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Central Asia: Problems of External Debt and Its Sustainability

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Author Info
Bakhtior Islamov
Abstract

This paper devoted to one of the most urgent problems of Central Asian economies in transition, i.e. external debt and its sustainability within systemic transformation process. On the basis of vast current statistical data the problems of structure and dynamics of external debt are analysed and some policy recommendations are made. Basic transfer equations and two-gap models are proposed as possible tools to measure external debt. The paper attempts to find solutions considering both specific causes of the external debt itself and debt problems via related balance of payments issues. In conlcusion, it emphasized the neccessity to deal with external debt thorugh policies in all spheres of debt management, foreign trade and the flow of international financial resources implemented simultaneously. It proves that only the cumulative effect of all measures will allow the rather complex and persisten character of external debt to be overcome.

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Publisher Info
Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a413.

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Date of creation: Apr 2001
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Handle: RePEc:hit:hituec:a413

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Related research
Keywords: Central Asian Independent States; External Dept; Indebtendness Indicators; Debt Sustainability.;

Find related papers by JEL classification:
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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. J. D. Craig & James McHugh & Harry Snoek & Ron van Rooden & Ivailo Izvorski & Emine Gürgen, 1999. "Economic Reforms in Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan," IMF Occasional Papers 183, International Monetary Fund.
  2. Stanley Fischer & Ratna Sahay, 2000. "The Transition Economies After Ten Years," IMF Working Papers 00/30, International Monetary Fund.
  3. Christoph B. Rosenberg & Maarten de Zeeuw, 2000. "Welfare Effects of Uzbekistan's Foreign Exchange Regime," IMF Working Papers 00/61, International Monetary Fund.
  4. Stanley Fischer & Ratna Sahay, 2000. "The Transition Economies After Ten Years," NBER Working Papers 7664, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Jeromin Zettelmeyer, 1998. "The Uzbek Growth Puzzle," IMF Working Papers 98/133, International Monetary Fund.
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This page was last updated on 2009-12-21.

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