Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2022.3-45
Gayane Harutyunyan
The development of economic relations and, at the same time, their complication, leads to the replacement of simple payment instruments with more complex and interesting instruments. It is noteworthy that this fact creates both opportunities and a number of problems. One of the most complex payment instruments is a letter of credit, settlements with which have both advantages and disadvantages. The paper reveals both economic and legal features of a letter of credit. Much attention is paid to the essence of the letter of credit, the legislative gaps related to the regulation of the letter of credit, which were identified as a result of comparing the relevant articles of the Civil Codes of the Republic of Armenia and the Russian Federation. As a result of studying foreign and domestic literature, the legal nature of a letter of credit, the terms of payment under a letter of credit, the types of obligations under a letter of credit, and their features were identified.
{"title":"Ակրեդիտիվով կատարվող հաշվարկների հիմնախնդիրները և դրանց լուծման ուղիները/Main Problems of Settlements by Letters of Credit and Ways of Their Solution","authors":"Gayane Harutyunyan","doi":"10.52174/1829-0280_2022.3-45","DOIUrl":"https://doi.org/10.52174/1829-0280_2022.3-45","url":null,"abstract":"The development of economic\u0000relations and, at the same time, their complication, leads to the\u0000replacement of simple payment instruments with more complex\u0000and interesting instruments. It is noteworthy that this fact creates\u0000both opportunities and a number of problems.\u0000One of the most complex payment instruments is a letter of\u0000credit, settlements with which have both advantages and\u0000disadvantages.\u0000The paper reveals both economic and legal features of a\u0000letter of credit. Much attention is paid to the essence of the letter\u0000of credit, the legislative gaps related to the regulation of the\u0000letter of credit, which were identified as a result of comparing\u0000the relevant articles of the Civil Codes of the Republic of\u0000Armenia and the Russian Federation.\u0000As a result of studying foreign and domestic literature, the\u0000legal nature of a letter of credit, the terms of payment under a\u0000letter of credit, the types of obligations under a letter of credit,\u0000and their features were identified.","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121020463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2023.1-60
M. Hovsepyan
As economic history has shown, economic instabilities that originate in one country can be transmitted through various mechanisms and affect not only individual countries but also integration associations and their integration processes and economic developments. Moreover, if in the initial period this impact is noticeable only for the economic prospects of the trading partners, later it gains a global character and affects other partner countries after a certain time lag. Considering recent economic developments, the same pattern is applied in the case of the Eurasian Economic Union (EAEU). Being former members of the USSR, EAEU member countries have faced systemic crises since their independence until these days. This article summarizes the chronology of the economic crises that took place in the EAEU member states, elaborates, clarifies, and classifies their characteristics. Based on this, the author aims to explore the differences and similarities of the economic development cycles of the EAEU countries.
{"title":"The Chronology of Economic Instabilities of the EAEU Countries","authors":"M. Hovsepyan","doi":"10.52174/1829-0280_2023.1-60","DOIUrl":"https://doi.org/10.52174/1829-0280_2023.1-60","url":null,"abstract":"As economic history has shown, economic instabilities that originate in one country can be transmitted through various mechanisms and affect not only individual countries but also integration associations and their integration processes and economic developments. Moreover, if in the initial period this impact is noticeable only for the economic prospects of the trading partners, later it gains a global character and affects other partner countries after a certain time lag. Considering recent economic developments, the same pattern is applied in the case of the Eurasian Economic Union (EAEU). Being former members of the USSR, EAEU member countries have faced systemic crises since their independence until these days.\u0000This article summarizes the chronology of the economic crises that took place in the EAEU member states, elaborates, clarifies, and classifies their characteristics. Based on this, the author aims to explore the differences and similarities of the economic development cycles of the EAEU countries.","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116217348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2022.2-163
A. Hambardzumyan, Mesrop Mesropyan
Nowadays, stress testing has emerged as a common tool for financial supervision and regulation with many countries undertaking related reforms. The International Financial Reporting Standard (IFRS) 9 has prescribed stress testing for banks and financial institutions as an exercise to determine the volatility in the expected credit loss in baseline and adverse scenarios such as significant deceleration in GDP growth or sharp increase in unemployment rates. The Basel Committee on Banking Supervision (BCBS) is finalising a new set of guidelines to replace the stress testing principles set in 2009. Using a concurrent stress testing approach will go a long way in strengthening the financial systems. Supervisory (concurrent) stress testing exercises today have many different goals, with some exercises having multiple objectives. The paper describes the features of supervisory stress testing, the study of macro and banking factors, their impact on the NPL ratio. The analysis will make it possible to introduce supervisory stress testing in Armenian banks and use it as an important tool for managing financial risks.
