Exchange Rate Developments And Policies In The Caucasus And Central Asia

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Exchange Rate Developments and Policies in the Caucasus and Central Asia

Author : Mr.Mark A Horton
Publisher : International Monetary Fund
ISBN 13 : 1513543032
Total Pages : 43 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Exchange Rate Developments and Policies in the Caucasus and Central Asia by : Mr.Mark A Horton

Download or read book Exchange Rate Developments and Policies in the Caucasus and Central Asia written by Mr.Mark A Horton and published by International Monetary Fund. This book was released on 2016-05-16 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries.

Opening Up in the Caucasus and Central Asia

Author : Mr.Peter J Kunzel
Publisher : International Monetary Fund
ISBN 13 : 1484362276
Total Pages : 59 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Opening Up in the Caucasus and Central Asia by : Mr.Peter J Kunzel

Download or read book Opening Up in the Caucasus and Central Asia written by Mr.Peter J Kunzel and published by International Monetary Fund. This book was released on 2018-06-13 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Caucasus and Central Asia (CCA) countries are at an important juncture in their economic transition. Following significant economic progress during the 2000s, recent external shocks have revealed the underlying vulnerabilities of the current growth model. Lower commodity prices, weaker remittances, and slower growth in key trading partners reduced CCA growth, weakened external and fiscal balances, and raised public debt. the financial sector was also hit hard by large foreign exchange losses. while commodity prices have recovered somewhat since late 2014, to boost its economic potential, the region needs to find new growth drivers, diversify away from natural resources, remittances, and public spending, and generate much stronger private sector-led activity.

Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia

Author : Mr. Tigran Poghosyan
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia by : Mr. Tigran Poghosyan

Download or read book Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia written by Mr. Tigran Poghosyan and published by International Monetary Fund. This book was released on 2023-08-28 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amidst a global backdrop of persistent post-COVID inflation and spillovers from Russia’s war in Ukraine, the countries of the Caucasus and Central Asia (CCA) region have faced strong price pressures in recent years. Inflation is estimated to have peaked in early 2023, but still exceeds central bank targets. In particular, core inflation remains stubbornly high reflecting a combination of second-round effects, surges in global energy and food prices, and domestic demand pressures. More broadly, uncertainty and downside risks also weigh on the economic outlook, including due to regional tensions, financial turmoil related to international monetary policy normalization, and a growth slowdown in key trading partners. In this context, CCA countries’ ability to contain inflationary pressures and anchor inflation expectations hinges on the credibility and effectiveness of their monetary policy frameworks. Since gaining independence in the 1990s, countries in the CCA region have made considerable progress in modernizing their monetary policy frameworks. CCA central banks have strengthened their legal frameworks and established broad de-jure independence. Armenia, Georgia, Kazakhstan, the Kyrgyz Republic, and Uzbekistan are transitioning to inflation targeting regimes, while the central banks of Azerbaijan, Tajikistan, and Turkmenistan rely on the exchange rate as an operational target. However, the post-COVID surge in inflation has highlighted the limitations of current frameworks and triggered a fresh policy debate on the need to strengthen monetary policy effectiveness in the CCA. This paper reviews the CCA region’s monetary policy landscape, highlights challenges in monetary policy design and implementation, and identifies areas that warrant strengthening. It draws on original surveys of country authorities, IMF country teams, and the work by Unsal and others (2022). It uses novel empirical work to analyze monetary policy transmission, the link between foreign exchange interventions and exchange rate dynamics, the drivers of financial de-dollarization, and the effects of central bank communication in the CCA.

The Caucasus and Central Asia

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484305140
Total Pages : 87 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis The Caucasus and Central Asia by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book The Caucasus and Central Asia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-04-10 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.

How to De-Dollarize Financial Systems in the Caucasus and Central Asia?

