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Teorija Optimalne Valutne Zone – Tradicionalni I Savremeni Pristup (Theory Of Optimum Currency Area – Traditional And Modern Approach)

Author

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  • Snježana Zarić

Abstract

Tradicionalni pristup teoriji optimalne valutne zone podrazumeva da zemlje koje se odluče na formiranje monetarne unije moraju da ispunjavaju kriterijume, kao što su mobilnost faktora proizvodnje, otvorenost ekonomije, diverzifikacija u proizvodnji i izvozu, fiskalna integracija, te homogenost političkih preferencija. Sa druge strane, savremeni pristup ovoj teoriji zasnovan je na uočenim endogenim efektima u procesu evropske monetarne integracije. Njegova suština je da je povećana trgovinska razmena, koja je rezultat monetarne unifikacije, dovela do veće sinhronizovanosti poslovnih ciklusa, čime se smanjila potrebu za primenom anticiklične monetarne politike i politike deviznog kursa od strane zemalja članica. U ovom radu su predstavljeni i tradicionalni i savremeni (endogeni) pogled na teoriju optimalne valutne zone, sa svim prednostima i nedostacima koji su identifikovani u brojnim sprovedenim istraživanjima. Na taj način je omogućen uvid u validnost oba ova pristupa, kao i uspostavljanje određene veze između njih. Naime, kao što se pokazalo na primeru Evropske monetarne unije, utvrđeni endogeni efekti mogu da pomognu u stvaranju funkcionalne valutne zone, ali će neispunjenost ključnih kriterijuma optimalnosti i dalje predstavljati izvor asimetričnih šokova za zemlje članice. Dakle, ako zemlje ne ispune ove kriterijume ex ante, visoki ex post troškovi će ih prisiliti na to.

Suggested Citation

  • Snježana Zarić, 2017. "Teorija Optimalne Valutne Zone – Tradicionalni I Savremeni Pristup (Theory Of Optimum Currency Area – Traditional And Modern Approach)," Ekonomske ideje i praksa, Faculty of Economics and Business, University of Belgrade, issue 27, pages 55-77, December.
    • Handle: RePEc:beo:ekidpr:y:2017:i:27:p:55-77
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    More about this item

    Keywords

    valutna zona; kriterijumi optimalne valutne zone; hipoteza o endogenosti; sinhromizovanost poslovnih ciklusa;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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