Problems and Prospects of Introduction of the Inflation Targeting in Ukraine
Journal Title: Бізнес Інформ - Year 2015, Vol 10, Issue 0
Abstract
The article is aimed at studying the practices of using the mode of inflation targeting by the developed world countries, defining the advantages and disadvantages of its use. Possibilities of introducing the inflation targeting mode in Ukraine and the order of necessary measures that would provide introducing a «simplified mode» of inflation targeting have been determined. The author substantiates that targeting the exchange rate by the National Bank of Ukraine (in the late 2014 or early 2015) has showed its ineffectiveness, in particular, the impossibility of achieving price stability, interest rates, rise of inflation expectations, increasing instability of the economy as a whole. With the benefit of international experience in this regard, the author points out that it is important to not only learn, but also to modernize the inflation targeting mode, adapting it to the domestic circumstances. For the introduction of inflation targeting is necessary to improve the mechanism for fixation of inflation, that is, to abandon the fixation of other indicators, in particular exchange rate, as well as introduce appropriate monetary instruments, foremost among which is the short-term interest rate. In the publication is proved that the move to a new strategy of monetary policy should be carried out gradually, i.e., first by entering the «simple» mode, and subsequently implementing the full-scale inflation targeting.
Authors and Affiliations
Yuriy Ganusyk
Keywords
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