Author : Mr. Sami Ben Naceur
Publisher : International Monetary Fund
ISBN 13 : 1513598341
Total Pages : 21 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis How to De-Dollarize Financial Systems in the Caucasus and Central Asia? by : Mr. Sami Ben Naceur

Download or read book How to De-Dollarize Financial Systems in the Caucasus and Central Asia? written by Mr. Sami Ben Naceur and published by International Monetary Fund. This book was released on 2015-09-23 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dollarization rates in the Caucasus and Central Asia (CCA) region are among the highest in the world, with adverse consequences for macroeconomic stability, monetary policy transmission, and financial sector development. Using dynamic panel data models, we find that foreign exchange deposits and loans in the CCA are mainly driven by volatile inflation and exchange rates, low financial depth, and asymmetric exchange rate policies biased toward depreciation. Although there is no unique formula for success, empirical studies and cross-country experiences suggest that credible monetary and exchange rate frameworks, low and stable inflation, and deep domestic financial markets are essential ingredients of any de-dollarization strategy. In implementation, policymakers need to consider proper sequencing of policies, effective communication as well as risks from potential financial disintermediation and instability, and/or capital flight.

Reducing Dollarization in the Caucasus and Central Asia

Author : Mr. Selim Cakir
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Reducing Dollarization in the Caucasus and Central Asia by : Mr. Selim Cakir

Download or read book Reducing Dollarization in the Caucasus and Central Asia written by Mr. Selim Cakir and published by International Monetary Fund. This book was released on 2022-07-29 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Declining but still high dollarization rates in the Caucasus and Central Asia (CCA) region affect macroeconomic stability, monetary policy transmission, and financial sector development. Although several studies have investigated the dynamics of dollarization in the CCA, the relative roles of macrofinancial policies and financial market development in the de-dollarization process have not yet been assessed empirically. This paper takes stock of de-dollarization efforts and explores the short-term drivers of financial de‐dollarization in the CCA region. It highlights that there remains significant scope to further reduce dollarization through continued progress in strengthening macroeconomic policy frameworks and in developing markets and institutions.

Exchange Rate Pass-Through in the Caucasus and Central Asia

Author : Tigran Poghosyan
Publisher :
ISBN 13 : 9781513552958
Total Pages : 28 pages
Book Rating : 4.5/5 (529 download)

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Book Synopsis Exchange Rate Pass-Through in the Caucasus and Central Asia by : Tigran Poghosyan

Download or read book Exchange Rate Pass-Through in the Caucasus and Central Asia written by Tigran Poghosyan and published by . This book was released on 2020-08-07 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the extent and speed of exchange rate pass-through (ERPT) in seven Caucasus and Central Asia (CCA) countries using monthly data over the January 1995-May 2020 period. The estimations are performed using the local projections method. We find that the average pass-through in the CCA is about 10 percent on impact and about 25 percent after 12 months. There is no evidence of asymmetric ERPT with respect to the size and the sign of exchange rate changes. The pass-through is broadly unchanged in fixed versus floating exchange rate regimes. There has been a downward shift in the speed of ERPT in the aftermath of the global financial crisis as CCA countries have entered a relatively low inflation environment. The pass-through estimates could be used by the CCA monetary authorities for inflation projections. The absence of non-linearities in the pass-through with respect to the exchange rate regime suggests that transition from fixed to floating exchange rate regimes in the region is not likely to impose additional inflationary costs.

Monetary Policy Frameworks and Communication in the Caucasus and Central Asia

Author : Omer Faruk Akbal
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Monetary Policy Frameworks and Communication in the Caucasus and Central Asia by : Omer Faruk Akbal

Download or read book Monetary Policy Frameworks and Communication in the Caucasus and Central Asia written by Omer Faruk Akbal and published by International Monetary Fund. This book was released on 2023-12-08 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in Caucasus and Central Asia (CCA) have been enhancing their monetary policy frameworks in the last decade, and are at different stages of the transition to a type of inflation targeting regimes. This paper documents their progress and the current state of their monetary policy framework, utilizing the IAPOC index developed by Unsal and others (2022) covering Independence and Accountability, Policy and Operational Strategy, and Communications, as well as drawing from central banks’ laws and websites. Additionally, an analysis of press releases from CCA central banks is conducted to evaluate their features, content, and tones. The findings highlight the need for further improvements in the areas of Independence and Accountability, as well as Communications, despite some recent advancements in the latter.

