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          ,    .      ,   ,     .      ,          ,    10 .

  [1 -            : , , , , , , , , , , , .  ,       ,    ,         18  2009.]    ,          ,     2010.                   .

               ,   ,          .  ,         ,      .                   ,             20082009.        ,         ,    , , ,   ,        ,    ,      ,       ,        (Blanchard, 2007; Alesina et al, 2010; Zemanek, 2010; De Grauwe, 2012; Mongelli, 2013).

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    ,      ,    .   ,          (),   ,        . (Grubel, 1970)            ,    ,        ,       .

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      :

1)    (Mundell, 1961; Puhani, 1999; Moore and Pentecost, 2006; Blanchard, 2007; Alesina et al, 2010; Zemanek, 2010);

2)   (Fleming, 1971; Mongeli, 2008; Zhou et al, 2008; Filippeli, 2011; Imbs, Jondeau and Pelgrin, 2011);

3)  (Krugman and Obstfeld, 2004; Fontagne et al, 2009; Kappler, 2011; Lama and Rabanal, 2012);

4)     (Ling, 2001; De Grauwe, 2007; Gimet, 2007; Bolanos, 2011);

5)         (Ingram, 1962; Gaspar and Mongelli, 2001; Stanoeva, 2001 Imbs, 2004; McKinnon, 2004; Schiavo, 2005; Mongelli, 2008; Frarzscher and Stracca, 2009);

6)     (Bayomi and Eichengreen, 1997; Sin, 2010; Vieira and Vieira, 2011).




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          ,    ,      ,      .       ,  ,   :   ,         ? (Mundell, 1961).

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