ПРОБЛЕМИ ІНФЛЯЦІЙНОГО ТАРГЕТУВАННЯ В СУЧАСНІЙ ЕКОНОМІЦІ

Анотація

Дзюблюк О. В. Проблеми інфляційного таргетування в сучасній економіці.

Розглянуто теоретико-методологічні засади та ключові аспекти механізму практичного застосування інфляційного таргетування як режиму монетарної політики. Відзначено основні макроекономічні передумови запровадження інфляційного таргетування, а також його головні переваги та недоліки для країн із перехідною економікою. Обґрунтовано необхідність оптимізації процесу вибору монетарного режиму з урахуванням тих викликів, як постають перед економікою України та Національним банком.

Дзюблюк А. В. Проблемы инфляционного таргетирования в современной экономике.

Рассмотрено теоретико-методологические принципы и ключевые аспекты механизма практического применения инфляционного таргетирования в качестве режима монетарной политики. Отмечено основные макроэкономические предпосылки внедрения инфляционного таргетирования, а также его главные преимущества и недостатки для стран с переходной экономикой. Обоснована необходимость оптимизации процесса выбора монетарного режима с учетом тех вызовов, которые возникают перед экономикой Украины и Национальным банком.

Dzyublyuk O. The Problems of the Inflation Targeting in a Modern Economy.

Introduction. Аrticle reviews the major problems of right choosing by the central bank, the instruments and regime of monetary policy. The choice of strategic aims of monetary policy is connected with the achievement of ultimate goals of state economic policy, such as economic growth, high employment, low inflation and equilibrium of balance of payments. To achieve these goals the central bank has to choose most suitable instrument among the intermediate aims of monetary policy, such as monetary supply, interest rate and currency exchange rate. In accordance with it that purpose the central bank has to choose the most optimal regime of monetary policy, known as so-called targeting.

Purpose. The purpose of this paper is to analyze the problems of modern monetary policy in Ukraine under conditions of economic crisis and those tasks, which the central bank has to solve, choosing the most acceptable regime of monetary regulation.

Results. The article discusses theoretical approaches to main advantages and failings of infl ation targeting. The article defines the total combination of main factors, which are necessary for the successful implementation of the inflation targeting regime. Among them are the following: high level of the independence of the central bank; availability of a wide resources for government’s internal and external borrowing on the financial markets; existence of effective monetary transmission channels; availability of highly developed financial market; monetary power’s refusing of the targeting the other macroeconomic goals. A choice of the optimum regime of monetary policy is the main initial condition of effective application of regulative instruments by the National Bank, as the effectiveness of all measures of state economic policy depends on a trust to the banking system and to a national currency. The absolute priority of the purpose to support price stability and submission to it all other aims and tasks of monetary policy have been declared in Ukraine in the last period. But there are many limitations, which do not help the National Bank of Ukraine to establish such regime successfully. These limitations includes: relatively low inflation; high level of financial stability of the banking system; the achievement of sustainable economic growth; demonopolization of the economy and the refusal of administrative price controls; transition to new technological structures with an increase in value added in the structure of domestic production; providing of the balanced profi ts and charges of budget; a small part of foreign trade in GDP; improving the competitive advantage of domestic production on foreign markets; low level of dollarization of the economy; high level of central bank independence.

Conclusion. The results of inflation targeting are quite difficult for being foreseen because of exchange rate instability, ineffectiveness of percent channel of monetary transmission and price asymmetry. In connection with this necessity it follows to count the smooth change of having a special purpose aims of monetary regulation by establishment of certain transitional period during which it follows to use the necessary facilities of influence on the dynamics of rate of exchange as a key parameter of stability of Ukrainian economy and effective functioning of the bank sector of the country. Key words: fiscal rules, public debt, budget deficit, fiscal policy, macroeconomics.