Monetary Transmission Mechanisms in Belarus /

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 th...

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Détails bibliographiques
Auteur principal: Maino, Rodolfo
Autres auteurs: Horvath, Balazs
Format: Revue
Langue:English
Publié: Washington, D.C. : International Monetary Fund, 2006.
Collection:IMF Working Papers; Working Paper ; No. 2006/246
Accès en ligne:Full text available on IMF
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300 |a 1 online resource (22 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a 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. 
538 |a Mode of access: Internet 
700 1 |a Horvath, Balazs. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2006/246 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2006/246/001.2006.issue-246-en.xml  |z IMF e-Library