Features of monetary regulation in CIS countries during transition
Keywords:
monetary policy, exchange rate regime, monetary strategy, inflation targeting, monetary targeting, exchange rate targetingAbstract
This article examines the effectiveness of the monetary control mechanism in post-Soviet countries by analyzing the interaction of monetary and exchange rate policy. Attention is paid to the special conditions of transitional economies; also their impact on the implementation and operation of monetary policy is under consideration. The article analyzes the choice of the optimal combination of monetary strategy and foreign exchange rate regime for implementing mechanism of interaction of monetary and exchange rate policy in the context of providing of an effective system of macroeconomic regulation. The mechanism of interaction of monetary and exchange rate policy based on the monetary strategy of inflation targeting and flexible exchange rate regime is optimal for successful economic development in transition economies. Instead, intermediate options that combine features of inflation targeting and monetary targeting can be used in the short term to stabilize the unbalanced economic systems.
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