PP/18/04 Is Price Regulation the Proper Way to Achieve Food Security in Belarus? (PDF/64Kb) [18/12/2004]
Babicki, D., von Cramon-Taubadel, S.
This paper addresses the important issue of price regulation for agricultural products in Belarus, and its impact on the welfare of Belarusian citizens. In this context, the issue of national food security arises. We argue that the supply-based definition of food security that is commonly used by policy-makers in Belarus is less rational than the demand-based definition that has become the international standard.
PP/17/04 Monetary and Exchange Rate Policy in Belarus: Analysis and Recommendations (PDF/60Kb) [17/12/2004]
Giucci, R., Trebesch, C.
This paper describes and evaluates the current monetary and exchange rate policy of the National Bank of Belarus. Instead of the current practice of targeting the US Dollar, we recommend to target a currency basket consisting of three currencies: Russian Ruble, US Dollar and Euro. Besides, we agree in principle with the usage of a crawling band, but the public should be informed more accurately about it.
PP/16/04 Belarus’ Accession to the World Trade Organization: Insurance Sector Liberalization (PDF/62Kb) [16/12/2004]
Volchok, V., Giucci, R.
This paper analyzes the current regulatory state of the Belarusian insurance market, discusses possible transition paths for the liberalization and subsequent development of the sector, and provides policy recommendations concerning specific insurance service issues now being negotiated with WTO member countries.
PP/15/04 Gas Sector Restructuring in Belarus: Necessity and Directions (PDF/119Kb) [15/12/2004]
Rakova, E., Pavel, F.
The Belarusian economy will face two major challenges in the very near future. On the one hand, the economy will need considerable amounts of natural gas for internal consumption and for transit to third countries. Hence, it is crucial that the gas sector work safely and efficiently. On the other hand, Russia’s and Belarus’ intentions to join the WTO will make it unlikely that prices of future gas imports will decline from their current levels, since WTO membership will make it difficult to continue subsidizing energy – as has been the practice to-date.
PP/14/04 The Economic Impact of Belarus’ Accession to the WTO: A Quantitative Assessment (PDF/86Kb) [24/11/2004]
Pavel, F., Tochitskaya, I.
In this paper a computable general equilibrium model of the Belarusian economy is employed for the purpose of assessing the impact of its accession to the World Trade Organization (WTO). Since the Belarusian economy strongly depends on gas imports, the model first assesses the effects of changes in the Russian gas import prices, before turning to the effects of changes in trade and tax policies.
PP/13/04 The Implementation of Contract Savings Schemes for Housing (Bausparen) in Belarus – Features, Recommendations and Examples (PDF/106Kb) [22/10/2004]
Roy, F.
Housing is an endless topic for dinner party chats in Belarus as well as in Germany. This is not surprising since housing is often the single biggest component of their wealth. For example, housing in Western Europe accounts for as much as 30 – 40 % of total household wealth. If people do not have a house, there is a strong desire to have one (or at least to renovate the own house). In this context, the question of how to finance such transactions is raised which is in a strong correlation with affordability, in particular for low to middle income groups.
PP/12/04 Proposals for the Development of Micro-finance Institutions in Belarus (PDF/94Kb) [25/09/2004]
Volchok, V., Giucci, R.
Limited access to financing is one of the major impediments for small business development in Belarus. The best way to improve this situation is to promote the development of micro-finance. As shown by international experience, micro-finance institutions are better suited to provide loans to small businesses than conventional banks. In order to support micro-finance development in Belarus we make the following proposals related to micro-loan disbursements through the banking system.
PP/11/04 Proposals for Further Improvement of the System of Presumptive Income Taxation of Individual Entrepreneurs in Belarus (PDF/82Kb) [24/09/2004]
Valevich, Y., Kiesewetter, D.
Limited access to financing is one of the major impediments for small business development in Belarus. The best Presumptive income taxation is used to combat tax evasion by those taxpayers who lack the financial transparency. Provided the scarce administrative resources, governments have to assess or presume their actual income and assign the appropriate amount of tax. In many countries, these specific groups of taxpayers generally comprise individual entrepreneurs without a legal entity. This is also the case in Belarus.
PP/10/04 The Relationship Between Monetary and Fiscal Authorities: A Survey of the Issues (PDF/91Kb) [20/09/2004]
Fiscal policy and monetary policy are the two cornerstones of macroeconomic policy, aimed at creating macroeconomic stability and economic growth. While both policies have common objectives, the instruments used differ. Fiscal policy relies upon instruments such as government expenditure, taxes and borrowing. Monetary policy influences the level of economic activity through actions that influence the overall liquidity in the economy.
