Bulletin of Yerevan University G: Economics
type: channel
description: The journal publishes scientific articles and studies in all fields of economics and welcomes submissions whether they be theoretical, applied, or orientated towards academics or policymakers. The journal accepts original articles and comprehensive studies not previously published. The Editorial Board of the journal always looks into widening the range of the authors, inviting the researchers from universities all around the world.
publisher: Yerevan State University
language: en
publication name: Bulletin of Yerevan University G: Economics
issn: 2579-2946
items: Evaluation of U.S. Tariff Policy and Its Impact on Imports in the Context of Globalization
items: Identification and Harmonization of Material Values and Product Names in a Group of Companies Using Nlp Methods
items: Theoretical and Applied Problems of Tax Burden Distribution in the Context of Consumption, Capital, and Labour Taxation
items: Analysis of the Labor Market of Armenia in the Context of Contemporary Challenges: Socio‑Economic and Psychological Aspects
items: Approaches to the development of a water resource safety system in the Republic of Armenia
items: Analysis of the Organization's Activity on the Example of the Mckinsey Matrix. Theoretical-Experimental Approach
items: Human capital and the phenomenon of increasing returns in economic growth models
items: Strategic Debt Burden Assessment and Financial Sustainability Analysis of Diageo
items: Energy Security and Economic Resilience of RA in the Context of Current Geopolitical Developments
items: Tracing Tariff Impacts Through Electricity Supply Chains: Assessment of the Effects of Trade Policy on Retail Electricity Prices
items: High-Skilled Emigration from Armenia
items: The Reconfiguration of Intra-Regional Trade in the EAEU Under Sanctions Against Russia
items: Factor-Based Priorities of National Potential in the Republic of Armenia: The Case of Yerevan State University
items: Accounts Opening Issues in the Context of the Transformation of the Banking System
items: International Indices as Tools of Manipulation: A Critical Examination
items: Assessment of the Efficiency of Investment Activity of Insurance Companies in the Republic of Armenia.
items: Intergenerational Justice: Challenges and Perspectives in the Republic of Armenia
items: Competition and Corruption: How the Level of Competition Affects Corrupt Practices in Public Procurement
items: NOISY TRADER BEHAVIOR IN ADAPTIVE MARKETS: DECISION-MAKING BIASES AND MODELING APPROACHES
items: Media as a Factor of Intellectual Evolution
items: Problems of Cooperation Between Scientific Organizations and Higher Educational Institutions In the Republic of Armenia
items: Labor Market Developments in the Republic of Armenia
items: Behavioral Finance in The Field of Compensation
items: Remittances in Post-Soviet countries: Econometric research for Armenia
items: Impact of Bonus-Malus System Refinements on Time-To-Accident in Armenia’s Cmtpl Insurance: A Survival Analysis Approachal Analysis Approach
items: MULTI-FACETED ANALYSIS OF MTPL PRICE LIBERALIZATIONIN THE RA: STRATEGIES AND MARKET DYNAMICS
items: ANALYSIS OF THE ORGANIZATION'S ACTIVITY ON THE EXAMPLE OF THE BCG MATRIX. THEORETICAL-EXPERIMENTAL APPROACH
items: “GREEN GROWTH” ASSESSMENT CHALLENGES IN THE BUSINESS SECTOR
items: COMPARISON OF MARKOWITZ AND HELLINGER-NORMAL PORTFOLIOS
items: PROBLEMS OF STRUCTURAL DEVELOPMENT OF ECONOMY IN ARMENIA

Evaluation of U.S. Tariff Policy and Its Impact on Imports in the Context of Globalization
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description: This study presents a comparative analysis of U.S. tariff policy in 1930 and 2025, focusing on how the macroeconomic transmission of trade shocks has changed as globalization deepened. We propose a Globalization-Augmented Import Adjustment (GAIA) framework, which embeds a globalization coefficient Geff directly into the structural import demand equation. The adjusted estimate suggests that under 2025 tariff rates, total U.S. import contraction may reach approximately 24%, exceeding the Tax Foundation CGE projection (22%), the IMF forecast (20%), and the WTO trade decline estimate (8-10%). A historical comparison with the Smoot-Hawley episode reveals that despite higher nominal rates in the 1930s, the overall import contraction was more limited owing to shallow integration and the dominance of final-goods trade. These findings imply that globalization functions as a structural multiplier of protectionist measures.
subject: International economics
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creator: Mariam Voskanyan
creator: ANNA GRIGORYAN
rights: Copyright (c) 2026 Mariam Voskanyan, Anna Grigoryan https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-23
publication date: 2026-06-23
starting page: 92
ending page: 104
doi: 10.46991/BYSU.G.2026.17.1.092

Identification and Harmonization of Material Values and Product Names in a Group of Companies Using Nlp Methods
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description: The article examines the problem of heterogeneous material-value and product names in a group of companies. The same physical material may be registered under different abbreviations, spellings, languages, internal codes, or incomplete descriptions in the accounting and enterprise systems of separate subsidiaries. This reduces the quality of consolidated reporting, complicates procurement analysis, inventory control, price comparison, and managerial decision-making at group level. The problem is formulated as an Entity Resolution and product-matching task and is addressed through Natural Language Processing and machine learning methods. A dataset of 17,258 material and product names was annotated manually and used to train a domain-specific Named Entity Recognition model. The proposed pipeline extracts structured components from free-text descriptions and creates a basis for unified material classification, centralized procurement, and analytical control in a group of companies. The article also adds a model-evaluation framework based on the confusion matrix, precision, recall, and F1-score.
subject: Economic and mathematical modeling
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creator: Rafik Mashuryan
rights: Copyright (c) 2026 Rafik Mashuryan https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-23
publication date: 2026-06-23
starting page: 83
ending page: 91
doi: 10.46991/BYSU.G.2026.17.1.083

