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

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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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.