Achieving Stabilization in Armenia

March 1, 1998

Preview Citation

Format: Chicago

Balázs Horváth. Achieving Stabilization in Armenia, (USA: International Monetary Fund, 1998) accessed December 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper examines the evolution, and impact on stabilization, of macroeconomic policies in Armenia during 1994-96. Fiscal and monetary policies have been effective in stabilizing the Armenian economy and facilitating significant growth, although they have not always worked in cohort. Seigniorage and the inflation tax declined dramatically as inflation fell, while dollarization was reversed but reached a plateau after mid-1995, affecting the demand for dram. The paper also presents quantitative indicators, which are suggestive of the trends discussed.

Subject: Exchange rates, Expenditure, Fiscal policy, Foreign exchange, Inflation, Monetary base, Money, Prices

Keywords: Baltics, Base period, Broad money, Currency substitution, End-period inflation, Exchange rate, Exchange rates, Fiscal impulse, Foreign currency, Foreign exchange, Inflation, Monetary base, Monetary impulse, Open economy, Potential GDP, State enterprise, Transition economy, WP

Publication Details

Pages:

32
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1998/038
Stock No:

WPIEA0381998
ISBN:

9781451845662
ISSN:

1018-5941

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