Stabilization Policy in Post-Soviet Armenia

Abstract

The paper provides an assessment of Armenian stabilization policy in the 1990s, drawing upon time series and comparative statistics. The analysis focuses on: (1) political and economic circumstances that led Armenia to launch an orthodox stabilization program in the mid-1990s; (2) policy mechanisms Armenian authorities used to execute that program; and (3) the impact of stabilization policy on key macroeconomic performance indicators (growth, inflation, currency stability, personal income, investment, and balance of payments). The paper evaluates Armenia's economic performance relative to that of other Soviet successor states and implications of its stabilization strategy for the country's developmental trajectory. Journal of Economic Literature, Classification Numbers: O10, O40, O50. 6 tables, 33 references.