Theoretical and Applied Problems of Tax Burden Distribution in the Context of Consumption, Capital, and Labour Taxation
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description: The purpose of this article is to examine the theoretical foundations of the distribution of the tax burden and to assess the specific features of its manifestation in modern tax systems, with a particular focus on the Republic of Armenia. The article presents the essence of taxing consumption, capital, and labor, their advantages and disadvantages, economic effects, as well as contemporary economic approaches to these fundamental issues. An empirical analysis has been conducted to assess the qualitative impact of consumption, capital, and labor taxation on economic growth in the Republic of Armenia. As a result of the study, pathways are proposed for a more proportionate distribution of the tax burden in the Republic of Armenia that would contribute to achieving an optimal balance between economic growth and social justice.
subject: Finance
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creator: Gevorg Kirakosyan
creator: Mikayel Barseghyan
rights: Copyright (c) 2026 Gevorg Kirakosyan, MIKAYEL BARSEGHYAN https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-23
publication date: 2026-06-23
starting page: 46
ending page: 54
doi: 10.46991/BYSU.G.2026.17.1.046

Analysis of the Labor Market of Armenia in the Context of Contemporary Challenges: Socio‑Economic and Psychological Aspects
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description: This article presents a multidimensional study of the labor market of the Republic of Armenia in the context of current global and regional challenges. The work integrates three analytical dimensions: a cross-country correlation analysis of macroeconomic and social indicators, a detailed characterization of the dynamics of the Armenian labor market in 2020-2024, and a sample-based psychological measurement of occupational stress among labor force participants. A correlation analysis of 20 countries from the post-Soviet, Balkan, and Middle Eastern regions has revealed stable relationships between GDP per capita, the Human Development Index, the Knowledge Economy Index, and the Global Innovation Index. A characteristic gap for Armenia has been identified between a relatively high level of human potential and a comparatively lower degree of its economic realization within the middle-income group. The labor market analysis demonstrates positive employment dynamics while structural imbalances persist - gender inequality, a high level of chronic unemployment, and sectoral disproportionality. An empirical study of occupational stress (n = 234; 95% confidence level; confidence interval 6.5 percentage points) identified latent stress tendencies within the surveyed group rather than claiming direct generalization to the entire national workforce. The totality of the obtained results forms the basis for developing comprehensive recommendations in the field of state employment policy and the protection of workers’ psychological health.
subject: Management
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creator: Elena Kulchitskaya
creator: Amalya Galstyan
creator: Elena Kadura
rights: Copyright (c) 2026 Elena Kulchitskaya, Amalya Galstyan, Elena Kadura https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-23
publication date: 2026-06-23
starting page: 29
ending page: 45
doi: 10.46991/BYSU.G.2026.17.1.029

Approaches to the development of a water resource safety system in the Republic of Armenia
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description: The objective of this study is to implement functions—specifically investment measures and legal mechanisms - targeted at reducing Non-Revenue Water (NRW) in the Republic of Armenia (RoA), to address the challenges and issues of enhancing the efficiency of water-resource supply and consumption, including both drinking and irrigation water. The object of the research is the water resources system of RoA and its components. The subject of the research is the principles of water resources supply/management, economic-mathematical methods and models, which are aimed at assessing the increase of the efficiency of water resources supply and consumption with the help of system-wide improvement.
subject: Management
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creator: Aram Karapetyan
creator: Tigran Karapetyan
rights: Copyright (c) 2025 Aram Karapetyan, Tigran Karapetyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 71
ending page: 79
doi: 10.46991/BYSU.G.2025.16.2.071

Analysis of the Organization's Activity on the Example of the Mckinsey Matrix. Theoretical-Experimental Approach
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description: Due to resource constraints, a company cannot cater to all potential markets worldwide in a manner that satisfies all clients and achieves business goals. Therefore, it becomes important for the company to carefully select the most appropriate markets. Given the plethora and diversity of available markets, analyzing market attractiveness and selecting the most promising ones becomes a complex process. The General Electric Matrix, also known as the McKinsey Matrix, employs two dimensions-market attractiveness and competitive strength of the firm-to analyze a company's strengths and weaknesses across various areas. The matrix aims to help the company identify the most appealing markets, guiding managers in resource allocation and enabling them to enhance the firm's weaker competitive positions in emerging markets or withdraw from less attractive markets. This tool proves highly effective for international market specialists, aiding in the selection of foreign markets for the company and determining the internationalization strategy to be employed in those markets. This paper concludes with a segment of a broader study showcasing how the General Electric Matrix/McKinsey is specifically utilized in the process of selecting markets. The author used a matrix as an example of a case study, as a result of which the position of a separate portfolio in the market was analyzed and the necessary strategy was proposed for each portfolio.
subject: Management
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creator: Hovhannes Yeritsyan
rights: Copyright (c) 2025 Hovhannes Yeritsyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 45
ending page: 53
doi: 10.46991/BYSU.G.2025.16.2.45

