Voucher-financed privatisation: lessons from the Armenian experience
by Nancy J. Scannell, Judy Newton
Global Business and Economics Review (GBER), Vol. 6, No. 2, 2004

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.

Online publication date: Mon, 07-Feb-2005

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