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INFLATION TARGETING AS FACTOR OF STABILIZATION OF ECONOMIC DEVELOPMENT

Annotation

In this article the author investigated process of transition to inflationary targeting as to the main direction of national monetary policy of central bank and historically developed reasons and prerequisites for introduction of this mode. Insolvency of the accepted earlier monetary indicators of monetary policy allows to prove need of formation of the new direction of economic policy which would allow to function effectively to national economic systems during the periods of the crisis phenomena without serious negative consequences. The author analyzed necessary conditions for effective transition and functioning of this mode. In connection with the difficulties arising at effective realization of the mode of inflationary targeting, its introduction began mainly with developed countries, at the same the author considered time features at introduction of targeting in the developed and developing economies. The main conditions for effective introduction of this mode are: legal and actual independence of bodies of the national monetary authorities, the developed transmission mechanisms and instruments of regulation, high level of credibility and development of system of interaction with economic entities. The author analyzed main problems and consequences of introduction of the mode a targeting. At the current stage topical issue of the choice of concrete «target» within this mode. The author summarized complexity admits assessment of efficiency of inflationary targeting owing to lack of a uniform technique of assessment or the conventional criteria of efficiency, and also alternative results of researches. At the same time most of researchers’ efficiency of the mode of targeting admits. In the conclusion of article the author gave the main advantages and shortcomings of inflationary targeting, and also high adaptability of this mode admits.

Keywords

inflation targeting; monetary policy; target; consumer price index; inflationary expectations

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Pages

66-71

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