The study deals with a specific form of financial repression peculiar to Belarus – a mechanism of directed loans. Under selective or directed credit programs, banks are required to allocate certain percentages of their asset portfolios for loans to priority sectors at subsidized loan rates of...

This paper deals with directed lending in Belarus and aims at selecting the best option for reforming it. The study visualizes main specific features of directed lending in Belarus and the channels of its impact on economic growth. Directed lending causes allocative inefficiency, lower capital...

This study analyzes the effects of directed lending upon total factor productivity and GDP growth in Belarus over the period of 2000-2012. In theory, directed lending can enhance physical capital accumulation and make the access to credit easier, but empirical studies often show that it leads to...

This study deals with Belarusian macroeconomic dynamics in 2013. The problem of poor growth potential remains important in 2013. Nevertheless, the progress in structural reforms was scarce, as the government was too optimistic in respect to inertia growth mechanisms. Hence, 2013 is likely to be...