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Reducing Dollarization in the Caucasus and Central Asia

2022-07-29 Business & Economics
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Release : 2022-07-29
Genre : Business & Economics
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Book Synopsis Reducing Dollarization in the Caucasus and Central Asia by : Mr. Selim Cakir

Download or read book Reducing Dollarization in the Caucasus and Central Asia written by Mr. Selim Cakir. This book was released on 2022-07-29. Available in PDF, EPUB and Kindle. Book excerpt: Declining but still high dollarization rates in the Caucasus and Central Asia (CCA) region affect macroeconomic stability, monetary policy transmission, and financial sector development. Although several studies have investigated the dynamics of dollarization in the CCA, the relative roles of macrofinancial policies and financial market development in the de-dollarization process have not yet been assessed empirically. This paper takes stock of de-dollarization efforts and explores the short-term drivers of financial de‐dollarization in the CCA region. It highlights that there remains significant scope to further reduce dollarization through continued progress in strengthening macroeconomic policy frameworks and in developing markets and institutions.

How to De-Dollarize Financial Systems in the Caucasus and Central Asia?

2015-09-23 Business & Economics
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Release : 2015-09-23
Genre : Business & Economics
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Book Rating : 273/5 ( reviews)

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Book Synopsis How to De-Dollarize Financial Systems in the Caucasus and Central Asia? by : Mr.Sami Ben Naceur

Download or read book How to De-Dollarize Financial Systems in the Caucasus and Central Asia? written by Mr.Sami Ben Naceur. This book was released on 2015-09-23. Available in PDF, EPUB and Kindle. Book excerpt: Dollarization rates in the Caucasus and Central Asia (CCA) region are among the highest in the world, with adverse consequences for macroeconomic stability, monetary policy transmission, and financial sector development. Using dynamic panel data models, we find that foreign exchange deposits and loans in the CCA are mainly driven by volatile inflation and exchange rates, low financial depth, and asymmetric exchange rate policies biased toward depreciation. Although there is no unique formula for success, empirical studies and cross-country experiences suggest that credible monetary and exchange rate frameworks, low and stable inflation, and deep domestic financial markets are essential ingredients of any de-dollarization strategy. In implementation, policymakers need to consider proper sequencing of policies, effective communication as well as risks from potential financial disintermediation and instability, and/or capital flight.

Impact of Remittances on Natural Rate of Dollarization--Trends in Caucasus and Central Asia

2020-09-11
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Release : 2020-09-11
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Book Rating : 536/5 ( reviews)

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Book Synopsis Impact of Remittances on Natural Rate of Dollarization--Trends in Caucasus and Central Asia by : Rocio Gondo

Download or read book Impact of Remittances on Natural Rate of Dollarization--Trends in Caucasus and Central Asia written by Rocio Gondo. This book was released on 2020-09-11. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses migration and remittances trends, and calculates the natural (or benchmark) level of dollarization in Caucasus, Central Asia and others in the region. This natural level of dollarization is conceptually linked to the currency allocation in a portfolio of deposits to maximize welfare, in line with Ize and Levy Yeyati (2003). The fall in remittances due to the economic slowdown since the spread of COVID-19 affects the macroeconomic fundamentals that determine demand for foreign currency deposits. We calculate the natural dollarization level by integrating structural macroeconomic characteristics. We show that despite the reduction in deposit dollarization, there is still a gap with respect to the natural level of dollarization, especially in a scenario of (persistent) lower remittance inflows.

Exchange Rate Developments and Policies in the Caucasus and Central Asia

2016-05-16 Business & Economics
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Release : 2016-05-16
Genre : Business & Economics
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Book Rating : 032/5 ( reviews)

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Book Synopsis Exchange Rate Developments and Policies in the Caucasus and Central Asia by : Mr.Mark A Horton

Download or read book Exchange Rate Developments and Policies in the Caucasus and Central Asia written by Mr.Mark A Horton. This book was released on 2016-05-16. Available in PDF, EPUB and Kindle. Book excerpt: Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries.

The Caucasus and Central Asia

2014-04-10 Business & Economics
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Release : 2014-04-10
Genre : Business & Economics
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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.

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