Belarusian Economic Research and Outreach Center

Policy Papers

Money and monetary funds as economic categories and their relationship with cryptocurrencies

In the article the categories of “money” and “monetary funds” are analyzed and the author’s interpretation of these definitions are given. Taking into account the growing popularity of cryptocurrencies, the author proposes a structure of interrelations of monetary funds, tokens, electronic and virtual money. With the purpose of giving a clearer understanding of the government positions on the issue of the virtual money market development, the article provides examples of operations’ regulations with cryptocurrencies in a number of countries.

Cryptocurrencies: Essential Characteristics and Practical Aspects

In the article the essence of electronic and digital money is analyzed, comparative analysis of these two categories is carried out, taking into account their distinctive characteristics and common elements. Virtual money, including cryptocurrencies, is distinguished as a subspecies of digital money. Cryptocurrencies are analyzed based on the most famous ones, such as Bitcoin, Litecoin, Ripple, DASH, etc.

Which Growth Rate does Belarus need? Focus on CEE Leaders

This paper deals with the prospects of Belarus’ economic growth in regional context. Suchfocusofanalysisemphasizesrelativelevelofwell-being as the benchmark for assessing economic performance of the country. In this study, I use Czech Republic and Slovakia as benchmarks for Belarus, as they are rather similar to Belarus according to a range of fundamental characteristics, and at the same time, they are among leaders on well-being level in Central and Eastern Europe (CEE).

Investment image of Belarus and its presence in international rankings

International rankings are the second important source after mass media which investors use to learn about business climate in a foreign country. Today Belarus is represented only in the ratings with free participation.

 Evgeniya Shershunovich, Irina Tochitskaya

Waste Statistics in Belarus: Tight Spots and Broad Scope for Work

The paper presents a study of waste statistics in Belarus based on the examination of Belarusian and European legislation, statistical reporting forms, and databases. The study reveals that the Belarusian statistics on waste faces three types of problems: those associated with the methodology, recording and coverage, and insufficient degree of international comparability of data, in particular, with the European Union countries.

Women in Belarus’ Business: features, motivation and barriers

This policy paper looks at who are women in Belarus’ business, are there any gender differences that impact on the effectiveness and successfulness of business. The study also analyses the external and internal factors that impede business development and motives to enter business. The main barriers that face women entrepreneurs are related to the quality of the functioning entrepreneurial ecosystem. However, equally important role is played by the preservation of the traditional division of social roles in terms of household work and childcare sharing. As the results show, the majority of female business owners no longer perceive as a norm the current state of affairs.

Foreign Investment: Startups and Innovations or Loans

Although the government’s plans to raise foreign financing were fulfilled, the results of 2017 were ambiguous in this respect. The private sector and, especially, hi-tech startups generated investors’ profound interest. Investments in the public sector were provided by the state through external borrowing and redistribution of funds raised this way. The public sector thus remains unattractive for investors, but, in fact, it seeks state subsides, rather than investments. In 2017, the government took a number of important steps to improve the regulatory framework for investment and to stimulate business ventures.

 Nadezhda Batova, Pyotr Sachek, Irina Tochitskaya

On the Way to Green Growth: Window Opportunities of Circular Economy

The paper deals with opportunities of circular economy for ensuring green growth. Analysis and comparison of concepts of sustainable development, green and circular economy revealed that despite similarity there is a differences in ways of their implementation. It is shown that the green economy is one of a tool for achieving sustainable development, and the circular economy acts as a practical way of putting it into effect. The concept of circular economy is interlinked with various scientific schools of environmental economic system, each of which can be considered as directions of its development.

Perspective and Challenges for Belarus’ Economy in the Medium-Run (2018-2020)

This policy paper deals with the perspectives of the national economy development in 2018-2020. The study emphasizes that fluctuations around equilibrium growth rate is the most likely scenario. The study uses the estimate of 2.5% of equilibrium growth rate for Belarus, which is a compromise among different approaches and methodologies. The scenario of higher growth may become possible due to positive external shocks. However, even in case of permanently strengthening external environment, the growth rate of the national economy is still likely to be unsustainable.

Belarusian Economy in 2017: Catch-up Growth vs. the Burden of Pending Structural Weaknesses

This policy paper deals with Belarusian macroeconomic situation in 2017. The study admits that a long period of adjustment to new institutional environment, which was associated with structural slowdown, has ended in 2017 and catch-up growth began. This growth mainly stemmed from favorable external environment. The policies enhancing price and external stability also contributed into growth. In 2017, Belarus has displayed historical (or 10 year) records in inflation rate and current account balance. This allowed quitting from restrained economic policies thus emancipating domestic demand.

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