UACS Collection of Abstracts 2011 - University American College ...

Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractKeywordsJEL classificationInternational Conference: “Present Issues of Global Economy”, “OVIDIUS”University of Constanta, Faculty of Economic Sciences, 16 – 17 April, 2011,Constanta,Romania.“Adjustment Of The Macedonian Monetary Policy With European UnionMonetary Policy”Strategic goal of Republic of Macedonia (RM) is membership in EU. Thatroad is apparently long. There are lots of reasons. Among them is the needfor adjustment of particular instruments of the macroeconomic policy ofRM.The main instruments of macroeconomic policy in every country are fiscaland monetary policy. For the fiscal policy in RM can be said that in bigportion is adjusted to Maastricht criteria. But we can’t say the same for themonetary policy.Sixteen years in row in RM is implementing monetary strategy of fixedexchange rate. That kind of strategy contributes for sustainingmacroeconomic stability. From the other side, rates of economic growthwere low or with negative values. External trade deficit have permanentlyupward trend. Unemployment rate is pretty high.Those results impose the question about adequacy and sustainability ofexisting monetary strategy or it should be changed with targeting inflation.Strategies, exchange rate; synchronization; inflation; EuroE52Author(s)Journal of paperappearanceConference of paperappearanceTitle of the paperAbstractTome Nenovski, Elena MakrevskaInternational Conference: “Present Issues of Global Economy”, “OVIDIUS”University Of Constanța, Faculty Of Economic Sciences, 16 – 17 April, 2011,Constanta, Romania.“Macedonian Denar Depreciation, Introduction Of The New ForeignExchange Regime Or Introduction Of The Euro?”Before the beginning of the world economic crisis, countries from Easternand Central Europe (CEE) had tremendously high rates of economic growth.Their growth was stimulated mostly with foreign investments and hugeamounts of loans that came from the Western countries.However, as a result of the current economic crisis, global liquidity issharply decreasing. Access to foreign capital gets more difficult. Inflow offoreign currencies from export of goods and services is being reduced. Thatcaused an abrupt decrease of the inflow of foreign currencies and pressureon the exchange rates of the domestic currency. Countries with fluctuatingexchange rate experienced depreciation of their currencies. Countries withfixed exchange rate faced the need of significant reduction in their foreign47