02781nam 2200601Ia 450 991081746140332120200520144314.01-4623-4878-51-4527-6829-31-283-51212-21-4519-0959-49786613824578(CKB)3360000000443451(EBL)3014385(SSID)ssj0000942134(PQKBManifestationID)11585702(PQKBTitleCode)TC0000942134(PQKBWorkID)10972098(PQKB)11658094(OCoLC)698585638(IMF)WPIEE2006246(MiAaPQ)EBC3014385(EXLCZ)99336000000044345120060502d2006 uf 0engur|n|---|||||txtccrMonetary transmission mechanisms in Belarus /prepared by Balazs Horvath and Rodolfo Maino1st ed.[Washington, D.C.] International Monetary Fundc20061 online resource (24 p.)IMF working paper ;WP/06/246"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 paper ;WP/06/246.Monetary policyBelarusMathematical modelsMoney supplyBelarusMathematical modelsMonetary policyMathematical models.Money supplyMathematical models.Horvath Balazs0Maino Rodolfo1961-1623199MiAaPQMiAaPQMiAaPQBOOK9910817461403321Monetary Transmission Mechanisms in Belarus4073570UNINA