გაცვლითი კურსის რეჟიმები და მათი მაკროეკონომიკური მნიშვნელობა

The implications of exchange rate regimes choice on economic growth is one of the main topics for debate both in the academic world and for the policy makers. The problem is extremely actual taking into account that after more than four decades since the fall of the Bretton Woods fixed exchange rates there is a variety of exchange rate regimes at international level. There are different theoretical models that deal with the relationship between economic growth and exchange rate regime. Some of these models could be included in the Mundell-Fleming tradition and others in the ―new open economy macroeconomics‖ literature.
There is observed and interpreted the Monetary Conditions Index (MCI) by central banks in the conduct of monetary policy. MCI have gained widespread use and It generalizes targetingmechanism to include effects of exchange rates on an open economy, and it serves as a model-based policy guide between formal model forecasts.
In summary, the choice of exchange rate regime could affect the long-run behavior of the economy, influencing trends or cycles in important macroeconomic variables.But while both the theoretical and empirical literatures have attempted to identify the most appropriate regime by examining the effect of regime choice on various macroeconomic and financial variables, neither has been able to provide a conclusive answer.