Armenia: The Road to Sustained Rapid Growth-Cross-Country Evidence
May 1, 2003
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Summary
This study examines the growth determinants and the economic policy challenges that Armenia faces to sustain the rapid growth of the past two years. The paper also seeks to answer the following two questions: Why has Armenia performed relatively better than other transition economies? What are the roles of macroeconomic policies and the level of financial intermediation in explaining growth differences? The paper also draws upon past cross-country experiences by estimating panel regressions on the determinants of growth to make predictions for the Armenian economy.
Subject: Balance of payments, Foreign direct investment, Government debt management, Human capital, Labor, Monetary base, Money, Production, Public financial management (PFM), Total factor productivity
Keywords: Armenia, Baltics, broad money, economic growth, financial intermediation, Foreign direct investment, GDP, Government debt management, growth in Armenia, Human capital, investment, investment ratio, investment share, market economy, Monetary base, private sector development, resource allocation, Total factor productivity, transition economy, WP
Pages:
22
Volume:
2003
DOI:
Issue:
103
Series:
Working Paper No. 2003/103
Stock No:
WPIEA1032003
ISBN:
9781451852714
ISSN:
1018-5941
