Title The Russian financial crisis and its consequences for Central Asia / Gonzalo Pastor and Tatiana Damjanovic

Published [Washington, D.C.] : International Monetary Fund, European II Dept., ©2001

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Description 1 online resource (41 pages) : illustrations Series IMF working paper, 2227-8885 ; WP/01/169 IMF working paper ; WP/01/169. Summary 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 Bibliography Includes bibliographical references (pages 35-37) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Financial crises -- Russia (Federation) Financial crises -- Asia, Central Contagion (Social psychology) -- Asia, Central Foreign exchange -- Asia, Central Monetary policy -- Asia, Central Debts, External -- Asia, Central Contagion (Social psychology) Debts, External. Economic history. Financial crises. Foreign exchange. Monetary policy. SUBJECT Asia, Central -- Economic conditions -- 1991- http://id.loc.gov/authorities/subjects/sh97004732 Subject Central Asia. Russia (Federation) Form Electronic book Author Damjanovic, Tatiana International Monetary Fund. European II Department. ISBN 1451903596 9781451903591 1462379125 9781462379125 1452797617 9781452797618 1282011960 9781282011960 9786613795915 6613795917

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