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2020, vol. 49, br. 1, str. 8-36
Valutni odbor, monetarna regulacija i makroprudenciona regulacija u Bosni i Hercegovini
Centralna banka Bosne i Hercegovine, Bosna i Hercegovina + Glavna banka Republike Srpske, Republika Srpska, Bosna i Hercegovina

e-adresadraganjovic@blic.net
Ključne reči: monetarna politika; valutni odbor; obavezna rezerva; indeks monetarnih kretanja; negativna naknada
Sažetak
Ovo istraživanje predstavlja efekte primjene diskrecionih i automatskih instrumenata u četiri slučaja monetarne i makroprudencione regulacije u Bosni i Hercegovini. Efektivnost politike valutnog odbora se povećava ako se njegova ortodoksija smanjuje. Izmjerili smo novčane uslove prije i poslije globalne krize. Monetarni uslovi su se poboljšavali od drugog kvartala 2014. godine. Izolovani su efekti negativne naknade na višak rezervi na primarnom tržištu javnog duga BiH. Procjenili smo, takođe, efekte diferencirane stope obavezne rezerve na ročnu strukturu pasive bankarskog sektora u Bosni i Hercegovini. Na kraju, testiran je odnos između obavezne rezerve kao instrumenta monetarnog regulisanja i rasta kredita. Istraživanje je pokazalo da Centralna banka Bosne i Hercegovine može uticati na neke operativne varijable/indikatore monetarne politike. Svi nalazi pokazuju da Centralna banka Bosne i Hercegovine nije "obična mjenjačnica" i da zaista može voditi autonomnu i diskrecionu monetarnu politiku.
Reference
*** Agency for Statistics of Bosnia and Herzegovina. www.bhas.ba
*** Central Bank of Bosnia and Herzegovina. www.cbbh.ba
*** Federal Banking Agency. www.fba.ba
Bank for International Settlements http://www.bis.org/publ/confp06i.pdf (accessed 16.08.2017)
Benazić, M. (2012) Monetary conditions index for Croatia. Ekonomska Istraživanja (Economic Research), 25(sup1): 47-64
Calvo, G.A. (1999) Fixed versus flexible exchange rates: Preliminaries of a turn-of-millennium rematch. University of Maryland, mimeo, https://drum.lib.umd.edu/bitstream/handle/1903/4295/ciecrp10.pdf?sequence=1 (accessed 20.9.2017)
Ericsson, N.R., Jansen, E.S., Kerbeshian, N.A., Nymoen, R. (2012) Interpreting a monetary conditions index in economic policy. http://www.bis.org/publ/confp06i.pdf (accessed 16.08.2017)
European Central Bank (2002) Issues related to monetary conditions indices. Monthly Bulletin, June, https://ec.europa.eu/info/business-economy-euro/indicators-statistics/economic-databases/monetary-conditions-index_en (accessed on 15.09.2017.)
Fleming, J. (1963) Domestic financial policies under fixed and floating exchange rates. IMF Staff Papers, 9: 369-379
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Jović, D. (2017) Expansionary monetary policy of CBBH and primary market yield to maturity in bh entities short-term public debt. Accounting and business finance, 09: 47-50
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O članku

jezik rada: srpski, engleski
vrsta rada: izvorni naučni članak
DOI: 10.5937/bankarstvo2001008J
objavljen u SCIndeksu: 27.04.2020.
Creative Commons License 4.0

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