Human capital and the phenomenon of increasing returns in economic growth models
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description: The paper investigates the historical preconditions underlying the emergence of the concept of the principle of diminishing returns to factors of production. An analysis of the manifestation of this principle in the scope of all factors of production is carried out. In light of the analysis of the characteristics of human capital, an approach has been proposed in which the principle of diminishing marginal returns is not applicable to investments in human capital at the macroeconomic level in the long run. Human capital generates increasing returns on investment while alleviating the impact of diminishing returns on other factors of production. In general, while accepting the principle of diminishing returns to factors of production, it should be noted that the mechanical extension of this principle to all types of economic activity is not scientifically justified. There are certain types of activities and economic sectors to which, in our opinion, this law does not apply. Moreover, these types of activities hinder the manifestation of the principle of diminishing returns to other factors of production. In particular, it is known that increased investment leads to diminishing returns on investment. However, this pattern applies to investment in physical capital. In our opinion, this pattern does not apply to investment in human capital. Moreover, investment in human capital is presumably expected to provide increasing returns. However, it should be emphasized that this approach lacks a clear system of evidence and is based on empirical observations. Furthermore, the principle of increasing returns to investment in human capital has a long-term lag in its impact on economic variables and manifests itself in the long term and primarily at the macro level.
subject: Economic theory
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creator: Firuza Mayilyan
rights: Copyright (c) 2025 Firuza Mayilyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 5
ending page: 17
doi: 10.46991/BYSU.G.2025.16.2.005

Strategic Debt Burden Assessment and Financial Sustainability Analysis of Diageo
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description: The global alcoholic beverage industry represents a sophisticated intersection of agricultural supply chains and long-cycle manufacturing, where high-intensity branding meets unique asset structures. This study evaluates the financial sustainability of Diageo PLC from 2014 to 2025, moving beyond descriptive accounting to analyze the "Permanent Debtor" model inherent in the spirits industry. Utilizing a structured methodology of three indicator groups (Capital Structure, Asset Security, and Operational Servicing), the research finds that while Diageo’s leverage ratios (G1.1 > 2.0) appear high by conventional standards, they are fundamentally secured by the appreciation of maturing inventory. The study’s key contribution is the identification of a "safety margin" where the retail value appreciation of aged spirits outpaces the cost of debt, providing a strategic blueprint for debt management in asset-heavy industries. The analysis also introduces the Times Burden Covered (TBC) ratio to provide a more rigorous assessment of solvency than standard interest coverage ratios.
subject: Finance
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creator: Ani Grigoryan
rights: Copyright (c) 2026 Ani Grigoryan https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-23
publication date: 2026-06-23
starting page: 55
ending page: 68
doi: 10.46991/BYSU.G.2026.17.1.055

Energy Security and Economic Resilience of RA in the Context of Current Geopolitical Developments
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description: This article analyzes the current manifestations of Armenia’s energy security and economic resilience in the context of recent geopolitical changes. It assesses the current state of Armenia’s energy security and economic resilience based on key indicators used in international policy and well-supported in the academic literature. The analysis shows that the adopted indicators - such as energy intensity, external energy dependence, and measures of supplier concentration - have methodological limitations and do not fully reflect the country’s structural and geopolitical specificities. The main goal of this study is to examine the limitations and gaps of commonly used energy security indicators in the context of Armenia’s green transition policies and current geopolitical developments. By analyzing various indicators of energy security and economic resilience and contextualizing them for the Armenian economy, a multi-component qualitative assessment has been investigated, showing that these indicators alone do not provide a comprehensive picture and do not fully reflect the country’s structural and geopolitical characteristics. Energy policy can be more effective and targeted when informed by clear and integrated assessments of these factors. Such an approach is essential to support Armenia’s long-term energy security and economic resilience.
subject: Management
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creator: Liana Karapetyan
rights: Copyright (c) 2025 Liana Karapetyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 54
ending page: 70
doi: 10.46991/BYSU.G.2025.16.2.054

Tracing Tariff Impacts Through Electricity Supply Chains: Assessment of the Effects of Trade Policy on Retail Electricity Prices
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description: This study examines the relationship between tariffs on electricity supply chain products and retail electricity prices in the United States, with a focus on Minnesota. Using a two-stage regression framework, we first estimate how a 1% increase in tariffs on 440 key electricity supply chain product categories—ranging from fuels and raw materials to advanced generation and grid technologies—affects imports of these products. We find that such a tariff increase is associated with a 4.55% reduction in imports. In the second stage, we link tariff-induced changes in imports to retail electricity prices across residential, commercial, and industrial sectors. Statistically significant and robust results are found only for the residential sector, where a 1% tariff increase corresponds to a 0.78 cent/kWh rise in retail prices. Applying these results to recent U.S. trade agreements with major partners—including the European Union, Japan, South Korea, and the United Kingdom—we project that Minnesota’s electricity sector will incur an additional $2.29 billion annually or an average increase of $0.035/kWh, translating into an increase of $316 per year in electricity bills for an average residential ratepayer if these tariffs are maintained for a substantial period of time. The findings highlight strong historical co-movement between upstream input costs and residential electricity prices, underscoring the need for targeted policy responses to mitigate potential impacts on households, especially low-income consumers.
subject: Economic and mathematical modeling
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creator: Hayk Mardanyan
creator: Ani Khalatyan
rights: Copyright (c) 2025 Hayk Mardanyan, Ani Khalatyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 113
ending page: 128
doi: 10.46991/BYSU.G.2025.16.2.113

