Armenian Economic Association
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Previous Meetings:

2018 Program
2018 Abstracts
2018
Gallery

2017 Program
2017 Abstracts
2017 Gallery

2016 Program
2016 Abstracts
2016 Gallery

2015 Program
2015Abstracts
2015 Gallery
2015 Workshop Slides

2014 Program
2014 Abstracts
2014 Gallery

2013 Program
2013 Abstracts
2013 Gallery

2012 Program
2012 Gallery

2011 Program
2011 Gallery
2018 Conference

The Armenian Economic Association 2018 annual meetings were hosted by the Tumo Center for Creative Technologies and the American
University of Armenia.
Preliminary Program

Thursday, June 14, 2018
American University of Armenia, 40 Marshal Baghramyan Ave, Yerevan

15:30-17:45 Opening remarks, Manoogian Hall
Keynote speaker (via video): Daron Acemoglu, MIT
Roundtable discussion on the economy of Armenia

Friday, June 15, 2018
Tumo Center for Creative Technologies

8:30 Registration

9:30-11:00 Session 1A: Innovation, Industrial Organization (Room A)
Chair: Vahagn Jerbashian, University of Barcelona, Spain

Tele-Communications 2.0: The Age of the Internet, Vahagn Jerbashian, University of Barcelona, Spain

Costly Competition and Firm Distribution, Aram Grigoryan, University of Illinois Urbana-Champaign, USA

Energy-Growth Nexus from a Microlevel Perpective - Case of Croatia, Sasa Zikovic, Faculty of Economics University of Rijeka, Croatia

Private versus Public Investment in R&D and Income Inequality in the U.S., Kosta Josifidis, Novica Supic,
Nikolina Doroskov, University of Novi Sad, Faculty of Economics, Serbia

9:30-11:00 Session 1B: Labor (Room B)
Chair: Vardan Baghdasaryan, American University of Armenia

Gender Wage Gap and Labor Supply Policies, Vardan Baghdasaryan and Gayane Barseghyan, American University of Armenia

Over-education and Mismatch in the Labour Market.  Are Education and Training Substitutes or Complements? Lida Aristakesyan,
International School of Economics in Tbilisi, Georgia

Should We Care about Certificate Programs? Mane Beglaryan, American University of Armenia

9:30-11:00 Session 1C: Marketing (Room C)
Chair: Vardan Avagyan, Erasmus School of Economics, Erasmus University Rotterdam, Netherlands

The 4Ps Revisited.  A Framework Proposal, Fanis Varvoglis, American University of Armenia

The Effect of Scenario Presentation on Innovation Project Funding, Vardan Avagyan, Erasmus School of Economics, Erasmus University
Rotterdam, Netherlands (with Nuno Camacho, Wim Van der Stede, Stefan Stremersch)

Ecotourism is Armenia, Anahit Armenakyan, Natalya Brown, Nipissing University, Canada

Discussants:
Fanis Varvoglis, American University of Armenia
Anahit Armenakyan, Nipissing University, Canada
Vardan Avagyan, Erasmus School of Economics, Erasmus University Rotterdam, Netherlands

11:10-12:00 Keynote lecture
Arye L. Hillman (Bar-Ilan University): Politics and Public Policy: A review

12:00-13:00 lunch

13:00-14:30 Session 2A: Macro (Room A)
Chair: Ashot Mkrtchyan, Central Bank of Armenia

Asymmetric Effects of Monetary Policy in Different Phases of Armenia's Business Cycle, Haykaz Igityan, Central Bank of Armenia

Economic Policy Uncertainty for Armenia, Vahe Movsisyan, Central Bank of Armenia

Do remittances increase export concentration? Erik Vardanyan, Central Bank of Armenia

13:00-14:30 Session 2B: Education (Room B)
Chair: Randy Filer, Hunter College, City University of New York, USA

An Impact Evaluation of Mass Replacement of School Principals in Georgia, Zurab Abramishvili,  International School of Economics in Tbilisi,
Georgia

Cream-Skimming and Location Choice: Evidence From Foreign-Born U.S. PhD Graduates in Economics, Bohdana Kurylo, CERGE-EI, Czechia

Who Divorces Who: Educational Homogamy and Changes in Marital Stability, Geghetsik Afunts, CERGE-EI, Charles University, Czechia

