Voucher-financed privatisation: lessons from the Armenian experience

Nancy J. Scannell and Judy Newton

Global Business and Economics Review, 2004, vol. 6, issue 2, 280-302

Abstract: This paper delineates lesser-known and arguably less attractive dimensions germane to Armenia's voucher-financed privatisation strategy initiated in the early 1990s. Issues inspected include voucher valuation fluctuations, black-market activity and foreign direct investment implications. As privatisation policy initiatives command modem-day worldwide attention, the historical insights garnered from Armenia's experience as illuminated in this paper have sustained value in yet a more contemporary setting. As to whether or not Armenia's voucher-financed privatisation scheme as implemented by the Government of the Republic of Armenia was successful, the jury, in many respects, is still out.

Keywords: voucher-financed privatisation; Armenia; voucher valuation fluctuations; black-market activity; foreign direct investment; FDI; privatisation policy. (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:ids:gbusec:v:6:y:2004:i:2:p:280-302

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