国际货币基金组织：2024年吉尔吉斯共和国：精选问题报告（英文版）

Utilizing an augmented Phillips Curve framework and a structural VAR approach, the study identifies domestic and external determinants of inflation in the Kyrgyz Republic. It introduces a comprehensive measure of inflation expectations, and finds that global food prices, the exchange rate, and domestic demand play significant roles in shaping the inflation dynamics. In general, excess liquidity and price controls tend to undermine the effectiveness of the interest rate channel of monetary po