TY - BOOK ID - 84541263 TI - The Russian Financial Crisis and its Consequences for Central Asia AU - Pastor Campos, Gonzalo. AU - Damjanovic, Tatiana. PY - 2001 SN - 1462379125 1452797617 1282011960 9786613795915 1451903596 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Exports and Imports KW - Financial Risk Management KW - Foreign Exchange KW - Monetary Policy KW - Central Banks and Their Policies KW - Studies of Particular Policy Episodes KW - Financial Crises KW - Trade: General KW - International Lending and Debt Problems KW - Currency KW - Foreign exchange KW - International economics KW - Economic & financial crises & disasters KW - Exchange rates KW - Financial crises KW - Exports KW - External debt KW - Exchange rate arrangements KW - International trade KW - Debts, External KW - Kyrgyz Republic UR - https://www.unicat.be/uniCat?func=search&query=sysid:84541263 AB - This paper reviews the economic conditions in central Asia at the time of the Russian financial crisis of August 1998; the channels by which the crisis was transmitted to the central Asian region; and the policy responses. The paper concludes that, while real exchange rates of central Asian national currencies vis-à-vis the Russian ruble have returned to their pre-crisis levels following the nominal devaluations that ensued, other indicators of external competitiveness, such as unit labor cost indices, suggest the need for further surveillance in this area. Also, it is not yet clear if full exchange rate flexibility has been established in central Asia despite the protracted and costly exits from the nominal exchange rates in place at the time of the crisis. Finally, the debt-to-GDP ratios in central Asia, which grew rapidly between 1998 and 1999 in the context of large exchange rate adjustments, remain a challenge for the Tajik and Kyrgyz authorities, in particular. ER -