Studie determinantů ekonomického růstu zemí těžících ropu

Abstract

This dissertation examines the determinants of economic growth in the five largest oil producing countries, a diverse group not only in terms of economic development. The countries in question are the United States, Saudi Arabia, Russia, Canada, and Iraq. The primary objective of this dissertation is to determine the determinants of economic growth of the five aforementioned top oil producing countries between 1980 and 2022. Panel data analysis and fixed-effects and random-effects models are used to meet the objectives, respectively. Panel data analysis examines the relationship between the selected determinants and economic growth in annual data. The selected determinants analysed are exchange rate, inflation, population growth, unemployment, oil production, oil price, and oil consumption. The introductory parts of the dissertation are mainly theoretical background, which characterises oil as a mineral commodity and provides an introduction to econometric analysis, but also focusses on the current state of knowledge and descriptive analysis of selected countries. In the practical part, the analysis is carried out, and a more appropriate random-effects model is selected. The analysis shows that inflation, oil production, and oil price have a significant and positive effect on the economic growth of the group of countries. On the other hand, the exchange rate also has a significant effect, but it negatively affects economic growth. Finally, individual results are discussed, and possible suggestions and recommendations for policy makers are formulated.