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3. Channels of Spillovers to Neighboring Countries

3. Channels of Spillovers to Neighboring Countries »

Source: The Spillover Effects of Russia's Economic Slowdown on Neighboring Countries

Series: Departmental Papers / Policy Papers

Author(s): Ara Stepanyan , Agustin Roitman , Gohar Minasyan , Dragana Ostojic , and Natan Epstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2015

ISBN: 9781513571348

Keywords: External shocks, Russian Federation, Economic growth, Negative spillovers, Regional shocks, Central Asia and the Caucasus, Central and Eastern Europe, Baltics, Regional trade, Remittances

Trade and remittances are the main channels of outward spillovers from Russia on neighboring countries (see Figure 1). Trade channel is particularly prominent in CIS and Baltic countries, given...

The Spillover Effects of Russia's Economic Slowdown on Neighboring Countries

The Spillover Effects of Russia's Economic Slowdown on Neighboring Countries »

Volume: 15

Series: Departmental Papers / Policy Papers

Author(s): Ara Stepanyan , Agustin Roitman , Gohar Minasyan , Dragana Ostojic , and Natan Epstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2015

DOI: http://dx.doi.org/10.5089/9781513571348.087

ISBN: 9781513571348

Keywords: External shocks, Russian Federation, Economic growth, Negative spillovers, Regional shocks, Central Asia and the Caucasus, Central and Eastern Europe, Baltics, Regional trade, Remittances

In the face of sharply lower oil prices and geopolitical tensions and sanctions, economic activity in Russia decelerated in late 2014, resulting in negative spillovers on Commonwealth of Independent States (CIS) a...

2. Developments in Russia

2. Developments in Russia »

Source: The Spillover Effects of Russia's Economic Slowdown on Neighboring Countries

Series: Departmental Papers / Policy Papers

Author(s): Ara Stepanyan , Agustin Roitman , Gohar Minasyan , Dragana Ostojic , and Natan Epstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2015

ISBN: 9781513571348

Keywords: External shocks, Russian Federation, Economic growth, Negative spillovers, Regional shocks, Central Asia and the Caucasus, Central and Eastern Europe, Baltics, Regional trade, Remittances

In 2014 the Russian economy was hit by sanctions and rapidly falling oil prices. These shocks led to significant balance of payment pressures with a surge in capital outflows and depreciating ex...

IMF Executive Board Approves US$178.7 million Arrangements Under the Extended Fund Facility and the Extended Credit Facility for the Republic of Moldova

IMF Executive Board Approves US$178.7 million Arrangements Under the Extended Fund Facility and the Extended Credit Facility for the Republic of Moldova »

Source: Republic of Moldova : Request for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Volume/Issue: 2016/343

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 November 2016

ISBN: 9781475552096

Keywords: Staff Reports, Press releases, Monetary policy, Letters of Intent, Moldova, Fiscal policy, Extended arrangement requests, Extended Credit Facility, Extended Fund Facility, Europe

The paper examines the nature and scale of spillovers to a number of European countries from monetary policies in the euro area and the United States using three different approaches. The analysis focuses on select...

IMF Executive Board Concludes 2014 Article IV Consultation and First Post-Program Monitoring with the Republic of Moldova

IMF Executive Board Concludes 2014 Article IV Consultation and First Post-Program Monitoring with the Republic of Moldova »

Source: Republic of Moldova : Staff Report for the 2014 Article IV Consultation and First Post-Program Monitoring Discussions

Volume/Issue: 2014/190

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 2014

ISBN: 9781498303736

Keywords: budget deficit, fiscal policy, fiscal sustainability, fiscal consolidation, debt service

This paper focuses on Moldova's 2014 Article IV Consultation and First Post-Program Monitoring Discussions. Moldova largely achieved the main objectives of the economic program supported by a combined Extended Cred...

Republic of Moldova
			: Staff Report for the 2014 Article IV Consultation and First Post-Program Monitoring Discussions

Republic of Moldova : Staff Report for the 2014 Article IV Consultation and First Post-Program Monitoring Discussions »

Volume/Issue: 2014/190

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 2014

DOI: http://dx.doi.org/10.5089/9781498303736.002

ISBN: 9781498303736

Keywords: budget deficit, fiscal policy, fiscal sustainability, fiscal consolidation, debt service

This paper focuses on Moldova's 2014 Article IV Consultation and First Post-Program Monitoring Discussions. Moldova largely achieved the main objectives of the economic program supported by a combined Extended Cred...

Republic of Moldova
			: Request for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

Republic of Moldova : Request for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova »

Volume/Issue: 2016/343

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 November 2016

DOI: http://dx.doi.org/10.5089/9781475552096.002

ISBN: 9781475552096

Keywords: Staff Reports, Press releases, Monetary policy, Letters of Intent, Moldova, Fiscal policy, Extended arrangement requests, Extended Credit Facility, Extended Fund Facility, Europe

The paper examines the nature and scale of spillovers to a number of European countries from monetary policies in the euro area and the United States using three different approaches. The analysis focuses on select...

4. Impact So Far on the Affected Countries and Potential Further Shock

4. Impact So Far on the Affected Countries and Potential Further Shock »

Source: The Spillover Effects of Russia's Economic Slowdown on Neighboring Countries

Series: Departmental Papers / Policy Papers

Author(s): Ara Stepanyan , Agustin Roitman , Gohar Minasyan , Dragana Ostojic , and Natan Epstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2015

ISBN: 9781513571348

Keywords: External shocks, Russian Federation, Economic growth, Negative spillovers, Regional shocks, Central Asia and the Caucasus, Central and Eastern Europe, Baltics, Regional trade, Remittances

Given the aforementioned spillover channels and strong historical ties with individual countries, the slowdown in Russia—the largest economy in the region—has adverse effects on neighboring econ...

1. Introduction

1. Introduction »

Source: The Spillover Effects of Russia's Economic Slowdown on Neighboring Countries

Series: Departmental Papers / Policy Papers

Author(s): Ara Stepanyan , Agustin Roitman , Gohar Minasyan , Dragana Ostojic , and Natan Epstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2015

ISBN: 9781513571348

Keywords: External shocks, Russian Federation, Economic growth, Negative spillovers, Regional shocks, Central Asia and the Caucasus, Central and Eastern Europe, Baltics, Regional trade, Remittances

In the face of sharply lower oil prices and geopolitical tensions and sanctions, economic activity in Russia decelerated in late 2014, resulting in negative spillovers on Commonwealth of Indepen...

5. Policy Responses in CIS countries

5. Policy Responses in CIS countries »

Source: The Spillover Effects of Russia's Economic Slowdown on Neighboring Countries

Series: Departmental Papers / Policy Papers

Author(s): Ara Stepanyan , Agustin Roitman , Gohar Minasyan , Dragana Ostojic , and Natan Epstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2015

ISBN: 9781513571348

Keywords: External shocks, Russian Federation, Economic growth, Negative spillovers, Regional shocks, Central Asia and the Caucasus, Central and Eastern Europe, Baltics, Regional trade, Remittances

Policy responses so far have focused on mitigating the immediate consequences of spillovers. Fiscal policies were loosened in addition to allowing automatic stabilizers to work in most countries...