Convergence Analysis of Russia and Belarus Economies in Conditions of Monetary Integration

In this paper, the author distinguishes the main ideas of the theory of Optimal Currency Area (OCA). This work explains the main features, which help to understand the differences between an Optimum Currency Area and Currency Union. This paper also itemizes main benefits and costs for countries when they create a single currency zone.In the framework of research, the author carries out a qualitative comparative analysis of the economies of Russia and Belarus and identify the main directions of their economic development.