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Mr. Mark A Horton, Hossein Samiei, Mr. Natan P. Epstein, and Mr. Kevin Ross
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.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund. External Relations Dept.
Pour les dernières idées sur le système financier international, la politique monétaire, le développement économique, la lutte contre la pauvreté et d’autres questions importantes, abonnez-vous à Finances & Développement (F&D). Ce trimestriel attrayant présente des analyses approfondies sur ces thèmes et d'autres sujets, rédigées par les membres des services du FMI ainsi que par des experts de renommée internationale. Les articles sont écrits pour les non-spécialistes qui souhaitent enrichir leur compréhension des rouages de l'économie mondiale et des politiques et activités du FMI.
International Monetary Fund. External Relations Dept.
Suscríbase a Finanzas & Desarrollo para mantenerse al día de las últimas corrientes del pensamiento económico en lo que respecta al sistema financiero internacional, la política monetaria, el desarrollo económico, la reducción de la pobreza y otras cuestiones de importancia fundamental. Esta amena revista trimestral ofrece análisis profundos de técnicos del FMI y respetados expertos internacionales sobre estas y otras cuestiones. Los artículos están redactados teniendo en mira al lector no especializado interesado en comprender el funcionamiento de la economía mundial y las políticas y actividades del FMI.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund
Georgia's medium-term economic goals are to reestablish fiscal and external sustainability and reduce poverty. The conduct of monetary policy has remained sound. Fiscal consolidation has been supported by important measures to strengthen public expenditure management and improve fiscal transparency. Measures to combat corruption, restructure the energy sector, and privatize key enterprises must be accelerated in order to underpin faster growth and poverty reduction. Georgia's efforts to restore its solvency will require continued international support, including further concessional lending and external debt rescheduling.
International Monetary Fund

Abstract

This occasional paper provides an overview of the economic reform experiences of the Central Asian states of the former Soviet Union since their independence at the turn of the decade. The choice of countries reflects not only a geographical grouping, but also similarities in the types of transition challenges faced by these countries notwithstanding considerable variations in their sizes, ethnic composition, resource endowments, and economic structures. The paper attempts to identify a number of key macroeconomic and structural areas where the slower reformers in the group might benefit from the experience of the faster reformes.

Mr. Ernesto Hernández-Catá
This paper examines the influence of economic liberalization and monetary growth on inflation during the transition from central plan to market. It concludes that price decontrol had a substantial, one-time effect on the price level but no lasting effect on inflation; that economic liberalization broadly defined may have helped dampen price increases; and that monetary expansion has been the fundamental determinant of inflation in the region. The paper also finds that the intensity of liberalization has been related to geographic proximity to market economies, to the size of the underground economy, and to the degree of political freedom.