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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

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

in the CCA Figure 14. Banks’ Capital Adequacy Figure 15. Selected Sectoral Tools Figure 16. Relaxation of Regulatory Capital during Crises TABLES Table 1. Duration and Amplitude of Credit Cycles in the CCA, 2001–20 Table 2. Interagency Coordination Groups Table 3. Minimum Regulatory Capital Requirements in the CCA, June 2020 Executive Summary Limited economic diversification has made the economies of the Caucasus and Central Asia (CCA) particularly vulnerable to external shocks. The economies in the region are heavily reliant on oil and

Mr. Holger Floerkemeier and Mariusz A. Sumlinski

I. I ntroduction The economies of the Caucasus and Central Asia 2 (CCA-6) have strengthened significantly after a decade of uncertainty that followed their emergence from the Soviet Union and the turbulence that engulfed them in the aftermath of the Russian crisis of 1998. Growth rates have averaged nearly 10 percent in the last six years. Inflation was in the single digits until recently, 3 debt burdens fell across the board, and international reserves increased from on average 8 percent of GDP at end-1998 to 16 percent of GDP at the end of 2006

Mr. Holger Floerkemeier and Mariusz A. Sumlinski
In recent years, the South Caucasus and Central Asia countries (CCA-6) have received significant foreign exchange inflows. While a healthy reserve buffer is desirable to selfinsure against external crises, holding international reserves also involves costs. We analyze the adequacy of CCA-6 reserves using widely recognized rules of thumb, and simulate optimal reserve levels applying the Jeanne (2007) model. Both the adequacy measures and the model-based simulations indicate that, with the exception of Tajikistan, CCA-6 reserves had increased to broadly comfortable levels by 2006. More recently, reserve adequacy has been tested in Kazakhstan, which has been affected by the 2007 global liquidity crunch.