The Belarusian case of transition: whither financial repression?

This article examines the financial development of Belarus, with special emphasis on 1996-2002, when the financial sector was restrained by pervasive government controls. Belarus is of particular interest as, despite no economic restructuring, annual growth has averaged 7% since 1997. It has been ar...

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Bibliographic Details
Published in:Post-communist economies 2010-03, Vol.22 (1), p.33-53
Main Authors: Korosteleva, Julia, Lawson, Colin
Format: Article
Language:English
Subjects:
Belarus
Credit
Economic development
Economic growth
Financial policy
Interest rates
Investment
Monetary economics
Regulation
Studies
Transition economies
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Summary:This article examines the financial development of Belarus, with special emphasis on 1996-2002, when the financial sector was restrained by pervasive government controls. Belarus is of particular interest as, despite no economic restructuring, annual growth has averaged 7% since 1997. It has been argued that monetary stimulation of investment through interest rate ceilings, directed credit and preferential loans revived growth. This article investigates whether a repressive financial policy adopted by the authorities in the late 1990s led to financial deepening and increased the share of savings allocated to investment.
ISSN:1463-1377
1465-3958
DOI:10.1080/14631370903525587