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

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Author Info

  • 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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Related research

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

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References

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  1. William Easterly, 1999. "When is fiscal adjustment an illusion?," Economic Policy, CEPR & CES & MSH, vol. 14(28), pages 55-86, 04.
  2. Balázs Horváth, 1998. "Achieving Stabilization in Armenia," IMF Working Papers 98/38, International Monetary Fund.
  3. Freinkman, Lev M. & Starodubrovskaya, Irina, 1996. "Restructuring of enterprise social assets in Russia : trends, problems, possible solutions," Policy Research Working Paper Series 1635, The World Bank.
  4. 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.
  5. 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.
  6. 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.
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Citations

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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.

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