Perspective ale ţintirii inflaţiei[Perspectives of the Inflation Targeting]

This paper explores some recent challenges for the inflation targeting. The circumstances are different for the emerging market countries and for the industrialized ones. In many emerging market countries the central banks adopted more or less formally the inflation targeting, in order to gain appreciation from the international financial institutions. Most of these central banks announced the applying of a flexible inflation targeting which could mask the time-inconsistent monetary policy. The vulnerability of the financial systems from emerging market countries undermines the inflation targeting credibility. In the new circumstances of the global crisis, a relaxed form of exchange rate targeting could be, for many of these countries, more adequate than the inflation targeting. For most of the industrialized countries the years of explicit or implicit inflation targeting coincided with a period of price stability. However, the recent global crisis revealed the danger of neglecting the financial stability. Moreover, the raise of unemployment could determine the governments of some industrialized countries to abandon the monetarist principles, which offered a favorable framework to inflation targeting, in the favor of Keynesian principles.