01891cas a2200253 a 4500 AALejournalIMF016412 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513590462 1018-5941 BD-DhAAL BD-DhAAL Ayvazyan, Knarik. Spillovers from Global and Regional Shocks to Armenia / Knarik Ayvazyan, Teresa Daban Sanchez. Washington, D.C. : International Monetary Fund, 2015. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Using a structural vector auto-regression (SVAR) model, this paper examines the size, geographical sources, and transmission channels of global and regional shocks to the Armenian economy. Results show that Armenian economic activity is strongly influenced by global demand shocks and changes in oil prices, yet relatively immune to financial volatility. Transmission takes place through the Russian and EU economies, remittances, and external borrowing. The role of exports and tourism is low. Russia is key in transforming the potentially negative impact of an increase in oil prices into a positive event, through stronger remittances and exports. Services and construction, which depend significantly on remittances and external borrowing, are the most affected by global and regional shocks. Mode of access: Internet Daban Sanchez, Teresa. IMF Working Papers; Working Paper ; No. 2015/241 Full text available on IMF http://elibrary.imf.org/view/journals/001/2015/241/001.2015.issue-241-en.xml IMF e-Library