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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.

Exports and Imports --- Labor --- Money and Monetary Policy --- Public Finance --- Production and Operations Management --- Economic Growth and Aggregate Productivity: General --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- International Investment --- Long-term Capital Movements --- Debt --- Debt Management --- Sovereign Debt --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Monetary economics --- Macroeconomics --- Finance --- Public finance & taxation --- Labour --- income economics --- Monetary base --- Total factor productivity --- Foreign direct investment --- Government debt management --- Human capital --- Money --- Balance of payments --- Public financial management (PFM) --- Money supply --- Industrial productivity --- Investments, Foreign --- Debts, Public --- Armenia, Republic of --- Income economics

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This paper analytically explores and empirically tests a number of hypotheses to explain the rapid growth in transition economies. The paper finds that growth in the Commonwealth of Independent States (CIS) has been higher because of the recovery of lost output, progress in macroeconomic stabilization and market reforms, and favorable external conditions. Some of these factors are unlikely to continue for a very long time. The challenge is to improve the investment climate in the non-primary sectors, which will require broadening the scope of macroeconomic reform into a second generation of reforms encompassing structural and institutional areas.

Exports and Imports --- Macroeconomics --- Production and Operations Management --- Remittances --- Empirical Studies of Trade --- Macroeconomics: Consumption --- Saving --- Wealth --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- International economics --- Terms of trade --- Government consumption --- Total factor productivity --- Outward remittances --- International finance --- Economic policy --- nternational cooperation --- Consumption --- Economics --- Industrial productivity --- Emigrant remittances --- Russian Federation --- Economic development --- Econometric models. --- Nternational cooperation

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Since 2000, Armenia's economic performance has been remarkable. Real economic growth has averaged 11 percent a year, annual inflation has averaged 3 percent, and poverty and inequality have fallen. The country has outperformed other low-income countries including other members of the Commonwealth of Independent States. This is particularly impressive given the geographical location of Armenia, the closure of two critical borders, and occasional political turmoil. The key factors behind Armenia's economic performance are prudent monetary and fiscal policies, liberal trade and foreign exchange regimes, rapid and relaively well-sequenced structural reforms, and support from the Armenian diaspora. In addition, the implementation of a poverty reduction strategy since 2002 has complemented the effect of economic growth on reducing poverty. This book assesses the country's economic transformation during the last 10 years and discusses the challenges to sustaining these successes.

Armenia (Republic) --- Economic conditions --- Economic policy --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Poverty and Homelessness --- Taxation --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Aggregate Factor Income Distribution --- Trade: General --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- International economics --- Banking --- Poverty & precarity --- Finance --- Revenue administration --- Expenditure --- Poverty --- Commercial banks --- Financial institutions --- Securities markets --- Financial markets --- Banks and banking --- Revenue --- Expenditures, Public --- Income distribution --- Armenia, Republic of