Money Demand and Inflation in Belarus [19/03/2001]
Pelipas, I.
This paper analyzes the demand for nominal and real money balances (M2) in Belarus on the basis of the quarterly data for 1992 - 1999. Using cointegration analysis and dynamic equilibrium correction models, well-specified and stable long- and short-run money demand functions is derived, that is somewhat unexpected for unstable transition economy with high degree of the government interventions. On the basis of long-run nominal and real money demand functions the gap between money demand and supply (monetary overhangs) are determined and their correlation with inflation is estimated. Within the framework of short-run dynamic models for nominal and real money balances, the equilibrium correction mechanism and speed of adjustment of the system toward steady-state trajectory are investigated.
Economic Performance of Belarusian Industrial Enterprises: Investments, Soft Budget Constraints, Barter and Financial Crisis [18/03/2001]
Pukovich, S.
This paper discusses financial and economic performance of industrial enterprises in the Republic of Belarus on the basis of the survey of two hundred and twenty two enterprises conducted by the Institute for Privatization and Management in Summer 2001. The efficiency of enterprises activity is evaluated and comparative analysis between different branches and types of enterprises is performed. The problems of using financial resources under soft budget constraints and investment are also considered. Due to the importance of barter and enterprises’ competitiveness, these issues are considered separately. The short characteristic of financial performance of enterprises in the light of their profitability and liquidity is presented.
Some Aspects of Price Regulation and its Improvement in Belarus [17/03/2001]
Rakova, E.
In this paper the numerous negative economic and social consequences of consumer prices’ state regulation in Belarus is analyzed. It is shown that neither consumers, nor producers win from administrative regulation of prices. The set of micro- and macroeconomic measures that restrict consumer prices growth trough the economic methods of regulation is proposed. To create market economy it is necessary to abandon the existing practice of administrative price regulation.
Practical implementation in of methodology and methodic of research organization in management in Ukraine business environment [16/03/2001]
Vlasova, A., Morris T., Tlasti-Shin, A.
First time, the large-scale research of personnel motivation based on foreign methodology within the framework of J. Adams’ “theory of justice” was done in 1999. The research is conducted by International Business Institute (Kiev) and London Business School. The paper presents the short description of some research results on motivation. It also discusses some problems in the course of the research on the Ukrainian enterprises.
Why Economic Reforms Fail in the Soviet System – A Property Rights-Based Approach [15/03/2001]
Winiecki, J.
Why do economic reforms fail in Soviet-type systems despite the obvious interest of ruling groups in improving the performance of their ailing economies? The author applies a property rights-based analysis stressing modes of rent-maximization by ruling groups as a crucial explanatory variable. Party apparatchiks and economic bureaucrats particularly benefit from persistent interference in the economic sphere and consequently are most interested in maintaining the status quo. The author surveys the impact of these motivations on the content of economic reforms, outlines the strategies of counterreformers and predicts the future of reforms in Soviet-type economies.
Welfare Effects of Uzbekistan's Foreign Exchange Regime [14/03/2001]
Rosenberg, C., De Zeeuw, M.
In addition to transferring about 16% of GDP from exporters to importers, Uzbekistan's quasi-fiscal multiple exchange rate regime generates identifiable welfare losses of 2-8% of GDP on import markets and up to 15% on export markets. These excess burdens have increased substantially with the growing difference of reform strategy: (i) welfare losses will decline overproportionally as exchange rates unify; (ii) exchange rate unification should be supplemented by changing the explicit fiscal system; (iii) at a minimum, Uzbekistan would benefit from moving to an explicit fiscal regime.
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