发展中国家通货膨胀目标制货币政策的适应性分析

An Analysis on the Adaptability of the Inflation Targeting Monetary Policy in Developing Countries

20世纪90年代以来,通货膨胀目标制货币政策成为一种趋势,西方发达国家采用通货膨胀目标制货币政策之后在促进经济增长及抵制通货膨胀方面取得了良好绩效;但是对于发展中国家而言,通货膨胀目标制货币政策的适应性却是一个非常值得研究的问题。对大量的发展中国家而言,财政的主导地位及金融基础设施不良严重妨碍着独立货币政策的实行范围,因此目前尚不具备采用通货膨胀目标制货币政策的条件;因此,发展中国家需要进行综合的公共部门改革,扩大税基,减少对铸币税及来自金融压制的其他收入的依赖,从而使金融系统恢复活力,这样,通货膨胀目标制也许会成为一种极具吸引力的选择。

Adoption of inflation targeting monetary policy by developed countries since 1990s has brought about very good result and making the policy a standard measure combating inflation. However, as for developing countries, the adapt ability of the said policy is not clear. The domination of budget policy and weak financial infrastructure seriously limit the scope where the independent monetary policy could be put in use, thus making it immature to introduce inflation targeting policy in developing countries. Under this circumstance, it is wise for developing countries to rejuvenate the financial system by reforming the public sectors, enlarging tax base, reducing seigniorage and relieving the income dependence caused by finaneial repression,by so doing the inflation targeting policy might become an attractive policy option in the future.