ZNAČAJ MONETARNE POLITIKE ZA OBEZBEĐIVANJE MAKROEKONOMSKE ODRŽIVOSTI
DOI:
https://doi.org/10.59864/FinAdv310205NJKljučne reči:
monetarna politika, makroekonomska stabilnost, inflacija, kamatne stope, ekonomski rastApstrakt
Monetarna politika je ključna za obezbeđivanje makroekonomske održivosti, jer utiče na inflaciju, kamatne stope i zapošljavanje. U EU, zajednička monetarna politika Evropske centralne banke (ECB) ima značajan uticaj na stabilnost, dok fiskalne politike zemalja članica ostaju samostalne. Ovo često dovodi do nesklada između monetarne i fiskalne discipline, što je postalo očigledno tokom kriza javnog duga u zemljama kao što su Grčka i Italija. Iako ECB kontroliše kamatne stope i emisiju novca, fiskalne politike pojedinih država mogu dovesti do prekomernog zaduživanja, što ugrožava stabilnost evra. Da bi se obezbedila dugoročna održivost, potrebna je bolja koordinacija monetarne i fiskalne politike, uz mogućnost stvaranja fiskalne unije unutar EU, koja bi omogućila bolju kontrolu prekomernog zaduživanja i usklađivanje ekonomskih politika.Preuzimanja
Reference
1. Afonso, A., & Gomes-Pereira, F. (2025). Does monetary policy influence euro area fiscal sustainability? Economic Modelling, 152, 107273. https://doi.org/10.1016/j.econmod.2025.107273
2. Bhimjee, D. C. P. (2023). The euro area sovereign debt crisis and the sovereign debt Laffer curve: A historic assessment for 1999–2014. Humanities and Social Sciences Communications, 10, 189. https://doi.org/10.1057/s41599-023-01637-7
3. Bartocci, A., Notarpietro, A., & Pisani, M. (2024). “Green” fiscal policy measures and nonstandard monetary policy in the euro area. Economic Modelling, 136, 106743. https://doi.org/10.1016/j.econmod.2024.106743
4. Bušs, G., Grüning, P., & Tkačevs, O. (2024). Choosing the European fiscal rule. Baltic Journal of Economics, 24(1), 116–144. https://doi.org/10.1080/1406099X.2024.2340402
5. Blueschke, D., Blueschke-Nikolaeva, V., & Neck, R. (2023). Should fiscal policies be centralized in a monetary union? A dynamic game approach. Central European Journal of Operations Research, 31, 1129–1148. https://doi.org/10.1007/s10100-023-00846-4
6. Ciaffi, G., Deleidi, M., & Capriati, M. (2024). Government spending, multipliers, and public debt sustainability: An empirical assessment for OECD countries. Economia Politica, 41, 521–542. https://doi.org/10.1007/s40888-024-00335-0
7. Corradin, S., & Schwaab, B. (2023). Euro area sovereign bond risk premia before and during the Covid-19 pandemic. European Economic Review, 153, 104402. https://doi.org/10.1016/j.euroecorev.2023.104402
8. Dascher, F., & Greiner, A. (2023). Monetary-fiscal policy relations in the euro area: The impact on the primary balance. Journal of Economic Behavior & Organization, 216, 1–9. https://doi.org/10.1016/j.jebo.2023.09.026
9. Eminidou, S., Geiger, M., & Zachariadis, M. (2023). Public debt and state-dependent effects of fiscal policy in the euro area. Journal of International Money and Finance, 130, 102746. https://doi.org/10.1016/j.jimonfin.2022.102746
10. Ficek, W. (2024). Is the euro area a prelude to the fiscal union? Introduction to the “fiscal confluence criteria”. International Entrepreneurship Review, 10(3), 7–20. https://doi.org/10.15678/IER.2024.10.03.01
11. Figueira, F., & Espinoza, R. (2023). Bargaining the Euro: Making an EU fiscal union politically acceptable. European Review, 31(3), 252–272. https://doi.org/10.1017/S1062798723000144
12. Gnewuch, M. (2022). Spillover effects of sovereign debt-based quantitative easing in the euro area. European Economic Review, 145, 104133. https://doi.org/10.1016/j.euroecorev.2022.104133
13. Gomes, P., & Seoane, H. D. (2024). Made in Europe: Monetary–Fiscal policy mix with financial frictions. European Economic Review, 165, 104727. https://doi.org/10.1016/j.euroecorev.2024.104727
14. Hülsewig, O., & Rottmann, H. (2022). Euro Area Periphery Countries' Fiscal Policy and Monetary Policy Surprises. Oxford Bulletin of Economics and Statistics, 84, 544–568. https://doi.org/10.1111/obes.12486
15. Ionta, S., Afonso, A., & Alves, J. (2025). Monetary policy surprises and fiscal sustainability: The case of the Euro Area. Economic Change and Restructuring, 58, 42. https://doi.org/10.1007/s10644-025-09881-4
16. Jurkšas, L. (2024). The impact of the heterogenous fiscal policy stance of euro-area member states on ECB monetary policy. Economic Systems, 48(4), 101216. https://doi.org/10.1016/j.ecosys.2024.101216
17. Kloosterman, R., Bonam, D., & van der Veer, K. (2024). The effects of monetary policy across fiscal regimes. Journal of Macroeconomics, 81, 103616. https://doi.org/10.1016/j.jmacro.2024.103616
18. Milojević, I., Milanović, A. (2025). Applications of macroeconomic indicators in determining the predisposition to environmental threat. Održivi razvoj, 7(1), 77-86. https://doi.org/10.5937/OdrRaz2501077M
19. Navarro-Ortiz, J., & Sapena, J. (2025). Sovereign debt sustainability in the Euro Area: A probabilistic assessment. Cogent Economics & Finance, 13(1), 2584593. https://doi.org/10.1080/23322039.2025.2584593
20. Schelkle, W. (2021). Fiscal integration in an experimental union: How path-breaking was the EU’s response to the COVID-19 pandemic? Journal of Common Market Studies, 59(3), 722–738. https://doi.org/10.1111/jcms.13246
21. Mutai, N. C., Ibeh, L., Farag, K., Popoola, O. M., & Okpokiri, J. A., Jr. (2026). Public debt sustainability in the Eurozone: An empirical assessment using macroeconomic indicators. Economies, 14(2), 53. https://doi.org/10.3390/economies14020053
22. Rajkovic, А. (2025). Security and misuse of payment cards. The Journal Law Review of Public Sector, 5(2), 93-101.
23. Menguy, S. (2024). Dilemma for fiscal policies: Supporting economic activity, or ensuring public debt sustainability? Journal of Economic Analysis, 3(2), 62. https://doi.org/10.58567/jea03020010
24. Vukša, S., & Milojević, I. (2024). Sustainability of accounting as an information system. Održivi razvoj, 6(2), 23-33. https://doi.org/10.5937/OdrRaz2402023V
##submission.downloads##
Objavljeno
Broj časopisa
Rubrika
Licenca
Sva prava zadržana (c) 2026 Nikola Jakšić (Author)

Ovaj rad je pod Creative Commons Autorstvo 4.0 Internacionalna licenca.





