search query: @freeterm Privatization / total: 3
reference: 2 / 3
| Author: | Bisev, G. |
| Title: | Uresnicevanje ekonomske neodvisnosti in reforme v Makedoniji (2) |
| Journal: | Bancni vestnik
1994 : VOL. 43:1-2, p. 21-26 |
| Index terms: | |
| Freeterms: | Macedonia, economic independency, economy, stabilization, programmes, economic reform, economic policy, privatization |
| Language: | slv |
| Abstract: | In his article the author talks about the process of monetary independence of the Republic of Macedonia and implementation of the heterodox stabilisation programme.The main objectives of the programme were to replace coupons by real money and to drastically cut inflation.Since the performers of the stabilisation policy had managed to introduce own currency but did not succeeded in decreasing price rises, they decided to reject the stabilisation plan in August 1992.The government of Macedonia and its monetary authorities have started to adjust the economic policy to the current economic trends.What simply meant that salaries and exchange rates were following nominal price changes.The break down of the former Yugoslav market represented a major external shock to the Macedonian economy, which created about 65% to 70% of its GDP solely on that market.The loss of the market brought about the problem of monopolies in industry and banking.The banking system in Macedonia suffers not only from a high degree of monopolisation but also from the total loss of credibility and a high concentration of bad debts.Banking is technically speaking insolvent, with 80.1% of all placements being bad debts .The banking system is kept alive in an artificial way through primary issue. Under the circumstances no strict restrictive monetary policy is possible.At the end of the first half of 1993 structural reforms started to be implemented.The necessary institutional frameworks were being set for the structural changes in banking, foreign economic relations and privatisation of enterprises.The author believes that along with a healthy and morally stable economic policy structural reforms should substantially improve the performance of the economy. |
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