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Transition, privatization and monetary arrangements in the countries founded on the territory of former Yugoslavia

Author

Listed:
  • Ivan Ribnikar

    () (University of Ljubljana, Faculty of Economics, Ljubljana, Slovenia)

  • Marko Kosak

    (University of Ljubljana, Faculty of Economics, Ljubljana, Slovenia)

Abstract

The aim of our research was to compare the methods of privatization of social ownership and monetary system in the countries of former Yugoslavia with the privatization mode and monetary arrangement that could be considered as optimal. By applying the method of comparative analysis, it has been found out that the way of socially-owned enterprises being privatized and monetary regulations implemented had the crucial impact on the transition in the countries of former Yugoslavia. In fact, the chosen methods of privatization and monetary arrangements applied in these countries have established economies of uncompetitive enterprises. Privatization was either macro-economically harmful for the domestic savings and capital formation and / or unjust for people. In addition, our analyses have proved that the monetary regulation and foreign exchange policy were either not implemented at all or too little to neutralize the negative consequences of selling companies to foreign investors on the foreign exchange rate. The same goes for the combination of monetary policy and foreign exchange rate policy that should have been implemented so as to prevent speculative import and export of short-term capital. For the countries that have not joined the EU yet, it might be helpful to comply with the conclusions of our research and examine their path toward a market economy.

Suggested Citation

  • Ivan Ribnikar & Marko Kosak, 2011. "Transition, privatization and monetary arrangements in the countries founded on the territory of former Yugoslavia," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics, vol. 29(2), pages 333-353.
  • Handle: RePEc:rfe:zbefri:v:29:y:2011:i:2:p:333-353
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    References listed on IDEAS

    as
    1. Eric Berr & François Combarnous, 2005. "Vingt ans d'application du consensus de Washington à l'épreuve des faits," Post-Print hal-00244108, HAL.
    2. Johnson, Harry G., 1977. "The monetary approach to the balance of payments : A nontechnical guide," Journal of International Economics, Elsevier, vol. 7(3), pages 251-268, August.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    monetary arragements; foreign exchange policy; transition; countries on the territory of former Yugoslavia;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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