Mitra, SaumyaAndrew, DouglasGyulumyan, GoharHolden, PaulKaminski, BartKuznetsov, YevgenyVashakmadze, Ekaterine2012-05-302012-05-3020070-8213-6811-4https://hdl.handle.net/10986/6644This book is intended to explain the factors underlying the stellar growth record that has led to Armenia's emergence as the Caucasian Tiger and to provide policy advice to the Armenian authorities to ensure the continuation of this growth. The book is presented in two parts, with Part I containing the analysis and the policy advice and Part II containing detailed background papers. The attribution for the emergence of Armenia as the Caucasian Tiger lies in the creation of an environment of macroeconomic stability and the determined pursuit of reforms aimed at establishing a market economy that was integrated with the world. This book describes that story. But the central focus of the book remains the reform agenda for the future. It is argued that the continuation of high rates of growth would require building defenses against economic shocks the country may face, and this would entail addressing the key vulnerabilities in today's economy. Thus the book is intended not only as a case study of success in post-Soviet economic transition, but also as a candid piece of policy advice for the Armenian authoritiesen-USCC BY 3.0 IGOACCOUNTABILITYALLOCATIONALLOCATION OF RESOURCESANNUAL BUDGETANNUAL BUDGET PREPARATIONANNUAL RATEBASIC EDUCATIONBUDGET EXECUTIONBUDGET PLANCAPITAL ACCUMULATIONCAPITAL EXPENDITURESCAPITAL INVESTMENTCAPITAL INVESTMENTSCAPITAL PROJECTSCAPITAL SPENDINGCAPITAL STOCKCENTRAL BANKCENTRAL GOVERNMENTCIVIL SERVICECIVIL SERVICE REFORMCLASSIFICATION OF EXPENDITURECOMPETITIVENESSCONSTRAINED RESOURCECONSUMERSCONTINGENT LIABILITIESCOST RECOVERYDEBTDEBT MANAGEMENTDEBT SERVICEDEBT SUSTAINABILITYDECISION MAKINGDEVELOPMENT STRATEGYDISTRIBUTION OF WELFAREDOMESTIC BORROWINGDOMESTIC DEBTECONOMIC CLASSIFICATIONECONOMIC GROWTHECONOMIC PERFORMANCEEDUCATION SPENDINGEDUCATIONAL ATTAINMENTEFFICIENCY IMPROVEMENTSEFFICIENCY OF PUBLIC SPENDINGELECTRICITYEXPENDITURE MANAGEMENTEXPENDITURE OUTCOMESEXPENDITURE POLICIESEXPENDITURESEXTERNAL FINANCINGFINANCIAL CRISISFINANCIAL PERFORMANCEFINANCIAL SUPPORTFINANCING ARRANGEMENTSFISCAL ADJUSTMENTFISCAL CONSOLIDATIONFISCAL DEFICITFISCAL DEFICITSFISCAL IMPACTFISCAL IMPLICATIONSFISCAL OPERATIONSFISCAL POSITIONFISCAL RISKFISCAL RISKSFISCAL STANCEFISCAL STRATEGYGDPGDP PER CAPITAGOVERNMENT DEFICITGOVERNMENT EMPLOYMENTGOVERNMENT EXPENDITUREGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTHARD BUDGET CONSTRAINTHEALTH CAREHEALTH INSURANCEHEALTH SECTORHEALTH SERVICESHUMAN CAPITALINDEXATIONINEFFICIENCYINFLATIONINTEREST COSTSINTEREST PAYMENTSINTEREST RATESLABOR TAXESLIVING STANDARDSLOCAL GOVERNMENTSLORENZ CURVEMACROECONOMIC ANALYSISMACROECONOMIC FRAMEWORKMACROECONOMIC MANAGEMENTMACROECONOMIC STABILITYMARKET ECONOMYMINISTRY OF FINANCENATIONAL STRATEGYNET LENDINGOLD-AGEOPERATIONAL EFFICIENCYOPERATIONAL INEFFICIENCIESPER CAPITA INCOMEPERSONNEL EXPENDITURESPERSONNEL EXPENSESPOVERTY IMPACTPOVERTY REDUCTIONPRESENT VALUEPRIVATE INVESTMENTPRIVATE SECTORPRIVATE SPENDINGPRODUCTIVITYPRODUCTIVITY GROWTHPROGRAMSPUBLICPUBLIC ACCOUNTABILITYPUBLIC ADMINISTRATIONPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC EMPLOYMENTPUBLIC EXPENDITUREPUBLIC EXPENDITURE MANAGEMENTPUBLIC EXPENDITURE POLICYPUBLIC EXPENDITURESPUBLIC FINANCEPUBLIC FINANCIAL MANAGEMENTPUBLIC HEALTHPUBLIC INTERVENTIONPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC RESOURCESPUBLIC SECTORPUBLIC SECTOR BORROWINGPUBLIC SECTOR BORROWING REQUIREMENTSPUBLIC SECTOR DEFICITPUBLIC SECTOR EFFICIENCYPUBLIC SECTOR PERFORMANCEPUBLIC SECTOR SPENDINGPUBLIC SERVANTSPUBLIC SERVICEPUBLIC SERVICE DELIVERYPUBLIC SERVICESPUBLIC SPENDINGPUBLIC SUBSIDIESPUBLIC WORKSREAL GROSS DOMESTIC PRODUCTRECURRENT EXPENDITURERESOURCE ALLOCATIONSRESOURCE CONSTRAINTSROAD NETWORKSANITATIONSANITATION SERVICESSAVINGSSECTORAL ALLOCATIONSECTORAL ALLOCATIONSSERVICE DELIVERYSERVICE PROVIDERSSOCIAL ASSISTANCESOCIAL INSURANCESOCIAL PROTECTIONSOCIAL SECURITYSPENDING LEVELSSTATE GUARANTEESSTRUCTURE OF REVENUESSUSTAINABILITY ANALYSISTAXTAX BASETAX RATESTAX REVENUETAX REVENUESTELECOMMUNICATIONSTOTAL EXPENDITURETOTAL EXPENDITURESTOTAL PUBLIC SECTORTRADE LIBERALIZATIONTRANSITION ECONOMIESUTILITIESWAGESWorld Bank10.1596/978-0-8213-6811-4