TY  - BOOK
AU  - Pastor,Gonzalo C.
AU  - Damjanovic,Tatiana
AU  - Pastor,Gonzalo C.
TI  - The Russian Financial Crisis and its Consequences for Central Asia
T2  - IMF Working Papers; Working Paper
SN  - 1451858345 :
SN  - 1018-5941
PY  - 2001///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Exchange Rate Flexibility
KW  - imf
KW  - Exchange Rate
KW  - Exchange Rates
KW  - External Debt Issues
KW  - External Debt
KW  - Foreign Exchange
KW  - Kazakhstan
KW  - Kyrgyz Republic
KW  - Kyrgyzstan
KW  - Tajikistan
KW  - Uzbekistan
N2  - 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
UR  - http://elibrary.imf.org/view/IMF001/07304-9781451858341/07304-9781451858341/07304-9781451858341.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451858341
ER  -