Monetarna Politika i Ekonomski Rast

213

ACTA ECONOMICA XII, 20 / 2014.ISSN 1512-858X, eISSN 2232738X

E E A A

: 336.748.12:336.7DOI: 10.7251/ACE1420213T

COBISS.RSID: 4136216

-1

Possible tendencies of BiH monetary policy in encouraging the economic growth

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1 , branka.topic-pavkovic@efb l.org

214

Acta Economica, XII, 20 / 2014. 213 241

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Summary To ensure the growth of the national economy with simultaneous internal and

external price stability is set as the primary goal of economic policy. Choosing the currency board as a model of monetary policy provides increased confi dence in the local currency, macroeconomic stability and strength of the central bank credibil-ity, especially in development countries. Considering the constraints of the currency board, national competitiveness and control of the current account balance are be-coming very signifi cant questions. In terms of the inability of monetary policy inter-ventions to eff ect on exports and economic growth of the country, undoubtedly show that classical monetary board is a convenient measure of monetary stabilization but not the mechanism of intensifi cation of economic growth. Th is paper focuses on the choice of monetary policy model to the given conditions which could provide the growth and economic recovery. Th e aim of this paper is to emphasize the possible modifi cation of the existing system of currency board in Bosnia and Herzegovina, by analyzing modern currency boards and experiences of member states that have followed this regime before accession to the European (Monetary) Union. Th e results confi rmed a number of benefi ts that monetary board provides for a small and open economy, but also point out the shortcomings that stress questions about the sus-tainability of this arrangement and possible tendencies of modifi cation of existing model of the currency board, primarily with widening the instruments and action of the Central Bank of Bosnia and Herzegovina.

Keywords: monetary policy, central bank, currency board, euroisation, infl ation, current account defi cit

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Monetarna Politika i Ekonomski Rast