Financial support of Eurasia Partnership Foundation in publishing this issue is gratefully acknowledged.

Front Cover

Content

Guest Editor's Note

David Joulfaian

Mher Baghramyan, Vahram Ghushchyan
Implications of Armenian Dram Appreciation for the Competitiveness of Armenian IT, Tourism, and Food Processing Industries

Vahe Heboyan, Lewell F. Gunter
Exchange Rate Dynamics in Armenia

Era Dabla-Norris, Holger Floerkemeier
Bank Efficiency, Market Structure, and Foreign Ownership: What Determines Banking Spreads in Armenia?

Karen Grigorian, Vahram Stepanyan
Productivity and Sources of Enterprise Level Efficiency in Armenia

Manuk Hergnyan, Gagik Gabrielyan, Anna Makaryan
Competitiveness of the Armenian Private Sector: Moving to the Next Stage

Kenneth Fortson, Ester Hakobyan, Anahit Petrosyan, Anu Rangarajan, Rebecca Tunstall
Armenia’s Millennium Challenge Account: Assessing Impacts on Economic Growth and Poverty Reduction in Rural Armenia

Summaries (in Armenian)