Abstrakt PL:

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.

Abstrakt 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)

Język:

pol