PP/09/04 Measures to Improve the Access of Agricultural Enterprises to Capital (PDF/111Kb) [18/06/2004]
Kruk, D., von Cramon-Taubadel, S.
This paper deals with Belarusian agriculture and its access to financing for investment purposes. The current system of agricultural financing in Belarus is mainly based on government support that is provided through different channels. Belagroprombank as the prime institution of the current system fulfils the role of the government’s financial agent, granting loans mainly at the expense of state funds.
PP/08/04 Taxation of Agriculture in Belarus (PDF/58Kb) [26/05/2004]
Babicki, D., von Cramon-Taubadel, S.
Taxes play a very important role in any market economy. Taxes influence the distribution of income (and wealth) and the allocation of resources, and play an important role in stabilising the economy. In transition economies, such as Belarus, the reform of the tax system is expected to ensure tax neutrality across all sectors, as well as stable and optimal tax revenues to finance the government’s social expenditures.
PP/07/04 The Insurance Sector in Belarus: Analysis and Recommendations (PDF/68Kb) [25/05/2004]
Volchok, V., Giucci, R.
Insurance is important for the sustainable economic development of the country. In Belarus, however, the insurance market is still underdeveloped providing a limited amount of insurance services to customers who lack incentives for risk transfer. This paper provides an analysis of the impediments that hamper a further market development and a set of recommendations to improve the current situation.
PP/06/04 Reform of the Simplified System of Taxation for Small Business in Belarus (PDF/56Kb) [24/05/2004]
Valevich, Y., Bach, S.
The creation of an efficient simplified system of taxation that is adequate to the Belarusian circumstances and contributes to small business development is an important task for the government. At present, the existing simplified system of taxation turned out practically unclaimed. Despite its advantages regarding simplification of taxation, bookkeeping, and reporting, this system is only used by 1% of the individual entrepreneurs and small enterprises eligible for it.
PP/05/04 The Main Problems and Directions of City-Company Restructuring in Belarus (PDF/60Kb) [23/05/2004]
Rakova, E., von Cramon-Taubadel, S., von Bodelschwing, A.
Transition from planned to market economy implies changes to the principles of management and to the relative responsibilities of state and enterprises. The state should provide the economic actors with general “rules of the game” and most social functions. Enterprises, having economic freedom, can then aim to maximize sales and/or profits. The process of enterprises adjusting to this new economic environment is called restructuring.
PP/04/04 Seminar on Gas Transit: Key Findings (PDF/26Kb) [07/04/2004]
Pavel, F., Giucci, R.
On March 10, 2004 the German Economic Team in Belarus and the Research Center of the Institute for Privatization and Management jointly hosted a seminar, entitled: Belarus as a Gas Transit Country. The seminar brought together international experts and business representatives as well as government officials. The objective of the seminar was to provide information about expected developments of the European gas market and their consequences for gas producing- and transiting countries.
PP/03/04 Belarus as a Gas Transit Country (PDF/61Kb) [06/04/2004]
Pavel, F., Tochitskaya, I.
The current paper aims to identify the long-term economic interests of Belarus and Russia (Beltransgaz and Gazprom) in transiting Russian gas, and to see whether they are different or can be combined.European countries are the main consumer of Russian gas, 20% of which is delivered through Belarus. Future developments of the EU markets such as increased competition among gas-importing countries force Russia to diversify gas supply to Europe in order to minimize its supply cost.
PP/02/04 Eurobonds Conference: Key Findings (PDF/34Kb) [18/02/2004]
Giucci, R.
On December 10, 2003 the German Economic Team in Belarus and the Research Center of the Institute for Privatization and Management jointly hosted a conference, entitled: First Time Sovereign Bond Issue in Belarus. Motivated by plans by the government of Belarus to access international bond markets in 2004 for the first time, the conference sponsors decided that it was time to facilitate an informed discussion on the opportunities and risks associated with such a debut bond issue.
PP/01/04 Should Branches of Foreign Banks Be Allowed to Operate in Belarus? (PDF/126Kb) [06/02/2004]
Tochitskaya, I., Giucci, R.
Belarus has still to decide whether to allow branches of foreign banks to operate within its territory and to what extent. A study of the consequences of the presence of foreign banks in the form of branches in different countries and especially in transition economies in both Europe and Asia is therefore of special relevance. This paper gives a brief overview of the implications of such a presence in some countries.
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