How Russia Affects the Neighborhood - Trade, Financial, and Remittance Channels
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Summary:
We test the extent to which growth in the 11 CIS countries (excluding Russia) was associated with developments in Russia, overall, as well as through the trade, financial and remittance channels over the last decade or so. The results point to the continued existence of economic links between the CIS countries and Russia, though these links may have altered since the 1998 crisis. Russia appears to influence regional growth mainly through the remittance channel and somewhat less so through the financial channel. There is a shrinking role of the trade (exports to Russia) channel. Russian growth shocks are associated with sizable effects on Belarus, Kazakhstan, Kyrgyz Republic, Tajikistan, and, to some extent, Georgia.
Series:
Working Paper No. 2009/277
Subject:
Balance of payments Current account Current account balance Foreign exchange Oil prices Prices Real effective exchange rates Remittances
English
Publication Date:
December 1, 2009
ISBN/ISSN:
9781451874228/1018-5941
Stock No:
WPIEA2009277
Pages:
25
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