The Russian Financial Crisis and its Consequences for Central Asia
AbstractThis 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, while real exchange rates of central Asian national currencies vis-Ã -vis the Russian ruble have returned to their pre-crisis 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 debt-to-GDP ratios 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 01/169.
Date of creation: 01 Oct 2001
Date of revision:
Contact details of provider:
Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
Other versions of this item:
- Gonzalo Pastor & Tatiana Damjanovic, 2003. "The Russian Financial Crisis and Its Consequences for Central Asia," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 39(3), pages 79-104, May.
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.:
- Barry J. Eichengreen & Inci Ã–tker & A. Javier Hamann & Esteban Jadresic & R. B. Johnston & Hugh Bredenkamp & Paul R. Masson, 1998. "Exit Strategies," IMF Occasional Papers 168, International Monetary Fund.
- HÃ©lÃ¨ne Poirson, 2001. "How Do Countries Choose their Exchange Rate Regime?," IMF Working Papers 01/46, International Monetary Fund.
- Collins, Susan M., 1996. "On becoming more flexible: Exchange rate regimes in Latin America and the Caribbean," Journal of Development Economics, Elsevier, Elsevier, vol. 51(1), pages 117-138, October.
- 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.
- Natalia T. Tamirisa, 1999.
"Exchange and Capital Controls as Barriers to Trade,"
IMF Staff Papers,
Palgrave Macmillan, vol. 46(1), pages 4.
- Natalia T. Tamirisa, 1998. "Exchange and Capital Controls As Barriers to Trade," IMF Working Papers 98/81, International Monetary Fund.
- Gloria O. Pasadilla, 2010.
"Financial Crisis, Trade Finance, and SMEs: Case of Central Asia,"
- Pasadilla, Gloria O., 2010. "Financial Crisis, Trade Finance, and SMEs: Case of Central Asia," ADBI Working Papers, Asian Development Bank Institute 187, Asian Development Bank Institute.
- Gloria O. Pasadilla, 2010. "Financial Crisis, Trade Finance, and SMEs : Case of Central Asia," Finance Working Papers 22924, East Asian Bureau of Economic Research.
- Kalyuzhnova, Yelena & Vagliasindi, Maria, 2006. "Capacity utilization of the Kazakhstani firms and the Russian financial crisis: A panel data analysis," Economic Systems, Elsevier, Elsevier, vol. 30(3), pages 231-248, October.
- Arman Mazhikeyev & T.Huw Edwards & Marian Rizov, 2014. "Openness and Isolation: the comparative trade performance of the Former Soviet Central Asian countries," Discussion Paper Series, Department of Economics, Loughborough University 2014_02, Department of Economics, Loughborough University, revised Feb 2014.
- 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.
- Linz, Susan J. & Semykina, Anastasia, 2008. "Attitudes and performance: An analysis of Russian workers," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, Elsevier, vol. 37(2), pages 694-717, April.
- Cevik, Emrah Ismail & Dibooglu, Sel & Kutan, Ali M., 2013. "Measuring financial stress in transition economies," Journal of Financial Stability, Elsevier, Elsevier, vol. 9(4), pages 597-611.
- Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2002. "Two Hundred Years of Contagion," MPRA Paper 13229, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow) or (Hassan Zaidi).
If references are entirely missing, you can add them using this form.