საერთაშორისო სავალუტო ბაზრის ზეგავლენა საქართველოს ეკონომიკაზე

In the PhD thesis we are covering the economic overview and analysis of Georgia in the
years of 2003-2017, which is important in order to identify the necessary aspects for country’s
economic development. As a result of global economic challenges and risks it is crucial to
create, maintain and improve stable macroeconomic environment in Georgia. Number of
European countries are facing problems that are associated with macroeconomic parameters such
as high debt level or high debt budget deficits. Depending on the fact that the Georgian economy
is fully integrated into the world economy, the world economic crisis is directly reflected on
Georgia, which implies that the world’s reduced economic growth will result in reduced demand
for Georgian products.
The actuality of the issue is to highlight the currency volatilities that are due to the
currency fluctuations, which generate an uncertainty in forecasting the amount of money
received from abroad in Georgia. The study analyzes the factors of the exchange rate in different
periods of time, reviews the fundamental factors of exchange rate in short and long term period
of time. In the work, based on the analyzes of Georgian economic structure there is evaluated the
impact of the foreign currency exchange rate on Georgian economy.
In the framework of the dissertation, we have discovered the following findings: based on
the generalization of the analysis of international exchange rate we have revealed the interaction
of currency units and the reasons that cause the currency volatilities; the detailed research is
given for the Georgia’s economic growth, trends, priority directions and the positive and
negative aspects of the exchange rate impact on them; based on the international experience we
have provided the dimensions, measuring methods, determinants and consequences of
dollarization. Using the Vector Autoregression analysis (VAR) there is estimated the impact of
nominal effective exchange rate on the Georgia’s gross domestic product (GDP), inflation and
on real exchange rate; also, based on the impact of different countries’ currency changes on
Georgian economy, recommendations have been given to regulate the problems arising from the
fluctuations of Georgian national currency.