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The Russian Financial Crisis and Its Consequences for Central Asia

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Author Info
GONZALO PASTOR
TATIANA DAMJANOVIC

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Abstract

This paper reviews the economic conditions in central Asia at the time of the Russian financial crisis of August 1998, the channels by which the crisis was transmitted to the central Asian region, and the policy responses. The paper concludes that, although real exchange rates of central Asian national currencies vis-à-vis the Russian ruble have returned to their precrisis levels following the nominal devaluations that ensued, other indicators of external competitiveness, such as unit labor cost indices, suggest the need for further surveillance in this area. Also, it is not yet clear if full exchange rate flexibility has been established in central Asia despite the protracted and costly exits from the nominal exchange rates in place at the time of the crisis. Finally, the ratio of debt to GDP in central Asia, which grew rapidly between 1998 and 1999 in the context of large exchange rate adjustments, remain a challenge for the Tajik and Kyrgyz authorities, in particular.

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Publisher Info
Article provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.

Volume (Year): 39 (2003)
Issue (Month): 3 (May)
Pages: 79-104
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Handle: RePEc:mes:emfitr:v:39:y:2003:i:3:p:79-104

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024

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Related research
Keywords: exchange rate policy; external debt issues; Russian financial crisis;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. repec:pal:imfstp:v:46:y:1999:i:1:p:4 is not listed on IDEAS
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  2. Inci Ötker & Hugh Bredenkamp & A. Javier Hamann & Esteban Jadresic & R. B. Johnston & Paul R. Masson & Barry J. Eichengreen, 1998. "Exit Strategies: Policy Options for Countries Seeking Exchange Rate Flexibility," IMF Occasional Papers 168, International Monetary Fund.
  3. Holden, Paul & Holden, Merle & Suss, Esther C, 1979. "The Determinants of Exchange Rate Flexibility: An Empirical Investigation," The Review of Economics and Statistics, MIT Press, vol. 61(3), pages 327-33, August. [Downloadable!] (restricted)
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  1. Susan J. Linz & Anastasia Semykina, 2005. "Attitudes and Performance: An Analysis of Russian Workers," William Davidson Institute Working Papers Series wp758, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  2. Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2002. "Two Hundred Years of Contagion," MPRA Paper 13229, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2009-11-22.

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