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A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia

2018-04-10 Business & Economics
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Release : 2018-04-10
Genre : Business & Economics
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Book Rating : 166/5 ( reviews)

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Book Synopsis A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia by : Mr.Edward R Gemayel

Download or read book A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia written by Mr.Edward R Gemayel. This book was released on 2018-04-10. Available in PDF, EPUB and Kindle. Book excerpt: Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency adjustment, has helped the CCA mitigate the impact of the external shocks. However, amid weakening revenues, increased public spending has widened budget deficits, weakened external balances, and increased public debts. Fiscal policy and strengthening fiscal frameworks must play a central role in helping build buffers and ensuring debt sustainability while supporting growth. This requires (1) tightening fiscal policies to reduce deficits to help restore external balance and fiscal sustainability, (2) strengthening tax systems and tax collection and tilting expenditure toward a more productive and growth-enhancing composition, and (3) implementing public financial management reforms and strengthening fiscal institutions, including through fiscal rules.

A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia

2018-04-10 Business & Economics
Download A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia PDF Online Free

Author :
Release : 2018-04-10
Genre : Business & Economics
Kind : eBook
Book Rating : 871/5 ( reviews)

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Book Synopsis A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia by : Mr.Edward R Gemayel

Download or read book A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia written by Mr.Edward R Gemayel. This book was released on 2018-04-10. Available in PDF, EPUB and Kindle. Book excerpt: Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency adjustment, has helped the CCA mitigate the impact of the external shocks. However, amid weakening revenues, increased public spending has widened budget deficits, weakened external balances, and increased public debts. Fiscal policy and strengthening fiscal frameworks must play a central role in helping build buffers and ensuring debt sustainability while supporting growth. This requires (1) tightening fiscal policies to reduce deficits to help restore external balance and fiscal sustainability, (2) strengthening tax systems and tax collection and tilting expenditure toward a more productive and growth-enhancing composition, and (3) implementing public financial management reforms and strengthening fiscal institutions, including through fiscal rules.

Paving the Way to More Resilient, Inclusive, and Greener Economies in the Caucasus and Central Asia

2023-06-08
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Release : 2023-06-08
Genre :
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Paving the Way to More Resilient, Inclusive, and Greener Economies in the Caucasus and Central Asia by : Nikoloz Gigineishvili

Download or read book Paving the Way to More Resilient, Inclusive, and Greener Economies in the Caucasus and Central Asia written by Nikoloz Gigineishvili. This book was released on 2023-06-08. Available in PDF, EPUB and Kindle. Book excerpt: Raising long-term growth and resilience and improving living standards and inclusion are the top economic policy priorities for countries in the Caucasus and Central Asia (CCA). The region responded strongly to the COVID shock, which unavoidably caused a contraction in output and an increase in poverty and inequality. While the region is at the crossroads between the West and the East as it is facing heightened uncertainty due to Russia's war in Ukraine and the rising risk of global fragmentation. Climate change is an additional challenge that could have a significant negative impact on CCA countries in the long term. These challenges, however, also offer an opportunity for the region to develop a new growth model that could strengthen long-term resilience, accelerate income convergence with more advanced country peers, and improve human development and social outcomes. The paper argues that a more market-based allocation of limited resources is needed to channel capital and labor to their most productive use. The private sector needs to become a key driver of economic activity while the state provides a competitive and market-friendly business environment, delivers essential public goods and services, addresses externalities and market failures, and mitigates systemic risks. The state also retains a critical role in mobilizing public support and resources for climate policies and protecting the vulnerable. Well-designed social safety nets play a key role in reducing poverty and inequality and are essential to the new economic growth model to support human capital development and alleviate the impact of structural reforms on the most vulnerable.

The Caucasus and Central Asia

2014-04-10 Business & Economics
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Release : 2014-04-10
Genre : Business & Economics
Kind : eBook
Book Rating : 140/5 ( reviews)

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Book Synopsis The Caucasus and Central Asia by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book The Caucasus and Central Asia written by International Monetary Fund. Middle East and Central Asia Dept.. This book was released on 2014-04-10. Available in PDF, EPUB and Kindle. Book excerpt: The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.

Building Resilient Banking Sectors in the Caucasus and Central Asia

2018-07-06 Business & Economics
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Release : 2018-07-06
Genre : Business & Economics
Kind : eBook
Book Rating : 336/5 ( reviews)

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Book Synopsis Building Resilient Banking Sectors in the Caucasus and Central Asia by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Building Resilient Banking Sectors in the Caucasus and Central Asia written by International Monetary Fund. Middle East and Central Asia Dept.. This book was released on 2018-07-06. Available in PDF, EPUB and Kindle. Book excerpt: External shocks since 2014—lower oil prices and slower growth in key trading partners—have put financial sectors, mainly banks, in the eight Caucasus and Central Asia (CCA) countries under increased stress. Even before the shocks, CCA banking sectors were not at full strength. Asset quality was generally weak, due in part to shortcomings in regulation, supervision, and governance. The economies were highly dollarized. Business practices were affected by lack of competition and, in most countries, connected lending, which undermined banking sector health. Shortcomings in financial regulation and supervision allowed the unsound banking practices to remain unaddressed. The external shocks exacerbated in these underlying vulnerabilities. Strains in CCA banking sectors intensified as liquidity tightened, asset quality deteriorated, and banks became undercapitalized. These challenges have required public intervention in some cases.

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