How to Ensure Debt Sustainability and React to Economic Cycles? The Upgrade of Fiscal Rules in Armenia

Eduard N. Hakobyan () and Narek N. Karapetyan ()
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Eduard N. Hakobyan: Macroeconomic Policy Department, Ministry of Finance of the Republic of Armenia, Yerevan 0010, Armenia
Narek N. Karapetyan: Macroeconomic Policy Department, Ministry of Finance of the Republic of Armenia, Yerevan 0010, Armenia

Finansovyj žhurnal — Financial Journal, 2018, issue 4, 10-20

Abstract: The article discusses the international experience and theoretical foundations of fiscal rules, problems of Armenia’s fiscal policy, the upgrade of fiscal rules in Armenia and the directions for their future improvement. The authors consider the reforms of fiscal rules in the sphere of Armenia’s fiscal policy as a crucial change in the logic of policy, because new rules aim at significant increase of the fiscal policy role in ensuring public debt sustainability on the one hand and respond to economic cycles on the other hand.

Keywords: fiscal rules; “golden rule” of public finances; public debt sustainability; economic cycles; economic growth; current and capital expenditures (search for similar items in EconPapers)
JEL-codes: E32 E62 G28 H62 H63 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:180401:p:10-20

DOI: 10.31107/2075-1990-2018-4-10-20

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