Template-Type: ReDIF-Article 1.0
Author-Name: Eduard N. Hakobyan
Author-Email: eduard.hakobyan@minfin.am
Author-Workplace-Name: Macroeconomic Policy Department, Ministry of Finance of the Republic of Armenia, Yerevan 0010, Armenia
Author-Name: Narek N. Karapetyan
Author-Email: narek_karapetyan@minfin.am
Author-Workplace-Name: Macroeconomic Policy Department, Ministry of Finance of the Republic of Armenia, Yerevan 0010, Armenia
Title: How to Ensure Debt Sustainability and React to Economic Cycles? The Upgrade of Fiscal Rules in Armenia
Abstract: The article discusses the international experience and theoretical foundations of fiscal rules, problems of Armenia’s fiscal policy, the upgrade of fiscal rules in Armenia and the directions for their future improvement. The authors consider the reforms of fiscal rules in the sphere of Armenia’s fiscal policy as a crucial change in the logic of policy, because new rules aim at significant increase of the fiscal policy role in ensuring public debt sustainability on the one hand and respond to economic cycles on the other hand.
Classification-JEL: E62, E32, G28, H62, H63
Keywords: fiscal rules, “golden rule” of public finances, public debt sustainability, economic cycles, economic growth, current and capital expenditures
Journal: Finansovyj žhurnal — Financial Journal
Pages: 10-20
Issue: 4
Year: 2018
Month: August
DOI: 10.31107/2075-1990-2018-4-10-20
File-URL: http://www.nifi.ru/images/FILES/Journal/Archive/2018/4/statii_4/01_fm_2018_4.pdf
File-Format: Application/pdf
Handle: RePEc:fru:finjrn:180401:p:10-20