ULOGA I UTICAJ MMF-A U KREIRANJU EKONOMSKE POLITIKE: PRIMER SRBIJE
ROLE AND IMPACT OF IMF IN MAKING ECONOMIC POLICY: CASE OF SERBIA

Summary/Abstract: The process of transformation the world economy is extremely dynamic and complex. In such conditions it is difficult to conduct a successful economic policy. Such circumstances require a continuous monitoring of the situation in the country, as well as other countries' perspectives in preserving the stability and sustainability of the economy. One of the world's leading institutions that supervises the world's economic system is the IMF. As such, it defines the rules of the game. However, unlike the laws that are mandatory, IMF has an advisory role in implementing economic policy. The aim of this research is to point out the advantages and disadvantages of relying entirely on the recommendations of the IMF in implementing economic policy. The confirmation of this claim are also examples of successful and unsuccessful fiscal consolidations and economic recovery based on IMF's policy recommendations. The first part of the paper gives an insight into the basic characteristics and mechanisams of the IMF. The second part analyzes both the positive and the negative sides of the countries' cooperation with the IMF, as well as evidence of relations with Serbia over time. The last segment refers to the potential possibility of continuing collaboration after the expiration of the Stand-By Arrangement.

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