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Is monetary policy possible without an issuance function: the case of Montenegro

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  • Nikola Fabris
  • Zorica Kalezic

Abstract

Since the end of 1999, Montenegro belongs to a group of dollarised economies. The process of dollarisation in Montenegro has had positive implications on economic performance. However, by renouncing the issuance function, the country gave up some significant monetary policy attributes. Since the Central Bank of Montenegro has a certain number of monetary policy instruments at its disposal such as reserve requirement policy, short-term liquidity loans, possibility of conducting open market operations and a potential role of the lender of last resort, this begs the question whether it possible to perform independent monetary policy under such conditions.

Suggested Citation

  • Nikola Fabris & Zorica Kalezic, 2008. "Is monetary policy possible without an issuance function: the case of Montenegro," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 1(4), pages 356-375.
    • Handle: RePEc:ids:ijepee:v:1:y:2008:i:4:p:356-375
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    Citations

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    Cited by:

    1. Sokic, Alexandre, 2015. "Cost efficiency of the banking industry and unilateral euroisation: A stochastic frontier approach in Serbia and Montenegro," Economic Systems, Elsevier, vol. 39(3), pages 541-551.
    2. Sokic, Alexandre & FABRIS, Nikola, 2013. "Euroization and cyclical stabilization in Montenegro: an empirical analysis," MPRA Paper 46537, University Library of Munich, Germany.
    3. Perisa Ivanovic & Zoran Grubisic & Nikola Fabris, 2011. "Policies Aa a Result of Global Credit Boom in SEE Countries," Book Chapters, in: Stefan Bogdan Salej & Dejan Eric & Srdjan Redzepagic & Ivan Stosic (ed.), Contemporary Issues in the Integration Processes of Western Balkan Countries in the European Union, chapter 22, pages 355-374, Institute of Economic Sciences.
    4. Zoran Grubisic & Perisa Ivanovic, 2012. "Influence of Regulatory Framework and Exchange Rate Regimes on Financial Stability in Western Balkan Countries," Book Chapters, in: Paulino Teixeira & António Portugal Duarte & Srdjan Redzepagic & Dejan Eric (ed.), European Integration Process in Western Balkan Countries, edition 1, volume 1, chapter 13, pages 248-265, Institute of Economic Sciences.

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