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In Collaboration with Despot: Analysing the Impact of Sanctions on Russia and the Eurasian Economic Union
Chaloupka, David ; Semerák, Vilém (advisor) ; Teichman, Jiří (referee)
This bachelor's thesis is focused on investigating the Eurasian Economic Union, which was formed in 2015 to deepen economic integration in the post-Soviet region. The research aims to analyse the impact of sanctions on Russia and its partners within the Eurasian Economic Union to identify if Russia is circum- venting sanctions through these states before the war in Ukraine in 2022. For the analysis, I use gravity equations and trade fow data aggregated on product level. Based on the fndings, I reveal that the sanctions imposed on Russia have negatively impacted trade with partner states, with average reductions of over 27%. Additionally, on one hand, the Eurasian Economic Union experienced a trade creation and trade diversion efect, but on the other hand, the imposition of sanctions after 2014 resulted in negative impacts on trade between member states and with third states.
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The impact of CNB's exchange rate commitment on Czech exports
Teichman, Jiří ; Paulus, Michal (advisor) ; Baxa, Jaromír (referee)
The thesis evaluates the effect of Czech National Bank's exchange rate commit- ment on Czech sectoral exports. Thus, we show how unconventional monetary policies could affect the exports. To assess the impact of interventions, we use Synthetic Control Method. The method constructs synthetic Czech exports from data of comparable countries that were not under the policy of inter- est and compares them to observed Czech exports following the interventions. We expect a positive effect of Czech National Bank's commitment on Czech exports, because the interventions resulted in the undervaluation of koruna causing a higher demand for Czech goods abroad. Additionally, the exporters should benefit from reduced uncertainty caused by no exchange rate volatility with the euro area. The results showed a positive impact of interventions only in half of the export sectors. The positive effect of a stable exchange rate is not confirmed, because the effect on the euro area countries in some categories was smaller than for the other countries. The results for total sectoral exports were stable across model specifications and confirmed by analysis of Czech bi- lateral sectoral exports to the largest destinations. The significant contribution of this thesis is application of Synthetic Control Method on total sectoral...
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Heterogeneous Agent Model of Housing Market in Ireland
Teichman, Jiří ; Kukačka, Jiří (advisor) ; Jašová, Martina (referee)
This thesis studies the housing market in Ireland within the Heterogeneous Agent Model (HAM) framework. The choice of Ireland for empirical research is motivated by the impact of the recent property bubble on whole Irish economy. At first, the thesis shows general features of HAMs and provides overview of relevant literature. Subsequent survey of behavioral aspects influencing market agents suggests presence of heterogeneity on housing markets. The behavioral evidence for heterogeneity shows why HAMs are good choice for studying those markets. For estimation of the model, we use the Irish data covering the period between 1978 and 2014. Important feature of the HAM used in this thesis is the switching between fundamental and momentum strategies. Because the fundamental value has crucial role in the model, we considered its four approx- imations in our estimations. The estimation results imply that the housing market agents in Ireland are heterogeneous. Interestingly, the nature of strate- gies used by the agents in the estimated model are dependent on the method of fundamental value approximation. Additionally, the agents switch to the strategy which performed better in previous periods. The simulations with estimated models are able to replicate the market fluctuations. Moreover, the simulations show...
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