Institute of Technology and Business in České Budějovice
Okružní 517/10, 37001 České Budějovice, Czech Republic
33036@mail.vstecb.cz
Ing. Yelyzaveta Apanovych, PhD.
Institute of Technology and Business in České Budějovice,
School of Expertness and Valuation,
Okružní 517/10, 37001 České Budějovice, Czech Republic
apanovych@mail.vstecb.cz
HODNOTOVÝ VÝVOJ TRHU S KOSMETIKOU
Abstract. In the last ten years, the dependence on fossil fuels and their prices has been increasingly discussed. The aim of this article is to evaluate the development of fossil fuel prices and their relationship with GDP in the Czech Republic. To achieve this aim, a VAR model and Granger causality test are used. All fossil fuel prices reached their maximum in 2022. A causal relationship with GDP in the Czech Republic is confirmed for natural gas and coal prices. On the contrary, the causal relationship between oil and GDP in the Czech Republic is not confirmed for the observed period. Weak correlation relationships are found with the COVID-19 pandemic, inflation, and unemployment in the EU. The only exception is the correlation relationship between coal and inflation in the EU, which shows a moderately strong correlation. The limitation of the study is the length of the examined period, as data collection was conduc-ted only once a month.
Key words : Oil, natural gas, coal, GDP, price development
JEL classification: E32,Q43