Economic Research


The purpose of this page is to bring together the research conducted by economics and data science faculty members of the Manoogian College of Business and Economics. Researchers presented on this page publish on peer-reviewed journals and conduct funded research projects. They have both common research projects and individual agendas.

This page is regularly updated to present achievements of our colleagues in terms of new publications, promotions, and new research projects.

Peer-Reviewed Publications

Barseghyan G., Baghdasaryan V., (2018). Optimum currency area theory: evidence from post-Soviet countries and implications for Eurasian Economic Union. Post-Communist Economies.

Grigoryan, A., Khachatryan, K., & Ter-Matevosyan, V. (2018). Armenia-Turkey border opening: what determines the attitude of Armenians?. Caucasus Survey, 1-19.Link:

Khachatryan, K., Baghdasaryan, V., Hartarska, V. (2018), Is the model “loans-plus-savings” better for microfinance in Eastern Europe and Central Asia? A PSM comparison, Review of Development Economics, under review. EMN WP3.  Link:

Khachatryan, K., & Avetisyan, E. (2017). Microfinance development in Armenia: Sectoral characteristics and problems. Strategic Change, 26(6), 575-584. Link:

Khachatryan, K., Hartarska, V., & Grigoryan, A. (2017). Performance and Capital Structure of Microfinance Institutions in Eastern Europe and Central Asia. Eastern European Economics, 55(5), 395-419. Link:

Bruno, O., & Khachatryan, K. (2011). Compulsory versus Voluntary Savings as Incentive Mechanism in Microlending Contracts. In 28e Journées Internationales d'Economie Monétaire. Link:

Grigoryan, A. (2015). A model with indivisible investments in different environments. Armenian Economic Journal, Volume 1. Link:

Grigoryan, A. (2013). A model for anocracy. Journal of Income Distribution, Volume 23/1.


Working Papers

Antinyan, A., Baghdasaryan, V., & Grigoryan, A. (2018). Social Preferences, Public Good Provision, Social Capital and Positional Concerns: Empirical Evidence from the South Caucasus. Social Capital and Positional Concerns: Empirical Evidence from the South Caucasus (September 1, 2018). CERGE-EI Working Paper Series, (625).

Baghdasaryan, V., Iannantuoni, G., & Maggian, V. (2018). Electoral fraud and voter turnout: An experimental study. European Journal of Political Economy. Link:

Grigoryan, A., & Khachatryan, K. (2018). Remittances and Emigration Intentions: Evidence from Armenia. CERGE-EI Working Paper Series, (626).

Grigoryan, A., & Mukhopadhaya, P. (2018). Multidimensional poverty in Armenia. Forthcoming in ADB Economics WP Series, 2018.

Grigoryan A., & Baghdasaryan, V., (2017). Inclusive economic development in Armenia. Good Jobs for Inclusive Growth in Central and West Asia; ADB, 2015-2017. ADB Economics WP Series.

Grigoryan A., & Baghdasaryan, V., (2017). Employment and labor market policies in Armenia. Good Jobs for Inclusive Growth in Central and West Asia; ADB, 2015-2017. ADB Economics WP Series.

Baghdasaryan, V., & Manzoni, E. (2016). Set them (almost) free. Discretion in electoral campaigns under asymmetric information. Link:

Grigoryan, A., Khachatryan, K., Disproportional regional development in Armenia: causes, consequences and policies, w/p.

Grigoryan, A., (2015). Migration and power. EERC WP 15-03E.

Grigoryan, A., (2014). First Thematic Paper: Sustainable and Strategic Decision Making in Mining (Armenia). World Bank WP 88467.


Other Publications

Grigoryan, A., (2015). Armenia: Income Gaps. World Policy Journal, 32(1): 3-11.

Grigoryan, A., (2015). Towards the Shared Vision on the Normalization of Armenian-Turkish Relations, CRRC, Yereven.

Grigoryan, A., (2013). The Impact of Mining Sector on Growth, Inequality, and Poverty: Evidence from Armenia.

Acopyan Center, AUA. Link: grigoryan.pdf.

