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Armenian Economic Association 2016 Annual Meetings Program

Friday June 17 -- Yerevan State University, Faculty of Economics, Abovyan street #52, Yerevan (Sev Shenk)

14:00 Registration

15:00 Welcome
•        Aram Simonyan, YSU Rector (in Armenian)
•        GOA official (in Armenian)
•        Hayk Sargsyan, Dean of the Faculty of Economics at YSU (in Armenian)
•        Aleksandr Grigoryan, AEA President (in Armenian and English)

15:30 short break

15:40 Keynote speech -- Main Hall
Laura Bailey, World Bank country manager

16:30 coffee break

17:00 Session 1A: International Trade

Chair: Heghine Manasyan, CRRC-Armenia

Trade effects for Armenia in joining the EEU, Astghik Mkhitaryan and Taguhi Hakobyan, Central Bank of Armenia

Exchange Rate Volatility and Exports: Evidence from Armenia, Hayk Hambardzumyan and Gayane Barseghyan,
American University of Armenia

Trade Shocks and Business Cycles in Emerging Economies, Karolina Matikyan and Mane Harutyunyan, Central Bank of
Armenia

The Transfer Problem, Federico Trionfetti, Aix-Marseille University (Aix-Marseille School of Economics), France

Discussants:
Federico Trionfetti, Aix-Marseille University (Aix-Marseille School of Economics), France (1)

Saturday, June 18 -- ICARE, 74 Teryan Street, Yerevan (Agribusiness Teaching Center Entrance from Teryan St)

10:00 Session 2A: Agricultural Economics I  (ICARE and IAMO session) -- Room A

Chair: Vardan Urutyan, ICARE

Analysis of oligopolistic behaviour of Kazakh and Russian exporters in the South Caucasian wheat markets, Gulmira
Gafarova, Oleksandr Perekhozhuk, Thomas Glauben, Leibniz Institute of Agricultural Development in Transition
Economies (IAMO), Germany

Spatial integration of South Caucasian and Central Asian wheat markets with the world wheat markets: Evidence from
Armenia, Azerbaijan, Georgia, Kyrgyzstan and Uzbekistan, Miranda Svanidze, Leibniz Institute of Agricultural
Development in Transition Economies (IAMO), Germany

Comparative Analysis of Wheat Supply Chains in Armenia and Uzbekistan, Ihtiyor Bobojonov, Adkham Akbarov,
Ramona Teuber, Oleksandr Perekhozhuk and Thomas Glauben, Leibniz Institute of Agricultural Development in
Transition Economies (IAMO), Germany

Factors affecting smallholder wheat production in Armenia, Anna Yeritsyan, Vardan Urutyan, Hovhannes Mnatsakanyan,
ICARE

10:00 Session 2B: Macroeconomics I -- Room B

Chair: Ashot Mkrchyan, Central Bank of Armenia

Business Cycles in Armenia: The Importance of Permanent and Transitory Shocks, Astghik Serobyan and Mane
Harutyunyan: Central Bank of Armenia

Exchange Rate Variability and Optimum Currency Area Theory: Evidence from Post-Soviet Countries, Gayane
Barseghyan, American University of Armenia

Long Run Returns to Government Investment in Low-Income Countries, David Gomtsyan, University of Turin, Italy

Discussants:
Vahagn Jerbashian, University of Barcelona, Spain (3)

12:00 Lunch

13:30 Session 3A: Agricultural Economics II (ICARE and IAMO session) -- Room A

Chair: Anna Yeritsyan, ICARE

CIS market integration and price transmission along the supply chains - What are the main driving forces and
challenges? Ivan Djuric, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), Germany

Measuring the degree of oligopsony power in the Kazakh grain and feed milling industry Giorgi Chezhia, Oleksandr
Perekhozhuk, Thomas Glauben, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), Germany

Does farm enlargement pay off? Example of the Armenian dairy sector, Vardan Urutyan, Anna Yeritsyan, Narek Avetisyan,
ICARE

13:30 Session 3B: Finance -- Room B

Chair: Levon Barkhudaryan

Systemic Operational Risk:  Spillover Effects of Large Operational Losses in the European Banking Industry, Suren
Pakhchanyan, University of Oldenburg, Finance and Banking (with Thomas Kaspereit, Kerstin Lopatta,- University of
Oldenburg, Chair of Accounting and Corporate Governance, Jörg Prokop - Chair of Finance and Banking)

How Much are Credit Ratings Really Worth? Armen Arakelyan, Comisión Nacional del Mercado de Valores (CNMV),
Spain (with Eric Duca, Carlos Salvador)

