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Middle East and Central Asia > Azerbaijan, Republic of

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Cover IMF Working Papers
Supporting Sustainable Financing and Access to Finance in Armenia
Maria Atamanchuk and Kiichi Tokuoka
In Armenia, both external and domestic financing face challenges. Armenia’s share of inward foreign direct investment (FDI) in private external financing has declined significantly over the past decade. Access to domestic finance in Armenia is also moderate and masks important disparities. Against this background, this paper analyses the determinants of inward FDI and examines the impediments to increasing access to domestic finance. The paper confirms empirically that governance-related structural factors have a significant impact on inward FDI. Similar structural factors, informality and poor accounting practices are reported among major challenges for increasing access to finance for firms in Armenia. This paper finds that to improve financing in Armenia include: implementing structural reforms to improve the business environment, maintaining prudent macroeconomic policies, strengthening financial reporting, and improving financial inclusion through reduced informality in the economy.
Keywords:
Inward FDI; access to finance; financial inclusion; face challenge; sustainable financing; inward foreign direct investment; financing in Armenia; Armenia's share; Foreign direct investment; Business environment; Capital inflows; Loans; Global; Europe; Middle East and Central Asia
Cover IMF Working Papers
Reducing Dollarization in the Caucasus and Central Asia
Mr. Selim Cakir, Maria Atamanchuk, Mazin Al Riyami, Nia Sharashidze, and Nathalie Reyes
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.
Keywords:
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