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Quasi-fiscal activities, hidden government subsidies, and fiscal adjustment in Armenia

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  • Freinkman, Lev
  • Gyulumyan, Gohar
  • Kyurumyan, Artak

Abstract

This paper aims to develop a detailed analysis of quasi-fiscal deficits and subsidies, and their impact on Armenia’s fiscal performance in the second part of the 90-s. Based on the flow-of-funds approach, we estimate the magnitude of the quasi-fiscal deficits and the incidence of quasi-fiscal subsidies in Armenia, as well as identify main recipients and donors of quasi-fiscal financing. The main finding of the paper is that, while quasi-fiscal deficits in Armenia remain considerable, their recent decline has been the main source of fiscal adjustment in Armenia to date. The paper also shows that the population remains a major ultimate recipient of quasi-fiscal subsidies. Thus, the main distortive impact of quasi-fiscal subsidies is on social policy, not on enterprise restructuring and private sector performance.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 10064.

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Date of creation: Dec 2002
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Handle: RePEc:pra:mprapa:10064

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Keywords: Armenia; subsidies; fiscal adjustment; quasi-fiscal deficit; losses in the energy sector;

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References

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  1. L.M. Freinkman & I. Starodubrovskaya, 1996. "Restructuring of Enterprise Social Assets in Russia: Trends, Problems, Possible Solutions," Working Papers wp96052, International Institute for Applied Systems Analysis.
  2. Easterly, William, 1999. "When is fiscal adjustment an illusion?," Policy Research Working Paper Series 2109, The World Bank.
  3. Alam, Asad & Sundberg, Mark, 2002. "A decade of fiscal transition," Policy Research Working Paper Series 2835, The World Bank.
  4. Aleh Tsyvinski & Martin Petri & Günther Taube, 2002. "Energy Sector Quasi-Fiscal Activities in the Countries of the Former Soviet Union," IMF Working Papers 02/60, International Monetary Fund.
  5. Brixi, Hana Polackova & Ghanem, Hafez & Islam, Roumeen, 1999. "Fiscal adjustment and contingent government liabilities : case studies of the Czech Republic and Macedonia," Policy Research Working Paper Series 2177, The World Bank.
  6. Balázs Horváth, 1998. "Achieving Stabilization in Armenia," IMF Working Papers 98/38, International Monetary Fund.
  7. Pinto, Brian & Drebentsov, Vladimir & Morozov, Alexander, 2000. "Give growth and macroeconomic stability in Russia a chance - harden budgets by eliminating nonpayments," Policy Research Working Paper Series 2324, The World Bank.
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Cited by:
  1. Mali Chivakul & Robert C. York, 2006. "Implications of Quasi-Fiscal Activities in Ghana," IMF Working Papers 06/24, International Monetary Fund.
  2. World Bank, 2007. "Armenia - Labor Market Dynamics : Volume 2. Main Report," World Bank Other Operational Studies 7846, The World Bank.
  3. Julian Lampietti, 2004. "Power's Promise : Electricity Reforms in Eastern Europe and Central Asia," World Bank Publications, The World Bank, number 14936, October.
  4. World Bank, 2005. "Belarus : Window of Opportunity to Enhance Competitiveness and Sustain Economic Growth, A Country Economic Memorandum (CEM) for the Republic of Belarus, Volume 1, Main Report," World Bank Other Operational Studies 8353, The World Bank.

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