The Impact of the Monetary Policy on the Economic Growth and the Development of the Republic of Macedonia

Abstract

Upon the monetary independence of the country from the previous joined state, it began with the creation (construction) of new own monetary system and implement its own authentic monetary policy. Besides the implementation of the projected primary monetary objectives (maintenance of price stability and stability of the purchasing power of money, i.e. internal and external value of the denar), the monetary authority cares for the realization of other basic goals of macroeconomic policy, such as: providing a higher rate of economic growth, increased foreign trade, especially exports, increasing the employment and improving the balance of payments positions. The realization of these macroeconomic objectives is possible if, with the measures of macroeconomic policy, and in this framework, monetary policy measures, are created the: favorable conditions for management(expansion of production capabilities, better utilization of available resources, adequate location and prompt reallocation of resources), improving economic relations and trade cooperation, aimed at increasing foreign trade, especially exports and improve the current account positions, and thus the position of the balance of payments.

DOI: 10.5901/mjss.2013.v4n11p770