摘要：Dometi monetarne politike u tranzitornom periodu su limitirani i zavise od konkretnih uslova u kojima se ona sprovodi. Zbog gradualističkog pristupa u reformi finansijskog sektora, većina zemalja u tranziciji se suočava sa jakim mikroekonomskim distorzijama koje dovode u pitanje efikasnost monetarne politike u svim fazama transmisionog procesa. Poremećaji u bankarskom sektoru i sektoru preduzeća ugrožava-ju makroekonomsku stabilnost i pre ili kasnije dovode do inflacije. Razvoj jednog efikasnog okvira za upravljanje monetarnim tokovima pretpostavlja sveobuhvatnu reformu finansijskog sektora, odnosno njegovo prilagođavanje konceptu tržišne privrede
其他摘要：The scope of monetary policy in the transitory period is limited and depends on specific conditions in which it is carried out. Due to the gradualistic approach in the reform of the financial sector, most countries in transition are faced with micro-economic distortions which endanger the efficiency of monetary policy in all phases of the transmission process. Disturbances occurring in the banking sector, as well as those taking place in the sector of enterprises, jeopardize macro-economic stability and, sooner or later, lead to inflation. Development of an effective framework for the management of the monetary flow presumes an all-inclusive reform of the financial sector, i.e. its adjustment to the concept of market economy
