Armenian Economic Association
Call for papers
Մասնակցության հրավեր
Submit a paper
Հոդվածների ներկայացում
Registration
Գրանցում
Instructions to participants
Զեկուցողների համար
Workshop Registration
Accommodations
Best Paper Awards
Sponsors
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