04828oam 22012974 450 991078841630332120230828232611.01-4623-4878-51-4527-6829-31-283-51212-21-4519-0959-49786613824578(CKB)3360000000443451(EBL)3014385(SSID)ssj0000942134(PQKBManifestationID)11585702(PQKBTitleCode)TC0000942134(PQKBWorkID)10972098(PQKB)11658094(OCoLC)698585638(MiAaPQ)EBC3014385(IMF)WPIEE2006246(EXLCZ)99336000000044345120020129d2006 uf 0engur|n|---|||||txtccrMonetary Transmission Mechanisms in Belarus /Rodolfo Maino, Balázs HorváthWashington, D.C. :International Monetary Fund,2006.1 online resource (24 p.)IMF Working Papers"November 2006".1-4518-6506-6 Includes bibliographical references.""Contents""; ""I. MONETARY POLICY TRANSMISSION MECHANISM""; ""II. CONSTRAINTS, VULNERABILITIES, AND THE ROAD AHEAD""; ""III. STEPS TOWARD ENHANCING MONETARY POLICY EFFECTIVENESS""; ""REFERENCES""We explore monetary policy transmission by estimating VAR impulse response functions to illustrate the Belarusian economy's response to unexpected changes in policy and exogenous variables. We find a significant exchange rate pass-through to prices, and interest rate policy following, rather than leading, financial market developments. Our estimated monetary policy reaction function shows the central bank striking a balance between real exchange rate stability and containing inflation. We discuss dollarization, administrative interventions, and other features complicating monetary policy transmission, review specific constraints and vulnerabilities, and conclude with observations on possible measures that could raise the effectiveness of monetary policy in Belarus.IMF Working Papers; Working Paper ;No. 2006/246Monetary policyBelarusMathematical modelsMoney supplyBelarusMathematical modelsForeign ExchangeimfInflationimfMoney and Monetary PolicyimfTime-Series ModelsimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfDiffusion ProcessesimfState Space ModelsimfPrice LevelimfDeflationimfMoney SupplyimfCreditimfMoney MultipliersimfMonetary PolicyimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfCurrencyimfForeign exchangeimfMonetary economicsimfMacroeconomicsimfExchange ratesimfReal exchange ratesimfDollarizationimfCurrenciesimfMonetary policyimfPricesimfMoneyimfBelarus, Republic ofimfMonetary policyMathematical models.Money supplyMathematical models.Foreign ExchangeInflationMoney and Monetary PolicyTime-Series ModelsDynamic Quantile RegressionsDynamic Treatment Effect ModelsDiffusion ProcessesState Space ModelsPrice LevelDeflationMoney SupplyCreditMoney MultipliersMonetary PolicyMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsCurrencyForeign exchangeMonetary economicsMacroeconomicsExchange ratesReal exchange ratesDollarizationCurrenciesMonetary policyPricesMoneyMaino Rodolfo1462067Horváth Balázs1160504DcWaIMFBOOK9910788416303321Monetary Transmission Mechanisms in Belarus3802299UNINA