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Thursday, 17 September, 2026

Master´s Thesis Defense Presentations September 2026

Defense Committee: Jan Zápal, Teresa Freitas-Monteiro, Ole Jann

10:00

Oganesyan Robert: Comparison of Simple and Advanced ETF Portfolio Allocation Strategies across Major World Regions and Economic Sectors for a Retail Investor

11:00

Kaucký Richard: Fiscal Policy in the Context of an Aging Population: The Case of the Czech Republic

12:00

Yeghoyan Milena: The Effects of COVID-19 on the Global Economy: A Cross-country Comparison

14:00

Orujova Nurana: Macroeconomic Responses to the 2014 - 2016 Oil Price Decline in Oil-Exporting Economies: A Cross-Country Event Study

15:00

Balakishiyeva Elnara: Energy Prices and Macroeconomic Adjustments in European Industrial Sectors, 1995-2011

Yeghoyan Milena

Abstract:

The COVID-19 pandemic caused one of the largest global economic disruptions in recent history, yet the pace of recovery differed substantially across countries. This thesis examines the medium-term economic consequences of the pandemic across a sample of 21 emerging market economies. Using a growth accounting framework, it decomposes output losses into the contributions of labour, capital accumulation, and total factor productivity. In addition, Ordinary Least Squares (OLS) regression analysis is used to examine whether differences in post-pandemic recovery are associated with pre-pandemic GDP per capita, inflation, government effectiveness, and fiscal support.

The results indicate that total factor productivity has become the main source of persistent output losses by 2024, while the contributions of labour and capital have gradually improved over the recovery period. The regression analysis suggests that countries that had higher prepandemic income levels generally experienced a stronger recovery, whereas, once income levels are controlled for, government effectiveness and fiscal support do not explain differences much in recovery across the selected sample. However, because institutional quality is positively correlated with income and governance indicators are measured with some degree of error, part of the institutional effect may be absorbed by the income variable. Overall, the findings suggest that medium-term economic recovery in emerging market economies was more closely linked to pre-existing economic fundamentals rather than to institutional quality or the size of fiscal policy interventions.

Full Text: “The Effects of COVID-19 on the Global Economy: A Cross-country Comparison"