МОГУЋИ ПРАВЦИ РАЗВОЈА МОНЕТАРНЕ ПОЛИТИКЕ БИХ У ЦИЉУ ПОДСТИЦАЊА ЕКОНОМСКОГ РАСТА

To ensure the growth of the national economy with simultaneous internal and external price stability is set as the primary goal of economic policy. Choosing the currency board as a model of monetary policy provides increased confidence in the local currency, macroeconomic stability and strength of the central bank credibility, especially in development countries. Considering the constraints of the currency board, national competitiveness and control of the current account balance are becoming very significant questions. In terms of the inability of monetary policy interventions to effect on exports and economic growth of the country, undoubtedly show that classical monetary board is a convenient measure of monetary stabilization but not the mechanism of intensification of economic growth. This paper focuses on the choice of monetary policy model to the given conditions which could provide the growth and economic recovery. The aim of this paper is to emphasize the possible modification of the existing system of currency board in Bosnia and Herzegovina, by analyzing modern currency boards and experiences of member states that have followed this regime before accession to the European (Monetary) Union. The results confirmed a number of benefits that monetary board provides for a small and open economy, but also point out the shortcomings that stress questions about the sustainability of this arrangement and possible tendencies of modification of existing model of the currency board, primarily with widening the instruments and action of the Central Bank of Bosnia and Herzegovina.