01802cas a2200265 a 4500 AALejournalIMF016487 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498342728 1018-5941 BD-DhAAL BD-DhAAL Miksjuk, Alex. The Game of Anchors : Studying the Causes of Currency Crises in Belarus / Alex Miksjuk, Sam Ouliaris, Mikhail Pranovich. Washington, D.C. : International Monetary Fund, 2015. 1 online resource (49 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 Belarus experienced a sequence of currency crises during 2009-2014. Our empirical results, based on a structural econometric model, suggest that the activist wage policy and extensive state program lending (SPL) conflicted with the tightly managed exchange rate regime and suppressed monetary policy transmission. This created conditions for the unusually frequent crises. At the current juncture, refocusing monetary policy from exchange rate to inflation would help to avoid disorderly external adjustments. The government should abandon wage targets and phase out SPL to remove the underlying source of the imbalances and ensure lasting stabilization. Mode of access: Internet Ouliaris, Sam. Pranovich, Mikhail. IMF Working Papers; Working Paper ; No. 2015/281 Full text available on IMF http://elibrary.imf.org/view/journals/001/2015/281/001.2015.issue-281-en.xml IMF e-Library