Achieving Stabilization in Armenia

Balázs Horváth

No 1998/038, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; foreign currency; exchange rate; foreign exchange; transition economy; fiscal impulse; monetary impulse; currency substitution; broad money; end-period inflation; potential GDP; base period; state enterprise; open economy; Inflation; Monetary base; Exchange rates; Baltics (search for similar items in EconPapers)
Pages: 32
Date: 1998-03-01
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Citations: View citations in EconPapers (5)

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