The output effects of declining spreads in Armenia: 2003-2013, Vahe Charchyan, Central Bank of Armenia

Discussants
Armen Arakelyan, Comisión Nacional del Mercado de Valores (CNMV), Spain
Suren Pakhchanyan, University of Oldenburg, Germany

15:00 Networking and coffee

Sunday June 19, American University of Armenia, College of Business and Economics, 40 Marshall Baghramyan
Avenue, 0019 Yerevan

9:30 Session 4A: Theory -- Room 213W

Chair: Bruce Boghosian, Tufts University, USA

Dynamic Allocation Implementation with Gradual Learning and Costly Mechanisms, Aram Grigoryan, Duke University,
USA

Rubinstein Bargaining at the Court, Laura Manukyan, ISET, Georgia

Insecure Property Rights and the Missing Middle, Aram Grigoryan, University of Illinois at Urbana-Champaign, USA
(with Mattias Polborn, University of Illinois at Urbana-Champaign, USA)

New results in asset-exchange models of wealth distribution, Bruce Boghosian, Tufts University, USA (with Adrian Devitt-
Lee, Jie Li, Jeremy Marcq, Hongyan Wang)

9:30 Session 4B: Labor -- Room 214W

Chair: Gayane Barshegyan, American University of Armenia

The choice of women between employment and homestay, and their happiness and life satisfaction: the case of the
South Caucasus, Karine Torosyan (with Norberto Pignatti, Nino Doghonadze), ISET Georgia

Short-run Implications of Health Insurance Implementation in Armenia, Grisha Khachatryan and Vardan Adibekyan,
Central Bank of Armenia

Why do migrant workers rely more often on referrals? Sevak Alaverdyan, Bielefeld Graduate School of Economics and
Management (BiGSEM), Bielefeld University, Germany

9:30 Session 4C: Environment -- Room 313W

Chair: Naira Harutyunyan, Armenian Development Foundation

Maintaining Adequate Drinking Water Supply: What the Public Gets and How it Reacts, Naira Harutyunyan, Armenian
Development Foundation

Ecologization of the tax system of Armenia: the purpose and issues, Ara Karyan, Yerevan State University

11:00 coffee break

11:30 Session 5A: Productivity and growth -- Room 213W

Chair: Vahagn Jerbashian, University of Barcelona, Spain

Automation and Job Polarization: On the Decline of Middling Occupations in Europe, Vahagn Jerbashian, University of
Barcelona, Spain, and CERGE-EI, Czech Republic

Digitization and Productivity: Measuring Cycles of Technological Progress, Shushanik Papanyan, BBVA Compass/BBVA
Research, USA

Rise of the Machines: Evidence from the Container Revolution, David Gomtsyan, University of Turin, Italy

Minorities and Long-run Development: Persistence of Armenian and Greek Influence in Turkey, Gunes Gokmen, New
Economic School, Russia (with Cemal Eren Arbatli, NRU Higher School Of Economics, Russia)

11:30 Session 5B: Migration -- Room 214W

Chair: Karine Torosyan, ISET, Georgia

Relative Standing and Temporary Migration: Empirical Evidence from the South Caucasus, Armenak Antinyan, CRRC-
Armenia/American University of Armenia/Tianjin University of Finance and Economics, China  (with Luca Corazzini)

Migration in the estimated new Keynesian DSGE model for Armenia and Russia, Haykaz Igityan, Central Bank of
Armenia

11:30 Session 5C: Macroeconomics II -- Room 313W

Chair: Hovsep Patvakanyan, Russian-Armenian University

Monetary regulation policy in Armenia 2014-2015: shortcomings and opportunities, Edward Sandoyan, Ani Avetisyan,
and Liana Margaryan, Russian-Armenian University

Reserve requirements of the central bank: approaches and development, Lida Mnatsakanyan and Fedya Adiyan,
Russian-Armenian (Slavonic) University

Problems of assessment and forecasting of exogenuosly driven inflation: case of Armenia, Hovsep Patvakanyan,
Russian-Armenian University

11:30 Session 5D: Advanced econometrics demonstration

Short-term economic forecasting using 'ForecastXL' package, Karen Poghosyan, Central Bank of Armenia

13:00-14:00 Lunch

14:00-14:30 Keynote lecture
Ruben Enikolopov, Univesitat Pompeu Fabra (Barcelona) and New Economic School (Moscow), June 19  

14:30 Session 6A: Macroeconomics III -- Room 213W

Chair: Teresa Daban, International Monetary Fund

Monetary policy in an open economy: the role of financial dollarization, Narek Ohanyan, American University of Armenia

