The Russian Financial Crisis and Its Consequences for Central Asia
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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Volume (Year): 39 (2003)
Issue (Month): 3 (May)
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- Gonzalo C Pastor Campos & Tatiana Damjanovic, 2001. "The Russian Financial Crisis and its Consequences for Central Asia," IMF Working Papers 01/169, International Monetary Fund.
- Helene Poirson Ward, 2001. "How Do Countries Choose their Exchange Rate Regime?," IMF Working Papers 01/46, International Monetary Fund.
- Islamov, Bakhtior, 1999. "Central Asian States: On the Way from Autarchic Dependence to Regionl and Global Interdependence," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 40(2), pages 75-96, December.
- Natalia T. Tamirisa, 1999. "Exchange and Capital Controls as Barriers to Trade," IMF Staff Papers, Palgrave Macmillan, vol. 46(1), pages 1-4.
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