05047oam 22013934 450 991097247570332120250426110501.0978661382457897814623487871462348785978145276829814527682939781283512121128351212297814519095931451909594(CKB)3360000000443451(EBL)3014385(SSID)ssj0000942134(PQKBManifestationID)11585702(PQKBTitleCode)TC0000942134(PQKBWorkID)10972098(PQKB)11658094(OCoLC)698585638(IMF)WPIEE2006246(MiAaPQ)EBC3014385(IMF)WPIEA2006246WPIEA2006246(EXLCZ)99336000000044345120020129d2006 uf 0engur|n|---|||||txtccrMonetary Transmission Mechanisms in Belarus /Rodolfo Maino, Balázs Horváth1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (24 p.)IMF Working Papers"November 2006".9781451865066 1451865066 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 modelsCreditimfCurrenciesimfCurrencyimfDeflationimfDiffusion ProcessesimfDollarizationimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfExchange ratesimfForeign ExchangeimfForeign exchangeimfGovernment and the Monetary SystemimfInflationimfMacroeconomicsimfMonetary economicsimfMonetary PolicyimfMonetary policyimfMonetary SystemsimfMoney and Monetary PolicyimfMoney MultipliersimfMoney SupplyimfMoneyimfPayment SystemsimfPrice LevelimfPricesimfReal exchange ratesimfRegimesimfStandardsimfState Space ModelsimfTime-Series ModelsimfBelarus, Republic ofimfMonetary policyMathematical models.Money supplyMathematical models.CreditCurrenciesCurrencyDeflationDiffusion ProcessesDollarizationDynamic Quantile RegressionsDynamic Treatment Effect ModelsExchange ratesForeign ExchangeForeign exchangeGovernment and the Monetary SystemInflationMacroeconomicsMonetary economicsMonetary PolicyMonetary policyMonetary SystemsMoney and Monetary PolicyMoney MultipliersMoney SupplyMoneyPayment SystemsPrice LevelPricesReal exchange ratesRegimesStandardsState Space ModelsTime-Series ModelsMaino Rodolfo1623199Horváth Balázs1160504DcWaIMFBOOK9910972475703321Monetary Transmission Mechanisms in Belarus4371732UNINA