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Middle East and Central Asia > Kyrgyz Republic

You are looking at 1 - 9 of 9 items for :

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Cover IMF Working Papers
Macroprudential Policies, Economic Growth, and Banking Crises
Mohamed Belkhir
,
Samy Ben Naceur
,
Bertrand Candelon
, and
Jean-Charles Wijnandts
Using a sample that covers more than 100 countries over the 2000-2017 period, we assess the impact of macroprudential policies on financial stability. In particular, we examine whether the activation of macroprudential policies is conducive to a lower incidence of systemic banking crises. Our empirical setup is designed to account for the potential direct and indirect effects that macroprudential policies can have on banking crises. We find that while macro-prudential policies exert a direct stabilizing effect, they also have an indirect destabilizing effect, which works through the depressing of economic growth. A Generalized Impulse Response Function analysis of a dynamic system composed of the probability of a banking crisis and economic growth reveals, however, that macroprudential policies have a positive net effect on financial stability (lower likelihood of systemic banking crises).
Keywords:
WP; policy; policy tightening; Macroprudential Policies; Banking crises; Economic Growth; prudential policy; macroprudential policy; crisis probability; macropru-dential policy; crisis index; tools lead; countercyclical policy tool; banking crisis database; policy instrument; policy tool; macropudential policy; Macroprudential policy; Systemic crises; Emerging and frontier financial markets; Global; aggregate mpi
Cover Departmental Papers
Coping with the Global Financial Crisis: Challenges Facing Low-Income Countries
Ms. Stefania Fabrizio
This forthcoming title in the Departmental Paper Series describes the special challenges facing low-income countries as economic growth contracts by an estimated 1.1 percent globally. Coping with the Crisis: Challenges Facing Low-Income Countries provides an assessment of the implications of the financial crisis for low-income countries, evaluates the short-term macroeconomic outlook for these countries, and discusses the policy challenges they face. Chapters cover the outlook for global economic growth and commodity prices, an overview of how low-income countries have been affected, fiscal policy, monetary and exchange rate policy responses, potential external financing needs and how the international community, including the IMF, can help countries meet them. The challenges ahead for low-income countries are delineated, including debt vulnerabilities and the need for countries to develop well-regulated local capital markets and banking systems, as well as enhanced public sector efficiency.
Keywords:
DPPP; DP; Low-income country; financing; debt; fund; financial support; debt distress; foreign direct investment; burden indicator; headline inflation; debt vulnerability; economic growth; targeted financing needs; distress rating; Debt sustainability; Debt sustainability analysis; Commodity prices; Debt burden; Foreign direct investment; Global; Sub-Saharan Africa; Asia and Pacific; Middle East; Western Europe
Cover International Monetary Fund Annual Report 2009
International Monetary Fund Annual Report 2009
Fighting the Global Crisis
International Monetary Fund

Abstract

The IMF's 2009 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2009, which covers the period from May 1, 2008, through April 30, 2009. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2009.

