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Adjustment to the Asymmetric Shocks and Currency Unions: the Case of Belarus and Russia

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Author Info
Chernookiy Valery ()

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Abstract

The paper analyzes mechanism of adjustment to the asymmetric shocks in terms of trade in possible currency union of Belarus and Russia. It is emphasized the role of real exchange rate in this process. An empirical analysis based on panel data confirms the asymmetric effect of fuel price changes on the equilibrium real exchange rate in two countries. At the same time, according to our estimates, real exchange rate changes affect significantly real output and its structure in Belarus. On the base of analysis provided, conclusion is made about necessity to create a fiscal stabilization mechanism which would allow to smooth negative effect of asymmetric shocks on Belarusian economy under currency union.

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Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 05-07e.

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Date of creation: 04 May 2005
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Handle: RePEc:eer:wpalle:05-07e

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Related research
Keywords: Belarus; Russia; currency union; asymmetric shocks; terms of trade; real exchange rate.;

Find related papers by JEL classification:
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
F31 - International Economics - - International Finance - - - Foreign Exchange
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Julian Berengaut & Katrin Elborgh-Woytek, 2006. "Beauty Queens and Wallflowers--Currency Unions in the Middle East and Central Asia," IMF Working Papers 06/226, International Monetary Fund. [Downloadable!]
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