Testing monetary policy: Rules versus discretion, Narek Ohanyan and Aleksandr Grigoryan, American University of
Armenia

Developments of Credit Demand and Supply in Armenian Banking System, Hayk Sargsyan, Central Bank of Armenia

14:30 Session 6B: Political economy -- Room 214W

Chair: Vardan Baghdasaryan, American University of Armenia

Costly Voting with Multiple Candidates, Mariam Arzumanyan, Central Bank of Armenia (with Mattias Polborn, University of
Illinois at Urbana-Champaign, USA)

Costly Voting in Runoff Elections, Mariam Arzumanyan, Central Bank of Armenia (with Mattias Polborn, University of
Illinois at Urbana-Champaign, USA)

Set them (almost) free. Discretion in electoral campaign under asymmetric information, Vardan Baghdasaryan,
American University of Armenia

Making Anocracy Work: The Microfoundations of Fiscal Policy in "Hybrid Regimes", Babken DerGrigorian, London
School of Economic, UK

14:30 Session 6C: See Armenian session below -- Room 313W

16:00 coffee break

16:30 Session 7A: Personal finance -- Room 213W

Chair: Gurgen Aslanyan, Central Bank of Armenia

The Effects of Varying Contract Terms for Consumer Credit with Marginal Borrowers: Evidence from Mexico,
Diego Jimenez Hernandez, Stanford University, USA

Bankruptcy Rates among NFL Players with Short-Lived Income Spikes, Joshua Kim, Stanford University, USA

Does Financial Literacy Induce Behavioural Changes? Gurgen Aslanyan, Central Bank of Armenia (with Derdzyan,
Mkhitaryan, Serobyan)

16:30 Session 7B: Development -- Room 214W

Chair: Gharib Harutyunyan, Armenian State University of Economics Gyumri Granch

City disparities and ATM networks, Sergey Avetisyan, Central Bank of Armenia        

The assessment of the results of social-economic reforms of developing countries with the help of integral index of
reforms, Ani Khachatryan, Armenian State University of Economics

Impacts of Tourism Development in Lanchkhuti Municipality, Eka Devidze, International Black Sea University, Georgia

The methodological issues of the assessment of investment climate of cities in Armenia, Gharib Harutyunyan,
Armenian State University of Economics Gyumri Granch

16:30 Session 7C: Agricultural Economics III (student session) -- Room 313W

Chair: Sona Telunts, Agribusiness Teaching Center

Feasibility Assessment of Producing Buckwheat through Agricultural Cooperatives in Armenia, Gayane Petrosyan,
ICARE

Feasibility Analysis of Agricultural Insurance with an Application to Apricot in Armavir Region of Armenia, Artak Meloyan,
ICARE

Surplus Purchase Program for Grapes in Armenia, Gohar Sahakyan and Lena Mamikonyan, ICARE

Establishing Olive Orchards in Armenia, Hayrapet Saharyan and Sona Telunts, Agribusiness Teaching Center

Empirical Estimation of Per Capita Armenian Brandy Consumption, Suren Movsisyan, Armenian National Agrarian
University

19:00 Best paper awards -- Room 213W

Monday, June 20, CRRC-Armenia, 1 Alex Manoogian Street, YSU Library building, 6th floor, room 602
14:00-16:00: Macroeconomics Workshop
Growth Theory. Vahagn Jerbashian, University of Barcelona, Spain

ՀԱՅԿԱԿԱՆ ՏՆՏԵՍԱԳԻՏԱԿԱՆ ՄԻՈՒԹՅԱՆ
2016 ՏԱՐԵԿԱՆ ԳԻՏԱԺՈՂՈՎ
Հունիսի 17-19, ք. Երևան, Հայաստան

ՀԱՅԵՐԵՆ ԾՐԱԳԻՐ

Ուրբաթ, 17 հունիսի 2016թ.
Երևանի պետական համալսարան, Տնտեսագիտության և կառավարման ֆակուլտետ

14:00 Գրանցում (ԵՊՀ Տնտեսագիտության և կառավարման ֆակուլտետի դահլիճի նախամուտք)

15:00 Բացման արարողություն (ԵՊՀ Տնտեսագիտության և կառավարման ֆակուլտետի դահլիճ)

Արամ Սիմոնյան, ԵՊՀ ռեկտոր

Հայկ Սարգսյան, ԵՊՀ Տնտեսագիտության և կառավարման ֆակուլտետի դեկան
Ալեքսանդր Գրիգորյան, ՀՏՄ նախագահ

