Policy Papers

Policy papers - applied research on economics that is practically oriented to form a strategy for promoting economic growth and improving the quality of economic policy in Belarus.
Anastasiya Luzgina|Marc Pilkington| 25.08.2021
Philosophy of Monetary Policy and Fintech in Belarus: Main Trends and Interconnection Through the Prism of Narrative Approach
In the first part of the work, through the philosophical approach, the development of the monetary policy of the National Bank of the Republic of Belarus is considered, including the analysis of the possibilities of transition to the inflation targeting regime, taking into account the study of the narrative approach. In the second part of the study, the authors consider the fintech market of the country, the formation of which was made possible largely due to the developed IT sector.
Anastasia Luzgina| 17.11.2018
Money and monetary funds as economic categories and their relationship with cryptocurrencies
In the article the categories of “money” and “monetary funds” are analyzed and the author’s interpretation of these definitions are given. Taking into account the growing popularity of cryptocurrencies, the author proposes a structure of interrelations of monetary funds, tokens, electronic and virtual money. With the purpose of giving a clearer understanding of the government positions on the issue of the virtual money market development, the article provides examples of operations’ regulations with cryptocurrencies in a number of countries.
Dollarization and De-dollarization: Formulation of Agenda
This policy paper deals with the phenomena of dollarization and prospects of de-dollarization policies in Belarus. During last two decades Belarus has been a highly dollarized economy. Recently, the authorities declared a campaign of de-dollarization, which, however, focuses mainly on de-dollarization of payments. Such a policy is unlikely to become effective.
The Mechanism of Adjustment to Changes in Exchange Rate in Belarus and its Implications for Monetary Policy
This paper aims at visualizing adjustment mechanisms of the Belarusian economy to changes in exchange rate level and providing correspondent policy recommendations.

Anastasia Luzgina| 20.11.2010
The Role of the Guarantor as a Form of Credit Security for Housing Construction
The author examines the role of guarantor as one of the means of securing housing credits as well as the international practice of developing mortgage lending.