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2016, vol. 45, iss. 1, pp. 92-111
Assessment of the monetary policy transmission mechanism in the new EU member states
Economics Institute, Belgrade, Serbia
In order to completely understand and analyse the transmission mechanism, it is necessary to observe all factors conditioning its overall efficiency as well as the efficiency of individual transmission channels. This paper focuses on countries that have successfully passed the transition period and have experience with implementing different monetary policy regimes. The evolution of monetary policy resulted in the development of instruments through which central banks influence the real sector activity by means of a transmission mechanism. The empirical analysis based on econometric tools investigates the efficiency of transmission mechanism channels, or more precisely, their significance in the monetary targeting regime. With a view to reaching the conclusion about the direction in which it is necessary to develop the structure of the real and financial sector, aimed at a better functioning of monetary policy instruments, the paper features a theoretical analysis of the characteristics of the monetary policy in the developed economies, as well as the structural characteristics of these economies.
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Bungin, S. (2015) Transmisioni mehanizam monetarne politike u zemljama istočne i jugoistočne Evrope, sa posebnim osvrtom na Srbiju. doktorska disertacija
Demchuk, O., Łyziak, T., Przystupa, J., Sznajderska, A., Wróbel, E. (2011) Monetary policy transmission mechanism in Poland: What do we know in 2011?. National Bank of Poland Working Paper, No. 116, preuzeto sa
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Mishkin, F.S. (2004) Economics of Money, Banking and Financial Markets. Pearson Addison-Wesley, 7th ed


article language: Serbian, English
document type: Original Scientific Paper
DOI: 10.5937/bankarstvo1601092B
published in SCIndeks: 24/05/2016
Creative Commons License 4.0

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