This 2002 Article IV Consultation highlights that Mongolia’s domestic economic performance was mixed during 2000–01 and in the first half of 2002. The severe winters of 2000–01 took a heavy toll on output and rural incomes. Real GDP growth is officially estimated to have declined to about...

This Selected Issues paper analyzes the main determinants of inflation in Mongolia using empirical tests based on a structural model approach and vector autoregression model, with a view to assessing whether inflation is predominantly affected by commodity prices or by money supply developments....

The economy of Mongolia was extremely affected during the crisis, owing to its dependency on mineral exports and history of procyclical macroeconomic policies. In this study, the ex post evaluation (EPE) of Mongolia’s experience is reviewed. The EPE focused on program design and...

To help economic adjustment in the midst of the global economic crisis, an 18-month Stand-By Arrangement (SBA) was supported by IMF resources. The cause of Mongolia’s crisis in 2008–09 and its resolution and design and outcomes of the program are also discussed. The trigger for Mongolia’s...

Like most transition economies, Bulgaria, Lithuania, and Mongolia suffered severe banking crises, which had to be resolved before growth could resume. The macroeconomic and institutional failings that led to these crises are described, and parallels are drawn with the causes of banking crises in...

This paper discusses key findings of the Fourth Review Under the Stand-By Arrangement for Mongolia. All end-December performance criteria were met, and the indicative limit on the fiscal deficit was met with a comfortable margin. Inflation, after falling rapidly into negative territory for the...

This paper presents the second postprogram monitoring discussions on Mongolia’s economic developments. The Mongolian economy is undergoing a rapid expansion underpinned by strong commodity prices. Macroeconomic policies have been too expansionary, and the economy is overheating. A steady...

This paper describes economic developments in Mongolia during the 1990s. Real GDP growth accelerated to 6 percent in 1995, the second year of positive growth since the transition to a market economy commenced. The main impetus to growth was again provided by the strong performance of...

This paper describes economic developments in Mongolia during the 1990s. Real GDP grew by a robust 6 percent in 1995, but this success proved to be short lived. The sharp improvement in the terms of trade in 1995 boosted incomes and eased the financial constraints of the budget, enterprises, and...