Financial Globalization and Post-communist Georgia

Author : Vladimir Georgievich Papava
Publisher : iUniverse
ISBN 13 : 059530043X
Total Pages : 64 pages
Book Rating : 4.5/5 (953 download)

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Book Synopsis Financial Globalization and Post-communist Georgia by : Vladimir Georgievich Papava

Download or read book Financial Globalization and Post-communist Georgia written by Vladimir Georgievich Papava and published by iUniverse. This book was released on 2003 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most cases the problems caused by financial globalization are identical in various countries, which is why it is especially important to develop some standard solutions. Nevertheless, it is also doubtless that economic "recipes" for "small" and "big" countries can be different and it would be a mistake to apply only a uniform approach to all of them. The book evaluates an international financial system development potential in the context of "corporate crises" started in the USA and a probable impact on international financial markets and business activities. With the introduction of the Euro, a "new three-pole world currency system" was established. In this connection, two quite sensational forecasts made during the last two years regarding the collapse of the US Dollar are analyzed. These forecasts make a pretty "gloomy picture" of the future of both the US Dollar and the international monetary system. The book draw reader's attention to global exchange rate instability and its implications for Georgia. It is demonstrated that as a small economy, Georgia cannot have any substantial influence on global economic developments; however, if it succeeds to pursue more-or-less reasonable economic policy, it may generate some positive results, or at least minimize negative ones.

Opening Up in the Caucasus and Central Asia

Author : Mr.Peter J Kunzel
Publisher : International Monetary Fund
ISBN 13 : 1484358171
Total Pages : 59 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Opening Up in the Caucasus and Central Asia by : Mr.Peter J Kunzel

Building Resilient Banking Sectors in the Caucasus and Central Asia

Author : MissMercedes Vera Martin
Publisher : International Monetary Fund
ISBN 13 : 148436077X
Total Pages : 49 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Building Resilient Banking Sectors in the Caucasus and Central Asia by : MissMercedes Vera Martin

Download or read book Building Resilient Banking Sectors in the Caucasus and Central Asia written by MissMercedes Vera Martin and published by International Monetary Fund. This book was released on 2018-07-06 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: External shocks since 2014—lower oil prices and slower growth in key trading partners—have put financial sectors, mainly banks, in the eight Caucasus and Central Asia (CCA) countries under increased stress. Even before the shocks, CCA banking sectors were not at full strength. Asset quality was generally weak, due in part to shortcomings in regulation, supervision, and governance. The economies were highly dollarized. Business practices were affected by lack of competition and, in most countries, connected lending, which undermined banking sector health. Shortcomings in financial regulation and supervision allowed the unsound banking practices to remain unaddressed. The external shocks exacerbated in these underlying vulnerabilities. Strains in CCA banking sectors intensified as liquidity tightened, asset quality deteriorated, and banks became undercapitalized. These challenges have required public intervention in some cases.

Building Resilient Banking Sectors in the Caucasus and Central Asia

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484366336
Total Pages : 49 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Building Resilient Banking Sectors in the Caucasus and Central Asia by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Building Resilient Banking Sectors in the Caucasus and Central Asia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2018-07-06 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: External shocks since 2014—lower oil prices and slower growth in key trading partners—have put financial sectors, mainly banks, in the eight Caucasus and Central Asia (CCA) countries under increased stress. Even before the shocks, CCA banking sectors were not at full strength. Asset quality was generally weak, due in part to shortcomings in regulation, supervision, and governance. The economies were highly dollarized. Business practices were affected by lack of competition and, in most countries, connected lending, which undermined banking sector health. Shortcomings in financial regulation and supervision allowed the unsound banking practices to remain unaddressed. The external shocks exacerbated in these underlying vulnerabilities. Strains in CCA banking sectors intensified as liquidity tightened, asset quality deteriorated, and banks became undercapitalized. These challenges have required public intervention in some cases.

The Caucasus and Central Asia: Transitioning to Emerging Markets

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 : 1475515340
Total Pages : 84 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The Caucasus and Central Asia: Transitioning to Emerging Markets by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book The Caucasus and Central Asia: Transitioning to Emerging Markets written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-04-10 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.

