Հարկաբյուջետային կանոնները ՀՀ-ում. քաղաքականության հենասյո՞ւն, թե՞ զսպող ուժ/ Fiscal Rules in Armenia. A Pillar of Politics or a Restraining Force?

Abstract

In the last decade of the 20th century, a general trend emerged in the process of fiscal policy coordination: the introduction of fiscal rules that aimed at reducing or curbing the budget deficit, reducing public debt, and other goals. All rules had at least one thing in common - building confidence in the implementation of macroeconomic policies. The paper discusses the impact of the application of old and new fiscal rules in Armenia on the process of ensuring deficit and debt stability, the chain economic effect of underperformance of capital expenditures, as well as the consequences of deviations from fiscal rules due to «exceptional cases» in Armenia.