Title: Voucher-financed privatisation: lessons from the Armenian experience

Authors: Nancy J. Scannell, Judy Newton

Addresses: University of Illinois at Springfield, USA. ' American University of Armenia, Armenia

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.

Keywords: voucher-financed privatisation; Armenia; voucher valuation fluctuations; black-market activity; foreign direct investment; FDI; privatisation policy.

DOI: 10.1504/GBER.2004.006231

Global Business and Economics Review, 2004 Vol.6 No.2, pp.280 - 302

Published online: 07 Feb 2005 *

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