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2013, № 8 (157)



Zolotareva O.A. EXPANSION OF BALANCES OF CENTRAL BANKS: VICIOUS CIRCLE OF ACCUMULATIONThe main factors of the expansion of balance sheets of central banks of emerging markets have been analyzed in the article. Special attention has been paid to the changes in the structure of the balance sheet of the National Bank of Belarus. It has been revealed that the main reason for the increase in the balance of the central banks of the developing countries is the increasing of foreign reserves. It has been shown that foreign reserves accumulation, while stimulating economic growth, turns into a vicious process of self-reproduction.Key words: expansion of central bank balance sheets, increasing foreign reserves, targeting the exchange rate, monetary policy.

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About this article

Author: Zolotareva O.A.

Year: 2013


Editor-in-chief
Sergey Aleksandrovich
MIROSHNIKOV

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