The Department of Economics and Finance is an active participant in research projects. Among the key scientific initiatives undertaken by the department, the following can be highlighted:
2024–2027
"Research in Social Sciences, Armenology, and Humanities – 2024"
Exogenous and Endogenous Factors of Economic Growth in the Republic of Armenia in the Context of the New Geopolitical Reality
Modern realities have significantly shaken almost all pillars of macroeconomic theory. The last decade, particularly the recent few years, have demonstrated that the foundations of market economics, which have shaped macroeconomic policies since the Great Depression, have undergone substantial transformations, rendering many macroeconomic regulation mechanisms ineffective. This research evaluates Armenia’s macroeconomic policies over the last thirty years, analyzing the key factors influencing economic growth rates. Armenia’s economy has not reached self-sufficiency over the past three decades, making it less resilient to recent crises. The study aims to assess the current state and propose approaches to macroeconomic policy that address contemporary challenges in the context of exogenous and endogenous growth factors, as well as the consequences of the COVID-19 pandemic and the 2020 Artsakh War. The goal is to enable medium-term growth and lay the groundwork for sustainable long-term economic development.
External Scientific Supervisor: A.A. Shirov
Scientific Supervisor: M.A. Voskanian
Participants: E.M. Sandoyan, A.G. Galstyan, I.K. Stepanyan
2024–2027
Research Support Program for PhD Candidates and Young Scholars 2024
Directions for Developing Armenia's Foreign Economic Relations in the Context of the Greater Middle East
This phase involves a comprehensive literature review on defining the boundaries and content of the concept "Greater Middle East" from an economic perspective. The study aims to identify research gaps in this field.
Scientific Supervisor: E.M. Sandoyan
Participant: V.R. Mnatsakanyan
2024–2026
Research Support Program for PhD Candidates and Young Scholars 2024
Challenges of Balanced Regional Development in the Long Term (Using Armenia as an Example)
This research focuses on reviewing literature related to regional development and understanding the processes that enhance the potential of specific regions.
Scientific Supervisor: M.A. Voskanian
Participant: A.A. Manukyan
2024–2025
Technical Assistance from the Eurasian Development Bank (EDB)
Development of the Institutional Framework for Public-Private Partnerships in Armenia: Partnerships with Universities and Capacity Building in the PPP Sphere
The project includes training specialists through educational programs in PPPs for implementing related projects in Armenia and conducting research to advance this sector.
Scientific Supervisor: M.A. Voskanian
Participants: A.V. Agadzhanyan, I.K. Stepanyan, R.A. Simonyan
2024–2025
Research Support Program for PhD Candidates and Young Scholars 2024
Challenges of Transforming Accumulated Pension System Assets into Long-Term Financial Resources in Armenia
This stage involves examining contemporary academic views on the liquidity challenges of pension fund assets and the fundamental contradictions in addressing this issue with the nature of pension fund savings.
Scientific Supervisor: E.M. Sandoyan
Participant: G.A. Melkonyan
2023–2025
RAU 2023–2025. Analytical Research Projects on Natural and Social Sciences
Financial Regulation Policy in Armenia: Assessment and Development Prospects
Scientific and/or Technical Results:
- Assessment of the effectiveness of Armenia’s tax policy in terms of resource mobilization and its impact on the economy and development processes.
- Evaluation of the efficiency of the Central Bank's monetary regulation during recent crises.
- Analysis of the impact of exogenous factors on the development of Armenia's financial system in 2022–2024.
- Assessment of potential negative consequences of capital inflow into Armenia's financial system in 2022–2024.
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Development of recommendations for modernizing the Central Bank's currency policy during both economic crises and periods of economic growth.
Scientific Supervisor: M.A. Voskanian
Participants: E.M. Sandoyan, A.G. Galstyan, A.A. Karapetyan
2022–2024
State Committee on Science, RA (Thematic Funding, Young Researchers)
Selection of Currency Regulation Mechanisms for the Armenian Dram under New Realities
Expected Qualitative Results:
- Overview of Armenia's economy regarding currency regulation.
