TATUL MANASERIAN: IN ORDER TO AVOID CONSEQUENCES OF CURRENCY EXCHANGE RATE FLUCTUATION, ARMENIA SHOULD INTEGRATE INTO GLOBAL ECONOMY WITH NATIONAL DRAM
Noyan Tapan
Jan 30, 2008
YEREVAN, JANUARY 30, NOYAN TAPAN. According to Dr. Tatul Manaserian,
the degree and dependence of integration into the world economy is
conditioned by how well-established the given country’s financial
market is. For example, as he stated at the January 30 discussion,
Ukraine is integrated into the global economy and in recent days was
considerably subjected to the impact of the U.S. mortgage crisis. The
Armenian Stock Exchange can respond to this crisis as much as it is
well-established. However, in reality the stock exchange, which is
the "heart" of each country’s economy, does not almost function in
Armenia. The economist explained the negative impact of fluctuations
of exchange rates on the country’s economy by the "nonexistence"
of the Armenian financial market as well.
In order to prevent dram-dollar exchange rate fluctuations, in the
words of T. Manaserian, "we should look ahead" and follow suit of
those countries that integrate into the global economy with their
national currency rather than with dollar or euro. The economist
said that this is a complex process but it is the only way to avoid
consequences of the dollar’s depreciation.