15:40 Գլխավոր զեկույց I (ԵՊՀ Տնտեսագիտության և կառավարման ֆակուլտետի դահլիճ)
Լաուրա Բեյլի, Համաշխարհային Բանկի հայաստանյան գրասենյակի ներկայացուցիչ

16:30 Սուրճի ընդմիջում

17:00 Բաժանմունք 1(Ա). Միջազգային առտուր (տես` անգլերեն ծրագիրը)

17:00 Բաժանմունք 1 (Բ) Սահմանադրական տնտեսագիտություն (ԵՊՀ Տնտեսագիտության և կառավարման
ֆակուլտետի դահլիճ)
Նախագահող` Կառլեն Խաչատրյան (ԵՊՀ)

16:00 Հայկ Սարգսյան (ԵՊՀ), Սահմանադրականության գնահատման, մոնիթորինգի և կառավարման
հիմնախնդիրները

16:40 Ռուբեն Գևորգյան (ԵՊՀ), Վիճակագրական մեթոդները սահմանադրական տնտեսագիտությունում

17:00 Ժիրայր Մխիթարյան (ԵՊՀ), Սահմանադրականության համաթիվը որպես սահմանադրականության
գնահատման անկյունաքար


Շաբաթ, 18 հունիսի 2016թ., Ագրոբիզնեսի Հետազոտությունների և Ուսուցման Միջազգային Կենտրոն

10:00 – 15:00 (տես` անգլերեն ծրագիրը)

Կիրակի, 19 հունիսի 2016թ., Հայաստանի Ամերիկյան Համալսարան

09:30 – 17:30 (տես` անգլերեն ծրագիրը)

13:00 Գլխավոր զեկույց II
Ռուբեն Էնիկոլոպով, (Բարսելոնայի Պոմպեու Ֆաբրա համալսարան և Մոսկվայի նոր տնտեսագիտական
դպրոց)

14:30 Բաժանմունք 6(Գ) Տնտեսագիտական հիմնահարցեր  (Room 313W)
Նախագահող՝

14:30 Վարդուհի Գաբրիելյան (ԵՊՀ), Պետական գույքային հարաբերությունների կարգավորման ժամանակակից
միտումները,

15:00 Մելս Սահակյան և Գայանե Թումանյան (ԵՊՀ), Գովազդարշավի պլանավորման մոտեցում


19:00 Փակման արարողություն և մրցանակների հանձնում
2016 Conferences

The Armenian Economic Association 2016 annual meetings was jointly hosted by Yerevan State University (YSU), the
International Center for Agribusiness Research and Education (ICARE), and the American University of Armenia (AUA) on
June 17-19. This
was followed by a Macroeconomics Workshop on Growth Theory hosted by CRRC-Armenia on June
20, at 2-4PM.

Best Paper Awards

Armen Alchian Prize – general interest

Minorities and Long-run Development: Persistence of Armenian and Greek Influence in Turkey, Gunes Gokmen, New
Economic School, Russia (with Cemal Eren Arbatli, NRU Higher School Of Economics, Russia)

Costly Voting in Runoff Elections, Mariam Arzumanyan, Central Bank of Armenia (with Mattias Polborn, University of
Illinois at Urbana-Champaign, USA)

Systemic Operational Risk:  Spillover Effects of Large Operational Losses in the European Banking Industry, Suren
Pakhchanyan, University of Oldenburg, Finance and Banking (with Thomas Kaspereit, Kerstin Lopatta,- University of
Oldenburg, Chair of Accounting and Corporate Governance, Jörg Prokop - Chair of Finance and Banking)

CIS market integration and price transmission along the supply chains - What are the main driving forces and
challenges? Ivan Djuric, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), Germany

Grigor Arzruni Prize – Young scholars

Problems of assessment and forecasting of exogenuosly driven inflation: case of Armenia, Hovsep Patvakanyan,
Russian-Armenian (Slavonic) University

The Effects of Varying Contract Terms for Consumer Credit with Marginal Borrowers: Evidence from Mexico, Diego
Jimenez Hernandez, Stanford University, USA

Trade Shocks and Business Cycles in Emerging Economies, Karolina Matikyan and Mane Harutyunyan, Central Bank of
Armenia

Feasibility Assessment of Producing Buckwheat through Agricultural Cooperatives in Armenia, Gayane Petrosyan, ICARE

IMF best papers -- trade and macroeconomics

Monetary policy in an open economy: the role of financial dollarization, Narek Ohanyan, American University of Armenia

Developments of Credit Demand and Supply in Armenian Banking System, Hayk Sargsyan, Central Bank of Armenia