Khachatryan, K. Case studies (published in Business Studies, 2nd edition Cambridge, Stimpson, P. and Farquharson, A., translated into Armenian): Strategic choice of Vanadzor Armenia resort and SPA; Vanadzor Armenia resort and SPA: Health and hospitality services promotion; Business Communication at IDeA Foundation


Knar Khachatryan, Ph.D.
Associate Professor, Vice Provost for Integration
Knar Khachatryan, Ph.D.Associate Professor, Vice Provost for Integration

Knar Khachatryan joined the CBE in 2013 as an Assistant Professor. She holds a PhD in Management from SKEMA Business School, France, and a double degree of French Doctorate from University of Nice, France.

Prior to joining the AUA, she was a visiting faculty at the French University in Armenia (UFAR). Also she worked at SKEMA Business School as teaching assistant lecturing both in English and French, and administering business simulations. Her scholarly activity focuses on microfinance, financial inclusion, poverty and development studies.
Her recent publications have appeared in Review of Development Economics, Journal of Eastern European Economics, Caucasus Survey, Strategic Change. She has a number of on-going research projects focusing on multidimensional poverty, financial inclusion and regional development.

She is an associate researcher at the Centre for European Research in Microfinance(CERMi), Belgium.
In 2016 and 2018, her articles were nominated among the three finalists for European Microfinance Network (EMN) Research Award. In 2015 her PhD thesis was nominated as the best research on sustainable finance and was awarded SAB Trophy.
Dr. Khachatryan was a Visiting Research Fellow at the Auburn University, Alabama; and Center European Research on Microfinance (CERMi), Belgium.
She has successfully initiated and completed a number of international and local research grant projects such as the Atlas South Caucasus Research Fellowship (FMSH, France), University of Southern California Institute of Armenian Studies (US), ISTC Research Grant (Armenia).
Currently, she is the PI for a two-year EURASIA program which is funded by Norwegian Agency for International Cooperation and Quality Enhancement in Higher Education. The project focuses on Financial Inclusion and is in partnership with University of Adger, Norway.

Higher education

  • Doctorate from University of Nice, France
  • PhD. in Management from SKEMA Business School.
  • MSc in International Business and MSc in Research both from SKEMA Business School
  • BA in Management from French University in Armenia



Khachatryan, K., Baghdasaryan, V., Hartarska, V. (2019), Is the model “loans-plus-savings” better for microfinance in Eastern Europe and Central Asia? A PSM comparison, Review of Development Economicsforthcoming.

Grigoryan, A., Khachatryan, K., Ter-Matevosyan, V. (2019), Armenia-Turkey border opening: What determines the attitude of Armenians, Caucasus Survey 7(1)25-43.

Grigoryan, A., Khachatryan, K. (2018), Remittances and emigration intentions: evidence from Armenia, CERGE-EI WP series 626, ISSN 1211-3298. (currently under review at Journal of Development Studies)

Khachatryan, K., Avetisyan E. (2017), Microfinance Development in Armenia: Sectoral Characteristics and Problems, Strategic Change 26(6), 587–595. DOI: 10.1002/jsc.2169.

Khachatryan, K., Hartarska, V., Grigoryan, A. (2017), Performance and Capital Structure of Microfinance Institutions in Eastern Europe and Central Asia, Journal of Eastern European Economics, 55(5), 395-419.

E-mail[email protected]
Phone: +37460 61 25 68
Office location: 208W (PAB)

Hrant Davtyan, Ph.D.
Assistant Professor
Hrant Davtyan, Ph.D.Assistant Professor

Hrant Davtyan joined the MS CBE team in 2016 as an Adjunct Lecturer of Business Mathematics, Principles of Macroeconomics and Business Analytics courses. His research interests range from Game theory to Mechanism Design to Machine Learning

Hrant Davtyan is also the co-founder and CTO of METRIC research center and a contracted expert providing consultancy on Statistics and Economics to several private and international organizations. His core competences and expertise include Big Data Analytics, Statistical Modelling, Customer/HR Analytics and Operations Management.


