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Dollarization and De-dollarization: Formulation of Agenda


  • Dzmitry Kruk

    () (Belarusian Economic Research and Outreach Center (BEROC))


This policy paper deals with the phenomena of dollarization and prospects of de-dollarization policies in Belarus. During last two decades Belarus has been a highly dollarized economy. Recently, the authorities declared a campaign of de-dollarization, which, however, focuses mainly on de-dollarization of payments. Such a policy is unlikely to become effective. We show that Belarus suffers from all possible forms of dollarization that interact with each other, forming a kind of vicious circle. Through this, de-dollarization policies, if needed in general, must be systemic and consider different forms of dollarization. We show that strategically Belarus is situated in ‘boarder-line’ area between the options of autonomous monetary policy and official dollarization. If deferring to autonomous monetary policy, a sequence of systemic de-dollarization policies is crucial for its effectiveness. The mix of the policies depends on the scope of different forms of dollarization. However, there is no precise assessment for real dollarization in Belarus (which is the direction for future research). Hence, we formulate a number of scenarios of such policies for cases with different intensity of real dollarization.

Suggested Citation

  • Dzmitry Kruk, 2015. "Dollarization and De-dollarization: Formulation of Agenda," BEROC Policy Paper Series 23, Belarusian Economic Research and Outreach Center (BEROC).
  • Handle: RePEc:bel:ppaper:23
    Note: in Russian

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    äîëëàðèçàöèÿ; äåäîëëàðèçàöèÿ; ðåàëüíàÿ äîëëàðèçàöèÿ; ôèíàíñîâàÿ äîëëàðèçàöèÿ; äîëëàðèçàöèÿ ðàñ÷åòîâ; ðåæèì ìîíåòàðíîé ïîëèòèêè.;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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