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

, Publication Services P.O. Box 92780, Washington, DC 20090, U.S.A. T. +(1) 202.623.7430 publications@imf.org IMFbookstore.org elibrary.IMF.org Contents Executive Summary 1. Introduction 2. Stylized Features of CCA Economies 3. Financial Cycles in the CCA and Their Economic Implications A. Credit Gap Analysis B. Credit Cycles Analysis C. Impact on the Economy 4. Using Macroprudential Policies to Support Financial Stability in the CCA A. Institutional Frameworks for Macroprudential Policy B. Macroprudential Tools C. Capital Tools

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

increased from about 12 percent pre-GFC to about 15 percent post-GFC. 5 In much of the CCA (except Azerbaijan and Kazakhstan), the maximum positive and negative credit gaps have been smaller ( Figure 5 ). The larger credit gaps in Azerbaijan and Kazakhstan point to higher credit growth. In 2020, however, positive credit gaps in Georgia and Uzbekistan have risen sharply near or above the average maximum positive credit gap in EMs. B. Credit Cycles Analysis Similar to the credit gap analysis, the credit cycles methodology indicates that CCA countries experienced