Либерализација на капиталната сметка и финансиската стабилност

Georgieva Svrtinov, Vesna (2011) Либерализација на капиталната сметка и финансиската стабилност. PhD thesis, Универзитет Св. Кирил и Методиј, Скопје.

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One of the most prevailing issues in the contemporary literature, which is gaining greater significance lately, is the capital account liberalization. The capital liberalization initiates larger number of, very frequently, contradictory effects for the national economies. In accordance with that, one of the most interesting issues, which is the subject of this paper, is the impact of the capital account liberalization on the financial stability. The capital account liberalization enables more efficient international allocation of the assets and causes a number of other positive effects in the countries where it is implemented. Nevertheless, apart from the benefit which results from the financial liberalization, there exist risks as well, particularly in a situation of fixed exchange rate. In a case like this, there is a possibility of macroeconomic imbalance and speculative attacks over the domestic currency. In order to defend the fixed rate, the authorities very frequently raise the interest rates, which can cause negative implications on the bank system as a whole and may fully influence the economic stability. To exemplify the aforementioned, we could use the frequent financial crises in the past two decades (such as the ones in Mexico, Argentina, Russia, the Asian crisis from 1997 et cetera), which have significantly changed the attitude of the academic economists about the financial globalization. Those crises, beginning from the Mexican one, are the so called “crises of capital account”, and they are all characterized by unsustainable deficits of current accounts, financed on various modes. Signing the Stabilization and Association Agreement (SSA) with the European Union represents a moment of great significance for the liberalization of the capital account in our country since it provides complete exemption of the limitations of the current transactions and gradual liberalization of the capital transactions. As a result of the greater liberalization of the capital account, the Republic of Macedonia will very soon face the trilemma in the economic policy, due to the impossible “triangle”, that is liberalized capital account, fixed exchange rate and independent monetary policy making. This will bring up the issue whether the application of fixed exchange rate is legitimate. In this view, the issue is, what monetary strategy should the Republic of Macedonia apply in the future.

Item Type: Thesis (PhD)
Subjects: Social Sciences > Economics and business
Divisions: Faculty of Economics
Depositing User: Vesna Georgieva Svrtinov
Date Deposited: 06 Feb 2013 10:49
Last Modified: 06 Feb 2013 10:49
URI: http://eprints.ugd.edu.mk/id/eprint/5462

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