English, Article, Journal or magazine article edition: Adjustment to the Asymmetric Shocks and Currency Unions: the Case of Belarus and Russia Chernookiy Valery

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Adjustment to the Asymmetric Shocks and Currency Unions: the Case of Belarus and Russia
Author
  • Chernookiy Valery
Physical Description
  • preprint
Notes
  • 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.
  • Belarus, Russia, currency union, asymmetric shocks, terms of trade, real exchange rate.
  • RePEc:eer:wpalle:05-07e
Language
  • English
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