High-Skilled Emigration from Armenia
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description: This paper examines the phenomenon of high-skilled emigration, or brain drain, with a specific focus on Armenia. Despite a global Armenian diaspora exceeding seven million, the Republic of Armenia faces increasing challenges associated with the outflow of educated professionals. Using statistical data from the Central Bank of Armenia, the World Bank, and the World Population Review, the study analyzes the dynamics of remittances, foreign direct investment inflows, and brain drain indices in relation to economic indicators such as average salaries and unemployment rates from 2013 to 2024. The findings reveal that Armenia’s brain drain is not solely driven by economic factors like wages or unemployment but is also shaped by geopolitical shocks, policy frameworks, and strong diaspora linkages. While migration has generated benefits through remittances, diaspora networks, and educational incentives, the persistent rise of the Brain Drain Index highlights long-term risks to Armenia’s socio-economic development. The paper concludes that without targeted policies and improved migration data management, Armenia’s growing reliance on external inflows cannot offset the structural challenges posed by high-skilled emigration.
subject: Economic theory
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creator: Grigor Hayrapetyan
creator: Nonna Khachatryan
creator: Narine Mirzoyan
rights: Copyright (c) 2026 Grigor Hayrapetyan, Khachatryan, Narine Mirzoyan https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-23
publication date: 2026-06-23
starting page: 5
ending page: 15
doi: 10.46991/BYSU.G.2026.17.1.005

The Reconfiguration of Intra-Regional Trade in the EAEU Under Sanctions Against Russia
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description: The 2022 sanctions on Russia created a natural experiment testing the resilience of the Eurasian Economic Union. This paper investigates the transformative impact of these sanctions on the structure, volume, and logistics of intra-regional trade within the EAEU. It aims to identify the key adaptation mechanisms that ensured the bloc’s resilience and to analyze the reconfiguration of its internal economic landscape. Using 2021–2024 trade and logistics data, we document a stark divergence: while Russia’s and Belarus’s 2024 exports contracted to 80.2% and 20.0% of their 2021 levels, respectively, Armenia’s exports surged to 439.4%, with Kyrgyzstan and Kazakhstan also more than doubling. A granular analysis reveals profound structural shifts beneath these aggregates: EAEU imports consolidated around critical machinery and consumer goods, while exports underwent a pronounced shift towards a commodity-based economy, with the share of mineral fuels soaring from 44% to 62% of the total. This reorientation was enabled by a logistical pivot to road transport, which saw a 28% increase in freight turnover, and the emergence of vital hubs like Armenia. We argue that the EAEU’s pre-existing institutional architecture was critical for this adaptation, transforming into a vital buffer. While the sanctions were a primary catalyst, other global economic factors concurrently shaped these outcomes. The study offers global lessons on the diminishing returns of sanctions against integrated blocs and the newfound strategic agency of small economies in a fragmenting world.
subject: International economics
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creator: Galina Khmeleva
creator: Marina Kurnikova
creator: Ekaterina Chirkunova
rights: Copyright (c) 2025 Galina Khmeleva, Marina Kurnikova, Ekaterina Chirkunova https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 31
ending page: 44
doi: 10.46991/BYSU.G.2025.16.2.031

Factor-Based Priorities of National Potential in the Republic of Armenia: The Case of Yerevan State University
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description: National potential, as a multi-component concept, is interpreted in the theoretical literature not only through material resources, but also within the framework of the interconnection between social capital, human capital, and institutional capacities, which condition opportunities for development and resilience. The primary aim of this article is to identify public perceptions of the factors constituting the national capacity of the Republic of Armenia and the priorities attributed to them, from the perspective of the academic staff and administrative employees of Yerevan State University (YSU). The study was conducted in a pilot format through a sociological survey, followed by an integrated (quantitative and qualitative) analysis of the collected data. A total of 220 employees participated in the survey. The findings indicate that the overwhelming majority of respondents prioritize social-capital factors within the components of national capacity—particularly human capital and the educational/knowledge factor—whereas natural resources are largely regarded as a less important component. At the same time, an interesting inconsistency is observed: while 65% of respondents assess intellectual potential as a key factor in coping with the country’s socio-economic challenges, only 45% assign a high role to educational institutions (including YSU) in the same context, which points to a gap between recognizing the importance of intellectual potential and institutional trust in its realization. In the responses to the open-ended questions, respondents emphasize the need for a substantial improvement in the quality of education and continuous changes within the education system as a prerequisite for a more effective realization of national capacity. They also highlight, in the context of university reforms, issues related to institutional capacities, individual motivation, and the disproportionate distribution of the burden of decision-making and implementation, all of whi…
subject: Management
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creator: Amalya Saribekyan
creator: Anna Hakobjanyan
creator: Vardush Gyozalyan
rights: Copyright (c) 2026 Amalya Saribekyan, Anna Hakobjanyan, Vardush Gyozalyan https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-23
publication date: 2026-06-23
starting page: 16
ending page: 28
doi: 10.46991/BYSU.G.2026.17.1.016

Accounts Opening Issues in the Context of the Transformation of the Banking System
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description: In order to develop principles and procedures for effective regulation and supervision of the banking system, it is first necessary to analyze the trends in the transformations taking place in the structure of the banking system at the global level. To identify such trends, it is necessary to study and analyze the experience of countries with developed and stable banking systems. The classical banking system is a two-tier banking system. However, as a result of the development of financial markets and infrastructure in recent decades, an objective need has arisen to review a number of approaches related to the classical two-tier banking system. Some countries are trying to introduce approaches to forming a multi-tiered banking system, while others are trying to introduce a hybrid system, where central banks open and service bank accounts not only for depository institutions (banks), but also for systemically important financial market infrastructures. In such a situation, a number of conceptual questions arise, to which this research work is dedicated.
subject: Finance
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creator: Areg Baghdasaryan
rights: Copyright (c) 2026 Areg Baghdasaryan https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-23
publication date: 2026-06-23
starting page: 69
ending page: 82
doi: 10.46991/BYSU.G.2026.17.1.069

