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Monetáris politika - eszközök és feltételek
[Monetary policy: instruments and conditions]

Author

Listed:
  • Tarafás, Imre

Abstract

Magyarországon a monetáris politika eszközrendszere gyors fejlődésen ment keresztül: a kezdeti évek keretelosztásától indulva néhány év alatt eljutott a legigényesebb eszköznek számító nyílt piaci műveletekig. Ez a gyors fejlődés megfelelt a bankreform fokozatos, de gyors előrehaladásának és a gazdaságban általában érvényesülő liberalizációs és deregulációs hullámnak is. A következő években a monetáris politika feltételeit egyfelől a várhatóan magas szinten ingadozó infláció, a kamatkilátások emiatti bizonytalansága, esetenként az infláció lényeges további gyorsulásának veszélye, másfelől az határozza meg, hogy a fogyasztói árszintnek a termelőit általában lényegesen meghaladó emelkedése miatt magas nominális kamatszint és az ettől szükségképpen elmaradó árfolyamszintváltozás miatt erős pénztőkebeáramlás várható. Ez igen nagy sterilizációs kihívás elé állítja a monetáris politikát (ezeket a pénzeket ki kell vonnia a bankrendszerből, semlegesítenie kell), miközben a pénz és értékpapírpiac fejletlen, és a bankrendszer szegmentált. A visszatérés a direkt monetáris eszközök egyikéhez vagy másikához tovább rontana a helyzeten; a megoldást inkább hiteles antiinflációs gazdaságpolitika, ezen belül hiteles árfolyampolitika követésében kell keresni, és abban, hogy a további liberalizációs lépéseket a stabilizáció (az infláció kitartó csökkenése) függvényévé tesszük.

Suggested Citation

  • Tarafás, Imre, 1995. "Monetáris politika - eszközök és feltételek [Monetary policy: instruments and conditions]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1024-1043.
    • Handle: RePEc:ksa:szemle:56
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    References listed on IDEAS

    as
    1. International Monetary Fund, 1994. "The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition: Issues and Lessons From Experience," IMF Working Papers 1994/148, International Monetary Fund.
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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