Visiting Economists Discuss Government's Dedollarization Plan
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On December 1, ISET hosted two economists of the Asian Development Bank (ADB), George Luarsabishvili (Economist, Georgian Resident Mission, Central and West Asia Department) and Dominik Peschel (Economist, Central and West Asia Department). Mr. Luarsabishvili gave a presentation entitled “The foreign exchange rate’s impact on the balance of payments and the financial sector”, during which he overviewed the effect of the recent currency depreciation to the balance of payment and financial stability of Georgia. In addition, the two guests outlined the effectiveness and timing of the current de-dollarization strategy implemented by the Georgian government.
At the beginning of the presentation, Mr. Luarsabishvili examined linkages between currency depreciation and current account deficit. He claimed that the lari's depreciation should make domestic production more competitive in the foreign market, increase export and improve current account. However, due to high and persistent dollarization, depreciation limits economic growth and aggravates foreign debt servicing. In this fashion, currency depreciation can be contractionary.
ISET Alumnus Awarded PhD from University of Leicester
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Teimuraz Gogsadze, a graduate of ISET's Class of 2011, joined the International Taxation Division of the Tax Policy Department at the Ministry of Finance of Georgia in May 2011. He worked on such interesting projects as the double taxation avoidance agreement and agreements on mutual administrative assistance in customs matters, gaining invaluable experience at the Ministry of Finance. Having spent almost a year at the Ministry and inspired by the experience regarding taxation matters, Teimuraz decided to continue his studies with a PhD program. In April 2012, he joined the PhD program in Economics at the University of Leicester, where his supervisors were Professors Sanjit Dhami and Ali al-Nowaihi.
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