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Previous Meetings:

2017 Program
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2016 Program
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2015 Program
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2014 Program
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2013 Program
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2012 Program
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2011 Program
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2018 Conference

The Armenian Economic Association 2018 annual meetings are 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

16:00-18:00 Opening remarks
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/Coffee

9:30-11:00 Session 1A: Innovation, Industrial Organization
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

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

9:30-11:00 Session 1B: Labor
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

The Policy Of Returning Labor Migrants:  International Experience and Challenges for Civil Society (case of
Ukraine), Dluhopolskyi Oleksandr, Ternopil National Economic University, Ukraine

Are Big-Four Employees Closer to Banking Staff or Not? A Motivational Approach, Mane Beglaryan, American
University of Armenia

9:30-11:00 Session 1C: Marketing
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)

Territorial marketing and an image of a country, Dmitry Vakhrushev, Financial University under the
Government of the Russian Federation

11:00-12:00 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 1
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
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

The Impact of Changes in Marriage Dissolution Laws on Educational Homogamy, Geghetsik Afunts, CERGE-
EI, Charles University, Czechia

13:00-14:30 Session 2C: Finance 1
Chair: Aram Arakelyan, Yerevan State University, Armenia

Ownership Concentration and the Information Content of Operational Loss Announcements, Suren
Pakhchanyan, Deloitte, Germany  (with Anna Chernobai, Whitman School of Management, Syracuse
University; Jörg Prokop , Carl von Ossietzky University of Oldenburg)

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

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


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

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

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

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

What good is the diaspora? Summary of the Armenian Diaspora Survey, Aleksandr V. 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

11:00-11:30 Coffee break

11:30-13:00 Session 4A:  Finance 3
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

11:30-13:00 Session 4B: Agricultural Economics, Room 214W
Chair: Anna Yeritsyan, ICARE, Armenia

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

Economic analysis of intensive and extensive fish farming in Ararat Valley, Shahen Mirakyan, Lusine
Tadevosyana, Shahen Mirakyan, Natella Mirzoyana, and Narek Avetisyan, 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
Chair: Gayane Barseghyan, American University of Armenia

Sanctions and Counter-Sanctions: Who wins? Gayane Barseghyan and Mikayel Arzumanyan, 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

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

13:00-14:00 Lunch

14:00-15:00 Keynote Presentation
Yulia Ustyugova, IMF

15:00-16:30 Session 5A: Microfinance
Chair: Knar Khachatryan, American University of Armenia

Compulsory versus Voluntary Savings as an Incentive Mechanism in Microfinance Programs, Knar
Khachatryan, American University of Armenia

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

Understanding the reasons and consequences of microfinance sector closure, Nargiza Alimukhamedova,
CERGE-EI; Westminster International University in Tashkent; University of Economics in Prague,

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

15:00-16:30 Session 5B: Agriculture 2
Chair:

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: Macro 2
Chair: Teresa Sousa, CEFAGE-UE, Portugal

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

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

Does a key currency disorganizes the world and creates an immoral privilege? Teresa Sousa, CEFAGE-UE,
Portugal

16:30-17:00 Coffee break

17:00-18:30 Session 6A: Experimental, Behavioral, Game Theory
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)

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

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 214W
Chair: 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

19:00 Best paper awards, Room 213W