The Belarusian case of transition: whither financial repression?

Reference:

Korosteleva, J. and Lawson, C., 2010. The Belarusian case of transition: whither financial repression? Post-Communist Economies, 22 (1), pp. 33-53.

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Official URL:

http:dx.doi.org/10.1080/14631370903525587

Abstract

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.

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