Механизм воспроизводства финансовых кризисов в экономике Беларуси
The mechanism of reproduction of financial crises in the economy of Belarus

Summary/Abstract: Article is aimed to provide methodological and practical recommendations in the field of credit and monetary regulation, submittedon creation of mechanisms of steady growth of Belarusian economy.Purpose: To investigate the emergence reasons in the Belarusian economy of the disproportions breaking stable nature ofreproduction and causing periodic financial crises. To reveal the mechanism of financial crises reproduction, to present actions for theeconomy reforming which realization will promote sustained economic growth formation.Methodology: Research methodology is based on the approach according to which characteristic features of the business cycle ofthe Belarusian economy are predetermined by features of a monetary policy, specifics of financing of economic growth.Results of work: It is revealed that the condition of chronic discrepancy between internal savings and internal investments is thereason of emergence of financial (currency) crises in economy of Belarus. The mechanism of emergence of currency crises isopened. It is defined that the lack of internal resources for the economic growth (a lack of savings) becomes covered due to external(foreign) financing. It is shown that within existing structure of the Belarusian economy such financing is superfluous – not to thecorresponding opportunities of the Belarusian economy for its effective use. It is defined that excess external financing leads todeterioration of balance of current operations account that causes pressure upon a Belarusian ruble exchange rate, balance violationin the currency market. Сurrency market balance is set by means of devaluation of Belarusian ruble, currency crises.Conclusions: The directions of reforming of Belarusian economy which realization will give steady character to reproductionprocess, will eliminate the reasons of currency crises emergence are defined.

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