Focus on policy publications

Quasi-Fiscal Deficit in Nonfinancial Enterprises

This paper discusses two ways of evaluating the quasi-fiscal deficit (QFD) and the link between them. It also suggests how to properly account for the QFD when calculating the overall deficit of the public sector.

- by Robert Tchaidze

What You Should and What You Should Not Expect from a Central Bank

The proposed framework for the National Bank of Georgia does not seem to take into account difficulties that central banks in transitional economies face.

- By Robert Tchaidze [September 24, 2008]

The Impact of Russian Sanctions on the Georgian Economy

The most controversial and surprising finding from our study is that the Russian embargo has had no impact on the dynamics of the main macroeconomic aggregates.

- By Eric Livny, Mack Ott, Karine Torosyan [January 22, 2007]

Under-regulation in the Georgian economy

Since 2004, Georgia has been undergoing a rapid liberalization process which is often stated as the main driving force of the recent economic expansion.

- By Eric Livny and Sandro Shelegia [December 8, 2007]