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2017, vol. 46, br. 1, str. 12-35
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Targetiranje inflacije u Srbiji - prošlost nas uči, budućnost obavezuje
Inflation targeting in Serbia: The past teaches us, while the future binds us
Narodna banka Srbije
Sažetak
U ovom radu će biti reči o uslovima u kojima se primenjivao režim targetiranja inflacije u Srbiji, dosadašnjim rezultatima Narodne banke Srbije na tom planu, kao i o tome šta smo naučili a šta promenili u samom konceptu vođenja monetarne politike. Osvrnućemo se pritom na aktuelne debate koje se vode u stručnoj javnosti u mnogim zemljama o targetiranju inflacije kao teorijskom konceptu, o njegovoj 'nadogradnji' koja je proistekla iz prakse, kao i o ocenama dometa njegove primene u Srbiji. Ocenjujući na bazi postignute i očuvane cenovne i finansijske stabilnosti i to u uslovima prisutnih rizika iz međunarodnog okruženja, nedvosmisleno se može zaključiti da je primenjeni okvir politika Narodne banke Srbije bio adekvatno postavljen i da je dao željene rezultate.
Abstract
The paper elaborates on the conditions in which the inflation targeting regime has been applied in Serbia, the results achieved by the National Bank of Serbia in this field so far, and on what we have learned and changed with regard to the concept of monetary policy conduct. We shall dwell on the current debates held among the professional circles in many countries about inflation targeting as a theoretical concept, its 'upgrade' arising from practice, including the assessments of the scope of its application in Serbia. Drawing assessments on the basis of achieved and preserved price and financial stability, against the background of risks emanating from the international environment, we may unambiguously conclude that the applied policy framework of the National Bank of Serbia was adequately set up and has yielded the desired results.
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Reference
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