International Indices as Tools of Manipulation: A Critical Examination
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description: International indices, such as the Human Development Index (HDI), Corruption Perceptions Index (CPI), Doing Business Index, Safety Index, Happiness Index, and others, are pivotal in assessing national performance across economic, social, and political domains, influencing investment, policy, and global perceptions. However, their methodologies are vulnerable to manipulation through subjective criteria, selective data sources, and external political or economic pressures, raising questions about their objectivity and reliability. This article examines the mechanisms enabling such manipulation, including biased weighting, qualitative assessments, and geopolitical influences, using case studies from Georgia’s CPI improvements, the World Bank’s Doing Business scandal involving China and others, and Turkey’s Democracy Index rankings. A regression analysis of the Happiness Index reveals that higher crime rates and antidepressant consumption paradoxically correlate with elevated happiness scores, suggesting methodological inconsistencies. Focusing on Armenia, the study presents original survey research involving 250 respondents (urban and rural, balanced by age and gender) to compare public safety perceptions with Armenia’s high Safety Index ranking (8th globally, score 77.9, Numbeo 2024). The survey reveals significant discrepancies with the country’s high Safety Index ranking, such as 50% reporting frequent theft and 30% of women feeling unsafe, highlighting methodological flaws in crowd-sourced indices. These findings underscore economic and political implications for small economies like Armenia, where idiocies drive tourism but misalign with realities. Recommendations include enhancing transparency and reforming safety policies. By integrating case studies, survey data, and regression analysis, this study contributes to discourse on index reliability and informs policy for small states.
subject: International economics
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creator: KARINE AVETISYAN
creator: GURGEN GASPARYAN
creator: ANNA HMAYAKYAN
creator: ARTASHES GHAMBARYAN
rights: Copyright (c) 2025 Karine R. Avetisyan, Gurgen A. Gasparyan, Anna A. Hmayakyan, Artashes M. Ghambaryan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 18
ending page: 30
doi: 10.46991/BYSU.G.2025.16.2.018

Assessment of the Efficiency of Investment Activity of Insurance Companies in the Republic of Armenia.
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description: The article analyzes the structure and efficiency of investment activities of non-life insurance companies operating in the insurance market of the Republic of Armenia, based on which it is recorded that investment policy plays a key role in ensuring the financial stability, liquidity and profitability of companies. From the investment indicators of the six insurance companies studied for 2020–2024, including the investment activity ratio, profit sensitivity ratio, ROE and ROA, it becomes obvious that the efficiency of investments varies significantly between different companies and periods, due to management approaches and the market situation. The recorded trends and asymmetries indicate the need to revise asset management strategies. This study is important from the point of view of the development of the insurance sector, since the investment policy of insurance companies significantly affects their financial stability and competitiveness. Assessment of the Efficiency of Investment Activity of Insurance Companies in the Republic of Armenia
subject: Finance
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creator: Norayr Safaryan
creator: Lusine Ghazaryan
rights: Copyright (c) 2025 Norayr Safaryan, Lusine Ghazaryan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 80
ending page: 91
doi: 10.46991/BYSU.G.2025.16.2.080

Intergenerational Justice: Challenges and Perspectives in the Republic of Armenia
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description: As part of the research presented in this article: the ideological and theoretical-methodological foundations of ensuring intergenerational justice as an economic issue were examined, along with its role, significance, and possible approaches to addressing the problem in the context of the theory of justice; the intergenerational justice component within the structure of the Social Justice Index and the methodology for its assessment were studied; based on the methodology of the Social Justice Index, the current state of intergenerational justice in Armenia was assessed through the analysis of the most comparable data and indicators, as well as their dynamics, and the main challenges arising from the issue were identified. The research applied methods of economic and statistical analysis, chronological series, scientific deduction, and abstract methods. The study revealed that all key indicators of intergenerational justice exhibit concerning trends. Data on pension and family benefit policies point to a likely deepening of income inequality in the future, along with a continued decline in opportunities for vulnerable population groups. Should the dynamics of environmental indicators continue, the next generation is sure to inherit an ecological environment with significant negative consequences for the quality of life. Trends in R&D investment and public debt indicators warn of the prospects of reduced competitive opportunities for the economy in the future and a significant increase in the tax burden. Timely acceptance of the challenges arising from intergenerational justice, as well as the assessment and refinement of the resulting factor priorities in public policy, will not only allow inheriting better living conditions for the next generation, but also lay a solid foundation for long-term sustainable economic development.
subject: Management
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creator: Vardush Gyozalyan
creator: Suren Avetisyan
rights: Copyright (c) 2025 Vardush Gyozalyan, Suren Avetisyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-06-09
publication date: 2025-06-09
starting page: 35
ending page: 47
doi: 10.46991/BYSU.G/2025.16.1.035

