TY - BOOK ID - 138009147 TI - Financial Development and Growth in the Caucasus and Central Asia PY - 2022 SN - 9798400216077 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Kazakhstan, Republic of KW - Macroeconomics KW - Economics: General KW - Finance: General KW - Statistics KW - General Financial Markets: General (includes Measurement and Data) KW - Financial Institutions and Services: General KW - Measurement of Economic Growth KW - Aggregate Productivity KW - Cross-Country Output Convergence KW - Financial Markets and the Macroeconomy KW - Data Collection and Data Estimation Methodology KW - Computer Programs: Other KW - Economic & financial crises & disasters KW - Economics of specific sectors KW - Finance KW - Econometrics & economic statistics KW - Financial sector development KW - Financial markets KW - Stock markets KW - Financial statistics KW - Economic and financial statistics KW - Currency crises KW - Informal sector KW - Economics KW - Financial services industry KW - Stock exchanges UR - https://www.unicat.be/uniCat?func=search&query=sysid:138009147 AB - 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. ER -