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on Central and Western Asia |
| By: | Misner, E.G. |
| Keywords: | Livestock Production/Industries, |
| URL: | http://d.repec.org/n?u=RePEc:ags:cudaeb:184266&r=cwa |
| By: | Asian Development Bank (ADB); (Central and West Asia Department, ADB); ; |
| Abstract: | The Central Asia Regional Economic Cooperation (CAREC) Program is a practical, projectbased, and results-oriented partnership that promotes and facilitates regional cooperation in transport, trade, and energy. CAREC comprises 10 countries: Afghanistan, Azerbaijan, the People’s Republic of China, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. Six multilateral institution partners support the work of the CAREC member ountries: the Asian Development Bank (ADB), European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Programme, and World Bank. ADB serves as the CAREC Secretariat. |
| Keywords: | Central Asia Regional Economic Cooperation, CAREC 2020, Stock-Take of CAREC transport and trade facilitation achievements, global and regional development, refined transport and trade facilitation strategy, implementation action plan, results-based framework, Movement of goods and people, competitive corridor, sustainable, safe, and user-friendly transport, trade networks, road, railway, airport and civil aviation, port and shipping, logistics, public-private partnership, priority investment and technical assistance projects, updated CAREC corridor maps, designated rail corridors, strategic objectives, operational priorities, implementation arrangements, financing plan, corridor changes, resource mobilization, Key results milestones and indicators |
| Date: | 2014–02 |
| URL: | http://d.repec.org/n?u=RePEc:asd:wpaper:rpt146303-3&r=cwa |
| By: | Basak BAYRAMOGLU; Jean-François JACQUES |
| Abstract: | In this study, we investigate whether the trade in fish and fish prod- ucts contributed to the decline of 57 fish species observed from 1996 to 2009 in Turkey. Our aim is to test the theoretical prediction that trade liberalization in the presence of open access resources can lead to a re- duction in harvest at the long-run due to stock depletion. To this end, we carry out an instrumental variable estimation for a panel data model. |
| JEL: | C23 Q22 Q27 Q56 |
| URL: | http://d.repec.org/n?u=RePEc:fsc:fspubl:16&r=cwa |
| By: | International Monetary Fund. Middle East and Central Asia Dept. |
| Keywords: | Poverty Reduction Strategy Papers;Sustainable development;Economic growth;Fiscal policy;Labor markets;Private sector;Fiscal reforms;Banking sector;Energy sector;Agricultural sector;Mining sector;International trade;Kyrgyz Republic; |
| Date: | 2014–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:14/247&r=cwa |
| By: | Olaf Merk; Oguz Bagis |
| Abstract: | This working paper offers an evaluation of the performance of the port of Mersin, an analysis of the impact of the port on its territory and an assessment of policies and governance in this field. It examines port performance over the last decades and identifies the principal factors that have contributed to it. The effect of the ports on economic and environmental questions is studied and quantified where possible. The value added of the port cluster of Mersin is calculated and its interlinkages with other economic sectors in Turkey delineated. The major policies governing the ports are assessed, along with policies governing transport and economic development, the environment and spatial planning. These include measures instituted by the port authorities, as well as by local, regional and national governments. Governance mechanisms at these different levels are described and analysed. Based on the report’s findings, recommendations are proposed with a view to improving port performance and increasing the positive effects of the port of Mersin on its territory. |
| Keywords: | transportation, regional development, ports, input-output, urban growth, regional growth, inter-regional trade |
| JEL: | D57 L91 R11 R12 R15 R41 |
| Date: | 2013–02–20 |
| URL: | http://d.repec.org/n?u=RePEc:oec:govaab:2013/1-en&r=cwa |
| By: | International Monetary Fund. Middle East and Central Asia Dept. |