PhD in Management and Economics

Courses taught:

MGMT325-Business Analytics


E-mail[email protected]

Phone: +37460 61 26 24

Office  location: 234W (PAB)

Office hoursFridays, 5-6 pm

CV: Download

Vardan Baghdasaryan, Ph.D.
Associate Professor, MSM Program Chair
Vardan Baghdasaryan, Ph.D.Associate Professor, MSM Program Chair

Vardan Baghdasaryan is Assistant Professor and a Program Chair for MSM. He has been teaching various economic-related courses to BAB, MBA and MSM cohorts since 2014. Dr. Baghdasaryan has been a Senior Consultant at the AVAG Solutions, Ltd, providing consulting to various international donor agencies.  For detailed information, please refer to


  • Graduate School in the Economics and Finance of Public Administration (DEFAP) Catholic University of Milan, Italy, 2009 – 2014
  • PhD in Economics (Aspirantura) Russian-Armenian (Slavonic) University, Yerevan, Armenia, 2004 – 2007
  • Diploma of Manager-Economist (with honorary distinction), Yerevan State Institute of Economy, Department of Management Yerevan, Armenia, 1999 – 2004
  • ACCA affiliate (all exams passed)  Association of Chartered Certified Accountants (ACCA), UK, 2004-2010

Courses Taught: ECON 221 – Intermediate Microeconomics

Research Activities:

1. Baghdasarayan V., Iannantuoni G. and Maggian V., “Electoral Fraud and Voter Turnout: Experimental Study”
Working paper available at:

2. Baghdasaryan V., Manzoni E., “Set them (almost) free. Discretion in Electoral Campaigns”
Working paper available at:

3.  Khachatryan K.,  Baghdasaryan V., Hartarska V., “Role of Deposits in MFI performance in Central Asia and Eastern Europe”


Antinyan A., Baghdasaryan V., Grigoryan A., “Relative position and social capital in South Caucasus“


E-mail[email protected]

Phone: +374 60 61 25 67

Office location: 207W (PAB)

Office hours: Tuesday 13:30-15:00, or by appointment via email

CV: Download

Dr. Aleksandr Grigoryan, Ph.D.
Associate Professor
Dr. Aleksandr Grigoryan, Ph.D.Associate Professor

Dr. Aleksandr Grigoryan has a Ph.D. in Economics from the University of Turin (UOT) and a Master’s degree from the Institute for Advanced Studies, Vienna (IAS). Since 2009, he has worked at the Research Department in the Central Bank of Armenia (CBA) and has taught at the American University of Armenia (AUA), the School of Political Science and International Affairs (PSIA). Since April 2012, he has been appointed as an Assistant Professor of Economics at the College of Business and Economics (CBE) and the College of Humanities and Social Sciences (CHSS) at the AUA. Dr. Grigoryan has served as the chair of the Master of Business Administration (MBA) program at the CBE from 2014-2020. His research covers various development topics, such as microfinance, migration, poverty, gender, monetary policy, and international trade. Dr. Grigoryan has publications in the Journal of Behavioral and Experimental Economics, Empirical Economics, International Migration, Eastern European Economics, International Economic Journal, and Journal of Income Distribution, among other journals. He has a rich experience in economic research and policy consultancy in collaboration with well-known international organizations.

Dr. Grigoryan is a board member of the Armenian Economic Association (AEA) and served as the AEA president from 2015-2017.



  • Ph.D in Economics, University of Turin, Italy, 2005 – 2008
  • Institute for Advanced Studies (IHS) in Vienna, Austria, 2003 – 2005
  • Yerevan State University of Economics, Armenia, 1996 – 2004
  • Post graduate study, 2001 – 2004
  • Graduate study, 1996 – 2001, Diploma in Economics (with Honor)

Courses taught:

  • Time Series Econometrics (ECON 229)
  • Research Methods (BUS 295)
  • Data Analysis for Business Decisions (BUS 320)


