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This paper is the first attempt to look at inflation dynamics and monetary transmission mechanisms in Armenia in the context of a full information model containing three interrelated markets: foreign exchange, money, and labor. Using the vector error correction model (VECM) approach, we find that the exchange rate pass-through to prices is very strong relative to credit, wage, and interest rate channels. The analysis suggests a relatively fast adjustment of prices to long-run disequilibria in the exchange rate market, albeit with initial overshooting of the price level. In addition, we find no evidence of prices responding to changes in money and wages in a statistically significant manner.

Foreign exchange rates --- Inflation (Finance) --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Finance --- Natural rate of unemployment --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Econometric models. --- Rates --- Finance: General --- Foreign Exchange --- Labor --- Money and Monetary Policy --- International Financial Markets --- Wages, Compensation, and Labor Costs: General --- Demand for Money --- Currency --- Labour --- income economics --- Monetary economics --- Currency markets --- Wages --- Demand for money --- Real exchange rates --- Financial markets --- Money --- Foreign exchange market --- Armenia, Republic of

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Many sub-Saharan African (SSA) countries liberalized their economies in the 1980s and early 1990s. This paper reviews the foreign exchange regime reforms in selected SSA, and their associated macroeconomic policies and economic performance during and after these reforms were undertaken. Before liberalization, most of the reviewed countries were characterized by extensive foreign exchange rationing, sizeable black market premiums, and declining per capita real income. Today, the countries that successfully reformed look markedly different. Rationing and parallel market spreads are a distant memory, and per capita income has increased sharply.

Foreign exchange rates --- Economic development --- Structural adjustment (Economic policy) --- Economic policy --- Development, Economic --- Economic growth --- Growth, Economic --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Africa, Southern --- Economic conditions --- E-books --- Foreign Exchange --- Inflation --- Finance: General --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- International Finance: General --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- Economic Growth of Open Economies --- Economic History: General --- Economic History: Macroeconomics --- Growth and Fluctuations: Africa --- Oceania --- Economic Development: General --- Macroeconomic Analyses of Economic Development --- Price Level --- Deflation --- International Financial Markets --- Currency --- Macroeconomics --- Finance --- Exchange rate arrangements --- Multiple currency practices --- Prices --- Currency markets --- Financial markets --- Foreign exchange market --- Malawi

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Public-Private Partnerships (PPPs) are increasingly an important vehicle for several Western Balkan countries to increase investment to reduce their infrastructure gaps. While there are benefits to well-designed and implemented PPPs, they also carry a potential for large fiscal risks and increased costs if not managed well. Countries with successful PPP programs typically benefit from a clear and well-designed PPP governance framework, which covers all stages of the PPP life cycle. Western Balkan countries need to address gaps in their PPP governance frameworks to fully reap the potential benefits from PPPs.

Albania --- Macroeconomics --- Economics: General --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public Administration --- Public Sector Accounting and Audits --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Financial administration & public finance law --- Fiscal risks --- Public financial management (PFM) --- Public investment spending --- Expenditure --- PPP legislation --- Risks of public-private partnership --- Currency crises --- Informal sector --- Economics --- Public-private sector cooperation --- Fiscal policy --- Public investments