Building a Camaraderie of Central Bankers: How Monetary Policymakers in the Caucasus and Central Asia Can Learn From Each Other


By Min Zhu (Versions in 中文, Русский) The world’s central bankers are certainly in the news these days. Not a week goes by without the Fed, the European Central Bank or the Bank of Japan taking big and often unprecedented actions to fight deflation, preserve financial stability, or address mediocre growth. We tend to forget, however, […]

Links and Levers: How the Caucasus and Central Asia Are Tied to Russia


By Alberto Behar (Version in Русский) The countries of the Caucasus and Central Asia (CCA) are closely linked with Russia through trade, financial, and labor market channels. These ties have served the region well in recent years, helping it make significant economic gains when times were good. But how is the region affected when Russia’s […]

Asia’s Seismic Shift: How Can the Financial Sector Serve Better?


By Min Zhu (Versions in  中文, Español) Asia is set to be the powerhouse for growth in the next decade, just as it was in the last one. The size of its economy is expected to expand more rapidly than the other regions of the world, and its share in the world output is expected to […]

When You Move, I Move: Increasing Synchronization Among Asia’s Economies


By Romain Duval (Version in 中文, and 日本語) In recent decades, trade integration within Asia has increased more than in other regions. In valued-added terms, intraregional trade grew on average by over 10 percent a year from 1990 to 2012, twice the pace seen outside of Asia. Likewise, financial integration within the region has started to catch up, […]

Reducing Risks in Asia with Macroprudential Policies


By Edda Zoli (Version in 中文, and 日本語) Booming real estate markets, rapid credit growth and—at least before the Fed’s tapering announcement last year—sustained capital inflows have raised financial stability challenges across many parts of Asia. To address them, policymakers have increasingly made use of macroprudential policies that address the stability of the financial system as a […]

Back to Asia


By Christine Lagarde In a couple of days, I will embark upon a trip to Asia. Every time I visit Asia, I can feel that dynamism and intensity are in the air. It feels like moving forward in time. Hardly surprising as under current trends, developing Asia alone will account for half of global GDP […]

Inclusive and Sustained Growth in Asia: The Role of Fiscal Policy


By Anoop Singh (Versions in 中文 and 日本語) Fiscal management has improved in Asia over the past decade. It has become more responsive to economic conditions and thereby helped stabilize growth, especially during the global financial crisis. While these are important achievements, major challenges still lie ahead—as our latest Asia and Pacific Regional Economic Outlook points out. What are these […]

Emerging Asia: At Risk of the “Middle-Income Trap”?


By Anoop Singh (Versions in 中文 and 日本語) Emerging economies in Asia have weathered the global financial crisis relatively unscathed and appear to be on track for continued strong growth this year and the next. Perhaps because the region has been doing rather well, policymakers’ concerns have increasingly shifted towards medium-term risks: could growth and fast convergence to […]

Imagining If Key Foreign Banks Start Reducing Their Exposure in Asia


Going forward, while the space for a macroeconomic policy response is smaller than it was entering the global financial crisis, Asia’s policymakers still have ample room to react appropriately to a sharp deleveraging of foreign banks arising from a euro area shock. In addition, capital adequacy ratios, which exceed regulatory norms in most economies, and low nonperforming loan ratios, combined with room to offer liquidity support, suggest that relatively healthy local banking systems should also provide a buffer, as they did in the wake of the global financial crisis.

What to Do About Unemployment in the Caucasus and Central Asia


Looking beyond growth rates, one challenge that stands out for the Caucasus and Central Asia region as a whole is to create jobs.

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