The aim of the paper is to analyze the current state of and prospects for the development of corporate governance in Belarus to ensure more effective and wide-scale implementation of the core principles of corporate governance in the state-controlled and the private sectors.

We examine the empirical relationship between the quality of corporate governance practices and economic development in an unbalanced panel of 185 countries covering 2010 through 2015. We find that corporate governance is positively associated with the FDI inflow and market capitalization, and negatively associated with the public sector employment in low-income countries. Our results also suggest that corporate governance is negatively correlated with corruption in the high-income countries. Finally, we establish the unidirectional causality running from corporate governance to economic development, and find no evidence of causal effect of economic development on corporate governance. Therefore, our results suggest that the policy makers should in the first place address the institutional transition of the countries including the implementation of best corporate governance practices to accelerate economic development in developing economies.

The paper analyzes the short-run and long-run effects of imports of intermediate and capital goods on Belarusian economic growth for the period 2005 to 2015 taking into account large upward and downward exchange rate adjustments of Belarusian ruble. The empirical findings from the autoregressive distributed lag regressions indicate that there are negative effects of imports of intermediate goods on economic growth both in the short and long run. Second, contrary to the theory devaluation of the Belarusian ruble negatively influences both GDP growth and imports of intermediate goods in Belarus. Third, the results of Toda–Yamamoto causality test shows that GDP growth Granger causes growth in imports and exports, supporting the hypothesis that trade is more a consequence of the rapid economic growth in Belarus than a cause. Fourth, the findings from forecast error variance decomposition (VDC) confirm results obtained from TY causality test and additionally emphasize that changes in imports in Belarus are mostly driven by changes in exports especially in the long-run. Finally, the findings from VDC also indicate that the main contributor to growth fluctuations are domestic capital investments.

This paper analyses the impact of foreign direct investment (FDI) on economic performance using the Belarusian industrial aggregated panel data over the 2002-2009 period.

This paper empirically investigates the variety of FDI impacts on different sectors using firm level data. In particular, the unique dataset (which represents about 80% of the firms’ population) enables to analyze whether linkages between sectors can explain the difference in the impact of FDI on firm’s productivity as well as spillovers across sectors.

This article investigates the impact of institutional environment on the volumes of private investments in infrastructural sectors in low and middle income countries.