We analyze polarization effects in associative photoproduction of pseudoscalar ($\\overline{D}$) and vector ($\\overline{D^*}$) charmed mesons, $\\gamma+ p\\to \\Lambda_c^+ +\\overline{D^0} (\\overline{D^*})$. Circularly polarized photons induce nonzero polarization of the $\\Lambda_c$-hyperon with $x$- and $z$-components (in the reaction plane) and
non vanishing asymmetries ${\\cal A}_x$ and ${\\cal A}_z$ for the polarized proton target. These polarization observables can be predicted in model-independent way for exclusive $\\overline{D}$-production processes in collinear kinematics. The behavior of T-even $\\Lambda_c$-polarization and asymmetries for non-collinear kinematics can be calculated in framework of an effective Lagrangian approach. These polarization observables are large and show sensitivity to the magnetic moment of the $\\Lambda_c$-hyperon. In case of $\\overline{D^*}$-photoproduction, our predictions depend strongly on the relative value of the coupling constants of the $N\\Lambda_c\\overline{D}$ and $N\\Lambda_c\\overline{D^*}$-vertexes.
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