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The Russian Financial Crisis and its Consequences for Central Asia

Author/Editor: Pastor, Gonzalo C. | Damjanovic, Tatiana
Authorized for Distribution: October 1, 2001
Electronic Access: Free Full Text (PDF file size is 1,986KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

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.
 
Series: Working Paper No. 01/169
Subject(s): Financial crisis | Russian Federation | Kazakhstan | Kyrgyz Republic | Tajikistan | Turkmenistan | Uzbekistan | Exchange rate policy | External debt
Author's keyword(s): Russian financial crisis | exchange rate policy | external debt issues
 
English  
    Published:   October 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1692001   Pages:   44
    Price:   US$15.00
       
     
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