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How Russia Affects the Neighborhood - Trade, Financial, and Remittance Channels
Author:
Jaime Espinosa-Bowen
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,
Mr. Nadeem Ilahi
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, and
Fahad Alturki
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Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 277
Language:
English
Publication Date:
01 Dec 2009
DOI:
https://doi.org/10.5089/9781451874228.001
ISBN:
9781451874228
ISSN:
1018-5941
Pages:
25
Keywords:
WP; CIS country; Russia; country; CIS GDP; CIS growth variation; CIS countries' export; remittance channel; remittances from Russia; Remittances; Real effective exchange rates; Current account balance; Oil prices; Current account; Europe; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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We test the extent to which growth in the 11 CIS countries (excluding Russia) was associated with developments in Russia, overall, as well as through the trade, financial and remittance channels over the last decade or so. The results point to the continued existence of economic links between the CIS countries and Russia, though these links may have altered since the 1998 crisis. Russia appears to influence regional growth mainly through the remittance channel and somewhat less so through the financial channel. There is a shrinking role of the trade (exports to Russia) channel. Russian growth shocks are associated with sizable effects on Belarus, Kazakhstan, Kyrgyz Republic, Tajikistan, and, to some extent, Georgia.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund