be to reduce the level of dependence of the economy on oil revenues to reduce the exposure to volatile oil prices and to reduce the risk of contagion to the economy. Another solution would be to improve the ability of governments to implement efficient economic policies

This study examined whether three reserve-based quantity replacement measures and three reserve-based value replacement measures have incremental information content beyond that of historical earnings and its cash and accrual components. This study also examined whether the cash and accrual components of earnings have incremental information content beyond that of earnings.

Plus de cinquante ans après leur indépendance, la majorité des pays de la région Afrique du Nord et Moyen-Orient (MENA) demeurent tributaire des revenus générés par l'exportation des hydrocarbures. Ces pays peinent à développer leurs économies malgré les grands potentiels (humains et naturels) dont ils disposent. L'indice de développement humain dans beaucoup de pays pétroliers de la région est plus inférieur que dans certains pays de l'Afrique subsaharienne ou de l'Amérique latine. Les gouvernements de ces pays sont confrontés aujourd'hui, plus que jamais, aux problèmes de chômage, de la corruption, de l'économie informelle, etc. L'épuisement certain, dans les quelques années à venir, du pétrole, ainsi que la chute des prix depuis mi 2014, sont les raisons essentielles qui devraient pousser les gouvernements de ces pays à préparer l'après pétrole, à travers la promotion des investissements nationaux et étrangers, le développement des autres secteurs d'activité, hors hydrocarbures, comme l'agriculture, l'industrie et le tourisme. Les mutations que connaît la région MENA, depuis les soulèvements populaires de 2011, ainsi que l'avancée de l'État Islamique, freinent considérablement les réformes économiques entamées dans nombreux pays tels que la Libye, l'Irak (depuis son invasion en 2003) et le Yémen. Les rivalités entre les autres puissances comme l'Iran et l'Arabie Saoudite, ainsi que l'Arabie Saoudite et l'Algérie n'arrangent pas non plus la coopération intra régionale, d'où la nécessité pour les pays arabes de s'allier et de coopérer, en matière économique comme politique, afin de développer l'économie de l'ensemble des pays de la région
More than fifty years after their independence, most of the countries of Middle East and North Africa (MENA) region are still subject to the revenue generated by the export of hydrocarbons. They have difficulty to develop their economy in spite of their important capacities (natural and human). The IWD in those petroleum countries in this region is lower than some countries in Sub-Saharan Africa and Latin America. Nowadays, Governments are facing to unemployment, corruption, informal economy, etc. And, the clear depletion of oil in the future, as the falling oil prices since 2014, are critical reasons to encourage Governments in a reflexion on the post-oil, through the promoting of national and international investments, the diversification of lines of business, non-hydrocarbons, as agriculture, industry or tourism. Mutations in MENA region, not only popular uprising in 2011 but also the advance of Islamic State, are a brake on economical reforms started in Libya, Iraq (since 2003) and Yemen. The rivalries between Iran and Saudi Arabia, and Algeria and Saudi Arabia damage the intra-regional cooperation. That is why those regional countries have to connect and collaborate, on economical and political subjects, in order to develop the economy of the entire region

Globally, the past two years have been successful years in oil and gas exploration with discoveries almost doubling those made in 2017.1 Notwithstanding Africa's endowment in vast natural resources, including substantial oil and gas reserves, one of the most dramatic finds in Africa has been Mozambique's natural gas developments. Mozambique is set to become one of the largest and most dominant natural gas finds in the world. These developments have attracted the attention from countries around the world, the UAE, in particular, taking the lead. Engineering, procurement, construction and installation (“EPCI”) contracts, are a common form of contract in the oil and gas sector, which is used to undertake large scale oil and gas projects. The nature of these contracts consists of significant local (in-country work) and foreign (out-of-country work) elements. Due to the complex nature of EPCI contracts, one of the major areas of dispute in the taxation environment are the uncertainties around the taxation of profits arising to contractors under these contracts. The taxpayer and the Revenue Authorities have different views as to where the income arising from EPCI contracts is to be taxed. The taxpayer takes the stand that only such income from the project as is relatable to activities in the host state, should be taxed in the host state. The Revenue Authorities contend that EPCI contracts are to be considered as one and indivisible, and hence the entire income from the contract is liable to be taxed in the host state. Based on an examination of recent judgments passed by the Authority of Advanced Rulings (“AAR”) and various Tax Courts, currently, there seems to be no certainty regarding the taxation of income arising to contractors under an EPCI contract and this has in turn resulted in a number of contractors having to pay excessive taxes. This dissertation seeks to analyse the tax treatment of income arising to contractors, from supplies and services under an EPCI contract in the context of the oil and gas sector entered into between Mozambique and the United Arab Emirates (“UAE”), in Mozambique. The purpose of this analysis is to determine how these profits should be taxed, in light of the Mozambique-UAE Treaty2 and Mozambican domestic legislation. In other words, the question that this dissertation seeks to answer is, whether profits arising from an EPCI contract in the oil and gas sector, should be taxed as a whole in Mozambique, or per the various components of the EPCI contract. 1 Fuel for thought, Africa oil and gas review, 2019, Current developments and a look into the future, www.pwc.co.za/oil-gas review [November 2019]. 2 Convention between the Republic of Mozambique and the Government of the United Arab Emirates for the Avoidance of Double Taxation with respect to Taxes on Income and Capital (2003). The key finding arising from the research presented in this dissertation is that although an EPCI contract is entered into in Mozambique (consisting of both offshore and onshore elements), this would not make the entire income from that contract to be taxable in Mozambique. Importantly, only such part of the income as is attributable to the operations carried out in Mozambique can be taxed in Mozambique. Following the analysis, as described above, this dissertation finally endeavors to provide recommendations on how contractors should approach and structure EPCI arrangements in order to create the best possible situation for themselves within the limits of what the law allows, and to reduce potential tax litigation. This can serve to inform other developing countries who have oil and gas operations.

