Departmental Papers

Macroprudential Policies to Enhance Financial Stability in the Caucasus and Central Asia

ByPadamja Khandelwal, Ezequiel Cabezon, Sanan Mirzayev, Rayah Al-Farah

March 10, 2022

More Formats on IMF eLibrary
Order a Print Copy

Preview Citation

Format: Chicago

Padamja Khandelwal, Ezequiel Cabezon, Sanan Mirzayev, and Rayah Al-Farah. "Macroprudential Policies to Enhance Financial Stability in the Caucasus and Central Asia", Departmental Papers 2022, 006 (2022), accessed 12/5/2025, https://doi.org/10.5089/9798400201240.087

Export Citation

  • ProCite
  • RefWorks
  • Reference Manager
  • BibTex
  • Zotero
  • EndNote

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

Limited economic diversification has made the economies of the Caucasus and Central Asia particularly vulnerable to external shocks. The economies in the region are heavily reliant on oil and mining exports as well as remittances. In some countries, tourism and capital flows also play a prominent role in aggregate economic activity.

Subject: Countercyclical capital buffers, Credit, Credit gaps, Financial regulation and supervision, Financial sector policy and analysis, Macroprudential policy, Macroprudential policy instruments, Monetary policy, Money

Keywords: banking sector crisis, CCA contribution, CCA country, CCA economy, Central Asia and the Caucasus, Countercyclical capital buffers, Credit, credit cycle analysis methodology, credit cycles, credit downturn, Credit gaps, economies of the Caucasus and Central Asia, Financial risks, financial supervision and regulation, macroprudential policy, Macroprudential policy, Macroprudential policy instruments

You May Also Be Interested In...

Development Committee: The Managing Director's Written Statement

10/20/2025

The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition

10/16/2025

Vietnam: Technical Assistance (TA) on Developing the Forecasting and Policy Analysis System (FPAS) at the State Bank of Vietnam (SBV)

10/9/2025

Nepal: Sixth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Nepal

10/6/2025

Credit where Credit is Due: Fiscal Consolidations, Sovereign Risk and Bank Credit

10/3/2025