Natalia Boliari

Associate Professor, Economics & Finance

The broad focus of my academic interests is the formation, evolution, and implementation of economic policy. I am particularly intrigued by the role economic and political institutions play for economic growth and development. While my doctoral studies focused on this role in the context of developing countries, my current interests are centered on the role of institutions and policy making in the context of advanced, developed economies.  My most recent research concerns international trade and finance policy and the formation and impacts of regional trading agreements. I have also been interested in the analysis and development of the teaching of economics.   

I joined the Economics and Finance Department of Manhattan College as an assistant professor, in 2009. During my doctoral studies at Carleton University in Canada, I was a teaching assistant at the Sprott School of Business.  Prior to that, I was a marketing engineer and representative for the medical devices division of the American multinational Johnson and Johnson. I love and find much joy in teaching and interacting with students. I have taught variety of courses, including international economics, introductory microeconomics and macroeconomics, the economics of public issues, money and banking, and intermediate microeconomics. Until 2018, I advised the Economics and Finance Society student club, the New York Society of Security Analysts (NYSSA) Student Chapter, and the Relay for Life committee.

I am a runner and like to participate in races from the 5K to the marathon, many of them raising awareness and funds for variety of social causes. My most favorite distance is the half marathon and I love to travel to different states to run that distance. It is an amazing way to discover the very many beauties of our country. 


  • PHD, Carleton University
  • MA, Carleton University

Courses Taught

  • ECON 203      Principles and Policies I: Microeconomics
  • ECON 204      Principles and Policies II: Macroeconomics
  • ECON 334      International Economics
  • ECON 445      The Economics of Public Issues
  • MBA 638         Markets, States, and Policies in the Global Economy
  • Research
    • New Institutional Economics and its implications for economic development policy
    • U.S., Canada, and EU trade and economic relations
    • Regional Trading Agreements
  • Publications and Scholarly Activities

    "International banking: Evolution, drivers, impact, and outlook." In Elsevier Reference Collection in Social Sciences and Encycopedia of Monetary Policy, Financial Markets and Banking: Elsevier. 2023

    "Holding Companies and Debt Financing: A Comparative Analysis Using Option-Adjusted Spreads." (with K. Topyan). Journal of Risk and Financial Management: 15(12), 569, 2022.

    "Credit Risk in G20 Nations: A Comparative Analysis in International Finance Using Optiion-Adjusted-Spreads." (with K. Topyan). Journal of Risk and Financial Management: 15(1), 25. 2022.

    "Use of Technology in Teaching Capital Structure: A Smart Design to Enhance Student Performance." (with K. Topyan). Journal of Financial Education: 47(1), 69, 2021.

    "Exploring Academic Coolaborative Opportunities between Two Lasallian Colleges and their Potential Impact." ( with S. BuShell, M. El-Hakim, C. Gomez-Restrepo, J. Gonzalez-Ramirez, V. Lopez, M. Michel, and B. Wilkins). AXIS: Journal of Lasallian Higher Education 11, no. 1 (Saint Mary's University of Minnesota: 2020)

    "Can partible inheritance explain land fragmentation? The case of Bulgaria." Agrarian South: Journal of Political Economy. Vol 6 (3), December 2017: 334-353.

    "Overhauling NAFTA: Implications for Canadian Trade Policy." In How Ottawa Spends: Canada @150, Eds. Graham K. and A. Maslove, October 2017: 32-45. Ottawa: Carleton University Press.

    “Indirect returns and use of NPV in economic viability modeling of critical communications networks.” IEEE Communications Magazine, Volume 54, Issue 3 (March 2016): 38-43.

    "Does Land Fragmentation Affect Land Productivity? Empirical Evidence from Bulgaria." Review of Agricultural and Environmental Studies, 94-3 (September 2013): 273-302.

    "Land Fragmentation in Bulgaria: Reconsidering its Measurement and Extent." Review of European Studies, Vol. 5, No. 1 (March 2013): 99-109.

    Review of The Long Divergence: How Islamic Law Held Back the Middle East, by Timur Kuran, Princeton University Press. The Journal of Socio-Economics, Vol. 41, No. 5 (Oct. 2012): 691-692.

    “The Evolution of Bulgarian Land Tenure Institutions: an Application of the Social Conflict Theory.” Proceedings of the International Society for New Institutional Economics, 13th Annual Conference, University of California at Berkley, Walter A. Haas School of Business, June 2009.

    “Conceptualizing Institutions and Organizations: A Critical Approach.” (With K. Topyan). Journal of Business & Economics Research (JBER). January 2007, Vol. 5, No. 1: 1–10.

    “Understanding Dependence Structures of Random Variables in Financial Modelling by Using Copulas.” (With K. Topyan). Global Business & Economics Anthology, December 2007.

    “Use of Copulas for Risk Measurement: Dependence, Correlation and Nonnormality.” (With K. Topyan). Global Business & Economics Anthology. December 2006: 106–112.

  • Professional Experience and Memberships
    • Associate Professor of Economics, 2018- present
    • Director, OMSB Honors Program, 2023 - present
    • Chair, Promotion and Tenure Committee, 2021 - present
    • Assisstant Professor of Economics, 2009 - 2018
    • Faculty Adviser, Manhattan College Economics and Finance Society (2009 - 2018)
    • Academic Adviser, New York Society of Security Analysts (NYSSA) Manhattan College Student Chapter (2009 - 2016)
    • Faculty Adviser, Relay for Life of Manhattan College (2012-2018)


    • Alumna, Ronald Coase Institute
    • International Society for New Institutional Economics
    • American Economic Association
    • New York Society of Security Analysts (NYSSA)


  • Honors, Awards, and Grants
    Honors & Awards
    • Faculty Fellowship Program in Israel, The Jewish National Fund (2022)
    • The Sprott Excellence in Teaching Assistance Award, Carleton University (2008)
    • Institutional Analysis Fellowship, The Ronald Coase Institute (2007)
    • Public Policy and Administration 50th Anniversary Graduate Scholarship, Carleton University (2006)