{"title":"Վերահսկողական սթրես թեստավորումը որպես ՀՀ առևտրային բանկերի ֆինանսական ռիսկերը կառավարելու նոր գործիք/SUPERVISORY STRESS TESTING AS A NEW\u0000TOOL FOR CONTROLLING FINANCIAL\u0000RISKS OF RA COMMERCIAL BANKS","authors":"A. Hambardzumyan, Mesrop Mesropyan","doi":"10.52174/1829-0280_2022.2-163","DOIUrl":"https://doi.org/10.52174/1829-0280_2022.2-163","url":null,"abstract":"Nowadays, stress testing has emerged as a common tool for financial supervision and\u0000regulation with many countries undertaking related reforms. The International Financial\u0000Reporting Standard (IFRS) 9 has prescribed stress testing for banks and financial\u0000institutions as an exercise to determine the volatility in the expected credit loss in baseline and adverse scenarios such as significant deceleration in GDP growth or sharp increase in unemployment rates. The Basel Committee on Banking Supervision (BCBS) is finalising a new set of guidelines to replace the stress testing principles set in 2009. Using a concurrent stress testing approach will go a long way in strengthening the financial systems. Supervisory (concurrent) stress testing exercises today have many different goals, with some exercises having multiple objectives. The paper describes the features of supervisory stress testing, the study of macro and banking factors, their impact on the NPL ratio. The analysis will make it possible to introduce supervisory stress testing in Armenian banks and use it as an important tool for managing financial risks.","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126325928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2022.2-109
N. Harutyunyan
The task of nature conservation and landscape management has broadened and has become more differentiated as social changes occur and as European influence on environmental protection policies increases. The Convention on Biological Diversity requires signatory countries to establish networks of protected areas to conserve habitats and species. In the EU, the Habitats Directive obliges the Member States to designate representative habitats as protected areas within the framework of the «Natura 2000» network. Armenia has established various categories of protected areas and plans to establish more. Landscape planning can help in the selection of territories by identifying areas which are of great significance for the conservation of biodiversity and most sensitive to impacts of anthropogenic pressure. Landscape planning can also help during the process of determining the external boundaries of new protected areas and their internal zones. The information and analysis produced by a landscape planning process can provide important input to the preparation of protected areas’ management plans. A management plan sets out the objectives and management policies for a protected area and the actions which the protected area’s administration intends to carry out in pursue of those objectives and policies. Landscape planning provides a comprehensive and detailed assessment of the natural components of the territory under examination and of the policies and measures required to maintain ecosystem functions.
