01844cas a2200253 a 4500 AALejournalIMF004494 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451865066 1018-5941 BD-DhAAL BD-DhAAL Maino, Rodolfo. Monetary Transmission Mechanisms in Belarus / Rodolfo Maino, Balazs Horvath. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (22 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We explore monetary policy transmission by estimating VAR impulse response functions to illustrate the Belarusian economy's response to unexpected changes in policy and exogenous variables. We find a significant exchange rate pass-through to prices, and interest rate policy following, rather than leading, financial market developments. Our estimated monetary policy reaction function shows the central bank striking a balance between real exchange rate stability and containing inflation. We discuss dollarization, administrative interventions, and other features complicating monetary policy transmission, review specific constraints and vulnerabilities, and conclude with observations on possible measures that could raise the effectiveness of monetary policy in Belarus. Mode of access: Internet Horvath, Balazs. IMF Working Papers; Working Paper ; No. 2006/246 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/246/001.2006.issue-246-en.xml IMF e-Library