Valentina M. Hartarska

Alumni Professor

Agricultural Economics & Rural Sociology

(334) 844-5666 


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210 Comer Hall
Auburn Univ, AL 36849



  • 2002: Ph.D. The Ohio State University
  • 1997: MA. in Economics. CEU, Hungary & University of Essex, UK
  • 1995: B.A. Finance. UNWE, Bulgaria


  • 2019: June Visiting Professor, Montpellier Business School, France
  • 2016-present: Graduate Program Officer, PhD in Applied Economics, Graduate Committee Chair
  • 2015: Visiting Fulbright Scholar, Center for European Research of Microfinance, Free University of Brussels, Belgium
  • 2014-present: Alumni Professor
  • 2013-present: Joint Appointment (Courtesy) Professor, Department of Finance, Auburn University
  • 2002-2013: Assistant, Associate, and full Professor, Department of Agricultural Economics and Rural Sociology, Auburn Univ.
  • 2012-present: Associate Researcher, Center for European Research of Microfinance, ULB, Brussels, Belgium
  • 2008-2011: Adjunct Professor, Université Mons-Hainaut, Belgium
  • 2007: Consultant, Consultative Group to Assist the Poor (CGAP), The World Bank


  • 2019: Warren Samuels Prize for Outstanding Research, Society of Social Economics, ASSA Meeting, Atlanta
  • 2018-2019: Co-Chair, Committee for Strategic Internationalization of Auburn University
  • 2018: Outstanding Publication Award, College of Agriculture, Auburn University
  • 2018: Best Paper Award in Microfinance (finalist), FMA International
  • High Impact Paper Award, College of Agriculture, Auburn University, 2012 and 2016
  • 2015: Fulbright Scholar, Core Programs, Belgium
  • 2014-present: Global Teaching Academy Fellow, Auburn University
  • 2013: Plenary Speaker, 3rd European Microfinance Research Conference, Agder University, Norway
  • 2013: Emerald Literati Network, Highly Commended Award Winner
  • 2008: Distinguished Professional Contribution Award, Southern Agricultural Economics Association
  • 2006: Fellowship, Center for Financial Research, Federal Deposit Insurance Corporation

Invited Speaker:

  • Federal Reserve Bank of St Louis, October 3rd, 2013
  • Microfinance Industry Meeting, Agder University, Norway, 2011
  • Financial Economics Seminar, The World Bank, 2010
  • Federal Reserve System, 4th Community Affairs Research Conference, 2005


  • American Finance Association
  • Financial Management Association International
  • Agricultural and Applied Economics Association
  • American Economics Association
  • European Agricultural Economics Association
  • International Association of Agricultural Economists



My main research interests are in financial markets and institutions, agricultural finance, microfinance and economic development. I am interested in the efficiency and governance of traditional and nontraditional financial institutions, impact analysis, gender and financial decision-making, as well as real estate finance.



  • Agricultural Finance
  • Agribusiness Finance
  • Agribusiness Management
  • Introductory Econometrics (M.S. & Ph.D.)
  • Introduction to Rural Development (M.S.)
  • International Development Economics (Applied Impact Analysis Ph.D.)
  • Ph.D. Research Paper Development



  • Sheng Li, D. Nadolnyak, and V. Hartarska, (2019) “Agricultural Land Conversion: Impacts of Economic and Natural Risk Factors in a Coastal Area,” Land Use Policy. 80(1): 380-390
  • Khachatryan, K., V. Baghdasaryan, and V. Hartarska (2019) “Is the Model ‘Loans-Plus-Savings’ Better for Microfinance Institutions? A PSM Comparison,” Review of Development Economics, DOI: 10.1111/rode.12589
  • Chen, R, V. Hartarska, and N. Wilson, (2018) “The Causal Impact of HACCP on Seafood Imports in the U.S.: An Application of Difference-in-Differences within the Gravity Model” Food Policy, 79: 166-178.
  • Malikov, E. and V. Hartarska, (2018) “Endogenous Scope Economies in Microfinance,” Journal of Banking and Finance,” 93: 162-182. CoAg Outstanding Publication Award, 2018
  • Shen Xuan, and V. Hartarska (2018) “Winners and Losers from Financial Derivatives Use by Community Banks” Applied Economics,50(41):4402-4417
  • Quaye F., Nadolnyak D., and V. Hartarska (2018) “Climate Change Impacts on Farmland Values in the Southeast,” Sustainability, 10 (10), 3426
  • Nadolnyak, D., V. Hartarska, and X Shen (2017) “’Farm Credit System Credit and Farm Income and Output’” Agricultural Finance Review,77(1):95-110.
  • Delgado M., C Parmeter, V. Hartarska and R Mersland, (2015) “Should All Microfinance Institutions Mobilize Microsavings? Evidence from Economies of Scope” Empirical Economics 48:193–225.
  • Hartarska, V. Roy Mersland, and Denis Nadolnyak (2014) “Are Women Better Bankers for the Poor: Evidence from Rural Microfinance Institutions?” American Journal of Agricultural Economics 96 (5): 1291-1306
  • Hartarska, V., Shen, X., and R. Mersland, (2013) “Scale Economies and Elasticities of Substitution in Microfinance Institutions,” Journal of Banking and Finance, 37(1): 118-131.
  • Hartarska, V., and R. Mersland, (2012), “What Governance Mechanisms Promote Efficiency in Reaching Poor Clients? Evidence from Rated MFIs,” European Financial Management, 18(2): 218-239
  • Hartarska, V.; C. Parmeter, and D. Nadolnyak (2011) “Economies of Scope of Lending and Mobilizing Deposits in Rural MFIs: a Semiparametric Analysis,” American Journal of Agricultural Economics, 93(2):389-398.
  • Caudill, S, D. Gropper, and V. Hartarska (2009), “Which Microfinance Institutions Are Becoming More Cost-Effective With Time? Evidence from a Mixture Model,” Journal of Money, Credit, and Banking,41(4): 651-672
  • Hartarska V. and D. Nadolnyak, (2008) “An impact Analysis of Microfinance in Bosnia,” World Development 26(12): 2605-2619.
  • Hartarska, V. and D. Nadolnyak (2007), “Do Regulated Microfinance Institutions Achieve Better Sustainability and Outreach? Cross-Country Evidence,” Applied Economics 39(10-12): 1207-1222
  • Hartarska, V. and C. Gonzalez-Vega (2005), “Credit Counseling and Mortgage Termination by Low-Income Households,” Journal of Real Estate Finance and Economics, 30(3):227-243.
  • Hartarska, V. (2005) “Governance and Performance of Microfinance Institutions in Central and Eastern Europe and the Newly Independent States,” World Development, Vol. 33(10):1627-1643.