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Since 2000, Armenia's economic performance has been remarkable. Real economic growth has averaged 11 percent a year, annual inflation has averaged 3 percent, and poverty and inequality have fallen. The country has outperformed other low-income countries including other members of the Commonwealth of Independent States. This is particularly impressive given the geographical location of Armenia, the closure of two critical borders, and occasional political turmoil. The key factors behind Armenia's economic performance are prudent monetary and fiscal policies, liberal trade and foreign exchange regimes, rapid and relaively well-sequenced structural reforms, and support from the Armenian diaspora. In addition, the implementation of a poverty reduction strategy since 2002 has complemented the effect of economic growth on reducing poverty. This book assesses the country's economic transformation during the last 10 years and discusses the challenges to sustaining these successes.
In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the financial systems of the three countries and discusses some of their unique characteristics. The study also examines current distortions of the systems and discusses whether or not the Baltics should move from an almost exclusively bank-based system to one that relies more on capital markets. In the process, it addresses issues of corporate governance and regional integration.
This paper considers the interaction between the private sector, the monetary authority, and the fiscal authority, and concludes that unrestricted central bank independence may not be an optimal way to collect seigniorage revenues or stabilize supply shocks. Moreover, the paper shows that the implementation of an optimal inflation target results in optimal shares of government finances—seigniorage, taxes, and the spending shortfall—from society’s point of view but still involves suboptimal stabilization. Even if price stability is the sole central bank objective, a positive inflation target has important implications for the government’s finances, as well as for stabilization.
This paper considers the potential variables that have determined economic growth in The Gambia during 1964–98. The results indicate that The Gambia’s aggregate production function exhibits increasing returns to scale, thus supporting the endogenous growth-type model. The impact of private investment—and thus private capital accumulation—on output is large and significant. Furthermore, increases in public investment boost output substantially. Finally, the effects associated with human capital accumulation are positive and statistically significant. The paper also estimates a series on total factor productivity growth that indicates that The Gambia was able to use its resources more efficiently.
In this town, I'm free from shameA place where everyone knows my nameGlamorizing corpses to feed a needThat's why they call me Skeleton KingThey all worship me, but they don't know the real meAll they see is my painted faceTruth is, I'm terrified, all the hope inside me diedDeath and cold will forever be my morbid fateThen she showed me something moreSomehow stealing death's allureTrigger Warning: This book contains many triggers and this warning should be taken seriously. The sexual and graphically depicted scenes in this novel are not for the squeamish and will be disturbing for some readers.
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This report provides key insights into the social exclusion processes that affect Roma and Egyptian communities in Albaniatwo of the most vulnerable minority communities in Albania. It offers advice on the design of concrete actions to facilitate the inclusion of Roma and Egyptian communities into Albanian society, and also includes feedback from the Roma and Egyptian communities on the study findings and recommendations.'Roma and Egyptians in Albania' includes supporting data collected via participatory methodologies conducted in eleven study sites to investigate the socio-economic, cultural, institutional, and historical situation of Roma and Egyptian communities across Albania. The report's proposed public policies and strategies on minority, poverty, and social exclusion issues have been endorsed by the Roma and Egyptian communities.