Reducing Dollarization in the Caucasus and Central Asia

Reducing Dollarization in the Caucasus and Central Asia
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Volume/Issue: Volume 2022 Issue 154
Publication date: July 2022
ISBN: 9798400216381
$20.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Economics / General , Dollarization , Foreign Currency , Foreign Exchange , FX , Monetary Policy , Central Asia , Caucasus , CCA , , deposit dollarization , De-dollarization policy , credit dollarization , dollarization to a shock , dollarization in the CCA region , Currencies , Credit , De-dollarization , Central Asia and the Caucasus , rates in the Caucasus and Central Asia , dollarization to issuance , Reserve requirements

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Summary

Declining but still high dollarization rates in the Caucasus and Central Asia (CCA) region affect macroeconomic stability, monetary policy transmission, and financial sector development. Although several studies have investigated the dynamics of dollarization in the CCA, the relative roles of macrofinancial policies and financial market development in the de-dollarization process have not yet been assessed empirically. This paper takes stock of de-dollarization efforts and explores the short-term drivers of financial de‐dollarization in the CCA region. It highlights that there remains significant scope to further reduce dollarization through continued progress in strengthening macroeconomic policy frameworks and in developing markets and institutions.

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