货币政策体系的国际比较

The International Comparison with Different Monetary Policy Regimes

本文按照货币政策选择的中介目标 ,将各国货币政策体系分为四种基本类型 :汇率型、货币供给量增长率型、通货膨胀率型、隐含中介目标型。在对这四种体系介绍及比较的基础上 ,说明了政策的透明性与可解释性对体系的成功运行是很重要的 ,因为这样才能做到“有约束的相机抉择”。但如何才能做到透明性与可解释性则因各国的政治、文化和经济环境及历史而异。

This paper examines the international experiences with four basic types of monetary policy regimes:(1)exchangerate targeting;(2)monetary targeting;(3)inflation targeting;(4)monetary policy with an implicit but not an explicit nominal anchor.The basic theme that emerges form this analysis is that transparency and accountability are crucial to constraining discretionary monetary policy so that it produces desirable longrun outcomes.Because the devil is in the details in achieving transparency and accountability,what strategy will work best in a country depends on its political,cultural and economic institutions,as well as on its past history.