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Voucher-financed privatisation: lessons from the Armenian experience

Author

Listed:
  • Nancy J. Scannell
  • Judy Newton

Abstract

This paper delineates lesser-known and arguably less attractive dimensions germane to Armenia's voucher-financed privatisation strategy initiated in the early 1990s. Issues inspected include voucher valuation fluctuations, black-market activity and foreign direct investment implications. As privatisation policy initiatives command modem-day worldwide attention, the historical insights garnered from Armenia's experience as illuminated in this paper have sustained value in yet a more contemporary setting. As to whether or not Armenia's voucher-financed privatisation scheme as implemented by the Government of the Republic of Armenia was successful, the jury, in many respects, is still out.

Suggested Citation

  • Nancy J. Scannell & Judy Newton, 2004. "Voucher-financed privatisation: lessons from the Armenian experience," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 6(2), pages 280-302.
    • Handle: RePEc:ids:gbusec:v:6:y:2004:i:2:p:280-302
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