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Mr. Tigran Poghosyan

weights derived from the principal component analysis, reflecting the contribution of each underlying series to the variation in the specific sub-index. Finally, sub-indices are aggregated into sub-components of the financial development index and the financial development index itself using the same procedure. B. Financial Development in the CCA The CCA economies lack diversification and heavily depend on oil and mining exports as well as remittances from migrant workers ( Khandelwal and others, 2022 ). As a result, they are vulnerable to large external shocks

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

CCA. Many CCA countries already implement macroprudential policies, and Chapter 4 documents the institutional frameworks and guidelines that are already in place. The section also draws lessons from countries’ experiences so far and provides policy recommendations to strengthen the use of macroprudential policies in the region. 2. Stylized Features of CCA Economies CCA economies are highly vulnerable to external shocks… CCA economies are heavily reliant on oil and mining exports and remittances ( Figure 1 ). While the CCA oil exporters (CCAOE) are heavily

Mr. Tigran Poghosyan
This paper presents stylized facts on financial development in the CCA countries relative to their EM and LIC peers and assesses how financial development can boost growth in the CCA. Drawing on IMF’s multidimensional index of financial development, we find that CCA countries have made progress following the independence in early 1990s. However, the progress was uneven across the CCA, resulting in a divergence of financial development over time and mixed performance relative to EM and LIC peers. Financial institutions have progressed the most, while financial markets remain underdevelped in most CCA countries except Kazakhstan. In terms of sub-indicators of financial development, financial access has expanded markedly, while the depth of financial intermediation has remained largely shallow and efficiency of financial intermediation has fluctuated over time. Standard growth regressions suggest that CCA countries with relatively lower level of financial development have scope to boost annual growth rates between 0.5-2.5 percent by reaching the level of financial development of frontier CCA countries.
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.
International Monetary Fund. Middle East and Central Asia Dept.

and financial cooperation with the rest of world and within the CCA to create opportunities for economic diversification and structural transformation that will support sustainable growth. Pursue forceful structural reform efforts and major improvements in governance frameworks and institutions to underpin better macro policy frameworks and ensure sustainable growth in the CCA. This paper starts by discussing the growth experience in CCA countries and the vision of how the CCA economies can transform their economies . This is followed by chapters that, for

Mr. Peter J Kunzel, Phil De Imus, Mr. Edward R Gemayel, Risto Herrala, Mr. Alexei P Kireyev, and Farid Talishli
The Caucasus and Central Asia (CCA) countries are at an important juncture in their economic transition. Following significant economic progress during the 2000s, recent external shocks have revealed the underlying vulnerabilities of the current growth model. Lower commodity prices, weaker remittances, and slower growth in key trading partners reduced CCA growth, weakened external and fiscal balances, and raised public debt. the financial sector was also hit hard by large foreign exchange losses. while commodity prices have recovered somewhat since late 2014, to boost its economic potential, the region needs to find new growth drivers, diversify away from natural resources, remittances, and public spending, and generate much stronger private sector-led activity.
International Monetary Fund. Middle East and Central Asia Dept.
The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.