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PP/08/07 Quasi-Fiscal Activity in the Energy Sector in Belarus (PDF/54Kb) [24/12/2007]
Tochitskaya, I.
By maintaining administratively set prices in the energy sector at levels below the recovery cost, tolerance to low bill collection rates and excessive operational loses (including theft) the many CIS countries implicitly subsidize domestic energy users. Such indirect subsidy schemes are termed “quasi-fiscal activities” (QFA). This paper aims to produce the estimation of the QFA in the Belarusian energy sector.
PP/07/07 Adopting Inflation Targeting: Operational Framework for Belarus (PDF/131Kb) [20/12/2007]
Kruk, D., Kirchner, R.
The Belarusian monetary authorities have announced plans to change their monetary policy regime and shift gradually to an inflation targeting (IT) framework in the future. Such a strategy of directly targeting inflation brings indeed a number of expected benefits and better economic outcomes with it. However, to secure these benefits and make IT a success, several issues in the operational design and conduct of monetary policy need to be tackled by the NBB.
PP/06/07 Adopting Inflation Targeting: Overview of Economic Preconditions and Institutional Requirements (PDF/41Kb) [08/12/2007]
Kirchner, R., Kruk, D.
Since the beginning of the 1990s, an increasing number of developed and developing countries have introduced inflation targeting as their monetary policy framework, making low inflation the primary objective of monetary policy. This is based on the consensus view in economics that price stability is an important prerequisite for sustainable real economic growth, and central banks should thus direct their policies at achieving this goal, subordinating other, potentially conflicting objectives.
PP/05/07 Student Loans: An Effective Instrument for Financing Higher Education (PDF/101Kb) [06/12/2007]
Schumann, Ch., Giucci, R.
Student loans are the instruments to increase investment in higher education. Investments in higher education are profitable for both, for the individual student as well as for the society. For the student, the return of an investment in education consists of potentially higher individual productivity, higher income in the future and a lower risk to become unemployed.
PP/04/07 Regulatory barriers for SMEs in Belarus: The Role of Price Regulation (PDF/88Kb) [10/10/2007]
Glambotskaya, A., Rakova, E.
Belarusian small and medium-sized enterprises (SMEs) face several administrative and regulatory barriers that halt their development and divert considerable resources of into the unproductive use. Among the barriers, regulation of prices plays considerable role. Although price liberalization has been formally conducted in Belarus in 1990–2000th, price setting it is far from free. Several measures of price regulation in the economy preserve and impede their free setting.
PP/03/07 Raising Funds at Western Capital Markets: Opportunities for Belarusian Companies (PDF/54Kb) [09/10/2007]
Haiduk, K., Giucci, R.
The challenges of higher energy prices and intensified competition at export markets set new tasks for the Belarusian companies. In order to stay competitive, they have to adopt energy-saving technologies and upgrade their technological base. These endeavors require substantial investment. With this in mind, the government officials suggested companies to seek finance on Western markets. In this paper, the pros and cons of the use of foreign equity capital is discussed.
PP/02/07 Energy Shocks and Macroeconomic Management: Policy Options for Belarus (PDF/98Kb) [10/07/2007]
Giucci, R., Kirchner, R.
Energy import prices for Belarus have strongly increased at the beginning of 2007 and will continue to do so in the future. From a balance of payments perspective, this energy shock induces higher imports and demand for foreign currency. In order to rebalance the foreign exchange market under the current fix exchange rate peg, policy measures are needed to simultane-ously reduce the demand for foreign exchange and to increase its supply.
PP/01/07 Public Private Partnership (PDF/99Kb) [09/07/2007]
Tochitskaya, I.
In recent decades governments in most industrial and developing countries promote co-operation between the public and private sectors in providing public goods. This cooperation takes the form of Public Private Partnership arrangements, in which the functioning principles of private firms are implemented in public administration. International experience suggests that co-operation between the public and private sectors can be a powerful incentive for improving the quality and efficiency of public services.
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