| Abstract: | KEY ISSUES Context: Solid growth in recent years, supported by high oil prices and output, has boosted living standards. This year, the economy is slowing down, in large part because of weaker domestic and external demand, and regional tensions. Inflation is expected to accelerate temporarily due to the devaluation of the tenge (February 2014). Enhancing the policy architecture and promoting a business environment unencumbered by the state remain key challenges for Kazakhstan to become a dynamic emerging market economy and ensure durable and balanced long-term growth. The recent reappointment of Prime Minister Massimov was accompanied by the authorities’ commitment to speeding up structural reforms. In this context, the government is strengthening its links with the multilateral development banks (MDBs). The May 29 signing of the Eurasian Economic Union (EEU), with Russia and Belarus, is not expected to have near-term economic effects; medium-term effects will depend on how the Union’s rules and regulations will be implemented. Focus of consultation and key recommendations: Amid uncertain external and domestic environments, the consultation focused on policy measures to mitigate shocks and achieve the authorities’ short- and medium-term objectives, in particular: (i) restoring confidence and stability in the post-devaluation environment; (ii) resolving the nonperforming loans (NPL) problem, in line with the recent FSAP recommendations; (iii) bolstering the monetary and fiscal policy frameworks, as recommended last year; and (iv) accelerating structural reforms, including the implementation of industrialization and diversification policies carefully and transparently. Previous consultation: During the 2013 Article IV Consultation, Directors encouraged the authorities to take advantage of the positive outlook to strengthen the macroeconomic policy architecture, including by (i) showing greater determination to addressing the high level of NPLs; (ii) following through on the planned introduction of a new policy interest rate to enhance the transmission mechanism of monetary policy; and (iii) revamping the medium-term fiscal framework through improved coverage and transparency. Since then, the authorities have been more resolute in dealing with the NPL problem. However, progress in strengthening the monetary and fiscal policy frameworks has been slow. |
| Keywords: | Article IV consultation reports;Economic growth;Fiscal policy;Fiscal reforms;Monetary policy;Banking sector;Economic indicators;Debt sustainability analysis;Staff Reports;Press releases;Kazakhstan; |
| Date: | 2014–08–05 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:14/242&r=cwa |
| By: | Konstantin Kazenin (Gaidar Institute for Economic Policy) |
| Abstract: | Land conflicts in 2013 continued to occupy an important position in the socio-economic and political agenda in the North Caucasus. |
| Keywords: | North Caucasus, Dagestan Republic |
| JEL: | R10 R11 R12 R13 R14 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:201&r=cwa |
| By: | Oliver Röhn; Rauf Gönenç; Vincent Koen; Evren Erdoğan Coşar |
| Abstract: | Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process. High consumer price inflation and a wide current account deficit are sources of vulnerability. Even though below-potential growth helps rebalancing and disinflation, these imbalances endure. The financial sector still looks resilient thanks to buffers built up mainly prior to the financial crisis. However, private sector balance sheet risks have gained prominence as leverage increased. Macroeconomic and structural policy levers need to steer a passage between robust but externally unsustainable growth and externally viable but low growth. Monetary policy needs to bring inflation and inflation expectations closer to target. Macroprudential policies could more systematically lean against capital inflows and credit cycles to reduce private sector balance sheet vulnerabilities. The fiscal stance is broadly appropriate, but compliance with a multi-year general government spending ceiling would help avoid pro-cyclical loosening in case of revenue surprises and help boost domestic saving. Overall, policies should help reduce the risk of disruptions in capital flows as monetary policy stimulus is being withdrawn in the United States. Réduire les déséquilibres macroéconomiques en Turquie La Turquie s’est remise rapidement de la crise financière mondiale, qui a toutefois laissé dans son sillage des déséquilibres macroéconomiques importants. Le niveau élevé de l’inflation des prix à la consommation et l’ampleur du déficit de la balance courante sont des points de vulnérabilité. Même si une croissance inférieure à son potentiel contribue au rééquilibrage de l’économie et à la désinflation, les déséquilibres perdurent. Le secteur financier paraît encore résilient, grâce aux volants de sécurité constitués pour l’essentiel avant la crise financière, mais les risques entourant les bilans se sont accrus dans le secteur privé à mesure que l’endettement se développait. Les autorités devraient faire jouer les leviers macroéconomiques et structurels pour