Vol.6, No 3, 2009 pp. 237 - 250
UDC 336.748.12:338.124.4
INFLATION TARGETING CHALLENGED BY FINANCIAL CRISIS
Srdjan Marinković, Jelena Radojičić
Faculty of Economics, University of Niš, 18000 Niš, Serbia
srdjan.marinkovic@eknfak.ni.ac.rs
The main target accepted by many central banks is stability of prices, because there is a wide consensus that low and stable inflation is the basis of economic growth. The choice of inflation targeting has given good effects both in developed and developing countries in transition, particularly in reducing high inflation in the initial period of monetary regime implementation. In conditions of significantly disturbed economic growth it is necessary to adjust the monetary policy. In such conditions the optimum monetary policy is the one which is flexible enough to support the inflation control goals and stimulate economic growth. The global financial crisis raised many questions for monetary policy creators. The answers to these questions should determine the further "destiny" of inflation targeting. Currently, the attempts of monetary policy innovation tend to introduce "improvement" of inflation targeting regime, with financial stability and real economy stabilization maintenance, as additional targets.
Key Words:  Inflation, financial crisis, intermediary target
TARGETIRANJE INFLACIJE PRED IZAZOVIMA FINANSIJSKE KRIZE
Mnoge centralne banke prihvataju kao svoj osnovni cilj stabilnost cena, jer postoji širok konsenzus da niska i stabilna inflacija predstavlja osnovu ekonomskog rasta. Izbor targetiranja inflacije dao je dobre efekte kako kod razvijenih tako i kod zemalja u razvoju i tranziciji, posebno u obaranju visoke inflacije u početnom periodu primene monetarnog režima. U uslovima značajno poremećenog ekonomskog rasta monetarnu politiku je potrebno prilagoditi. U takvim uslovima optimalna je monetarne politike koja je dovoljno fleksibilna da podrži ciljeve kontrole inflacije i podstakne ekonomski rast. Globalna finansijska kriza je stavila mnoga pitanja pred kreatore monetarne politike. Odgovori na ova pitanja trebalo bi da odrede dalju "sudbinu" inflacionog targetiranja. Za sada se pokušaji inoviranja monetarne politike kreću u pravcu uvođenja "poboljašanja" režima targetiranja inflacije uz održanje finansijske stabilnosti i stabilizaciju realne ekonomije, kao dopunske ciljeve.
Ključne reči: inflacija, finansijska kriza, intermedijarni target