E-Knjižnica FET "Dr. Mijo Mirković"

Transition countries' exchange rate regimes and global financial crisis: monetary sovereignty or monetary integrations

Kordić, Gordana (2011) Transition countries' exchange rate regimes and global financial crisis: monetary sovereignty or monetary integrations. In: The 5th International Scientific Conference "Entrepreneurship and Macroeconomic Management: Reflections on the World in Turmoil".

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The ongoing global financial crisis, also called the great contraction, strongly influenced economies worldwide, worsening their living standards. Countries in transition (hereafter the countries of Eastern Europe and former Yugoslav countries that are still not members of euro zone), with their emerging economies, fuelled the growth with foreign capital and investments mostly in non-tradable sectors. Their exchange rates were anchored; commonly to exchange rate or inflation, aimed to fulfil the price stability goal. That is why the countries from our sample are divided in two groups: one is consisted of currency board countries and the other of those with more flexible regimes. The financial crisis opened many old questions but offering new answers because of the changed international economy. In the centre of our interest is the relationship of a chosen exchange rate regime with the consequences of a crisis, primary in terms of the sustainability of the regime and the key macroeconomic variables. Analysis is based on the (possible) connection between the consequences of the crisis and the chosen regime. Another important part of the research is the dilemma between monetary sovereignty and monetary integrations. The core question is the cost benefit trade off in terms of monetary sovereignty on one and monetary integrations on the other side. The official policies from countries of our interest have the same, ultimate goal: full membership in the European economic and monetary union. However, the recent crisis shed new light on it, with growing euroscepticizm. Paper ends in discussion on pros and cons of monetary sovereignty and monetary integrations. Some attention in the final part, in the context of the subject, is also given to the fiscal policies and its possible positive effects on solving the crisis.

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Tip objekta: Materijal konferencije ili radionice (Paper)
Dodatne informacije: 5/2011
Ključni pojmovi: exchange rate regime, financial crisis, monetary sovereignty, monetary independence
Teme: 3 Društvene znanosti > 33 Ekonomija. Ekonomska znanost > 336 Financije. Uključujući: Javne financije. Bankarstvo. Novac > 336.7 Novac. Monetarni sustav. Bankarstvo. Burze
Odjeli: Odjel za ekonomiju i turizam "Dr. Mijo Mirković"
Datum pohrane: 08 Jan 2013 07:24
Zadnja promjena: 08 Jan 2013 07:24
URI: http://eknjiznica.unipu.hr/id/eprint/1944

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