Competition and Corruption: How the Level of Competition Affects Corrupt Practices in Public Procurement
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description: Public procurement plays a crucial role in ensuring effective governance and economic growth, encompassing processes through which governmental entities acquire goods, services, and works. Public procurement has a significant impact on the provision of public services and stimulates economic development. In many countries, public procurement represents a notable portion of government expenditure, often accounting for 15-20% of GDP. The dynamics of public procurement directly affect market behavior, set industry standards, and can promote innovation. Establishing a competitive environment is crucial for enhancing transparency and accountability in procurement processes, which ultimately leads to more efficient use of public funds. Moreover, fostering competition can mitigate anti-competitive practices and reduce the risk of corruption, which is often exacerbated by non-transparent procurement systems. This article employs a qualitative analysis, utilizing insights from public choice theory and examining case studies from Estonia, South Korea, and Armenia to explore the interplay between competition levels in public procurement and the prevalence of anti-competitive behavior and corruption. It emphasizes the importance of institutional frameworks that support competition and transparency to combat corruption and improve public procurement efficacy.
subject: Management
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creator: David Hovhannisyan
creator: Tatevik Hovhannisyan
rights: Copyright (c) 2025 David Hovhannisyan, Tatevik Hovhannisyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-06-09
publication date: 2025-06-09
starting page: 59
ending page: 69
doi: 10.46991/BYSU.G/2025.16.1.059

NOISY TRADER BEHAVIOR IN ADAPTIVE MARKETS: DECISION-MAKING BIASES AND MODELING APPROACHES
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description: Noisy traders are market participants whose decisions often deviate from rational behavior, influenced instead by emotions, speculation, and social cues rather than fundamental financial information. Traditional financial theories tend to assume that markets are efficient and that investors act rationally to maximize utility. However, in reality, financial markets are frequently influenced by various behavioral biases, especially those exhibited by noisy traders, leading to unpredictable market dynamics. The Adaptive Markets Hypothesis (AMH) offers a framework for understanding markets that accounts for the changing and adaptive nature of investor behavior over time. According to AMH, investors continuously adjust their strategies based on environmental changes, learning from past experiences, and adapting to new circumstances. This approach allows for the inclusion of different types of market participants, including noisy traders, whose biases can impact market efficiency and create volatility. This research explores how decision-making biases among noisy traders, such as overconfidence, confirmation bias, and herd behavior, influence market behavior in adaptive markets. By examining the role of these biases, we gain insight into how they contribute to market anomalies and influence the pricing and volatility of financial assets.
subject: Management
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creator: Davit Hayrapetyan
creator: Hayk Melkumyan
rights: Copyright (c) 2025 Davit Hayrapetyan, Hayk Melkumyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-01-30
publication date: 2025-01-30
starting page: 57
ending page: 66
doi: 10.46991/BYSU.G/2024.15.2.057

Media as a Factor of Intellectual Evolution
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description: <img src="https://journals.ysu.am/index.php/bulletin-ysu-economics/Abstract The article presents the philosophical media, which act as a factor of intellectual evolution in the realities of modern social development. The authors consider media and technization in relation to the formation of new principles of social existence. The specificity of intellectualization of social systems is revealed. Innovative effects of media influencing society for the life of individual and collective subjects are determined. A comparative analysis of the implementation of intellectual achievements in practice is given. The possibilities of cognitive, value and behavioral resources in relation to the consolidation of society are clarified. The authors substantiate the popularity of media as an open communication system. Emphasis is placed on the pragmatics of media. The authors consider new media from the standpoint of challenges for the formation of new principles of social existence. The instrumental capabilities of media in the field of journalism are identified. The innovative effect of storytelling for intellectual evolution is determined. The positive potential of immersive media and VR technologies is designated. The possibilities of narratives in relation to the foundations of personal and collective existence are clarified. The emphasis is placed on the pragmatics of media. In conclusion, the article summarizes and summarizes the results of the study." alt="" /> The article presents the philosophical media, which act as a factor of intellectual evolution in the realities of modern social development. The authors consider media and technization in relation to the formation of new principles of social existence. The specificity of intellectualization of social systems is revealed. Innovative effects of media influencing society for the life of individual and collective subjects are determined. A comparative analysis of the implementation of intellectual achievements in practic…
subject: Economic theory
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creator: Sargis Ashvanyan
creator: Nikita Ravochkin
rights: Copyright (c) 2025 Sargis Ashvanyan, Nikita Ravochkin https://creativecommons.org/licenses/by-nc/4.0
date: 2025-06-09
publication date: 2025-06-09
starting page: 12
ending page: 20
doi: 10.46991/BYSU.G/2025.16.1.012

Problems of Cooperation Between Scientific Organizations and Higher Educational Institutions In the Republic of Armenia
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description: The article is devoted to the study of the methods and mechanisms for enhancing the cooperation between scientific organizations and higher education institutions in the Republic of Armenia, the factors, that determine their effective use, as well as the possibilities for improving the scientific-educational system of the Republic of Armenia in the context of stimulating innovative development of the economy. It is obvious, that in the current geopolitical and economic conditions, there is an urgent need for comprehensive assistance in enhancing cooperation between scientific organizations and higher education institutions, both with each other and with private sector companies. The increase the efficiency of the scientific-educational system of the Republic of Armenia is currently largely due to the increase in the number of active scientists, the formation of a modern image of lecturers, targeted cooperation between scientists and lecturers, as well as the intensification of scientific-educational activities of students. In order to establish the desired relationship between an active scientist and an effective lecturer, it is necessary to improve the assessment of the scientist in the educational sphere, and the lecturer - in the scientific sphere. It is also necessary to increase the level of media literacy of scientists and lecturers, which is due to the modern rapid digitalization of science and education. Particular attention should be paid to and studied the experience of increasing the efficiency of scientific-educational activities of famous scientists and teachers. School, university, postgraduate and doctoral studies can also contribute to the formation of an effective scientist-lecturer, where lecturer and students of different educational levels can acquire new intellectual abilities and the necessary psychological skills of perception. In the article, using the example of the Republic of Armenia, the issues of innovative development of the scientific-…
subject: Finance
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creator: Vardan Bostanjyan
creator: Armine Zakharyan
rights: Copyright (c) 2025 Vardan Bostanjyan, Armine Zakharyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-06-09
publication date: 2025-06-09
starting page: 70
ending page: 81
doi: 10.46991/BYSU.G/2025.16.1.070

