How Long to Read Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia

How Long Does it Take to Read Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia?

It takes the average reader and 54 minutes to read Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia by Mr. Tigran Poghosyan

Assuming a reading speed of 250 words per minute. Learn more

Description

Amidst a global backdrop of persistent post-COVID inflation and spillovers from Russia’s war in Ukraine, the countries of the Caucasus and Central Asia (CCA) region have faced strong price pressures in recent years. Inflation is estimated to have peaked in early 2023, but still exceeds central bank targets. In particular, core inflation remains stubbornly high reflecting a combination of second-round effects, surges in global energy and food prices, and domestic demand pressures. More broadly, uncertainty and downside risks also weigh on the economic outlook, including due to regional tensions, financial turmoil related to international monetary policy normalization, and a growth slowdown in key trading partners. In this context, CCA countries’ ability to contain inflationary pressures and anchor inflation expectations hinges on the credibility and effectiveness of their monetary policy frameworks. Since gaining independence in the 1990s, countries in the CCA region have made considerable progress in modernizing their monetary policy frameworks. CCA central banks have strengthened their legal frameworks and established broad de-jure independence. Armenia, Georgia, Kazakhstan, the Kyrgyz Republic, and Uzbekistan are transitioning to inflation targeting regimes, while the central banks of Azerbaijan, Tajikistan, and Turkmenistan rely on the exchange rate as an operational target. However, the post-COVID surge in inflation has highlighted the limitations of current frameworks and triggered a fresh policy debate on the need to strengthen monetary policy effectiveness in the CCA. This paper reviews the CCA region’s monetary policy landscape, highlights challenges in monetary policy design and implementation, and identifies areas that warrant strengthening. It draws on original surveys of country authorities, IMF country teams, and the work by Unsal and others (2022). It uses novel empirical work to analyze monetary policy transmission, the link between foreign exchange interventions and exchange rate dynamics, the drivers of financial de-dollarization, and the effects of central bank communication in the CCA.

How long is Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia?

Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia by Mr. Tigran Poghosyan is 54 pages long, and a total of 13,716 words.

This makes it 18% the length of the average book. It also has 17% more words than the average book.

How Long Does it Take to Read Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 14 minutes to read Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia aloud.

What Reading Level is Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia?

Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

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