Природа валютной нестабильности в транзитивной экономике
The nature of monetaty instability in the transition economy

Summary/Abstract: The article is devoted to the research of the actual problem of modern economic paradigm: the nature and consequences of monetary crises. The nature of monetary crises, the specificity of their appearance in transition economies, in particular in the economy of Belarus are defined and the analysis of the measures of the monetary authorities directed at the establishment of macroeconomic equilibrium in the financial market is given in the article. The subject of research is the relations created because of the appearance of monetary instability as well as activity of the monetary authorities directed at neutralization of the causes and effects of monetary instability in the economy. Research tasks are definition of the causes of periodically reappearing monetary crises in the economy of Belarus, identification of general and particular mechanism in comparison with the reappearing monetary crises in the countries with market economy, analysis of macro-stabilizing program of monetary authorities directed at achievement of macroeconomic equilibrium at the financial market. The base for research methodology is the analytic approach supplemented with the functional-analytic approach (interconnections between separate macroeconomic parameters such as money supply and inflation, inflation and devaluation, currency exchange rate and dynamics of export are under research). Results of the research. The peculiarities of the reappearance of the monetary instability in Belarus were found out: balance of payment crises at all levels (macro and microeconomic) caused by fundamental structural problems of Belarusian economy and first of all by the big number of ineffectively functioning organizations mostly government owned. Macro-stabilization measures of Belarusian monetary authorities were analyzed. The following conclusion was made: in 2015 monetary targeting was taken as the main instrument of monetary policy directed at strengthening of monetary stability. The content of monetary targeting is management of parameters of rouble monetary base and through which – the parameters of rouble money supply (aggregate M2*), and further - parameters of inflation. The fulfillment of macro-stabilization program for 2015 is complicated by the accumulated serious structural imbalances of the economy, its dollarization, unfavorable external economic conjuncture. The scope of the results. The results of the research can be used in the development of macro-stabilization activities in the financial market of the Republic of Belarus.

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