Foreign exchange constraint and select developing economies: insights from the Caucasus and Central Asia

Gevorkyan, Aleksandr V.

doi:10.4337/9781800880504.00008

Foreign Exchange Constraint and Developing Economies 2023

DOI: 10.4337/9781800880504.00008

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Foreign exchange constraint and select developing economies: insights from the Caucasus and Central Asia

Aleksandr V. Gevorkyan¹

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2024

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Assessing Banking System Transformation and Financial Sector Reforms in the Post-Socialist Transition Economies

Nakamura

2024

The Oxford Handbook of Post-Socialist Economies

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The transition economies in East Europe and the former Soviet Union had to build a banking system from scratch in difficult economic conditions where the socialist system had left them with nonperforming financial assets and low-productivity physical capital. This chapter evaluates the present reach of banking and financial reform in the transition countries stemming from this situation, focusing on the fundamental role of the financial sector to increase the efficiency of converting mobilized domestic and foreign savings into economic growth. The efficiency was estimated with a Bayesian hierarchical model using data from countries around the world from 1990 to 2021. The results show that both East Europe and the former Soviet Union significantly increased converting efficiency; however, there seems to be room to increase it to increase it even more by further advancing financial reforms. The reliability of the estimation results for the period after 2008 is questionable due to the increased geopolitical tensions in the former Soviet Union countries and the Covid-19 pandemic. It is necessary to monitor the progress of the financial reform further.

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Assessing Banking System Transformation and Financial Sector Reforms in the Post-Socialist Transition Economies

Nakamura

2024

The Oxford Handbook of Post-Socialist Economies

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Exchange Rate Dynamics across Post-Socialist Economies

Dąbrowski

2024

The Oxford Handbook of Post-Socialist Economies

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Exchange rate dynamics reflect a country’s exchange rate regime, which is part of a monetary policy regime and macroeconomic stability. This chapter analyzes exchange rate dynamics in 28 post-socialist economies (PSEs) in Central and Eastern Europe (CEE) and the former Soviet Union (FSU) by analyzing their monetary policy regimes (MPRs) and macroeconomic stabilization policies carried out immediately after the collapse of the economic system based on central planning and dominant role of a state (social) ownership in the early 1990s and in later stages of post-socialist transformation. Particular attention is given to the de facto MPRs (vs. the declared ones), and progress made in introducing the current-account and capital-account convertibility of PSE currencies. Another thread of an analysis concerns macroeconomic stability performance measured by cumulative consumer price and exchange rate changes in 1999–2022.

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Foreign exchange constraint and select developing economies: insights from the Caucasus and Central Asia

Cited by 2 publications

References 26 publications

Assessing Banking System Transformation and Financial Sector Reforms in the Post-Socialist Transition Economies

Assessing Banking System Transformation and Financial Sector Reforms in the Post-Socialist Transition Economies

Exchange Rate Dynamics across Post-Socialist Economies

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