{"title":"Լանդշաֆտային պլանավորման մեթոդաբանության ներդրումը ՀՀ ազգային էկոլոգիական ցանցի ստեղծման մեջ/Introduction of Landscape Planning Methodology in the\u0000Establishment of the National Ecological Network of the RA","authors":"N. Harutyunyan","doi":"10.52174/1829-0280_2022.2-109","DOIUrl":"https://doi.org/10.52174/1829-0280_2022.2-109","url":null,"abstract":"The task of nature conservation and landscape management has\u0000broadened and has become more differentiated as social changes\u0000occur and as European influence on environmental protection\u0000policies increases.\u0000The Convention on Biological Diversity requires signatory\u0000countries to establish networks of protected areas to conserve\u0000habitats and species. In the EU, the Habitats Directive obliges the\u0000Member States to designate representative habitats as protected\u0000areas within the framework of the «Natura 2000» network.\u0000Armenia has established various categories of protected\u0000areas and plans to establish more. Landscape planning can help\u0000in the selection of territories by identifying areas which are of\u0000great significance for the conservation of biodiversity and most\u0000sensitive to impacts of anthropogenic pressure. Landscape\u0000planning can also help during the process of determining the\u0000external boundaries of new protected areas and their internal\u0000zones.\u0000The information and analysis produced by a landscape\u0000planning process can provide important input to the preparation\u0000of protected areas’ management plans. A management plan sets\u0000out the objectives and management policies for a protected area\u0000and the actions which the protected area’s administration intends\u0000to carry out in pursue of those objectives and policies. Landscape\u0000planning provides a comprehensive and detailed assessment of\u0000the natural components of the territory under examination and of\u0000the policies and measures required to maintain ecosystem\u0000functions.","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123123083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2021_2_9
Haykaz Shahnazaryan
{"title":"M ain Approaches t o Calculating Human Capital, t heir Features a nd Applicability i n t he RA","authors":"Haykaz Shahnazaryan","doi":"10.52174/1829-0280_2021_2_9","DOIUrl":"https://doi.org/10.52174/1829-0280_2021_2_9","url":null,"abstract":"","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130604492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2022.3-95
S. Avetisyan, Marianna Khachatryan
The main branch of the economy of the Republic of Artsakh is agriculture, which, together with the food industry, forms the agri-food system. Until September 27, 2020, i.e. the beginning of the 44-day war, the agri-food system of the republic was distinguished by high rates of development and a modern approach to the introduction of advanced technologies. However, as a result of the war, the system suffered heavy losses, the restoration and further development of which is a difficult but an inevitable process. The purpose of this study is to assess the losses of the agrifood system of the Republic of Artsakh, identify emerging problems and present proposals for their solution. In particular, the possibilities of effective use of limited production potential through innovative technologies and ensuring the food independence of the country were emphasized. The need for specialization of agricultural production, integration with the agro-processing sector and the development of cooperation is especially emphasized.
{"title":"Պատերազմի հետևանքով Արցախի Հանրապետության ագրոպարենային համակարգի կորուստները և պետական աջակցության ծրագրերը/Losses of Agri-Food System Resulting from the War and State Assistance Programs in the Republic of Artsakh","authors":"S. Avetisyan, Marianna Khachatryan","doi":"10.52174/1829-0280_2022.3-95","DOIUrl":"https://doi.org/10.52174/1829-0280_2022.3-95","url":null,"abstract":"The\u0000main branch of the economy of the Republic of Artsakh is\u0000agriculture, which, together with the food industry, forms the\u0000agri-food system. Until September 27, 2020, i.e. the beginning\u0000of the 44-day war, the agri-food system of the republic was\u0000distinguished by high rates of development and a modern\u0000approach to the introduction of advanced technologies.\u0000However, as a result of the war, the system suffered heavy\u0000losses, the restoration and further development of which is a\u0000difficult but an inevitable process.\u0000The purpose of this study is to assess the losses of the agrifood system of the Republic of Artsakh, identify emerging\u0000problems and present proposals for their solution. In particular,\u0000the possibilities of effective use of limited production potential\u0000through innovative technologies and ensuring the food\u0000independence of the country were emphasized. The need for\u0000specialization of agricultural production, integration with the\u0000agro-processing sector and the development of cooperation is\u0000especially emphasized.","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133708866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2022.4-156
Lusine Harutyunyan, Ruzanna Sargsyan, Alla Mkrtchyan, Lilit Hakobyan
The result of every course implies aquisition of course contents or learning outcomes by the learner/student. The choice of types and approaches of assessment of the aquisition level of learning outcomes have been a thorny issue throughout all the stages of the history of teaching methodology. The paper addresses the problem of language competence assessment. During the second semester of the 2021-2022 academic year, within the framework of experimental teaching, the ASUE Chair of Languages initiated the implementation of a new componential-cumulative assessment system for language courses. Based on the results of the approbation of the system, the survey conducted among teachers and students, as well as focus group discussions and SWOT analysis, the authors make several suggestions and adaptations to make the system more applicable and effective.
