This paper aims at visualizing adjustment mechanisms in the Belarusian economy to changes in exchange rate level. It is shown, that in Belarus a high pass-through effect from exchange rate to prices plays a crucial role. This effect stems from a high rate of financial dollarization alongside...

This paper deals with economic policy in Belarus after the currency crisis of 2011. There was a trade-off between the desire of the government to soften economic policy given cyclical recession and high and volatile inflation expectations. In the first half of 2012, the choice was made in favor...