The Impact of Currency Regulation Policy on the Country’s Export Potential: The Case of Armenia

Sandoyan, Edward; Galstyan, Ani

doi:10.26794/2587-5671-2020-24-2-92-103

Cited by 3 publications

(3 citation statements)

References 19 publications

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“…Currency regulation in Armenia also stands for the principle of maximum macroeconomic stability, which is clearly demonstrated by the long-run policy of the Republic of Armenia's Central Bank to maintain the exchange rate of the national currency (Figure 5). Until 2021, the monetary authorities actively intervened in the foreign exchange market in order to keep the exchange rate at a certain level [Sandoyan, Voskanyan, Galstyan, 2018a, 2018bVoskanyan, Galstyan, 2021]. As a result, the Republic has experienced three currency crises, accompanied by a sharp collapse of the Armenian dram exchange rate against the US dollar.…”

Section: Journal Of New Economymentioning

confidence: 99%

Government policy to maintain macroeconomic stability: The case of Armenia

Voskanyan

2022

Journal of New Economy

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Macroeconomic regulation has always been one of the most pressing economic issues. The paper intends to assess the impact of the government policy on maintaining macroeconomic stability on the economic growth in the Republic of Armenia. Methodologically, the study relies on the propositions of economics; applies methods of qualitative and statistical analysis, observation and synthesis. The data are sourced from the National Statistics Service of the Republic of Armenia and the Central Bank of the Republic of Armenia. The paper considers the key theoretical approaches to the policy on maintaining macroeconomic stability and the major tools of its implementation, identifies positive and negative consequences of this policy for Armenia’s economic growth. The analysis of the monetary, currency, and fiscal policies of the country proves that the policy of macroeconomic stability adopted during the last 10 years leads to the decreasing rates of economic growth, especially in the long run. The ambiguity of the said policy in terms of the efficiency and balance of its outcomes confirms the necessity to reconsider its relevance in the emerging economies.

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Section: Journal Of New Economymentioning

confidence: 99%

Government policy to maintain macroeconomic stability: The case of Armenia

Voskanyan

2022

Journal of New Economy

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“…Foreign exchange regulatory authorities primarily monitor the implementation of foreign exchange laws in order to improve welfare and ensure economic security [7]. The question of the influence of monetary policy on macroeconomic stability is topical [8].…”

Section: Introductionmentioning

confidence: 99%

Impact of currency regulation on public welfare and economic security

Виноградова

Grinevich

Turganbayeva

et al. 2022

Human Resource Management Within the Framework of Realisation of National Development Goals and Strategic Objectives

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The research examines the role of currency regulation in ensuring economic security, and special emphasis is placed on the analysis of this issue from the point of view of public welfare. Income growth as a source of human capital development is impossible without effective state regulation at the current stage of economic development. Regular changes in Russia’s foreign economic activity, economic and political problems at the national and international levels, and the widespread use of modern technology pose a threat to both national and economic security. All this creates the need for regular analysis of statistics on individual indicators, including the detection of violations of currency legislation. The study also analyzed the issue of legal and illegal capital outflows and their impact on the economy; it was determined that the outflow of funds due to legal transactions exceeds illegal ones by many times. This fact underscores the need to introduce measures to minimize net outflows. The factor that determines people’s standard of living has been chosen GDP (PPP) per capita, and reflected the impact of the foreign exchange market on public welfare using regression analysis. The results also explain the import substitution policy of the Central Bank.

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“…On the other hand, Armenia has been mostly pursuing a policy of maintaining macroeconomic stability, combined with a pro-cyclical economic policy [14], in particular, fiscal policy. At the same time, many studies [15] find the negative impact of pro-cyclical fiscal policy in terms of the higher vulnerability of the state budget during a crisis.…”

Section: Introductionmentioning

confidence: 99%

Main Drivers of Economic Growth in Armenia: Analysis and Evaluation

Sandoyan

Ghiazaryan

Voskanyan

et al. 2022

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Macroeconomic policy in Armenia over the past 30 years has led to a slowdown in economic growth. This, in turn, entails the need to revise approaches to macroeconomic regulation, as well as to search for key drivers of economic growth, which the state should emphasize in the future macroeconomic policy. The aim of this research is to analyze and assess the main drivers of economic growth in Armenia. We have employed the methods of statistical and comparative analysis, deductive analysis, as well as the analysis of historical data and the current state of the problem. The paper examines the key drivers of economic growth in Armenia, as well as periods of both a stable macroeconomic environment and economic crises, from the point of view of the efficiency and optimality of macroeconomic regulation. The current study identifies the most important sectors of the economy, analyses macroeconomic policy regulation in Armenia, and assesses the impact of such policies on economic growth in the country. The results show that today’s macroeconomic regulation can be considered ineffective, which certainly has a negative effect on the rate of economic growth. The key conclusion of the research is the thesis that it is urgent to develop new socio-economic policy approaches to ensure sustainable economic growth in the future and to emerge quickly from future economic growth crises without restricting or halting economic activity.

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The Impact of Currency Regulation Policy on the Country’s Export Potential: The Case of Armenia

Cited by 3 publications

References 19 publications

Government policy to maintain macroeconomic stability: The case of Armenia

Government policy to maintain macroeconomic stability: The case of Armenia

Impact of currency regulation on public welfare and economic security

Main Drivers of Economic Growth in Armenia: Analysis and Evaluation

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