Влияние валютной политики на внешнеэкономическое равновесие Республики Беларусь и стран ЦВЕ и СНГ

Abstract

The article investigates the foreign trade effects of exchange rate movements in Belarus and other economies under transition. The special emphasis is given to the results of the devaluations of the Belarusian ruble in 2009 in 2011. The relationship is assessed with the widely acknowledged approach of export and import price elasticities. Besides the author modifies the existing method focusing on trade volumes and reasons the modification. The application of both approaches for the 2010–2013 data for Belarus provides similar results and allows to conclude that the devaluation effects were bounded and the exchange rate cannot be efficiently used for improving the national competitiveness of Belarus