Preliminary communication
Transition, privatization and monetary arrangements in the countries founded on the territory of former Yugoslavia
Ivan Ribnikar
; Faculty of Economics, University of Ljubljana, Ljubljana, Slovenia
Marko Košak
; Faculty of Economics, University of Ljubljana, 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.
Keywords
Monetary arragements; foreign exchange policy; transition; countries on the territory of former Yugoslavia
Hrčak ID:
75205
URI
Publication date:
16.12.2011.
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