How to De-Dollarize Financial Systems in the Caucasus and Central Asia?

Released on by Mr.Sami Ben Naceur
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  • How to De-Dollarize Financial Systems in the Caucasus and Central Asia? Book Detail

  • Author : Mr.Sami Ben Naceur
  • Release Date : 2015-09-23
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 21
  • ISBN 13 : 1513507273
  • File Size : 53,53 MB
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How to De-Dollarize Financial Systems in the Caucasus and Central Asia? by Mr.Sami Ben Naceur PDF Summary

Book Description: Dollarization rates in the Caucasus and Central Asia (CCA) region are among the highest in the world, with adverse consequences for macroeconomic stability, monetary policy transmission, and financial sector development. Using dynamic panel data models, we find that foreign exchange deposits and loans in the CCA are mainly driven by volatile inflation and exchange rates, low financial depth, and asymmetric exchange rate policies biased toward depreciation. Although there is no unique formula for success, empirical studies and cross-country experiences suggest that credible monetary and exchange rate frameworks, low and stable inflation, and deep domestic financial markets are essential ingredients of any de-dollarization strategy. In implementation, policymakers need to consider proper sequencing of policies, effective communication as well as risks from potential financial disintermediation and instability, and/or capital flight.

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The Caucasus and Central Asia

The Caucasus and Central Asia

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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 ra