Labor Market Developments in the Republic of Armenia
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description: Effective functioning of the labor market is one of the keys to sustainable development and economic growth. Thus, corresponding government policy along with the other socio-economic regulation mechanisms have direct impact not only on the rate of employment and unemployment, but the other labor market indicators and as a result, on economy as a whole. The article explains the situation on the labor market of the Republic of Armenia, by investigating main indicators and the reasons of tension situation, as well as presents recommendation on improving it. In particular, it’s recommended to tighten collaboration among universities and the business, by creating specialized training programs, by improving technical and vocational education (TVE), by developing labor market institutions and implementing appropriate policy.
subject: Management
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creator: Amalya Galstyan
rights: Copyright (c) 2025 Amalya Galstyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-06-09
publication date: 2025-06-09
starting page: 48
ending page: 58
doi: 10.46991/BYSU.G/2025.16.1.048

Behavioral Finance in The Field of Compensation
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description: Behavioral finance in the field of compensation studies how psychological, social, and cognitive factors influence decision-making in aspects such as salary payment, compensation, and other elements of employment relationships․ This field combines economic theory with psychological and sociological concepts to understand how people perceive and respond to different payment and reward systems․ Within the scope of this article, a survey was conducted among 100 employed individuals over the age of 18, the analysis of which will highlight the key differences between traditional economics and behavioral economics more clearly.
subject: Finance
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creator: Hasmik Dovlatyan
creator: Lilit Asryan
creator: Gnel Sahakyan
rights: Copyright (c) 2025 Hasmik Dovlatyan, Lilit Asryan, Gnel Sahakyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-06-09
publication date: 2025-06-09
starting page: 82
ending page: 90
doi: 10.46991/BYSU.G/2025.16.1.082

Remittances in Post-Soviet countries: Econometric research for Armenia
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description: This study investigates the role of personal remittances in post-Soviet economies, with a particular focus on Armenia’s economic development. In several post-Soviet countries, where remittances exceed 30% of GDP, they have become a crucial factor influencing economic stability, social welfare, and political security. The statistical analysis indicates significant heterogeneity across these economies: in Central Asian countries, remittances are an essential source of household income; in Russia, Kazakhstan, and the Baltic states, their role is relatively minor; while in the South Caucasus and Moldova, they represent a key driver of economic activity and investment. For Armenia, the study estimates the impact of personal remittances, gross investment, and private consumption on economic growth using quarterly data for the period 1996–2024. Two multiple regression models were specified and estimated: the first using the Ordinary Least Squares (OLS) method, and the second addressing potential endogeneity issues through the Two-Stage Least Squares (TSLS) approach. The empirical findings suggest that personal remittances have no statistically significant short-run effect on economic growth in Armenia. In contrast, private consumption and gross investment make a positive and statistically significant contribution to economic growth. The results of this analysis may provide valuable insights for post-Soviet policymakers seeking to reduce reliance on external remittances and redirect these inflows toward productive investment.
subject: Economic and mathematical modeling
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creator: Alvard Kharatyan
creator: Ani Galstyan
rights: Copyright (c) 2025 Alvard Kharatyan, Ani Galstyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 92
ending page: 104
doi: 10.46991/BYSU.G.2025.16.2.092

Impact of Bonus-Malus System Refinements on Time-To-Accident in Armenia’s Cmtpl Insurance: A Survival Analysis Approachal Analysis Approach
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description: This article investigates the impact of recent reforms in Armenia’s Bonus-Malus (BM) system on the time-to-accident among Compulsory Motor Third-Party Liability (CMTPL) policyholders. Specifically, it evaluates whether the 2022 introduction of claim severity adjustments influenced policyholder behavior across different risk groups. Utilizing survival analysis methods on a dataset comprising over 2.3 million insurance contracts, the research identifies statistically significant improvements in accident-free durations post-reform. Results reveal that policyholders in certain vehicle categories and risk classes exhibited behavioral shifts, while others, such as public transport drivers and individuals in extreme BM classes, did not. Policyholder’s gender emerged as a statistically significant risk factor, with female drivers showing consistently lower accident-free times. The findings underscore the effectiveness of claim severity-based malus policies and suggest that further personalization for example through telematics, can enhance fairness and incentivize safer driving
subject: Economic and mathematical modeling
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creator: Anahit Gulyan
creator: Yelena Gevorgyan
rights: Copyright (c) 2025 Anahit Gulyan, Yelena Gevorgyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 105
ending page: 112
doi: 10.46991/BYSU.G.2025.16.2.105