{"title":"Էքսպերիմենտալ դասավանդում. լեզուների իմացության գնահատման բաղադրիչային-կուտակային համակարգի ներդրումը ՀՊՏՀ օրինակով / Experimental Teaching: Introduction of the Componential-Cumulative Assessment System of Language Competence (based on the example of ASUE)","authors":"Lusine Harutyunyan, Ruzanna Sargsyan, Alla Mkrtchyan, Lilit Hakobyan","doi":"10.52174/1829-0280_2022.4-156","DOIUrl":"https://doi.org/10.52174/1829-0280_2022.4-156","url":null,"abstract":"The result of every course implies aquisition of course contents or learning\u0000outcomes by the learner/student. The choice of types and\u0000approaches of assessment of the aquisition level of learning\u0000outcomes have been a thorny issue throughout all the stages of\u0000the history of teaching methodology. The paper addresses the\u0000problem of language competence assessment. During the second\u0000semester of the 2021-2022 academic year, within the framework\u0000of experimental teaching, the ASUE Chair of Languages initiated\u0000the implementation of a new componential-cumulative\u0000assessment system for language courses. Based on the results of\u0000the approbation of the system, the survey conducted among\u0000teachers and students, as well as focus group discussions and\u0000SWOT analysis, the authors make several suggestions and\u0000adaptations to make the system more applicable and effective.","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130734205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2021_3_7
Davit Vardanyan
{"title":"Causal Relationship Between Gross Domestic Savings and Economic Growth","authors":"Davit Vardanyan","doi":"10.52174/1829-0280_2021_3_7","DOIUrl":"https://doi.org/10.52174/1829-0280_2021_3_7","url":null,"abstract":"","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132675745","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2021_4_80
Sargis Asatryants, Mariana Qocharyan
{"title":"Decision-Making Process in Local Authorities and Opportunities to Implement the System in Yerevan","authors":"Sargis Asatryants, Mariana Qocharyan","doi":"10.52174/1829-0280_2021_4_80","DOIUrl":"https://doi.org/10.52174/1829-0280_2021_4_80","url":null,"abstract":"","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121288663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.52174/1829-0280_2022.3-152
Tigran Davtyan
Despite being of paramount importance to fund managers, management fees could diminish net returns (gross returns net of management and other fees) received by fund members or investors. Finding out the fair and reasonable level of management fees is especially important in the context of pension fund management, as it has not only a mere financial impact but also a social consequence. In this paper, several pension funds are analyzed to find the factors affecting the level of management fees, such as the portfolio management type, the asset allocation, the age of funds, etc. Besides, other types of fee structures (such as performance fees with a hybrid structure) are applied to Armenian mandatory pension funds to figure out the total level of fees relative to the current NAV-based fees. Finally, the active returns of the pension funds are estimated by constructing benchmarks and comparing the actual returns with the returns of benchmarks to check the feasibility of performance fees. As the results show, including performance fees into the current fee structure may not only make compensation to managers more reasonable but also significantly reduce expenses for future retirees.
{"title":"Ներդրումային ֆոնդի կառավարման վճարի ողջամիտ մակարդակը/Reasonable Level of the Management Fee of an Investment Fund","authors":"Tigran Davtyan","doi":"10.52174/1829-0280_2022.3-152","DOIUrl":"https://doi.org/10.52174/1829-0280_2022.3-152","url":null,"abstract":"Despite being of paramount importance to fund managers, management fees could\u0000diminish net returns (gross returns net of management and other fees) received by fund\u0000members or investors. Finding out the fair and reasonable level of management fees is\u0000especially important in the context of pension fund management, as it has not only a mere\u0000financial impact but also a social consequence.\u0000In this paper, several pension funds are analyzed to find the factors affecting the level\u0000of management fees, such as the portfolio management type, the asset allocation, the age\u0000of funds, etc. Besides, other types of fee structures (such as performance fees with a\u0000hybrid structure) are applied to Armenian mandatory pension funds to figure out the total\u0000level of fees relative to the current NAV-based fees. Finally, the active returns of the\u0000pension funds are estimated by constructing benchmarks and comparing the actual\u0000returns with the returns of benchmarks to check the feasibility of performance fees.\u0000As the results show, including performance fees into the current fee structure may not\u0000only make compensation to managers more reasonable but also significantly reduce\u0000expenses for future retirees.","PeriodicalId":328482,"journal":{"name":"Messenger of Armenian State University of Economics","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121309743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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