Armenian State University of Economics
Recent publications
The processes of objectively conditioned integration in the economic, political, legal, and institutional spheres of the Eurasian Economic Union (EEU) Member States took place step by step, starting from preferential trade agreements, passing to the customs union, the common market and other stages of integration. This process is accompanied by the gradual deepening of trade liberalization with potential partners. The selection of potential partners should be carried out through a comprehensive and detailed analysis of the structure and volumes of foreign trade of the EEU Member States (Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia) with third parties, their markets structure, existing customs regulation, trade barriers, and possible export potential. The research evaluated the EEU's possible enlargement effects on the Member States' economic indicators. The research aimed to assess the possible consequences of EEU expansion and signing free trade agreements, considering Pakistan, Korea, and Malaysia as potential trade partners. Modeling the effect of an FTA assumes horizontal zeroing of tariffs between partners. Then, using the GTAP model, a new state of general equilibrium was calculated corresponding to the changed parameters of customs and tariff regulation. In this case, most variables, such as change in GDP, production output, and export-import volumes, were estimated, manifesting the economic effect of trade liberalization.
The purpose of this article is to suggest a new methodology that will give us an opportunity to create an Integral Index of Reforms (IIR) that will include seven indexes: KOF Index of Globalization, The Democracy Index, The Corruption Perception, The Human Development, Doing Business, The Global Competitiveness Index and The Index of Economic Freedom. From both scientific and empiric perspective it is supposed that the quantitive assessment of various reforms implemented in different countries based on presented indicators of seven indexes despite the new methodology that we suggest give us the opportunity to include much more indexes.
The relatively low level of trust and cooperation, as well as the analysis of its causes and effects continue to be extremely urgent issues in Armenia in the postwar and post-pandemic period. Though the level of social capital in a country can be assessed through various data (the World Values Survey, the Legatum Prosperity Index, the Caucasus Barometer (in case of Caucasian countries), social media connections or other data), in all these sources social capital is assessed on individual level, while the business sector-having central role in economic developments-is overshadowed. In this work, the assessment of the current level of business social capital in the Republic of Armenia, its causes and effects was carried out through an expert survey, as a result of which remarkable findings were obtained on the winning and losing directions of high cooperation and trust as well as in terms of identifying problems and their possible solutions as per expert opinions.
COVID-19 pandemic has become a real challenge to globalization and international economic relations. At the very onset of pandemic most countries have imposed trade restrictions to prevent the shortage of critical supplies. Even advanced integration units (European Union, EAEU etc.), where trade barriers were previously eliminated or reduced to a minimum, have not managed to give a coordinated response to a new situation. Most of these trade regulation measures apply to medical products required to combat the pandemic. The article studies trade policy changes during the pandemic and their impact on global trade of medical products.
The article deals with one of the most important problems of the modern financial world – tax evasion. It is not a secret for anyone that each subject is trying to minimize its costs. There are frequent cases when such minimization is carried out in the form of a decrease in tax payments to the budget, and sometimes in the form of complete non-payment of taxes, which partially or completely contradicts the legislation of the country. The article discusses the problem of tax evasion in the world and in Armenia, the associated economic consequences, as well as possible ways to overcome this problem at the state level.
This study discusses and investigates the key determinants of country competitiveness. An analysis of the available literature relating to the key determinants of the country's competitiveness makes it possible to mention that their determinants are not yet completely explored. The issue is that the current literature examines the impact of GDP per capita and human capital while omitting important factors affecting a country's competitiveness. Knowledge capital is one of the main factors of economic growth and competitiveness. Indigenous innovation contributes to the production of knowledge capital, while FDI and import trade are two major pathways for technological diffusion. As a result, when studying the causes of a country's competitiveness, the effects of these elements are not negligible. The following logical processes are used to investigate the topic of main factors of a country's competitiveness: first, a theoretical model outlining the primary factors of a country's competitiveness is studied; second, acceptable measurements for a country's competitiveness are selected; third, a balanced panel data set is created, and unknown parameter estimation is carried out. The GMM two-step panel data estimation technique is the major methodological instrument used in the article. Annual data from 2001 to 2020 on eight macroeconomic variables are included in the database (total 1040 observations per macroeconomic variable (52 countries, 20 years)). The study proved both practically and theoretically that: 1) the lagged value of the dependent variable has a positive and considerable impact on the competitiveness of the country; 2) the labor productivity of a country is an essential factor of competitiveness; the higher a country's labor productivity, the more probable it is to produce and export; 3) human capital and research and development are major sources of knowledge creation that directly contribute to a country's competitiveness; 4) the influence of FDI and imports on competitiveness has been proven to be significant; 5) weak institutions in emerging and developing economies have a negative impact on export sophistication and, as a result, a country's competitiveness. The research findings should be relevant to economic policymakers and model developers interested in estimating and evaluating structural systems of equations.
