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Finansijske Krize I Devizne Rezerve Zemalja U Tranziciji I Zemalja U Razvoju (The Financial Crises And Foreign Exchange Reserves In The Countries In Transition And Developing Countries)

Author

Listed:
  • Radovan Kovačević

Abstract

Zemlje u tranziciji (ZUT) i zemlje u razvoju (ZUR) su dinamično povećavale devizne rezerve u razdoblju pre izbijanja globalne finansijske krize iz 2008. godine. Krizne udare na makroekonomsku stabilnost lakše su podnele zemlje sa većim deviznim rezervama. Globalna kriza je pojačala motivisanost centralnih banaka ZUT i ZUR da povećavaju devizne rezerve. Kriza izazvana pandemijom Kovid-19 je pokazala da su zemlje sa većim deviznim rezervama imale širi prostor za intervencije na deviznom tržištu, čime su ublažile pritisak u pravcu depresijacije njihovih valuta. Akumulirane devizne rezerve kod mnogih ZUT i ZUR su znatno veće u odnosu na ocenjene nivoe adekvatnosti, prema tradicionalnim kriterijumima. Najveće iznose deviznih rezervi poseduju BRIKS zemlje. Dominantan udeo u valutnoj strukturi globalnih deviznih rezervi i dalje ima američki dolar, mada je prisutan trend smanjivanja ovog učešća. Primetna je diverzifikacija deviznih rezervi u pravcu netradicionalnih valuta, kao što su kanadski i australijski dolar i kineski renminbi. Ovi zaokreti se duguju investicionim motivima centralnih banaka prilikom strukturiranja portfelja deviznih rezervi. Pojava digitalnih i kriptovaluta, praćena dinamičnim tehnološkim unapređenjima, poseduje potencijal za strukturne promene deviznih rezervi u budućnosti. To su ujedno i novi izazovi za međunarodni monetarni sistem.

Suggested Citation

  • Radovan Kovačević, 2022. "Finansijske Krize I Devizne Rezerve Zemalja U Tranziciji I Zemalja U Razvoju (The Financial Crises And Foreign Exchange Reserves In The Countries In Transition And Developing Countries)," Ekonomske ideje i praksa, Faculty of Economics and Business, University of Belgrade, issue 46, pages 13-29, September.
    • Handle: RePEc:beo:ekidpr:y:2022:i:46:p:13-29
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    More about this item

    Keywords

    devizne rezerve; dolar; digitalne valute; valutna struktura rezervi;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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