Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others Poor [04/04/2003]
Olson, M.
The Speed of Adjustment and the Sequencing of Economic Reforms: Issues and Guidelines for Policymakers [03/04/2003]
Nsouli, S., Rached, M., Funke, N.
This paper reviews the issues involved in determining the appropriate speed of adjustment and the sequencing of economic reforms, focusing on considerations relevant to policymakers. It points out that the debate between the protagonists of a high-speed approach and those favoring a gradualist approach is based primarily on the weights given to adjustment costs, policy credibility, reform feasibility, and risk assessment. It underscores the importance of appropriate sequencing and the impact of sequencing on the speed of adjustment and reforms. The paper concludes by highlighting factors that policymakers should consider when selecting their approach toward speed and sequencing.
How to Measure the Readiness of a Country to the Network Economy? [02/04/2003]
Kovalev, M., Kurbatsky, A.
The purpose of this paper is to attract attention of the scientific society to the information and communication technologies, which are important for increasing the countries’ competitiveness. Since the publication of the famous work of Manuel Castells the analysis of information (digital, network, new) economy has shifted from the field of theoretical and conceptual researches to the field of practical work on analysis of the informatisation level of a society in order to give a rating for a country. The Republic of Belarus has just started this work (under the support of the World Bank). So, the authors hope that this review will be useful for the experts and scientists in the field.
Building Bank Rating Using the Methods of Calculation of a Bank Performance’s Aggregate Estimation [01/04/2003]
Ahrameyko, A., Zhelezko, B., Ksenevich, D.
The paper considers the methods of calculation of a bank performance’s aggregate estimation for building bank rating. First, the authors introduce the theoretical basis for building an aggregate estimation of bank performance and for building bank rating. Than, they apply the considered method in practice.
Belarus and Post-Socialist Economies: The Change of Foreign Trade During Transition [31/03/2003]
Yurik, V.
The paper analyses the changes of foreign trade in transition economies of the former Soviet block during transition and reveals the common characteristics of transformation process for the recognised leaders and outsiders of this process. For each country the geographic structure of foreign trade since the beginning of reforms is analysed. Besides, the problems of the foreign trade deficit and the ways of its financing with foreign direct investment as an element of import are considered. The author shows that those countries that determined the strategy of economic reforms and oriented their foreign trade on developed countries have got the necessary investment and the possibilities for rapid growth and development. The other countries, including Belarus, have fallen in the vicious circle of unfinished transformation with its low level of domestic savings and investment, absence of competition, limited inflow of foreign investment, and stagnating economy and foreign trade.
Monetary Unions: Benefits and Costs [30/03/2003]
Kruk, D.
The paper analyses the hypothetical integration of the monetary systems of the Republic of Belarus and the Russia Federation. The relationship between the exchange rate mechanisms and the monetary union and the influence of the monetary union with Russia on the Belarusian economy are considered. The author shows that in the short-run the unification of currencies may lead to the stable balance of payments. In details, qualitatively and econometrically, the paper discusses the balance of payments’ items and their most probable dynamics under the unification of currencies. Using the standard econometric techniques of estimation and cointegration analysis allows the author to conclude that there is an ambiguous relationship between the exchange rate of the Belarusian rouble and indicators of foreign trade. Under the unification of currencies the balance of payments will tend to be stable at the significant negative level.
Common European Economic Area: The Area of Choice or the Choice of Area [29/03/2003]
Novikov, V.
This paper analyses the problems of the Common European Economic Area formation. In particular, the author considers the problems of Russian Federation and European Union (EU) integration, estimates how Russia meets the criteria of accedence to EU, and determines the directions of convergence of their economic policies.
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