Studies have confirmed that the development of the scientificeducational system is conditioned by the culture of national linguistic thinking, and the latter is anchored on the writing system. Emphasizing the crucial role of the Mashtots writing system in ensuring the unprecedented growth of the scientific-educational system of Armenia, the existence of the pre-Mashtots letters and culture is outlined, without which it is impossible to imagine the literary and scientific progress in the polished language of the Golden Age. Against the background of the development of scientific thought, the work shows that the latter is a necessary precondition for the realistic assessment and normal development of the scientific-educational system of Armenia./ Ուսումնասիրություններով հաստատված է, որ գիտակրթական համակարգի զարգացումը պայմանավորված է ազգային լեզվամտածողության մշակույթով, իսկ վերջինս խարսխվում է գրային համակարգի վրա:ֈ Շեշտելով մաշտոցյան գրային համակարգի վճռորոշ դերը Հայաստանի գիտակրթական համակարգի աննախադեպ վերելքի ապահովման գործընթացներում՝ ուրվագծվում է նախամաշտոցյան գրերի և մշակույթի առկայությունը, առանց որի անհնար է պատկերացնել ոսկեդարյան հղկված լեզվով գրական ու գիտական առաջընթացը:ֈ Աշխատանքում գիտական մտքի զարգացման ֆոնի վրա ցույց է տրվում, որ վերջինս անհրաժեշտ նախապայման է Հայաստանի գիտակրթական համակարգի իրատեսական գնահատման ու բնականոն զարգացման համար:ֈ
The paper presents the arguments and counterarguments within the scientific discussion on the issue of the development of female entrepreneurship in tourism. Today female entrepreneurs consider being the driving force of economies. Many governments try to promote female engagement in many economies to cover the gender gap. The tourism sphere has a great significance in the economy of the Republic of Armenia. For Armenia, it is crucial to foster female entrepreneurship in tourism that leads to sustainable and equitable development of regions and contributes to social, economic, and environmental development. Today women face many problems for starting a business in tourism in Armenia. The problems are connected with the lack of finance, necessary knowledge, and skills in management, marketing, business organization, etc. The research aims to explore the main competencies and needs of sustainable entrepreneurship and female entrepreneurial skills in the tourism sector. Systematization literary sources and approaches for solving the problem unveiled many studies on promoting female entrepreneurship in tourism. Investigation of the topic in the paper is carried out in the following logical sequence. Firstly, some literature sources were discussed, then the current tourism situation in Armenia was analyzed, and finally, the main results of surveys were presented. The methodological tool of the research was mainly a survey based on a questionnaire, which includes about 50 questions and 45 questions regarding the main skills. The study applied quantitative and statistical methods to analyze the survey results. The survey engaged women who have or plans to start a business in tourism. The results indicate that women have many problems with starting a business. Also, they have difficulties in business development, doing innovations, marketing and attracting tourists, etc. They rate their skills level at a medium-rare, and the majority want to improve their skills for doing business, marketing, communication, analytical, decision-making, and other skills. The results could be the basis on which many steps are taken to promote sustainable female entrepreneurship in tourism.
In recent years, in the context of unpredictable events in the world, the issue of food security in some countries has become quite relevant. Economic ties and supply chains disrupted by the Covid-19 crisis showed regulatory trends last year. Although the global market continued to operate in the context of the pandemic, it has already adapted sufficiently to this situation. One of the key features of 2021 was the steady increase in prices for basic goods, which reached the highest level in the last 10 years. However, the established fragile stability in the world food markets was fundamentally violated by the Russian-Ukrainian war. Many countries of the world are already facing food security problems and high inflation, since the two conflicting countries are the leading producers and exporters of the most important food products (wheat, corn, vegetable oil, etc.).
The military conflict over Ukraine and the sanctions against Russia are pushing the Russian economy into a crisis. Its transmission to Armenia can already be witnessed with exchange rate instability and can be materialized fully during the year. In this paper, the authors are applying econometric methods and are modeling the possible developments of more sensitive indicators and exchange rate of Armenia given different scenarios for the Russian economy. As the possible positive effects (like inflow of people and additional export opportunities) are hard to measure yet, the authors quantify negative effects, which point to the risks for economic downturn during this year.
