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on Central and Western Asia |
| By: | Peter J Kunzel; Phil De Imus; Edward R Gemayel; Risto Herrala; Alexei P Kireyev; Farid Talishli |
| Abstract: | The Caucasus and Central Asia (CCA) countries are at an important juncture in their economic transition. Following significant economic progress during the 2000s, recent external shocks have revealed the underlying vulnerabilities of the current growth model. Lower commodity prices, weaker remittances, and slower growth in key trading partners reduced CCA growth, weakened external and fiscal balances, and raised public debt. the financial sector was also hit hard by large foreign exchange losses. while commodity prices have recovered somewhat since late 2014, to boost its economic potential, the region needs to find new growth drivers, diversify away from natural resources, remittances, and public spending, and generate much stronger private sector-led activity. |
| Keywords: | Armenia;Azerbaijan;Economic integration;Economic integration;Georgia;Kazakhstan;Kyrgyz Republic;Middle East;Tajikistan;Trade liberalization;Turkmenistan;Uzbekistan;Central Asia and the Caucasus;Economic integration; Trade liberalization; Macroeconomic Frameworks, Financial Aspects of Economic Integration |
| Date: | 2018–06–13 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfdep:18/07&r=cwa |
| By: | Babych, Yaroslava (Asian Development Bank Institute); Grigolia, Maya (Asian Development Bank Institute); Keshelava, Davit (Asian Development Bank Institute) |
| Abstract: | We provide a comprehensive overview of the current state of financial inclusion and financial literacy in Georgia based on the latest literature, statistical evidence, and recent surveys. We review current government policy initiatives and strategy documents aimed at improving financial access of SMEs and households; analyze the state of the regulatory framework in Georgia; focus on the causes behind the current low levels of financial inclusion and financial literacy among the young, the poor, and the rural population; and provide policy recommendations to comprehensively address the financial inclusion problem in Georgia. |
| Keywords: | economic development; financial stability; financial literacy; financial inclusion; financial education |
| JEL: | G20 G21 G23 G28 |
| Date: | 2018–06–14 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0849&r=cwa |
| By: | Draca, Mirko (University of Warwick); Garred, Jason (University of Ottawa); Stickland, Leanne (National Audit Office, UK GovernmentAuthor-Name: Warrinnier, Nele; Faculty of Economics and Business, KU Leuven) |
| Abstract: | A central premise of current international sanctions policy is targeting, that is, concentrating the impact of sanctions on specific, politically influential groups in the sanctioned country. However, many economic factors make it difficult for senders of sanctions to hit these targets. We offer evidence on the efficacy of targeting in the case of Iran, where sanctions aimed to affect a well-defined set of political entities through their economic interests. Our identification strategy focuses on the process of negotiations for sanctions removal. We find that stock returns of firms owned by targeted political groups and firms unrelated to these groups both react positively to information indicating progress in diplomatic negotiations. However, these effects are significantly larger for firms owned by targeted groups. This evidence suggests that good news about sanctions relief yielded particularly large economic benefits for targeted political entities, consistent with the ‘income targeting’ goal of sanctions policy against Iran.Keywords: JEL Classification: |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:372&r=cwa |
| By: | Morteza Tahamipour; Mina Mahmoudi |
| Abstract: | This study provides the theoretical framework and empirical model for productivity growth evaluations in agricultural sector as one of the most important sectors in Iran's economic development plan. We use the Solow residual model to measure the productivity growth share in the value-added growth of the agricultural sector. Our time series data includes value-added per worker, employment, and capital in this sector. The results show that the average total factor productivity growth rate in the agricultural sector is -0.72% during 1991-2010. Also, during this period, the share of total factor productivity growth in the value-added growth is -19.6%, while it has been forecasted to be 33.8% in the fourth development plan. Considering the effective role of capital in the agricultural low productivity, we suggest applying productivity management plans (especially in regards of capital productivity) to achieve future growth goals. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1806.04235&r=cwa |
| By: | Hiroaki Ogawa (Subregional Office for North and Central Asia, ESCAP) |
| Abstract: | Access to financing is one of the fundamental conditions for individuals and small businesses to be able to invest and become entrepreneurs. Several economies in the Asia-Pacific region, including those in the North and Central Asian subregion, however, lag in facilitating such opportunities for potential entrepreneurs. This situation hampers the private sector’s potential contribution to the development of the country, and impedes the process of inclusive income and wealth creation. It might be tempting to advise countries in North and Central Asia to take advantage of FinTech, and hopefully they should aspire to do so: new advances such as crowdfunding or blockchain technology offer great opportunities and leapfrogging is possible. However, currently most countries in the subregion lack basic infrastructure and essential conditions, such as reliable networks and free Internet, to make such a revolution possible on a massive scale. Hence, Governments should ensure the provision of such infrastructure and promote simpler, better-established technologies, such as mobile payments. Opening the mobile market to experienced foreign companies to provide mobile banking services would be another option with considerable potential. Finally, policymakers should also consider enhancing the Internet so that people really consider it as a trustworthy option to seek investment/financing opportunities. The introduction of frameworks to regulate FinTech, so that investors do not face regulatory uncertainty and feel more empowered to invest, would be welcome. As with other fast-evolving technologies, it would be advisable that they take stock of lessons learned from the experiences of other countries which are ahead of the curve. |
| URL: | http://d.repec.org/n?u=RePEc:unt:pbmpdd:pb77&r=cwa |