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  • Devalvacija i mogućnosti monetarne politike
    Savin, Davor
    ǂThe ǂdevaluation of Yugoslav dinar will produce higher price rise than predicted by authorities. By making imported raw materials more expensive, devaluation might contribute to cost puch inflation ... to some extent. The final goal of monetary policy is not chosen inflation rate but exchange rate and this the reason why the government does not have the full range of policy options open to her. Banks are not able to expand the money supply by extending as much credit as necessary because this would jeopardize fixed exchange rate. Therefore the monetary instruments could not be used effectively. The loss of monetary policy as a tool means that government can use only fiscal policy; however even this option is not available due to the very high government expenditure to GDP ratio. Due to the lack of foreign reserves the central bank can not intervene in a deliberate and direct way - using its reserves to purchase the domestic currency, or building up its reserves while selling the domestic currency, in order to influence its exchange rate upwards or downwards.
    Vir: Berza. - ISSN 0354-1975 (Br. 3/4, 1998, str. 3-10)
    Vrsta gradiva - članek, sestavni del
    Leto - 1998
    Jezik - srbski
    COBISS.SI-ID - 4192796

vir: Berza. - ISSN 0354-1975 (Br. 3/4, 1998, str. 3-10)
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