  • Armenak Antinyan, Vardan Baghdasaryan, and Aleksandr Grigoryan (2022). Charitable giving, social capital, and positional concerns. Journal of Behavioral and Experimental Economics, 2022.
  • Aleksandr Grigoryan and Knar Khachatryan (2022). Remittances and emigration intentions: Evidence from Armenia. International Migration, pages 1–37, 2022.
  • Aleksandr Grigoryan, Knar Khachatryan, Knarik Ayvazyan, and Pundarik Mukhopadhaya (2022). Chapter 23: Financial inclusion and poverty: evidence from a developing country. Forthcoming in Handbook of Microfinance, Financial Inclusion and Development. Edited by Valentina Hartarska and Robert Cull. Edward Elgar Publishing, 2022.
  • Vardan Baghdasaryan, Aleksandr Grigoryan, Hrant Davtyan, and Knar Khachatryan (2022). Comparison of econometric and deep learning approaches for credit default classification. Strategic Change, volume 30, pages 257–268, 2021.
  • Narek Ohanyan and Aleksandr Grigoryan (2020). Measuring monetary policy: rules versus discretion. Empirical Economics, volume 61, pages 35–60, 2020.
  • Gor A. Khachatryan and Aleksandr Grigoryan (2020). Export growth dynamics and real exchange rate: Evidence from Armenia. International Economic Journal, volume 34, pages 493–509, 2020.
  • Aleksandr Grigoryan, Knar Khachatryan, and Vahram Ter-Matevosyan (2019). Armenia-Turkey border opening: what determines the attitude of Armenians? Caucasus Survey, volume 7, pages 25–43, 2019.
  • Knar Khachatryan, Valentina Hartarska, and Aleksandr Grigoryan (2017). Performance and capital structure of microfinance institutions in Eastern Europe and Central Asia. Eastern European Economics, volume 55, pages 395–419, 2017.
  • Aleksandr Grigoryan. A model with indivisible investments in different environments (2015). Armenian Economic Journal, volume 1, pages 109–144. Armenian Economic Association, 2015.
  • Aleksandr Grigoryan (2013). A model for anocracy. Journal of Income Distribution, volume 22, pages 3–24, March 2013.


E-mail: [email protected]

Phone: +37460 61 26 14

Office location: 230W (PAB)

Office Hours: 16:30 – 17:30, Tue/Thur and by appointment


Gurgen Aslanyan, Ph.D.
Assistant Professor, MSE Program chair
Gurgen Aslanyan, Ph.D.Assistant Professor, MSE Program chair

Dr Gurgen Aslanyan has served as an adjunct lecturer at the American University of Armenia since 2016. Currently he is a Teaching Fellow at CERGE-EI Prague and a Researcher at the Economics Laboratory of the Ural Federal University. Prior to that he has been teaching (classroom, seminars, trainings) in the Czech Republic, Slovakia, Croatia, Georgia, Russia, the UK, and the US. Dr Aslanyan is a Development Economist with a focus on policy evaluation. Over the years he has consulted private and public sector, such as the Central Bank of Armenia, and as a researcher has been affiliated with the University of Pennsylvania and the Czech Academy of Sciences. Dr Gurgen Aslanyan has presented his research and published internationally, is a recipient of various awards, and currently is elected to serve as the President of the Armenian Economic Association.

He holds dual doctorate degree from the Charles University in Prague and the University of the State of New York.


  • PhD  in Economics, CERGE-EI and Charles University
  • MA in Economics, CERGE-EI
  • BSc in Economics, Yerevan State University

Courses taught:

  • PSIA 352-Economics for Political Science
  • Bus 233-Public Finance
  • Econ 228-Economics of Development
  • Econ 225-International Economics
  • Econ 229-Special Topics (Policy Evaluation)


Areas of research and teaching specialization

Areas of research: Public Economics, Population Economics, Economics of Reforms, Economics of Education
Areas of teaching: Economic Development and Growth, Labour Economics, Micro- and Micro-Economics, Public Economics, Inernational Economics

Research projects:

  • Non-Selective Migration and Unfunded Public Pensions: Can They Coexist?
  • Melting Pot v Cultural Mosaic: Dynamic Public Finance Approach
  • Financial Literacy and Behaviour: Quasi-Experimental Study (with Derdzyan and Mkhitaryan)
  • Multinationals, Competition and R&D investments (with Torosyan and Levonyan)
  • Bank Reforms and Real Economy: Utilising Synthetic Controls

Published research:

  • Migration Challenge for PAYG, Journal of Population Economics, doi: 10.1007/s00148-014-0516-x

Awards and honours:

  • Alumni Hero Award, CERGE-EI, 2016
  • Armen Alchian Award, Armenian Economic Association, 2014
  • Best Paper Prize, Warsaw International Economic Meeting, 2011


E-mail: [email protected]

Phone: +37460 61 26 11

Office location: 236W(PAB)