Znaczenie kontroli podaży pieniądza w strategiach monetarnych krajów na średnim poziomie rozwoju

• Autorzy: Marta Sordyl

Warianty tytułu

The Importance of Controlling the Money Supply in the Monetary Strategies of Medium-developed Countries

• Języki publikacji: PL

Abstrakty

Dokonano przeglądu strategii monetarnych wybranych krajów z grupy emerging markets: Argentyny, Brazylii, Chile, Czech, Korei i Węgier. Zwrócono uwagę, w jakim stopniu te państwa uwzględniają dokonującą się ewolucję rynków pieniężnych i samej polityki monetarnej.

EN

The technological and organisational transformations currently taking place on financial markets have led experts to question the usefulness of monetary aggregates as the exclusive or main indirect objectives of monetary policy. For central banks, this means a radical re-formulation of not only the objectives and tasks of monetary policy, but also of the manner of perceiving the role of monetary actions in the economy itself. The departure from monetary aggregates as independent or chief objectives of monetary policy, a trend that has become increasingly evident in recent years, is also observable in medium-developed countries. This article contains a review of the strategies of several selected developing countries, with particular consideration to the evolution of the approach to controlling the money supply. The author's analysis indicates a general departure from using the nominal anchor in the form of one or more money aggregates and abandonment of stabilisation programs based on the currency exchange rate system. Instead, the direct inflation target strategy is used, which up until recently was perceived as useless for countries in the emerging markets group. (original abstract)

Słowa kluczowe

PL

Polityka makroekonomiczna; Strategia finansowa; Polityka pieniężna; Podaż pieniądza; Rynki wschodzące

EN

Macroeconomic policy; Financial strategy; Monetary policy; Money supply; Emerging markets

• Czasopismo: Zeszyty Naukowe / Akademia Ekonomiczna w Krakowie
• Rocznik: 2006
• Numer: nr 744
• Strony: 55--70

Twórcy

autor

Marta Sordyl

Bibliografia

• Banco Central de la Republica Argentina, Memorandum of Economic and Financial Policies of the Government of Argentina for 2003-06, 2002, www.bcra.gov.ar z dn. 20.03.2004.
• Banco Central de Ja Republica Argentina, Monetary Program for 2003. Revision, June 2003.
• Banco Central de Ja Republica Argentina, Monthly Monetary Report, December 2003.
• Banco Central de la República Argentina, Inflation Report, 1s' Quarter 2005.
• Banco Central do Brasil, Boletim do Banco Central do Brasil, March 2004
• Bank of Korea, Monetary Policy of Korea, 2003.
• Central Bank of Chile, Monetary Policy of the Central Bank of Chile: Objectives and Transmission, 2000.
• Czech National Bank, Monetary Strategy, 2000, www.cnb.cz/en/c.php z dn. 08.12.2003.
• Czech National Bank, Monetary policy of The Czech National Bank. Fact Sheet, 2003, www.cnb.cz z dn. 08.12.2003.
• Czech National Bank, National Money and Banking Statistics, 2004, www.cnb.cz z dn. 17.02.2004.
• Garcia-Herrero A., Monetary Impact of a Banking Crisis and the Conduct of Monetary Policy, IMF Working Paper No. 97/124, September 1997.
• Grenville S., Inflation Targeting in the World of Volatile Capital Flows, Reserve Bank of Australia, October 2002.
• Inflation Targeting in Brazil: Constructing Credibility under Exchange Rate Volatility, A. Minella, P. Springer de Freitas, I. Goldfajn, M.K. Muinhos, Banco Central do Brasil Working Paper nr 77, July 2003.
• International Monetary Fund, Republic of Korea: Statistical Appendix, IMF Staff Country Report nr 10, February 2000.
• International Monetary Fund, Brazil: Selected Issues and Statistical Appendix, IMF Country Report nr 10, January 2001.
• International Monetary Fund, Chile: Selected Issues, IMF Country Report nr 03/312, October 2003.
• International Monetary Fund, Czech Republic: Selected Issues and Statistical Appendix, IMF Country Report nr 3, January 2004.
• Kryzysy walutowe, W. Marecki, A. Sławiński, R. Piasccki, U. Żuławska, Wydawnictwo Naukowe PWN, Warszawa 2001.
• National Bank of Hungary, Monetary Policy in Hungary, 2002, www.mnb.hu z dn, 04.12.2003.
• Oh .1., Inflation Targeting: A New Monetary Policy Framework in Korea, The Bank of Korea, Seoul 2000.
• Sordyl M., Kryzys w Argentynie lat 1999-2002 -przyczyny i niewykorzystane środki zaradcze, „Gospodarka Narodowa" 2003, nr 9.