The Russian-Ukrainian war, which began on February 24, 2022, has become a new challenge for the economy and financial market of Armenia. After the crisis caused by the coronavirus pandemic and the relative stability after the Artsakh war, the financial market of the Republic of Armenia entered a new trial period. It is too early to assess the impact of the war on the economy as a whole since both the outcome of hostilities and the impact of economic sanctions are unclear. However, both the international financial markets and the financial market of Armenia react to the ongoing processes, which are primarily manifested in price fluctuations for various financial instruments.
The overall look at human history proves that wars are destructive for all parties. War destroys everything on its path: human lives, economic systems and infrastructure, social capital. In fact, estimating the economic “price” of war is quite difficult, as it is necessary to understand how much the country's income would be in the absence of war. A key pillar of the economic consequences of the war is the resulting migration crisis in the conflicting countries, the extent of its spread throughout the world. In this regard, the Russian-Ukrainian war, which began on February 24, 2022, is transforming migration processes and the situation both around the world and in Armenia.
The spread of coronavirus is a serious problem for health systems both in the world and in Armenia. There are many problems: equipment, hospital beds, protective equipment, personnel, etc. The paper analyzes the global health safety index and the place of Armenia in this rating. The indicators of public spending in the health care system, the volume of population spending on health services, as well as the country's provision of hospital beds, and drug provision were also studied. The paper revealed that despite having good ratings, many countries did not cope with the pandemic, and it would be necessary to “treat” the economies and the health systems.
This paper summarizes the arguments and counterarguments within the scientific discussion on the issue of change management characteristics in organizations. The main purpose of the research is to find out and discuss the role of change management in organizations, the main change management models, the benefits of investing CRM in a banking system that will change the way of work. A systematization of literary sources on the issue of change management presents some models steps of change management in organization. It indicates the importance of change management in today’s fast-moving world. Investigation of the topic proves that change management may help organizations become more effective customer-oriented. Analysis in the paper is carried out in the following logical sequence: literature review shows some examples of international experience of the discussed topic; also, the experience of CRM investing is discussed in one of the Armenian banks. Methodological tools of the research methods were analysis and synthesis, surveys. The paper presents the results of an empirical study, which shows that there are some transactions for which people prefer going to the bank. Certain services tend to go online, for example, to request account information or transfer money between accounts. The trend is that customers are moving more and more to online platforms. It was due to the introduction of the latest IT technologies in the banking system; also, during Covid-19, people preferred to do transactions online. The results show that it is necessary to use CRM tools to manage customer relationships throughout a customer life cycle, including marketing, sales, digital marketing, and customer service interactions. We suggest using CRM tools in banks to identify customers’ needs as much as possible to build a stable and long-lasting bank-customer relationship. The results of the research can be helpful for banks to improve their experience, invest in CRM systems and do better change management.
The paper mirrors the main areas and technologies for the application of artificial intelligence in global and local financial infrastructure, their benefits and challenges./Սույն հոդվածում անդրադարձ է կատարվում համաշխարհային և տեղական մակարդակով ֆինանսական ենթակառուցվածքներում ԱԲ կիրառության հիմնական ուղղություններին ու տեխնոլոգիաներին, դրանց կողմից ընձեռնված առավելություններին ու մարտահրավերներին:
Mortality and average life expectancy are the most important indicators of the level of socio-economic development of the state, as well as the quality of life of the population. Armenia has always lagged behind economically developed countries in terms of life expectancy, and the aggravation of the demographic situation caused by the fall in the birth rate on the eve of the 20th and 21st centuries, the increase in the death rate and the natural loss of the population has further deepened the situation. The expected average life expectancy of the population depends on a number of socio-economic, biological and environmental factors, the study of which is devoted to this article./Մահացությունը և կյանքի սպասվող միջին տևողությունը պետության սոցիալ-տնտեսական զարգացման մակարդակի, ինչպես նաև բնակչության կյանքի որակի կարևորագույն ցուցանիշներից են: Հայաստանը կյանքի տևողության մակարդակով միշտ էլ ետ է մնացել տնտեսապես զարգացած երկրներից, իսկ ժողովրդագրական իրավիճակի սրումը, պայմանավորված 20-րդ և 21-րդ դարերի շեմին ծնելիության մակարդակի անկմամբ, մահացության մակարդակի աճով և բնակչության բնական կորստով, էլ ավելի է խորացրել դրությունը: Բնակչության կյանքի սպասվող միջին տևողությունը կախված է մի շարք սոցիալ-տնտեսական, կենսաբանական և էկոլոգիական բնույթի գործոններից, որոնց ուսումնասիրությանն էլ նվիրված է սույն հոդվածը:
The impact of the pandemic also affected the quality of life of the population, as well as several economic indicators, the findings of which are presented in this work. The manifestations of the public life conditioned by the pandemic in the Republic of Armenia, the socio-economic changes and consequences that result from it have not been commented yet. The work includes areas that have changed as a result of the pandemic, as well as recommendations that will help mitigate the significant effects on the economy./Համավարակի ազդեցությունից անմասն չմնաց բնակչության կյանքի որակը, ինչպես նաև տնտեսական մի քանի ցուցանիշներ, որոնց բացահայտմանն է ուղված տվյալ աշխատանքը: Դեռևս մեկնաբանված չեն ՀՀ-ում համավարակով պայմանավորված հասարակական կյանքի դրսևորումները, դրա արդյունքում տեղի ունեցող սոցիալ-տնտեսական փոփոխությունները և հետևանքները: Աշխատանքում ներառված են նաև համավարակի հետանքով զգալի փոփոխություններ կրած ոլորտներ, ինչպես նաև առաջարկություններ, որոնք հնարավորություն կտան մեղմել տնտեսությանը պատճառված զգալի հետևանքները:
The article presents a brief history of the founding of the capital Yerevan, some examples of the history and architecture of Armenia, which has a tourist attraction. Yerevan is rich in historical, cultural and scientific monuments, which together with hotels, restaurants, clubs, and various places of entertainment are tourist resources․ The paper is dedicated to urban tourism development issues. The main purpose of the research is to explore urban tourism development opportunities and main challenges in Yerevan, the capital of Republic of Armenia. Investigation of the topic is carried out in the following logical sequence: presentation of historical-cultural monuments, museums of scientific, and cultural interest visited by tourists, the main touristic assets, the main social-economic indicators and tourism infrastructures of Yerevan are discussed, then the main obstacles are analyzed. Yerevan is 2803 years old; it is rich with cultural-historical monuments. Yerevan has all the opportunities for historical, cultural, religious, gastronomic, entertainment, adventure, educational, medical, festival, and MICE tourism development. The methodological tools of the research methods are historical description, historical analysis, statistical methods, also SWOT analysis. The object of the research is Yerevan city and the subject of the research is tourism development issues in Yerevan. The results of the analysis shows that correlation coefficient is high in Yerevan between volume of tourism services and GDP, volume of tourism services and GDP per capita, volume of tourism services and employment. Also, SWOT analysis reveals the main strengths, weaknesses, opportunities and threats of tourism development in Yerevan. The research theoretically proves and empirically confirms that tourism has a significance role for sustainable development of the city. Based on the main analysis, some recommendations are carried out towards creating sustainable tourism development plans, improving marketing, statistical recording, increasing touristic information in the city, developing infrastructures, investing in more sustainable and smart solutions in city development. The main sustainable solutions should be connected with the transport system, water and waste recycling mechanisms, energy efficiency, construction, increasing green areas, and-so-on. The results of the research can be useful for municipalities for elaborating urban tourism development plans which will lead to sustainable development.
SME sector has a significant impact on the countries’ economic development and provides tangible social economic results leading to regional development. Acknowledging the crucial role of SME sector in countries’ development, the paper aims at identifying the main trends and issues of the sector strategy development and making corresponding suggestions for its further development. Specifically, different theories and models have been outlined in the paper regarding the development of small and medium enterprises sector, the determinants of efficiency in SMEs, conceptual framework of factors affecting SMEs development, etc. The data have been gathered and analyzed taking into consideration the peculiarities and trends of small and medium enterprises development in the Republic of Armenia, the obstacles and, meanwhile, prospects and main directions of the sector development. Corresponding recommendations have been made based on the conclusions, results and findings of the study which is directed to contribute to the future development of small and medium enterprises in the Republic of Armenia.
The paper researches managerial accounting development issues in the Republic of Armenia, analyzes the international experience of managerial accounting regulatory, pointes out two directions of improvement of managerial accounting through the creation of a self-regulatory institution and development of professional standards. According to the author, in the future, they can become factors in the development of managerial accounting, improve both the quality of managerial decisions, and the competitiveness of organizations. Managerial accounting will go beyond the organization and will accumulate information on the capabilities of the external environment. The establishment of the Institute of Professional Regulation of Managerial Accounting and Standardization will contribute to the rapid dissemination of new opinions and experience, to the formation of unanimity of its participants on a number of issues.
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178 members
Gayane Tovmasyan
  • AMBERD Research Center
Vardan Atoyan
  • Department of Social Sciences
Nazeli Sukiasyan
  • social science
Geghetsik Grigoryan
  • Department of Social Sciences
Koryun Atoyan
  • Department of Business Administration
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