Impact Channels of Currency Regulation on Economic Growth: the Case of Armenia


  • Edward M. Sandoyan Director of the Institute of Economics and Business, Russian-Armenian (Slavonic) University, Armenia, Yerevan
  • Mariam A. Voskanyan Head of Economics and Finance Department Russian-Armenian (Slavonic) University, Armenia, Yerevan
  • Ani H. Galstyan Ph.D student of Economics and Finance Department, Russian-Armenian (Slavonic) University, Armenia, Yerevan



currency policy, exchange rate, economic growth, models of the relationship between currency policy and economic growth


The most important result of macroeconomic regulation is to achieve long-term sustainable economic growth. However, often emerging markets prefer short-term objectives at the expense of long-term results, which in the long term, usually, affects the level and quality of life in a country. At the same time, the mechanisms of macroeconomic regulation imply a long-term strategy for economic development, including in the area of monetary policy. Currency regulation in this aspect also plays an important role in ensuring sustainable rates of economic growth. The case of Armenia in terms of the impact of currency policy on economic growth is of particular interest. This article is devoted to the analysis and assessment of the impact channels of currency regulation on the economic growth rates in Armenia over the past decades.


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