Working Papers

Working papers - academic research on economy aimed at enhancing the knowledge about economic processes, problems and trends through development of new theories and concepts. The results of these studies are published in leading international journals, as for example SAGE Knowledge, Journal of Economic Development, Research Policy (Science Direct)Baltic Journal of Economics, Eastern Economic Journal and etc.

Exploring SVAR-Based Empirical Measure of Inflation Expectations for Belarus
This paper explores empirical SVAR-based measure of inflation expectations for Belarus.
Measuring fiscal multipliers for the Belarusian economy
This study is devoted to the theoretical concepts of fiscal multipliers and their assessment for the Belarusian economy, in particular the magnitudes of these multipliers for the revenue and spending parts of the budget of Belarus.
The influence of financial stress on economic activity and monetary policy in Belarus
The paper determines episodes of financial stress in Belarus during 2004-2016 period using constructed financial stress index, and offers an analytical framework to evaluate the influence of financial turmoil on Belarus's economy, in particular economic activity and monetary policy. The findings show evidence of two episodes of financial stress and two episodes of recessions in Belarus during studied period. The results from the estimated ARDL models show that high level of financial stress causes the substantial downturn in economic activity of Belarus. Moreover, the results of Toda and Yamamoto causality analysis indicate that higher financial stress in Belarus has led to lower economic activity that caused higher inflation, which in turn led to higher policy rate introduced in order to constrain inflation in Belarus. Finally, from theoretical point of view results also signify that there is no evidence for the support of the conventional wisdom hypothesis in Belarus since 2004. Therefore, price stability is not a sufficient condition to support financial stability in Belarus and should certainly be addressed independently of the objective of price stability of the National Bank of Belarus.
Kiryl Haiduk| 11.03.2013
The Outcome of Directed Lending in Belarus: Mitigating Recession or Dampening Long-Run Growth?
This study analyzes the effects of directed lending upon total factor productivity and GDP growth in Belarus over the period of 2000–2012.
The Impact of Directed Lending on Long-Run Growth in Belarus
The study deals with a specific form of financial repression peculiar to Belarus – a mechanism of directed loans.