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

Author: Padamja Khandelwal, Ezequiel Cabezon, Mr. Sanan Mirzayev, and Rayah Al-Farah

This paper examines the case for, and experience with, macroprudential tools in the region and suggests recommendations to improve their effectiveness, including in the context of the coronavirus shock.

Volume/Issue: Volume 2022 Issue 006

Publication date: March 2022

ISBN: 9798400201240

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Topics covered in this book

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Banks and Banking , Finance , Economics- Macroeconomics , Money and Monetary Policy , Financial risks , financial supervision and regulation , macroprudential policy , credit cycles , CCA country , CCA economy , CCA contribution , economies of the Caucasus and Central Asia , credit downturn , banking sector crisis , credit cycle analysis methodology , Macroprudential policy , Credit , Credit gaps , Countercyclical capital buffers , Macroprudential policy instruments , Central Asia and the Caucasus

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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.