Cover Departmental Papers
The Caucasus and Central Asia: Transitioning to Emerging Markets
Author: International Monetary Fund. Middle East and Central Asia Dept.
Series:
Departmental Papers
Volume/Issue:
Volume 2014: Issue 003
Language:
English
Publication Date:
10 Apr 2014
DOI:
https://doi.org/10.5089/9781484305140.087
ISBN:
9781484305140
ISSN:
2616-5333
Pages:
87
Keywords:
CCA country; monetary policy; financial system; exchange rate; transmission mechanism; emerging market; natural resource; CCA IMF country team recommendation; banking sector; Financial sector; Infrastructure; Emerging and frontier financial markets; Global; Central Asia; East Asia; Central Asia and the Caucasus; Eastern Europe; Er-CCA country; CCA economy; CCA government; foreign direct investment; Natural resources
Legal-disclaimer:
The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper 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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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 those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.
Cover Departmental Papers
Departmental Papers
ISSN:
2616-5333
Publisher:
International Monetary Fund