13:00-14:30 Session 2C: Finance 1 (Room C)
Chair: Ted Azarmi, University of Tuebingen and Heilbronn University, Germany

Incorporating Liquidity into Portfolio Optimization with Mental Accounts Framework, Mnatsakan Sharafyan, American University of Armenia

The Role of Wealth in the Credit Market with Imperfect Information, Anush Sahakyan, International School of Economics at TSU (ISET),
Georgia

Excess Homeownership: Consumption, Wealth Effects and Distortions, Ted Azarmi, University of Tuebingen and Heilbronn University,
Germany (with Carolin Schmidt, ZEW)

Saturday, June 16, 2018
American University of Armenia, College of Business and Economics, 40 Marshal Baghramyan Avenue

9:30-11:00 Session 3A: Finance 2 (Room 406E)
Chair: Aram Arakelyan, Yerevan State University, Armenia

Determinants of Corporate Investment: Integrating the Economic and Finance Tax and Investment Perspectives, Ted Azarmi, University of
Tuebingen and Heilbronn University, Germany (with Carolin Schmidt, ZEW)

Gambling on recovery: Corporate cash holdings after the Great Recession, Monica Petrescu, University of Cambridge, UK

Liquidity risk within strategic interactions of a commercial bank with its depositors: a game theoretic approach, Ashot Nanyan and Aram
Arakelyan, Yerevan State University, Armenia

9:30-11:00 Session 3B: Migration/Diaspora (Room 407E)
Chair: Aleksandr Gevorkyan, St. John's University, USA

Quantifying Migration Policy Externalities: Evidence from a Large Panel Dataset, Davit Adunts,  CERGE-EI, Center for Economic Research
and Graduate Education – Economics Institute, Czech Republic

The long-run impact of historical shocks on the decision to migrate: evidence from the Irish Migration, Gayane Vardanyan, Trinity College
Dublin, Ireland

What good is the diaspora? Summary of the Armenian Diaspora Survey, Aleksandr V. Gevorkyan, St. John's University, USA

11:00-11:30 Coffee break

11:30-13:00 Session 4A:  Finance 3 (Room 406E)
Chair: Levon Barhudaryan

Dynamic Multi-Asset allocation under regime shifts, Zoya Arshakyan, American University of Armenia

Price determinants and prediction of Bitcoin and Ethereum, Arman Zhamharyan, American University of Armenia

Influence of sentiment analysis on bitcoin prices and its volatility, Rafayel Shirakyan, American University of Armenia

Developing a framework for forecasting financial time series using Wavelet-LSTM hybrid model, Robert Yenokyan, American University of
Armenia

Discussants:
Ted Azarmi, University of Tuebingen and Heilbronn University, Germany

11:30-13:00 Session 4B: Agricultural Economics (Room 407E)
Chair: Anna Yeritsyan, ICARE, Armenia

Is recirculating aquaculture system economically and environmentally feasible in Armenia? Natella Mirzoyan (with Lusine Tadevosyan, and
Narek Avetisyan), International Center for Agribusiness Research and Education, Armenia

Economic analysis of intensive and extensive fish farming in Ararat Valley, Lusine Tadevosyan (with Natella Mirzoyan, Narek Avetisyan,
Shahen MIrakyan), Agribusiness Teaching Center, Armenia

Empirical Analysis of Determining Factors Influencing Agricultural Output in the Republic of Armenia, Lena Mamikonyan, Armenian National
Agrarian University, Armenia

11:30-13:00 Session 4C: Development (Room 408E)
Chair: Gayane Barseghyan, American University of Armenia

Sanctions and Counter-Sanctions: Who wins? Gayane Barseghyan, American University of Armenia

The Economic Impact of Landmines in Nagorno Karabakh: Estimating Causal Effects Using Instrumental Variables, Babken DerGrigorian,
UNDP

Measuring the underground economy (Case study of Armenia), Andranik Manukyan, American University of Armenia

13:00-14:00 Lunch

14:00-15:00 Keynote Presentation (Room 408E)
Yulia Ustyugova, IMF

15:00-16:30 Session 5A: Microfinance (Room 406E)
Chair: Knar Khachatryan, American University of Armenia

Crowdfunding as a Form of Funding for Businesses – Overview of Literature, Maria Kukurba, Warsaw University of Technology, Poland

Analysis of the microfinance impact on the financial depth and economic growth of RA, Srbuhi Israyelyan, Armenian State University of
Economics, Armenia

Compulsory versus Voluntary Savings as an Incentive Mechanism in Microfinance Programs, Knar Khachatryan, American University of
Armenia; Olivier Bruno Université Côte d'Azur, GREDEG-CNRS, SKEMA Business Schoolm Frrance; Aleksandr Grigoryan, American University
of Armenia; Roy Mersland University of Agder, Norway

15:00-16:30 Session 5B: Agriculture 2 (Room 407E)
Chair: Lena Mamikonyan, Armenian National Agrarian University, Armenia

Identifying Socio-Economic Factors Impacting the Financial Inclusion of Rural Population in the Republic of Armenia, Ella Aghababyan,
Armenian National Agrarian University

Economic Analysis of Healthy Food Labels in Armenia, Veronika Jaghinyan, Armenian National Agrarian University

Assessing the Export Potential of the Armenian Cheese in the Eurasian Economic Union, Olga Shakhsuvaryan, Armenian National Agrarian
University (with Vardan Urutyan, Agribusiness Teaching Center)

15:00-16:30 Session 5C: Monetary economics (Room 408E)
Chair: Daniyar Nurbayev, Eurasian Research Institute, Kazakhstan

The rule of law, central bank independence and price stability, Daniyar Nurbayev, Eurasian Research Institute, Kazakhstan

Unconventional Monetary Policy and Income Inequality, Karen Davtyan, AQR-IREA, Department of Applied Economics, University of
Barcelona

Forecasting Inflation Using the Phillips Curve: Evidence from Swedish Data, Diana Gabrielyan, University of Tartu, Estonia

16:30-17:00 Coffee break

17:00-18:30 Session 6A: Experimental, Behavioral, Game Theory (Room 408E)
Chair: Armenak Antinyan, UNDP Armenia and Wenlan School of Business, Zhongnan University of Economics and Law, China

Effort Choice in a Stag-Hunt Game with Social Influence Dynamics, Mariam Nanumyan, Bielefeld University, Germany (with Jasmina Arifovic,
Simon Fraser University, Canada; Herbert Dawid, Bielefeld University, Germany)

Social status competition and the impact of income inequality in evolving social networks: An agent-based model, Armenak Antinyan, UNDP
Armenia and Wenlan School of Business, Zhongnan University of Economics and Law, China (with Gergely Horvath and Mofei Jia)

Social Preferences, Public Good Provision, Social Capital and New Evidence on Positional Concerns: Empirical Evidence from the South
Caucasus, Aleksandr Grigoryan, American University of Armenia; Armenak Antinyan, UNDP in Armenia and Wenlan School of Business,
Zhongnan University of Economics and Law, China; Vardan Baghdasaryan, American University of Armenia.

17:00-18:30 Session 6B: Public Economics (Room 407E)
Chair: Zareh Asatryan, ZEW and University of Mannheim, Germany

The incidence of fiscal rules: Evidence from Italian municipalities, Zareh Asatryan, University of Mannheim and ZEW, Germany (with Nils
Wehrhofer, Matteo Alpino, Sebastian Blesse)

Taxing Waistline as a Treatment for Metabolic Syndrome, Gurgen Aslanyan, Ural Federal University

Tobacco control and smoking patterns in Georgia, Karine Torosyan, International School of Economics at Tbilisi State University, Georgia
(with Norberto Pignatti, International School of Economics at TSU; Maksym Obrizan, Kyiv School of Economics)

Tax Evasion and VAT Rates: Evidence from a Setting with Limited Tax-Shifting, Nikolaos Artavanis, University of Massachusetts , Amherst,
USA

17:00-18:30 Session 6C: Development-Armenia (Room 406E)
Chair: Heghine Manasyan, CRRC

The Role of Tourism in the Development of the Economy of Armenia, Gayane Tovmasyan, AMBERD Research Center of Armenian State
University of Economics, and Public Administration Academy of RA, Armenia

Comparative Evaluation of Comercial Bank Efficiency in Armenia, Syuzi Serobyan, and Knarik Aivazyan, ASUE- Gyumri

