Achieving Stabilization in Armenia
March 1, 1998
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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
Pages:
32
Volume:
1998
DOI:
Issue:
038
Series:
Working Paper No. 1998/038
Stock No:
WPIEA0381998
ISBN:
9781451845662
ISSN:
1018-5941
