European Parliament Library

The Game of Anchors :, Studying the Causes of Currency Crises in Belarus, Alex Miksjuk, Sam Ouliaris, Mikhail Pranovich

Abstract
Belarus experienced a sequence of currency crises during 2009-2014. Our empirical results, based on a structural econometric model, suggest that the activist wage policy and extensive state program lending (SPL) conflicted with the tightly managed exchange rate regime and suppressed monetary policy transmission. This created conditions for the unusually frequent crises. At the current juncture, refocusing monetary policy from exchange rate to inflation would help to avoid disorderly external adjustments. The government should abandon wage targets and phase out SPL to remove the underlying source of the imbalances and ensure lasting stabilization
Language
eng
Literary Form
non fiction
Physical Description
1 online resource (49 pages), illustrations.
Specific Material Designation
remote
Form Of Item
online
Isbn
9781513559193

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