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A blog about economics in the South Caucasus.

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Eric Livny
Dec
04

Your Guest Is My Guest, or Why Tourism Is Not a Zero-Sum Game

Macroeconomics
The South Caucasus is divided by high mountain ranges, often impassable political borders, and ethnic conflict zones. In addition to three independent states, the region also includes three unrecognized territories. Nakhichevan is separated from Azerbaijan’s mainland by Armenia’s Syunik region. Armenia’s border with Turkey and Azerbaijan, on the other hand, is sealed for political reasons. Though trampled by politics, the economic arguments for greater regional integration in the South Caucasus are truly powerful. For one thing, thanks to its strategic l...
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macroeconomics tourism georgia armenia azerbaijan
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Simon Appleby
The Vine and Wine Foundation of Armenia recently held its inaugural International Wine Conference in Yerevan, backed by GIZ. Guest... Read More
Saturday, 09 December 2017 7:07 AM
Simon Appleby
An interesting market for Georgia, oddly enough, is the Armenian Diaspora market (around 8 million people). Many diaspora Armenian... Read More
Saturday, 09 December 2017 7:07 AM
Eric Livny
Sounds really interesting, Simon! Ive recently interviewed Ia Tabagari, head of the Georgian kvevri (or natural) wine association,... Read More
Saturday, 09 December 2017 5:05 PM
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Giorgi Mzhavanadze
Jun
10

Is Less More When Hosting International Events in Your Home Country?

Macroeconomics
In just a couple of weeks Baku is going to host the second Formula One Grand Prix in its history. Being in love with motor races and inspired by the fact that for the first time in my life I will attend such an important race (and the Land of Fire); I tried to explore the economic impact of hosting expensive international events for one’s country. In 2017, the Formula One Championship will take place in 20 countries. Nineteen of these countries are either in the top 15 by the level of GDP, or are (net) oil and gas exporters. The only exception here is Hu...
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macroeconomics georgia azerbaijan tourism
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Yasya Babych
May
22

Free or Fearful? The Fear of Floating in the South Caucasus

Macroeconomics
In economics there is a long-standing debate on whether emerging markets should adopt a fixed exchange rate currency regime or leave their exchange rates up to markets to decide. Intuitively, exchange rate is just another price, similar to the price on a sack of potatoes, a liter of milk or a kilogram of honey. Except that exchange rate is the price of 1 unit of foreign currency (say, 1 US dollar) in terms of our domestic currency. Textbook economics would tell us that price flexibility is essential for markets to function well, to quickly clear up any s...
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exchange rate macroeconomics georgia armenia azerbaijan
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Karine Torosyan
Apr
25

Are Working Women Happy Women? View from the Greater Caucasus

Governance and Social Policy
“Happiness is the meaning and the purpose of life, the whole aim and end of human existence” – Aristotle WHY STUDY HAPPINESS? Already in ancient times philosophers debated the nature of happiness and the recipes for a happy and fulfilling life. Today this question is also hotly debated by scientists and politicians, who are particularly interested in what can be done to increase the happiness of their voters (and citizens, more generally). Happiness has become so important nowadays that four countries: Bhutan, Ecuador, UAE and Venezuela went so...
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azerbaijan armenia georgia gender labor market
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Eric Livny
Am curious whether the same data could be used to analyze whether the husbands are happier as a result of their wives working outs... Read More
Tuesday, 26 April 2016 10:10 AM
Nino Doghonadze
This would be very interesting questions to answer. Unfortunately, however, the survey is not collecting data on happiness levels... Read More
Tuesday, 26 April 2016 1:01 PM
Eric Livny
The fact that happiness (or utility) are determined by social norms may be a problem not only for the whole economics of happiness... Read More
Wednesday, 27 April 2016 9:09 AM
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