- Analysis of economic stagnation from 2009 to 2019.
- Examination of Armenia's monetary policy since independence and its impact on economic growth.
- Analysis of new economic realities shaped by events in 2020–2021, focusing on currency regulation.
- Assessment of the link between currency regulation and Armenia’s foreign trade.
- Evaluation of the impact of currency regulation on inflation in Armenia.
- Development of recommendations for improving the mandatory reserve system.
- Advancement of currency regulation mechanisms under new conditions.
- Assessment of the implications of mechanisms developed within this study.
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Creation of econometric models for impact assessment and stress testing.
Scientific Supervisor: A.G. Galstyan
Participant: A.V. Agadzhanyan
2021–2023
Central Bank of Armenia Foundation: Center for Economic Education and Research
Implementation of Fiscal and Sectoral Policies for Overcoming the Economic Crisis and Ensuring Stable Economic Growth in Armenia
Expected Qualitative Results:
- Evaluation of the consequences of economic stagnation in Armenia from 2009 to the present.
- Assessment of the impact of the COVID-19 pandemic and the Second Artsakh War in 2020.
- Business diagnostics of Armenia’s investment environment.
- Analysis of market concentration levels and development of policy recommendations for promoting economic competition.
- Proposals for modernizing Armenia’s fiscal policy in times of economic crisis and growth.
2018–2020
Ministry of Education and Science of the Russian Federation Subsidy for Research Activities at RAU
Financial Regulation Policy in Armenia: Assessment and Development Prospects
Scientific Value: Summarization and evaluation of Armenia’s financial regulation policy, identifying key challenges to economic growth and developing concepts, approaches, and mechanisms for modernizing the tax, antitrust, and macroprudential regulatory systems.
2018–2020
State Committee on Science, Ministry of Education and Science of Armenia. Thematic Funding
Fiscal and Monetary Mechanisms for Deepening Eurasian Integration
2015–2017
State Committee on Science, Ministry of Education and Science of Armenia. Thematic Funding
Modernization of Currency Regulation in Armenia in the Context of the Economic Crises of 2008–2009 and 2014–2015
In the context of Armenia's economy, currency policy plays a significant role in economic growth. Errors in currency regulation can lead to considerable losses in the country's economic development, as well as serious shortcomings in achieving price stability. Given the high level of dollarization, inflationary pressures, and macroeconomic instability in Armenia, determining the optimal currency policy under conditions of financial globalization and recent economic crises becomes one of the most critical tasks for monetary authorities.
2015–2016
RAU Development Program
Modernization of the Regulatory System for Financial Intermediation Institutions in Transition Economies
The research provided a theoretical rationale for the need for a comprehensive approach to forming a financial intermediation system. This system emphasizes the interconnected functioning of different financial sector segments and the compatibility of supervisory and regulatory mechanisms. Such an approach ensures the effective absorption of cash flows and the transformation of financial resources into investment and lending instruments.
2015–2016
Eurasian Economic Commission (in collaboration with the Financial University under the Government of the Russian Federation)
Formation of Monetary and Currency Mechanisms to Ensure Financial Stability and Economic Growth Considering the Prospects of EAEU Integration
2014–2015
Eurasian Development Bank
Challenges and Prospects of Currency Integration in the Context of the EAEU
2013–2015
State Committee on Science, Ministry of Education and Science of Armenia
Modernization of the Regulatory System for Financial Intermediation Institutions in Armenia
2012–2014
State Committee on Science, Ministry of Education and Science of Armenia. RGNF Grant
Macroeconometric Model of the Armenian Economy
This project aimed to develop econometric models to analyze and forecast the dynamics of Armenia's macroeconomic indicators, enabling more accurate decision-making in economic policy.