Координација на фискалната и монетарната политика во остварување на економска стабилизација

Abstract

Close coordination between fiscal and monetary policy is the key for sustainable economic growth consistent with price stability and balanced balance of payment. Timely and continuous coordination of these two policies allows efficient realization of the objectives of fiscal and monetary policy, and partly of mutually agreed objectives. The absence of effective and efficient coordination can lead to increase in financial instability, which leads to high interest rates, exchange rate pressures, a rapid inflation and a negative impact on economic growth. The purpose of this paper is to recognize the importance of effective and timely coordination between fiscal and monetary policy, the justification of use of fiscal and monetary rules, potential conflicts in establishing coordination, as well as positive effects from coordination of national output, employment, interest rates and financial stability as a whole. In the case of the Republic of Macedonia is applied a set theoretical and empirical model which analyze the coordination of fiscal and monetary policy in the period from 2002 to 2013. The results of the set theoretic models indicate that explicit policy coordination for fiscal and monetary policy is weak with a calculated coordination score of 33% and a tendency for moderate growth from 2006 to 2013 of 50% coordination score. The importance of coordination was especially actual in the context of the global financial crisis where were taken measures for global coordination of monetary and fiscal policy, which contribute to providing the necessary support to the financial sector and recovery in global economic activity.