o:28676 Finansijske krize i devizne rezerve zemalja u tranziciji i zemalja u razvoju The financial crises and foreign exchange reserves in the countries in transition and developing countries sr APSTRAKT: Zemlje u tranziciji (ZUT) i zemlje u razvoju (ZUR) su dinamično povećavale devizne re- zerve u razdoblju pre izbijanja globalne finansijske krize iz 2008. godine. Krizne udare na makroekonomsku stabilnost lakše su podnele zemlje sa većim deviznim rezervama. Globalna kriza je pojačala motivisanost centralnih banaka ZUT i ZUR da povećavaju devi- zne rezerve. Kriza izazvana pandemijom Kovid-19 je pokazala da su zemlje sa većim de- viznim rezervama imale širi prostor za intervencije na deviznom tržištu, čime su ublažile pritisak u pravcu depresijacije njihovih valuta. Akumulirane devizne rezerve kod mnogih ZUT i ZUR su znatno veće u odnosu na ocenjene nivoe adekvatnosti, prema tradicional- nim kriterijumima. Najveće iznose deviznih rezervi poseduju BRIKS zemlje. Dominantan udeo u valutnoj strukturi globalnih deviznih rezervi i dalje ima američki dolar, mada je prisutan trend smanjivanja ovog učešća. Primetna je diverzifikacija deviznih rezervi u pravcu netradicionalnih valuta, kao što su kanadski i australijski dolar i kineski renminbi. Ovi zaokreti se duguju investicionim motivima centralnih banaka prilikom strukturiranja portfelja deviznih rezervi. Pojava digitalnih i kriptovaluta, praćena dinamičnim tehno- loškim unapređenjima, poseduje potencijal za strukturne promene deviznih rezervi u budućnosti. To su ujedno i novi izazovi za međunarodni monetarni sistem. ABSTRACT: The Emerging Market Economies (EMEs) and developing countries (DCs) has been in- creasing their foreign exchange reserves in the period before the outbreak of the global financial crisis in 2008. The countries with larger foreign exchange reserves showed greater resistance to external shocks. The global crisis increased the motivation of the EMEs and DCs central banks to increase foreign exchange reserves. The crisis caused by the COVID-19 pandemic showed that countries with larger foreign exchange reserves have had a greater possibilities for foreign exchange market interventions, which eased the pressure towards the depreciation of their currencies. The accumulated foreign ex- change reserves of many EMEs and DCs are significantly higher compared to the assessed levels of adequacy according to traditional criteria. The largest amounts of foreign ex- change reserves are owned by the BRICS countries. The dominant share in the currency structure of global foreign exchange reserves is still held by the US dollar, although there is a decreasing trend of this share. There is a noticeable diversification of foreign exchange reserves in the direction of non-traditional currencies, such as the Canadian and Australian dollars and the Chinese renminbi. These turns are due to the investment motives of central banks when structuring the portfolio of foreign exchange reserves. The emergence of digital and crypto-currencies, accompanied by dynamic technological advances, has the potential for structural changes in foreign exchange reserves in the future. These are also new challenges for the international monetary system KLJUČNE REČI: DEVIZNE REZERVE, DOLAR, DIGITALNE VALUTE, VALUTNA STRUKTURA REZERVI KEYWORDS: FOREIGN EXCHANGE RESERVES, DOLLAR, DIGITAL CURRENCIES, CURRENCY STRUCTURE OF RESERVES 1552099 10.54318/eip.2022.rk.330 1552101 2217-6217 2023-04-07T10:54:10.915Z 44 no 46 Radovan Kovačević Univerzitet u Beogradu Ekonomski fakultet 13834343 0000-0002-5857-730X application/pdf 836825 https://phaidrabg.bg.ac.rs/o:28676 no yes 1 70 92000001 11A03 Ekonomske ideje i praksa 46 13 29 2022