Monitoring the Macroeconomic Dynamic and Monetary Stability on the Basis of Payment Approach
In given paper an integral approach is proposed to the assessment of economic growth and understanding of macro equilibrium in the relationship between real output, money supply, inflation and exchange rate. On example of Belorussian economy the author demonstrated the link between economic growth and the payment dynamics which allows to give a quantitative assessment of real output in the short term intervals; conducted a critical analysis of current concepts of the balance between money and commodity mass which is formulated on the basis of payments approach to monetary stability, the money demand and its velocity of circulation. Taking into account the capabilities of this approach in assessing the status and dynamics of macro variables in real-time the author proposed the principle of monetary policy to coordinate exchange and emission components with the rate of economic growth and to achieve monetary stability.