The Russian Financial Crisis and its Consequences for Central Asia (original) (raw)
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SSRN Electronic Journal, 2000
ABSTRACT The Central Caucasian economies suffer from the same basic problems as all the other post-Communist countries with the global financial crisis having created some general threats for all of the post-Communist countries of the world. Unlike developed economies, which are exposed to the threat of the zombie-ing of the economy under the conditions of a financial crisis, this threat is even greater for the post-Communist countries owing also to their exposure to the necroeconomy.
Challenges of Globalization Exchange Rate Policies in Central Asian Independent
2000
The paper examines the efiiciency of the different exchange rate policies in cushioning the impacts of external shocks on the Central Asian economies that have adopted varying, radical, and gradual, strategies. It deals with a comparative analysis of negative effects of global and regional financial crises, as well as with peculiarities of interdependence between exchange rates fluctuations and competitiveness of the goods produced in the region for different markets. Special focus is made on the system of multiple exchange rates taking Uzbekistan's experience as an example. The study strongly underlines the necessity of finding particular mix of government and market instruments, radical and gradual steps related to exchange rate policy in each individual state and introducing anti-crisis measures, whenever it is required.
Fìnansi Ukraïni, 2022
Introduction. Th e global pandemic of COVID-19, as well as the armed aggression against Ukraine in 2022, signifi cantly aff ected global trade and gave impetus to research on commodity supply chains. Th e strengthening of national protectionism tendencies requires experts to pay more attention to the fi nancial situation of the countries-trade partners. For Ukraine, in particular, relations with the states of Central Asia-the former Soviet republics-remain important. Problem Statement. Study of the fi nancial systems of the countries of Central Asia in the context of the impact of global and regional factors, taking into account the changes that occurred after the start of the coronavirus pandemic. Purpose. Scientifi c and practical assessment of the current situation of the fi nancial sector of Central Asia countries, taking into account the peculiarities of the internal and external environment. Methods. Comparative (comparative-historical) analysis, qualitative and quantitative, taking into account the geographical, political, socioeconomic specifi cs of each country under consideration. Results. Since gaining independence in 1991, Central Asian countries have been aff ected by a variety of events and currently exhibit signifi cant disparities in terms of GDP and per capita income. Th e situation in each of them is determined both by internal factors inherent in their political and socioeconomic systems, and by the action of global, including geopolitical and historical factors. Th e ability of local banking institutions to meet their external obligations is inversely proportional to the external debt of their countries. Conclusions. Currently, after the start of open armed aggression against Ukraine, based on the available statistical sources, it is impossible to predict further development of the fi nancial sector of the Central Asian countries, in particular due to the threat of direct annexation attempts by the Russian Federation. At the same time, due to the importance of trade and economic relations with these states, there is a need for its further research and monitoring, including using the resources of national academic research institutions.
The Impact of the Global Financial Crisis on the Economic Development in the Eurasian Region
2017
This study presents an empirical analysis of the impact of the global financial crisis on the economic development of the Eurasian region. The region covers fifteen states of the former Soviet Union: Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyz Republic, Latvia, Lithuania, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, Uzbekistan. Emerging economies of estimated countries are highly attractive for foreign investors, who stimulate economic growth in the region. This paper particularly investigates the relationship between economic growth and international capital flows in the Eurasian region before and after the global financial crisis. Panel estimations using annual data for the period 1990-2014 are made applying the Generalized Method of Moments estimation technique for the dynamic panel data, developed by Hansen (1982). Empirical results reveal that the main determinant of the regions’ economic development is FDI inflow. This study finds evid...
Economic Transformation in Central Asia: A Journey of Twenty-five Years
International Studies, 2016
Disintegration of the Soviet state was unanticipated in Central Asia and the new independent states were unprepared. The end of central planning in the late 1980s led to transitional recession and this got worse with the dissolution of the USSR. In this difficult situation, the five countries moved at different paces to stabilize their economies and establish market-based system. During transition era, Central Asian states introduced stabilization and structural reforms in the form of monetary policy, introduction of national currencies, price liberalization, privatization and fiscal reforms. Kazakhstan and Kyrgyzstan lead by introducing various reforms while Uzbekistan and Turkmenistan lagged behind and were slow reformers. Tajikistan was one state that suffered due to internal civil war. These stabilization and structural reforms produced mixed results for Central Asian states. Present study will provide an overview of the journey of 25 years of the five Central Asian states since...
The Impact of the Global Financial Crisis on Political Dynamics in Central Asia
Editor's Note—The following article was written in 1998, before Nursultan Nazarbayev was reelected president of Kazakhstan on 10 January 1999, winning 79.78 percent of the vote. We are including it in this issue, however, because it provides insight into current political and economic developments in Kazakhstan. he financial crises that swept across Asia and Russia in 1998 are reshaping the leadership politics of the former communist countries.
Economic development strategies in Central Asia since 1991
Asian Studies Review, 2001
The economies of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan were all centrally planned during the Soviet era, and followed development strategies determined in Moscow. Since independence in late 1991, despite some similarity in economic structure, they have pursued differing development strategies. The aim of this paper is to describe the different economic policies they have implemented and analyse their outcomes. These five countries had no experience of nationhood before being incorporated into the Russian empire during the eighteenth and nineteenth centuries, and faced the completely unexpected challenges of nation-building when the Soviet Union collapsed during the latter part of 1991. Their economic structures were similar in their emphasis on primary products, although natural resource endowments varied from country to country (Pomfret 1995). The region had been planned as a single unit, or perhaps more accurately as part of the single unit that had been the Soviet economy, and all five countries suffered serious disruption from the replacement of the USSR by fifteen independent countries. Attempts to maintain common economic links by retaining the ruble as a common currency in 1992±93 exacerbated the problem of hyperinflation and were abandoned by the end of 1993. Within these common bounds, the five countries gradually became more distinct from one another as their governments introduced national strategies for transition to market-based economies. Although the inherited political structures were identical, and in four of the countries first secretaries appointed by Mikhail Gorbachev remained in power throughout the 1990s as presidents, the national leaders have adopted surprisingly diverse economic strategies. The Kyrgyz Republic embraced advice from western institutions and advocates of rapid change and, within limits, its president fostered the emergence of the most liberal regime in the region.