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This scientific study deals about the oil and natural gas production participation payment impact in the county of Governador Dix-sept Rosado, Rio Grande do Norte, between 1998 to 2004, applied to family income and property. To do so, this analysis focus on the ricardian?s theory exposition which merges from the concept of the mineral income, in concern to the legal establishment of royalties. This paper also shows the world evolution oil exploration, inserting Brazil in this scene as a oil and natural gas producter. It identifies the productive site of oil and natural gas in Rio Grande do Norte as the Potiguar Oil Area, characterizing its components in the demographic, physical and social aspects, to reflect in the focus point of observation which is the Governador Dix-sept Rosado county. The participation payment on oil and natural gas is demonstrated in a qualitative analysis both in Brazil as in Rio Grande do Norte. The payments given to the land owners in this federative unity are shown in the period of analysis of this essay. The study tells, based in a field research, the benefaction impact of the payment to the land owners over the income and property. The family income were highly impacted, causing economic social classes change to some land owners. The property had less or none impact. It was found negative externalities as the income utilization to other county uses, not causing a multiplier effect in the studied county. The fact of the not utilization of the properties on productive investments in order to supply the finite characteristic of oil and this source of royalties, contradicts one of the reasons of its establishment which is the payment for its productive exhaustion of a land resource
Este estudo cient?fico identificou o impacto da institui??o do pagamento da participa??o sobre a produ??o de petr?leo e g?s natural no munic?pio de Governador Dix-sept Rosado, Rio Grande do Norte, no per?odo de 1998 a 2004 sobre a renda familiar e a propriedade. Para isso, a an?lise centra-se na exposi??o te?rica ricardiana que deriva o conceito de renda mineral, consubstanciando o estabelecimento legal dos royalties. Mostra a evolu??o da explora??o petrol?fera no mundo, inserindo o Brasil nesse cen?rio como produtor de petr?leo e g?s natural. Identifica a regi?o produtora de petr?leo e g?s natural em terra como ?rea do Petr?leo Potiguar, caracterizando aspectos demogr?ficos, f?sicos, econ?micos e sociais para comparar com o foco da pesquisa, o munic?pio de Governador Dix-sept Rosado. O pagamento da participa??o sobre a produ??o de petr?leo e g?s natural e demonstrada quantitativamente no Brasil e no Rio Grande do Norte. Os pagamentos auferidos a propriet?rios de terra localizados nesta unidade federativa s?o mostrados no per?odo de an?lise deste trabalho. O estudo aponta, com base em pesquisa de campo, o impacto do pagamento do benef?cio aos propriet?rios de terra sobre a renda e a propriedade. A renda familiar foi extremamente impactada, causando mudan?a de classe econ?mica nos propriet?rios. A propriedade sofreu pouco ou quase nenhum impacto. Externalidades negativas como a utiliza??o da renda em consumo em outro munic?pio n?o geraram efeito multiplicador em Governador Dix-sept Rosado. O fato das propriedades n?o serem utilizadas para investimentos produtivos que venham suprir o car?ter finito do petr?leo e dessa modalidade de royalties, contradiz uma das premissas do seu estabelecimento que ? o pagamento pela exaust?o produtiva de um recurso da terra

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.

