2003

PP/10/03 Shifting Belarus’ Agricultural Policy towards Measures Envisaged by the Green Box (PDF/51Kb) [30/12/2003]
Babicki, D., von Cramon-Taubadel, S.

Many policy-makers are concerned that Belarus’ accession to the WTO will limit its ability to support the agricultural sector. This is not true for the some reasons. The WTO restricts measures that distort production and/or trade (so-called Red and Yellow Box measures), while measures attributed to the Green Box are not subject to elimination or reduction commitments.

PP/09/03 Personal Income Tax Reform in Belarus (PDF/75Kb) [24/12/2003]
Valevich, Y., Bach, S.

Personal income tax is one of the most important elements of fiscal system of the state. In many countries it provides a considerable part of government revenues. Besides, this tax may have a progressive character that ensures possibilities for a certain redistribution of incomes. Such a role of personal income tax largely depends on its structure. This refers to the tax base, tax rates, and tax administration issues.

PP/08/03 First-Time Sovereign Bond Issues: A Conceptual Framework (PDF/139Kb) [23/12/2003]

Availability of adequate financial resources, whether provided by domestic or external sources, is a key requirement for a rapid economic development of every emerging market country1. In most of these countries, the internally available resources are clearly limited and insufficient to meet expected demand. The possibility to attract foreign capital in such cases has indeed become a prerequisite for economic development and prosperity in those countries.

PP/07/03 Recommendations for Improving the Effectiveness of Mortgage Banking in Belarus – The Refinance Side (PDF/119Kb) [18/11/2003]
Kruk, D., Steden, Ph.

Mortgage lending is of crucial importance for the country’s economic development. In Belarus, mortgage lenders face severe difficulties in obtaining the necessary refinancing to provide mortgage loans. Thus, this business is still underdeveloped. In this paper we put forward several proposals to avoid worsening and to improve the refinancing situation of mortgage lenders (banks). We analyze possible sources of banks’ refinancing and conclude that the capital market is the most desirable one.

PP/06/03 Belarus and the Kyoto Protocol: Opportunities and Challenges (PDF/122Kb) [14/11/2003]
Pavel, F., Tochitskaya, I.

Global trade of greenhouse gas (GHG) emission reductions as specified by the Kyoto protocol of the UNFCCC offers unique possibilities for transition economies such as Belarus. Besides the sale of emission rights at the country level in the future, the most interesting opportunity are climate investments (so-called Joint Implementation (JI) projects) where a foreign investor receives credits on emission reductions realized through e.g. installation of new technology with lower emission levels.

PP/05/03 Transforming “Factory Towns”: Lessons Learned and Best Practices from East Germany (PDF/63Kb) [16/10/2003]
von Bodelschwing, A., Giucci, R.

A well-developed banking system is one of the key determinants for economic growth. At the same time its performance depends to a great extent on the performance of the real sector of the economy. Therefore banks are highly vulnerable to liquidity and credit risks. Frequently, the failure of one bank can spill over to others, causing systemic problems for the banking sector. Bank failures cause losses by depositors, creating incredibility to the national currency and the whole banking system.

PP/04/03 Subsidizing Agriculture in Belarus: Declared Objective and Actual Outcomes (PDF/68Kb) [15/10/2003]
Babicki, D., von Cramon-Taubadel, S.

This paper analyses the government’s objectives for development of the agricultural sector in Belarus, the performance within the sector over the last decade, and the current system of subsidizing agriculture. It is argued that the current system of subsidization does not attain the government’s declared objectives. The system is ineffective in the sense that not each rouble of agricultural subsidies reaches the agricultural enterprises: to a large extent the subsidies leak to the suppliers of purchased inputs, to the rural population and to the consumers of food products.

PP/03/03 Should the Voucher Privatization Scheme Be Extended? (PDF/84Kb) [24/08/2003]
Rakova, E., Giucci, R.

The validity of privatization vouchers expires on December 31, 2003 in compliance with government regulations. Now the question arises for decision makers: Should the voucher privatization be extended or what else should be done? There are four main possibilities of how to deal with this question: 1) continuation of the current voucher privatization scheme; 2) termination of voucher privatization with cash compensation for unused vouchers; 3) continuation of voucher privatization, but with the creation of new investment funds and 4) termination of the voucher privatization scheme without cash compensation.

PP/02/03 Proposals for Further Development of the Deposit Insurance System in Belarus (PDF/66Kb) [23/08/2003]
Chubrik, A., Giucci, R.,

A well-developed banking system is one of the key determinants for economic growth in transition economies. One important component of any banking system is a deposit insurance system insuring the stability and development of the banking sector. Thus, a well-functioning system of deposit insurance is of crucial importance for any economy.

PP/01/03 Belarus’ Accession to the WTO: The Banking Services Dimension [22/08/2003]
Tochitskaya, I., von Cramon-Taubadel, S.

This paper analyzes whether the restrictions on foreign participation in the ownership of Belarusian banks and the prohibition for entry of foreign bank branches into the country, as required by the Banking Code, and Belarus’ offer under the GATS negotiations are congruent with the aim of improving the stability and efficiency of the domestic banking system.