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Uloga Fiskalnog Agenta U Uspešnosti Monetarnog Režima Targetiranja Inflacije (The Role Of Fiscal Agent In Success Of Inflation Targeting Monetary Regime)

Author

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  • Milutin Ješić

Abstract

Targetiranje inflacije je okvir monetarne politike koji podrazumeva dovoljan stepen kooperativnosti između kreatora monetarne i fiskalne politike. Transmisioni mehanizam monetarne politike najčešće se neće pokazati kao dovoljno jak, ukoliko u fiskalnom domenu postoji neodgovornost. Tada se mogu desiti razne vrste makroekonomskih prelivanja, a negativni efekti će biti multiplikovani. Iako je fiskalna odgovornost jedan od ključnih preduslova uspešnosti targetiranja inflacije, ekonomska literatura ne posvećuje dovoljan stepen pažnje tome. Šokovi tražnje i ponude koji ugrožavaju inflacioni target dovešće do reakcije centralne banke. Međutim, ta reakcija najčešće neće pogodovati kreatorima fiskalne politike. Usled nedostatka kredibiliteta kreatora fiskalne politike, negativni efekti u oblasti monetarne politike će biti značajni, što može dovesti i do sloma ovog režima. Zbog svega ovoga, kao preventivnu meru treba razvijati koordinaciju monetarne i fiskalne politike. Ovo posebno važi u zemljama u razvoju. Kritični faktori uspeha targetiranja inflacije u Srbiji su fiskalna odgovornost i jačanje nezavisnosti centralne banke. Održivost targetiranja inflacije kao monetarne strategije u Srbiji će u mnogome zavisiti upravo od navedenih preduslova.

Suggested Citation

  • Milutin Ješić, 2016. "Uloga Fiskalnog Agenta U Uspešnosti Monetarnog Režima Targetiranja Inflacije (The Role Of Fiscal Agent In Success Of Inflation Targeting Monetary Regime)," Ekonomske ideje i praksa, Faculty of Economics and Business, University of Belgrade, issue 21, pages 77-97, June.
    • Handle: RePEc:beo:ekidpr:y:2016:i:21:p:77-97
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    More about this item

    Keywords

    targetiranje inflacije; fiskalna dominacija; koordinacija;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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