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The Caucasus and Central Asia: Transitioning to Emerging Markets »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
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 th...

Chapter 6. CCA Fiscal Policy and Fiscal Frameworks »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
The fiscal situation and fiscal institutions of CCA countries improved substantially over the last 20 years, although fiscal and public debt positions deteriorated following the global crisis and in most CCA...

Chapter 1. Introduction »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
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...

Chapter 7. Management of Energy Resource Wealth in the CCA »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
The energy-rich CCA countries (ER-CCA; Azerbaijan, Kazakhstan, and Turkmenistan) have achieved significant improvements in living standards with the development and use of their energy wealth since the break...

Chapter 4. Monetary and Exchange Rate Policy in the CCA: Progress, Challenges, and Policies for the Next Decade »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
Over the past twenty years, CCA countries have made significant progress in strengthening monetary and exchange rate policy frameworks and in securing better policy outcomes—lower inflation and interest rate...

Chapter 8. Policies to Strengthen CCA External Linkages »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
Enhanced economic and financial cooperation with the rest of world and within the CCA offers tremendous opportunities for economic diversification and structural transformation to ensure sustainable growth....

Chapter 9. Structural Reforms and Political Economy30 »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
Ambitious and decisive structural reforms are necessary for a better business environment and strong private-sector-led growth. Throughout their transition, CCA countries have advanced first generation refor...

Chapter 5. The CCA Financial Sector »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
Over the last 20 years, and particularly during the decade that followed their independence, CCA countries put in place the first pillars of a modern financial system, allowing for substantial financial deep...

Chapter 2. The CCA Growth Experience »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
Over the past two decades growth in the CCA region has been strong, but volatile, uneven, and narrowly based. Success in raising income per capita has varied across countries and seems tied to natural resour...

Chapter 3. The Vision for the CCA and How to Realize It »
Source: The Caucasus and Central Asia : Transitioning to Emerging Markets
Series: Departmental Papers / Policy Papers
Author(s): International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2014
ISBN: 9781484305140
Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia
Under current policies, per capita GDP growth in CCA countries will fall short of that achieved in the past two decades. By pursuing ambitious reforms to support higher, more stable, sustainable, and inclusi...