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INSTITUTIONAL ASPECT OF INFLATIONARY PROCESS

Annotation

This article explores the modern multipolar nature of inflation and gives a characterization most important mechanism of the development of inflationary processes and their relationship with socio-economic institutions. The structure and the analysis of inflationary processes is determined in the framework of the institutional approach. In this connection, in addition to economic factors of inflation, attention and evaluation is given non-economic factors, including political, social (group of institutional factors), psychological. Consider this structure of inflation, in which inflationary processes are a set of processes occurring openly of inflation and the accumulation of inflationary potential in the framework of the institutional theory. The analysis of these processes and their relationship confirms that inflation is not a process that arises only from economic factors. We consider redistributive relations of social groups within the "conflict of inflation" concept, which reflect the institutional mechanisms and causes of inflation. We can conclude about the necessity of harmonization social conflicts and economic interests for the purpose of stabilize inflation. The redistributive function of inflation in the future is estimated as a factor in the harmonization of economic development. Among the political factors of inflation are considered law aspect and political instability. It is noted that most of the inflationary surges are accompanied by a change of political direction. Among social factors, considering the psychological nature of inflation, inflation expectations are recognized as the most important psychological factor inflation. In this case, inflation expectations are associated with the accumulation of inflationary potential and the most stable expectations of in times of high rates of inflation are dangerous of development of inertial inflation processes and the formation of an inflationary spiral. In conclusion, the article is concluded of necessity to develop an economic model of inflation in the relationship between economic factors and the interaction of the system of social and economic institutions.

Keywords

inflation factors; institutional approach; the inflationary potential; conflict of interests; inflation expectations; inflationary spiral

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Pages

81-86

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