The Belarus Economy: The Challenges of Stalled Reforms. wiiw Research Report No.413

13983 12 74573 2 204976 document 74573 The Belarus Economy.pdf application/pdf 6d71cfd60611e8ca79ea7525a4a44472 MD5 3340405 2016-11-22 14:04:46 https://pure.iiasa.ac.at/id/eprint/13983/1/The%20Belarus%20Economy.pdf 13983 1 1 application/pdf text en public cc_by

The Belarus Economy.pdf

published 74574 2 204984 document 74574 lightbox.jpg image/png 2f4d2c131ec1483dffc00d7afb5cd00e MD5 28993 2016-11-22 14:14:51 https://pure.iiasa.ac.at/id/eprint/13983/2/lightbox.jpg 13983 2 2 image/png other Thumbnails conversion from text to thumbnail_lightbox en public

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/74573 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/74573 http://eprints.org/relation/isIndexCodesVersionOf https://pure.iiasa.ac.at/id/document/74573 archive 353 disk0/00/01/39/83 2016-11-22 14:10:23 2021-08-27 17:41:38 2016-11-22 14:10:23 other show 1 Dobrinsky R. Adarov A. Bornukova K. Havlik P. 8792 Hunya G. Kruk D. Pindyuk O. The Belarus Economy: The Challenges of Stalled Reforms. wiiw Research Report No.413 pub prog_asa Belarus, economic transformation, macroeconomic policy, soft budget constraints, currency crisis Twenty-five years after the dissolution of the Soviet Union, Belarus stands out as a special case in transition blending, on the one hand, signs of relative prosperity, socially oriented policies and sprouts of entrepreneurships and, on the other hand, remnants of the communist past. The core of the Belarusian economic model throughout most of this period was a combination of external rents and soft budget constraints on the state-owned part of the economy backed by a strong system of administrative control. In periods of favourable external conditions this mix provided for relatively high rates of economic growth and allowed the authorities to maintain a ‘social contract’ with the population targeting close to full employment. But this model also led to the persistent accumulation of a quasi-fiscal deficit which time and again came to the surface, and its subsequent monetisation provoked macroeconomic and currency turmoil. At present, Belarus’ economic model has run up against its limits and policy changes seem inevitable. 2016-11 published The Vienna Institute for International Economic Studies, Vienna, Austria http://wiiw.ac.at/the-belarus-economy-the-challenges-of-stalled-reforms-p-4032.html 120 public Vienna, Austria FALSE no info:eu-repo/semantics/other