Competitiveness and Private Sector Development Enhancing Competitiveness in Central Asia

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264288139
Total Pages : 200 pages
Book Rating : 4.2/5 (642 download)

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Book Synopsis Competitiveness and Private Sector Development Enhancing Competitiveness in Central Asia by : OECD

Download or read book Competitiveness and Private Sector Development Enhancing Competitiveness in Central Asia written by OECD and published by OECD Publishing. This book was released on 2018-02-26 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan have recorded impressive economic growth rates since 2000, driven mainly by the export of commodities and labour.

The Central Asian Economies in the Twenty-First Century

Author : Richard Pomfret
Publisher : Princeton University Press
ISBN 13 : 0691182213
Total Pages : 328 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Central Asian Economies in the Twenty-First Century by : Richard Pomfret

Download or read book The Central Asian Economies in the Twenty-First Century written by Richard Pomfret and published by Princeton University Press. This book was released on 2019-01-15 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: 4.5. The 2007-8 Banking Crisis, Resource Nationalism, and Samruk-Kazyna -- 4.6. Kazakhstan 2050 -- 4.7. Conclusions -- 5. Uzbekistan -- 5.1. The Uzbek Paradox, 1991-96 -- 5.2. The Reintroduction of Exchange Controls, 1996-2003 -- 5.3. Economic Reform and Social Unrest -- 5.4. Responding to Crisis and Facing New Challenges in 2014-16 -- 5.5. The Karimov Era in Retrospect -- 5.6. Prospects for the Mirziyoyev Era -- 6. Turkmenistan -- 6.1. The Turkmenistan Economic Model -- 6.2. External Relations -- 6.3. Economic Performance, 1991-2006 -- 6.4. Natural Gas: Part One -- 6.5. From Turkmenbashi to Berdymuhamedov -- 6.6. Natural Gas: Part Two -- 6.7. Conclusions -- 7. The Kyrgyz Republic -- 7.1. Creating a Market Economy -- 7.2. Economic Development -- 7.3. Kumtor -- 7.4. Transit Center Manas -- 7.5. Retail Trade and Value Chains -- 7.6. Migration and Remittances -- 7.7. Economic and Political Developments in 2010 and After -- 7.8. Conclusions -- 8. Tajikistan

Kazakhstan: Accelerating Economic Diversification

Author : Kym Anderson
Publisher : Asian Development Bank
ISBN 13 : 9292612638
Total Pages : 219 pages
Book Rating : 4.2/5 (926 download)

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Book Synopsis Kazakhstan: Accelerating Economic Diversification by : Kym Anderson

Download or read book Kazakhstan: Accelerating Economic Diversification written by Kym Anderson and published by Asian Development Bank. This book was released on 2018-08-01 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kazakhstan has the potential to become an economic leader in Central Asia. Relying on oil and gas alone, however, will not produce the long-run level of growth needed to meet this potential. Reforms geared to improve the business climate, enhance competitiveness, and increase private sector participation are essential. This book examines reforms to accelerate economic diversification in the country. This involves not only modernizing and using public resources in agriculture more efficiently to increase productivity, but also transitioning of manufacturing toward high-potential exports to help the country’s industrial development and create employment opportunities. Upgrading innovation of oilfield services and improving transport and logistics are important to increase participation in the global value chains.

Handbook on Critical Political Economy and Public Policy

Author : Christoph Scherrer
Publisher : Edward Elgar Publishing
ISBN 13 : 1800373783
Total Pages : 520 pages
Book Rating : 4.8/5 (3 download)

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Book Synopsis Handbook on Critical Political Economy and Public Policy by : Christoph Scherrer

Download or read book Handbook on Critical Political Economy and Public Policy written by Christoph Scherrer and published by Edward Elgar Publishing. This book was released on 2023-01-20 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive and stimulating Handbook examines the contribution of political economy to public policy. It provides an overview of several strands of critical political economy, supported by case studies from OECD countries, Latin America, South Africa, and South and East Asia.