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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

D. Liquidity Tools E. Tools to Reduce Risks from Dollarization F. Other Tools G. Response to COVID-19 Crisis Annex 1. The Credit-to-GDP Gap and Credit Cycle Analysis Methodology Annex 2. Systemic Financial Crises in the CCA Annex 3. Macroprudential Tools Deployed in the CCA Countries, June 2020 References BOXES Box 1. Capital Inflow Reversals in CCA Countries Box 2. Macroprudential Response to COVID-19 FIGURES Figure 1. Characteristics of CCA Economies Figure 2. Tourism and Capital Flows in the CCA Figure 3. Banking Sector Indicators