Achieving Stabilization in Armenia

32 Pages Posted: 15 Feb 2006

See all articles by Balazs Horvath

Balazs Horvath

International Monetary Fund (IMF) - European Department

Nita Thacker

affiliation not provided to SSRN

Jiming Ha

International Monetary Fund (IMF)

Date Written: March 1998

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: transition economy, fiscal impulse, monetary impulse, currency substitution

JEL Classification: E5, E63, E41

Suggested Citation

Horvath, Balazs and Thacker, Nita and Ha, Jiming, Achieving Stabilization in Armenia (March 1998). IMF Working Paper No. 98/38, Available at SSRN: https://ssrn.com/abstract=882283

Balazs Horvath (Contact Author)

International Monetary Fund (IMF) - European Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Nita Thacker

affiliation not provided to SSRN

No Address Available

Jiming Ha

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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