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- Title
MONETARY POLICY INSTRUMENTS OF DIFFERENT ECONOMIC SYSTEMS.
- Authors
Janjić, Ljubica; Spasić, Tanja
- Abstract
The object of this paper is the use of various monetary policy instruments in the developed countries of the world, as well as in the developing countries. Monetary policy, as an important aspect of economic policy, regulate the amount of money in circulation by using instruments and measures. The main goals of monetary policy are the following: price stability, high employment rates, economic growth, stability of financial markets and institutions, the stability of interest rates and the stability of the foreign exchange market. The best results are achieved by using different monetary policy instruments. . The central bank will use different number of instruments depending on whether it is a developed or undeveloped financial system. This paper gives an overview of some instruments used by central banks, such as open market operations, discount rate, rediscount loans to banks, the reserve requirement policy, special deposits and directive measures. This paper also presents experience in application of different monetary instruments by several countries, first of the central banks of developed countries (Federal Reserve System, the European Central Bank, the Central Bank of Russia), and then by the central banks of the developing countries (Central Bank of Croatia, Central Bank of Bosnia and Herzegovina, Central bank of Macedonia, Central Bank of Montenegro, Central bank of Serbia). The aim of this paper is a comprehensive analysis of monetary regulation instruments, their application and differences, in terms of different financial systems. Presenting the experiences of various central banks in this paper, it will lead to the conclusion that there are differences in the scope and structure of monetary instruments. It is expected from this research to give an answer to the question of dealing with actuality implementation of monetary policy instruments, in addition to the theoretical basis and comparative overview of the use.
- Subjects
MONETARY policy; PRICE maintenance; EMPLOYMENT; ECONOMIC development; INTEREST rates; FOREIGN exchange market; CENTRAL banking industry
- Publication
Management & Education / Upravlenie i Obrazovanie, 2014, Vol 10, Issue 1, p22
- ISSN
1312-6121
- Publication type
Article