trouver une voie entre les deux écueils que constituent une croissance robuste mais non tenable extérieurement et une croissance extérieurement viable mais faible. La politique monétaire devrait permettre de rapprocher l’inflation et les anticipations d’inflation de l’objectif. Les politiques macroprudentielles pourraient être plus systématiquement orientées à contre-courant des entrées de capitaux et des cycles du crédit, pour réduire les vulnérabilités des bilans dans le secteur privé. L’orientation budgétaire est globalement appropriée, mais un plafonnement pluriannuel des dépenses des administrations publiques contribuerait, s’il était respecté, à éviter un assouplissement procyclique en cas de surprise au niveau des recettes ainsi qu’à doper l’épargne intérieure. Globalement, l’action des pouvoirs publics devrait aider à réduire le risque de ruptures dans les flux de capitaux, dans le contexte de l’abandon progressif de la politique de relance monétaire des États-Unis. |
| Keywords: | monetary policy, competitiveness, current account, Turkey, fiscal policy, saving, financial market policy, politique des marchés financiers, politique budgétaire, épargne, politique monétaire, balance courante, Turquie, compétitivité |
| JEL: | E2 E3 E44 E52 E62 F32 F41 G18 O52 |
| Date: | 2014–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1160-en&r=cwa |
| By: | International Monetary Fund. Middle East and Central Asia Dept. |
| Abstract: | KEY ISSUES Context. Georgia’s previous Fund-supported program, which expired in April 2014, met most of its objectives, in particular by reducing Georgia’s external and fiscal imbalances. The program also helped preserve the central bank’s independence after the 2012–13 political transition and strengthened its inflation-targeting framework. However, over time it proved increasingly difficult to reconcile the program’s fiscal objectives with the new government’s policies of increasing social spending, especially after the economy slowed and revenues fell short in 2013. Also, despite the progress achieved under the program, macroeconomic challenges remain. The current account deficit and external debt are high, leaving the economy susceptible to shocks. Strong and inclusive growth is needed to reduce widespread poverty and high unemployment. More recently, the external outlook has worsened, opening up a balance of payments need in 2014. Program and its objectives. To address these challenges, the authorities request a new three-year SDR 100 million (67 percent of quota) Stand-by Arrangement to address an external financing need in 2014 related in part to the realignment of fiscal policies to more social spending. The program will facilitate Georgia’s external adjustment, reduce key macroeconomic vulnerabilities, rebuild policy buffers, and support growth. Program policies. In 2014, the program balances supporting domestic demand with the need to safeguard external stability. To reduce the output gap, fiscal policy provides a measured stimulus, while monetary policy remains accommodative. However, the authorities will tighten policies and allow the exchange rate to adjust if balance of payments pressures were to intensify. From 2015, the fiscal deficit will be reduced to keep public debt low and to create space for countercyclical policies. This consolidation will rely on raising revenue by broadening the tax base and containing current expenditure, while protecting pro-poor spending and public investment. Monetary policy will aim at price stability through improved inflation targeting. The program will seek to rebuild international reserves while encouraging greater exchange rate flexibility. Strengthening of the financial sector will continue, helped by the recommendations of the recent FSAP mission. The program also aims to contain risks from quasi-fiscal activities and support improvements in tax administration, and will complement the authorities’ reforms to strengthen the business environment, improve education and training, create jobs and reduce poverty and inequality. |
| Keywords: | Stand-by arrangement requests;Fiscal policy;Budget deficits;Fiscal risk;Fiscal reforms;Monetary policy;Inflation targeting;Economic indicators;Debt sustainability analysis;Staff Reports;Letters of Intent;Press releases;Georgia; |
| Date: | 2014–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:14/250&r=cwa |
| By: | Elisa Portale; Joeri de Wit |
| Keywords: | Energy - Energy Demand Energy - Energy and Environment Power and Energy Conversion Energy - Energy Production and Transportation Environment - Environment and Energy Efficiency |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:20252&r=cwa |