The urgency, investment plan and financial feasibility of the new technological solutions in the copper industry RA, Tamara Hovhannisyan,
Grant Thornton, Armenia

19:00 Best paper awards and closing ceremony, Akian Gallery
Music: Arthur Avanesov (piano)
Awards: Armen Alchian Award, Grigor Artsruni Award, IMF Best Paper Award,
C-quadrat Student Award on Asset Management and Pension Economics,
Voskeni Wines Award for Agricultural Economics
Speakers: Daron Acemoglu (MIT, by skype), Randall Filer (Hunter-CUNY), Arye Hillman (Bar-Ilan), and Yulia Ustyugova (IMF)
2018 Best paper Awards
Armen Alchian Award: Nikolaos Artavanis, Tax Evasion and VAT Rates: Evidence from a Setting with Limited
Tax-Shifting, University of Massachusetts, Amherst, USA

Grigor Artsruni Award (young scholars): Zurab Abramishvili, An Impact Evaluation of Mass Replacement of
School Principals in Georgia, International School of Economics in Tbilisi, Georgia

IMF Award: Haykaz Igityan, Asymmetric Effects of Monetary Policy in Different Phases of Armenia's Business
Cycle, Central Bank of Armenia

Voskeni Wines Award for Agricultural Economics: Veronika Jaghinyan, Economic Analysis of Healthy Food
Labels in Armenia, Armenian National Agrarian University

C-Quadrat award for best student paper in pension economics and portfolio management: Robert
Yenokyan, Developing a framework for forecasting financial time series using Wavelet-LSTM hybrid model,
American University of Armenia
2019 Annual Conference

The Armenian Economic Association 2019 annual meetings will be hosted by the Armenian State University
of Economics, the Armenian National Agrarian University, and the American University of Armenia on June
27-29, 2019.

Keynote Speakers: Paul Wachtel (New York University), Friedrich Heinemann (ZEW Mannheim), and Levon
Barseghyan (Cornell University)

Papers in all areas of economics, finance, and business/marketing, both theoretical and applied, are
welcome. Topics may include, but not limited to, growth and development issues in Armenia and the
South-Caucasus, integration with the Eurasian Union and the EU, trade patterns, trends in labor markets
and migration, tax policy, income inequality, regulatory reforms, health, environment, or other topics on
current advances in economics and finance.

Submit abstracts of less than 500 words at https://goo.gl/forms/WKdJ58RsDsPvL82U2; April 30th deadline
with decisions by May 10th. Submissions are free with no cost to present and participate.
Poster
presentations are welcome.


Best Paper Awards: Submission of completed papers in advance is required to be considered for
International Monetary Fund best paper award as well as AEA's Armen Alchian and Grigor Artzruni
(students) awards, C-Quadrat award for best student paper in pension economics and portfolio
management, and Voskeni Wines Award for Agricultural and Environmental Economics.
2019 Winter Workshop

The Winter Workshop was hosted by the American University of Armenia, Manoogian Simone College of
Business and Economics, 40 Marshal Baghramyan Ave., on February 9th, 1-5:30PM,  in Room 308E. Below is
the program:

13:00 Gender wage gap and female labor supply in Armenia, Vardan Baghdasaryan and Gayane
Barseghyan, American University of Armenia

13:40 Network effects, education of children and the self-selection of permanent family emigrants,
Geghetsik Afunts and Davit Adunts, CERGE-EI, Czechia

14:20  Nowcasting real GDP growth with business tendency surveys data: A cross country analysis, Karen
Poghosyan, Central bank of Armenia (with Evžen Kočenda)

15:00-15:30 Coffee break

15:30 The incidence of VAT evasion, David Gomtsyan,  Higher School of Economics, Russia (with Zareh
Asatryan)

16:10 What matters for whistleblowing on tax evaders? Survey and experimental evidence, Armenak
Antinyan, Zhongnan University, China (with Luca Corazzini and Filippo Pavesi)

16:50 The political economy of non-linear taxes: Evidence from Italian municipalities, Zareh Asatryan, ZEW
Mannheim, Germany (with Matteo Alpino, Sebastian Blesse, Nils Wehrhöfer)

17:30 Adjourn