Estimation of Factors Forming Trade Flows in the Trade Union of Russia, Belarus and Kazakhstan (Basing on Gravity Model)

Student: Chujkova Valeriya

Faculty: Faculty of World Economy and International Affairs

Educational Programme: Master

Year of Graduation: 2014

The paper will provide a brief overview of the gravity equation, its place in international trade analysis,classical form and theoretical foundation. Possible specification and estimation methods will be presented, along withcorresponding econometric and data issues, and also ways of advanced implementation.Relying on own specification and computations of gravity equatuion in regards to Eurasian Customs Unionof Russia, Belarus and Kazakhstan formed in 2010, results show that with time negative trade-diversion effects surpassedpositive trade creation effects meaning that the CU became a trade-reducing factor. This is supported by analysisof current economic events and references to theory in order to support the applicability of gravity equation to analysisof the chosen RTA.

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