PP/03/10 Privatisation in Belarus: Improving the Implementation Framework (PDF/153Kb) [24/11/2010]
Kirchner, R., Giucci, R., Skriba, A.
In 2007 the authorities recognized the huge importance of privatisation for restoring external stability and for promoting investment and efficiency in the country. As a result, in 2007 and 2008 several privatisation deals took place and necessary legislative steps were taken. But with the arrival of the international financial crisis to Belarus at the end of 2008, the privatisation process came practically to a standstill. However, the current standstill can only partly be explained by external factors, as domestic factors also play a major role. The strategic decision not to sell assets "under value", i.e. at prices below those observed during the recent asset price bubble, is at best debatable. But also significant implementation obstacles for conducting privatisation deals are to be blamed for the current lack of progress. In this paper, we focus on such obstacles.
PP/02/10 The Customs Union between Belarus, Kazakhstan and Russia: An Overview of Economic Implications for Belarus (PDF/119Kb) [26/07/2010]
Tochitskaya, I.
The paper examines the economic implications of Belarus' participation in the newly created EURASEC Customs Union. The results of the calculations show that after the introduction of a common external tariff the level of tariff protection in Belarus has not increased noticeably. The reduction in the volume of imports from non-CIS countries equal to USD 1.1 bn will be mainly brought about by cancellation of used cars imports from non-member countries. The analyses revealed that Belarusian budget can benefit from participation in the Customs Union. The amount of possible gain will be about 28.3% of total budget revenues from customs duties and customs charges in 2008 due to the fact that approximately 40% of Russian imports may go through customs clearance in Belarus.
PP/01/10 Dollarization in Belarus: Preconditions and Perspectives of Dedollarization Policies (PDF/183Kb) [26/03/2010]
Kruk, Dz., Giucci, R.
This paper deals with the phenomenon of dollarization that is peculiar for transition countries. Rather often dollarization is considered as one of the preconditions of financial distresses and as the factor that restricts the effectiveness of the monetary policy and makes exchange rate intervention more dangerous. Moreover dollarization may lead to additional distortions in the economy, implying restrictions on the economic policies. However, one can argue in favor of dollarization, which enables countries to avoid inflationary finance and thus introduces stability in the financial sector. We show that in case of Belarus, emphasizing real dollarization and cash currency substitution should be highlighted in one row with the financial dollarization, while they intermediate each other.
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