Keywords:
AR; AREA; Fund; country; The Fund; lending; financial crisis; CIS economy; IMF activity; CIS export market; prices of commodity export; IMF headquarters; Budget planning and preparation; Human capital; Poverty reduction strategy; Financial Sector Assessment Program; Global; Africa; Europe
Cover IMF Working Papers
International Reserve Trends in the South Caucasus and Central Asia Region
Mr. Holger Floerkemeier
and
Mariusz A. Sumlinski
In recent years, the South Caucasus and Central Asia countries (CCA-6) have received significant foreign exchange inflows. While a healthy reserve buffer is desirable to selfinsure against external crises, holding international reserves also involves costs. We analyze the adequacy of CCA-6 reserves using widely recognized rules of thumb, and simulate optimal reserve levels applying the Jeanne (2007) model. Both the adequacy measures and the model-based simulations indicate that, with the exception of Tajikistan, CCA-6 reserves had increased to broadly comfortable levels by 2006. More recently, reserve adequacy has been tested in Kazakhstan, which has been affected by the 2007 global liquidity crunch.
Keywords:
WP; reserve; CCA-6; reserve holding
Cover Policy Papers
Report of the Managing Director to the International Monetary and Financial Committee (IMFC) on the IMF's Policy Agenda
International Monetary Fund
NULL
Keywords:
PP; country; The Fund; policy advice; country policy intention document; bullet; Fund arrangement; PRSP process; country circumstances; low-income country; core area; a number of transition country; liquidity position; debt relief; Fund involvement; Fund program; Financial Sector Assessment Program; Anti-money laundering and combating the financing of terrorism (AML/CFT); Poverty reduction strategy; Global
Cover IMF Survey
IMF Survey, Volume 32, Issue 11
International Monetary Fund. External Relations Dept.
Against a background of the continuing effects of the sharp declines in recent years in global equity markets, widening output gaps, and weak business and consumer confidence, concerns about deflation in both industrial and emerging market economies have mounted in recent months. With Japan already suffering from deflation and China and several other Asian economies experiencing deflationary pressures, the worry is that these could deepen and even spread more widely. Panelists at a May 29 IMF Economic Forum assessed the risks and debated appropriate policy responses, using a newly released staff report “Deflation: Determinants, Risks, and Policy Options,” as a springboard. The panel, moderated by Kenneth Rogoff (IMF Economic Counsellor and Director of the Research Department), comprised Laurence Ball (Professor of Economics, Johns Hopkins University), Manmohan S. Kumar (Advisor, IMF Research Department), Vincent Reinhart (Director of Monetary Affairs, U.S. Federal Reserve System Board of Governors), and Kim Schoenholtz (Chief Economist, Citigroup Global Markets). Panelists voiced varying degrees of concern about current risks, but all agreed that the best way to defeat deflation was to prevent it from setting in.
Keywords:
SV; IMF Approves; IMF Concludes; IMF managing director Notifies Executive Board; bank; IMF publication service; anticipating credit events using credit default; risk committee; market volatility; bank closure option; Inflation; Commercial banks; Deflation; Disinflation; Distressed institutions; Global; Middle East; Central and Eastern Europe; Eastern Europe; West Africa; Southeast Asia; Baltics
Cover IMF Working Papers
What Happens After Supervisory Intervention? Considering Bank Closure Options
Mr. Mats A Josefsson
and
Mr. Michael Andrews
Closures have been used to resolve problem banks in many countries in a wide range of economic circumstances, yet banking supervisors frequently defer intervention and closure. Avoiding the costs of disruption is the principal argument in favor of extraordinary measures, such as the use of public funds for recapitalization or forbearance, as alternatives to closing insolvent banks. Well-planned and implemented closure options can preserve essential functions performed by failing banks, mitigating disruption. Extraordinary measures to avoid closure should generally be avoided, but may be used in a systemic crisis to preserve some portion of a widely insolvent banking sector.
Keywords:
WP; problem bank; bank closure; closure option; insolvent bank; intervened bank; loss-making bank; bank supervision; weak banks; bank restructuring; systemic crisis; deposit insurance; bank assets; bank depositor; Distressed institutions; Bank resolution; Systemic crises; Commercial banks; Bank solvency; Eastern Europe; Baltics
Cover IMF Working Papers
The Russian Financial Crisis and its Consequences for Central Asia
Mr. Gonzalo C Pastor Campos
and
Ms. Tatiana Damjanovic
This paper reviews the economic conditions in central Asia at the time of the Russian financial crisis of August 1998; the channels by which the crisis was transmitted to the central Asian region; and the policy responses. The paper concludes that, while real exchange rates of central Asian national currencies vis-à-vis the Russian ruble have returned to their pre-crisis levels following the nominal devaluations that ensued, other indicators of external competitiveness, such as unit labor cost indices, suggest the need for further surveillance in this area. Also, it is not yet clear if full exchange rate flexibility has been established in central Asia despite the protracted and costly exits from the nominal exchange rates in place at the time of the crisis. Finally, the debt-to-GDP ratios in central Asia, which grew rapidly between 1998 and 1999 in the context of large exchange rate adjustments, remain a challenge for the Tajik and Kyrgyz authorities, in particular.
Keywords:
WP; exchange rate; Kazakhstan; Kyrgyzstan; Tajikistan; financial crisis; Russian financial crisis; exchange rate policy; external debt issues; expenditure switching; exchange rate depreciation; export competitiveness problem vis-a-vis Russia; Tajik ruble; exchange rate fixity; exchange rate volatility; competitiveness problem vis-a-vis Russia; Uzbek sum; problem vis-a-vis Russia; exchange rate peg; Tajik government; expenditure switching policy; Exchange rates; Exports; Exchange rate arrangements; Central Asia; Asia and Pacific
Cover Current Account and External Sustainability in the Baltics, Russia, and Other Countries of the Former Soviet Union
Current Account and External Sustainability in the Baltics, Russia, and Other Countries of the Former Soviet Union
Mr. Donal McGettigan

Abstract

Large current account imbalances have been recorded in the Baltics, Russia, and other countries of the former Soviet Union since their independence. Are these current account positions sustainable, reflecting the special circumstances of transition, or are the positions untenable over the longer term? This study attempts to address this important question by first describing recent current account developments in these transition economies. It subsequently focuses on a wide range of external sustainability indicators by drawing on the existing literature, and attempts to assess their potential usefulness in a transiton country context. The indicators examined include real exchange rates, fiscal revenues and expenditures, savings and investment developments, openness measures, growth projections, external debt composition, foreign exchange reserve cover, and various financial sector measures.

Keywords:
OP; deficit; debt; debt stock ratio; GDP ratio; imbalance; current account sustainability; current account position; sustainability indicator; Current account; Current account deficits; Current account balance; Real exchange rates; Baltics