The paper addresses the problem of determining the order of integration of inflation and growth rates of monetary aggregates under the multiple structural breaks in dynamics of these variables.

A Multidimensional Approach to Energy Security in Belarus

This paper aims at visualizing adjustment mechanisms of the Belarusian economy to changes in exchange rate level and providing correspondent policy recommendations.

The study deals with a specific form of financial repression peculiar to Belarus – a mechanism of directed loans.

This policy paper contains the analysis of the steps taken to attract foreign investments in Belarus in 2010.

Extending the taxonomy of Belarusian Hidden Champions, the chapter discusses the context in which Belarusian Hidden Champions evolved and adapted their business models to rapidly changing global environment. Based on in-depth interviews with founders, we present the case studies of three Belarusian Hidden Champions that substantially differ in terms of their history, strategy and business model. In addition, getting a glimpse of the future, we make assumptions on sectors that may give rise to new Hidden Champions. Implications and recommendations for the government, business schools and financial institutions are provided.