MULTI-FACETED ANALYSIS OF MTPL PRICE LIBERALIZATIONIN THE RA: STRATEGIES AND MARKET DYNAMICS
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description: The Mandatory Third Party Liability (MTPL) insurance in Armenia is pivotal in covering damages caused to third parties by insured vehicles, encompassing both material prejudice and bodily injury compensation. Over its thirteen-year implementation, the system has evolved, with significant changes such as the introduction of bonus-malus (BM) components aimed at fairer risk distribution. However, disparities in the BM system have led to considerable uncollected premiums, exacerbating industry losses. To address this, insurers and regulatory bodies have agreed to liberalize premium calculation models, allowing companies to adopt individualized approaches. With the help of quantitative, comparative and financial statement analysis, this study analyzes the effectiveness of these models, assessing market positions, online sales, and premium trends. Results indicate varying strategies among insurers, with implications for risk assessment and portfolio management. The study underscores the importance of adaptable pricing models in optimizing risk management and profitability in the evolving MTPL landscape. With a firm grasp of the complex interplay between regulatory changes, insurer strategies, and market dynamics, stakeholders can make informed decisions to optimize their competitive positioning and ensure long-term viability in the CMTPL market of Armenia.
subject: Finance
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creator: Yelena Gevorgyan
creator: Anahit Gulyan
rights: Copyright (c) 2025 Yelena Gevorgyan, Anahit Gulyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-01-30
publication date: 2025-01-30
starting page: 92
ending page: 101
doi: 10.46991/BYSU.G/2024.15.2.092

ANALYSIS OF THE ORGANIZATION'S ACTIVITY ON THE EXAMPLE OF THE BCG MATRIX. THEORETICAL-EXPERIMENTAL APPROACH
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description: More than four decades after Bruce Henderson introduced BCG's growth-share matrix, the concept retains its significance. Companies continue to need a disciplined approach to oversee their product portfolio, R&D investments, and business units. Harvard Business Review acknowledges it as one of the frameworks that have had a transformative impact globally, and it continues to hold a central role in strategy teachings in business schools. However, substantial changes have transpired since its inception in 1970. These include the decline of conglomerates, an acceleration in the pace of change, and a reduction in the longevity of competitive advantages. Despite these shifts in the business landscape, the BCG growth-share matrix remains relevant, adapting to the evolving environment through important enhancements. The matrix continues to be a valuable tool for businesses, offering insights into strategic decision-making and portfolio management in the face of contemporary challenges. Today, the matrix can be customized to facilitate strategic experimentation for success in unpredictable markets. This involves accelerating innovation, balancing investments between new and established businesses, disciplined decision-making for investments and divestments, and meticulous measurement and monitoring of experimentation. The author carried out an analysis of business activity using the BCG matrix, showing not only the theoretical-methodological foundations of the tool, but also their practical application.
subject: Management
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creator: Hovhannes Yeritsyan
rights: Copyright (c) 2025 Hovhannes Yeritsyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-01-30
publication date: 2025-01-30
starting page: 49
ending page: 56
doi: 10.46991/BYSU.G/2024.15.2.049

“GREEN GROWTH” ASSESSMENT CHALLENGES IN THE BUSINESS SECTOR
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description: Green growth assessment is considered relevant in assessing the effectiveness of sustainable organizations. However, while internationally recognized “Green growth” indices are used in the macroeconomic sphere, simultaneously green growth assessments are not yet regulated at the microeconomic level. The article explains the specifics of green growth in the business environment and presents recommendations on their accountability and measurability. In particular, it is recommended to assess the green growth generated by organizations using KPIs and implement appropriate accountability in this regard.
subject: Management
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creator: Nonna Khachatryan
creator: Narine Mirzoyan
creator: Anna Hakobjanyan
rights: Copyright (c) 2025 Nonna Khachatryan, Narine Mirzoyan, Anna Hakobjanyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-01-30
publication date: 2025-01-30
starting page: 32
ending page: 40
doi: 10.46991/BYSU.G/2024.15.2.032

COMPARISON OF MARKOWITZ AND HELLINGER-NORMAL PORTFOLIOS
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description: In this paper we compare the performances of Markowitz portfolio and the portfolio closest to normal in distribution. The latter is obtained by fixing the same desired level of expected returns and optimizing the Hellinger distance to Gaussian distribution with parameters obtained from Markowitz portfolio optimization for the same expected return. We confine ourselves to long-position portfolio only. We found that in contrast to the expectations, the Hellinger-Normal portfolio does not smooth enough the extreme loses, but do not worse in that regard than Markowitz portfolio. We also found that overall in non-long run passively managed portfolios, the Hellinger-Normal portfolio had better overall realized Sharpe and Kelly ratios.
subject: Economic and mathematical modeling
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creator: Vardan Bardakhchyan
creator: Mesrop Mesropyan
rights: Copyright (c) 2025 Vardan Bardakhchyan, Mr. Mesrop Mesropyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-01-30
publication date: 2025-01-30
starting page: 112
ending page: 119
doi: 10.46991/BYSU.G/2024.15.2.112

PROBLEMS OF STRUCTURAL DEVELOPMENT OF ECONOMY IN ARMENIA
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description: Today’s global economy is characterized by acceleration of technological changes, market rate fluctuations and increasingly growing competition. For their in-dept understanding, we need to review the structural developments in the economy, in particular, the mutual interaction between the economic structure – value added – economic growth and development and in this context, reveal the structural development challenges. To this end, we have analyzed the developments in the Armenian economy, its sectors and sub-sectors in parallel to modern structural shifts. The obtained results may become guidelines for efficient interaction between various structural units and future robust economic growth.
subject: Management
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creator: Amalya Saribekyan
rights: Copyright (c) 2025 Amalya Saribekyan https://creativecommons.org/licenses/by-nc/4.0
date: 2025-01-30
publication date: 2025-01-30
starting page: 19
ending page: 31
doi: 10.46991/BYSU.G/2024.15.2.019