L’analyse des inégalités de développement régional au Royaume d’Arabie saoudite constitue l’objet de cette recherche qui a favorisé en premier lieu l’étude des facteurs qui expliquent la disparité spatiale. Il s’agit des facteurs naturels, historiques et humains mais aussi des différentes politiques économiques et du modèle de développement adoptés par les pouvoirs publics qui ont contribué à une répartition inégale des richesses et par conséquent du niveau de développement régional. En deuxième lieu et à travers un ensemble de variables économiques et sociales, les niveaux de développement entre les régions du Royaume ont été analysé ce qui a permis de distinguer deux trames de l'organisation de l'espace saoudien : un axe horizontal dans lequel sont concentrés la majorité de la population et des activités économiques, Dammam - Riyad - La Mecque ; et un axe vertical dominé par les grandes villes de la côte de la mer Rouge. En dernier lieu, l'étude de la politique de développement régional adoptée par les pouvoirs publics grâce d’une part à la « stratégie nationale spatiale » et d’autre part à l’adoption d’une politique de transferts sociaux, a permis d’analyser au niveau spatial les effets des centres de croissance et de corridors de développement et au niveau social les effets de la vulgarisation des infrastructures d'éducation et de santé
The analysis of the regional development inequalities in the Saudi Arabia kingdom make up the subject of this research, which favours, firstly the study of the factors that explain the spatial disparity. They are natural, historical and human factors but the are also different economical policies and development standards adapted by the Public Authorities that, consequently, contributed to an inequitable distribution of wealth as far as the regional development is concerned. Secondly, and through a range of social and economical variables, the development levels between regions of the Kingdom had been analysed, which allowed us to distinguish two grids in the organisation of the saudi space: a horizontal axis in which the majority of population and the economical activities are concentrated, Damma – Ryad – Mecca ; and a vertical axis dominated by the Red Sea Coasts big cities. Eventually, we studied the regional development policy adapted by the public authorities thanks to the « spatial national strategy » on the one hand and the adoption of the policy of social relocations on the other hand, which allowed us to analyse at the spatial level, the effects of growth centres and corridors of development and at the social level, the effects of popularization of health and education infrastructures

碩士
國立中山大學
經濟學研究所
95
Since petroleum is a kind of exhaustive resource, it can not be regenerated after being consumed. And petroleum is distributed extremely uneven in the world, more than half of petroleum is distributed in the Middle East area. In the recent years, the oil price was so fluctuating and broke the record again and again. However, the productivity of petroleum in Taiwan is very low and we are a price taker. So it turns to be important that how the oil price affects the economy. According to Economics, high oil price often causes the staginflation. In the purpose of this study we examine the long run relationship between oil price and personal income in Taiwan by cointegration theory. And we find that there indeed exists a negative longrun relationship. In addition, we consider a nonlinear model, Threshold Vector Error Correction Model, to test a threhold effect in the long run relationship between variables. Finally we have a result that there is a threshold cointegrating relationship between the oil price and personal income in Taiwan.

碩士
南華大學
財務金融學系財務管理碩士班
105
This research aims at discussing over the impacts of oil price volatility on transport sector stock index, and takes US, Canada, Japan, Italy, UK, France and Germany, the high-income countries as cases. The daily data, such as WTI futures prices from January 1, 1996 to June 30, 2016, transport indexes of each country, stock market index of each country, currency against US dollar of each country as well as bond spreads of each country are applied in our empirical analysis. This study firstly employed Structure Change Model proposed by Bai and Perron (1998, 2003) to confirm whether there are structural changes. Furthermore, quantile regression model maintained by Koenker and Bassett (1978) is used to find the impacts of oil price volatility going through structural changes on the transport sector stock index. 　　The empirical results showed that: 1. Oil price rise has exerted negative effects on the transport sector index of US, Canada, Italy and other countries, but it plays little part in the transport sector index of Japan, UK, France and Germany. 2. Stock market index has positive effects on the transport sector index of each country while the effects vary from each other. 3. Under different quantiles, the exchange rate change exerts different effects on transport sector index of each country.

Thesis (M.S.)--University of Wisconsin--Madison, 1997.
Typescript. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 105-113).

The surge of new industries in the economy has made commonplace a situation where firms are trading at prices greatly superior to their financial performance. In such conditions doubts may arise regarding the use of traditional valuation models to estimate the value of high price to performance firms. This dissertation has as its main goal to determine if there is a variation in terms of performance by traditional valuation models when applied to high and low price to performance firms. Furthermore, the representation of performance by an accounting number is also studied in order to determine if such classification results in significant differences across firms. It is found that when price to operating income before depreciation (P/OI) is used to separate firms into high and low P/OI sub-­‐samples more significant differences between sub-­‐samples arise than when price to net income (P/NI) is used. Moreover, valuation models are found to be less biased and more accurate, although explaining price worse, when applied to high P/OI firms. Finally, relevant differences are discovered regarding the use of nonfinancial information to represent firm performance by analysts and firms.