The Impact of Monetary Instruments in the Development of Monetary Policy in the Republic of Macedonia

Abstract

In the function of accomplishment of the macroeconomic and monetary policy goals, the monetary authority, i.e. the central Banks in each country are competent to conduct a regulation of the monetary factors. While conducting the procedure of monetary regulation, the central bank uses different monetary instruments. The instruments of the monetary regulation although numerous, among themselves differ: as from the aspect of the time when their implementation began (historical aspect), also from the aspect of their impact over the process of monetary regulation. Having that a starting point, each country implements different instruments of monetary regulation, according to the specifics and characteristics of each country separately.

DOI: 10.5901/ajis.2016.v5n3s1p539