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Central Asia: Problems of External Debt and Its Sustainability

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  • Islamov, Bakhtior

Abstract

This paper is 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 used as 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 necessity to deal with external debt through 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 persistent character of external debt to be overcome.

Suggested Citation

  • Islamov, Bakhtior, 2001. "Central Asia: Problems of External Debt and Its Sustainability," Discussion Paper Series a413, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hituec:a413
    Note: Bibliography: p. 36-37, Last Revised in March 2001
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/13828/DP413.pdf
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    References listed on IDEAS

    as
    1. International Monetary Fund, 1998. "Kyrgyz Republic; Recent Economic Developments," IMF Staff Country Reports 98/08, International Monetary Fund.
    2. International Monetary Fund, 1998. "Tajikistan: Recent Economic Developments," IMF Staff Country Reports 1998/016, International Monetary Fund.
    3. Asian Development Bank,, 1999. "Key Indicators of Developing Asian and Pacific Countries: 1999: Volume XXX," OUP Catalogue, Oxford University Press, number 9780195920826.
    4. Mr. Stanley Fischer & Ms. Ratna Sahay, 2000. "The Transition Economies After Ten Years," IMF Working Papers 2000/030, International Monetary Fund.
    5. International Monetary Fund, 1998. "Kazakhstan: Recent Economic Developments," IMF Staff Country Reports 1998/084, International Monetary Fund.
    6. International Monetary Fund, 1999. "Kyrgyz Republic: Recent Economic Developments," IMF Staff Country Reports 1999/031, International Monetary Fund.
    7. Mr. Jeromin Zettelmeyer, 1998. "The Uzbek Growth Puzzle," IMF Working Papers 1998/133, International Monetary Fund.
    8. International Monetary Fund, 1998. "Turkmenistan: Recent Economic Developments," IMF Staff Country Reports 1998/081, International Monetary Fund.
    9. International Monetary Fund, 1998. "Kyrgyz Republic: Recent Economic Developments," IMF Staff Country Reports 1998/008, International Monetary Fund.
    10. Kuboniwa, Masaaki, 1998. "National Income in Postwar Central Asia," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 39(2), pages 67-100, December.
    11. World Bank, 2000. "World Development Indicators 2000," World Bank Publications - Books, The World Bank Group, number 13828, December.
    12. International Monetary Fund, 2000. "Tajikistan: Recent Economic Developments," IMF Staff Country Reports 2000/027, International Monetary Fund.
    13. International Monetary Fund, 1999. "Turkmenistan: Recent Economic Developments," IMF Staff Country Reports 1999/140, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Sadia Shabbir & Hafiz M. Yasin, 2015. "Implications of Public External Debt for Social Spending: A Case Study of Selected Asian Developing Countries," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 20(1), pages 71-103, Jan-June.
    2. Sadia Shabbir & Hafiz M. Yasin, 2015. "Implications of Public External Debt for Social Spending: A Case Study of Selected Asian Developing Countries," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 20(1), pages 71-103, Jan-June.

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    More about this item

    Keywords

    Central Asian Independent States; External Debt; Indebtedness Indicators; Debt Sustainability;
    All these keywords.

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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