فعالية السياسة النقدية في مواجهة التضخم : دراسة تجارب دولية

الملخص EN

The inflation problem represents a real obstacle to development in all countries, whether developed or developing.

That is why, the economic pioneers have spared no effort to put so many policies in order to fight inflation and provide a suitable atmosphere to stimulate domestic and foreign investments to push consequently the economic growth locomotive.

In response to this purpose, inflation targeting came as a framework for management of monetary policy, after the other frames had shown ineffective in reaching the ultimate goal, especially in the light of the growing intensity of changes at the local and global economic levels.

In the beginning, a lot of accumulated experimentation and expertise pointed out that monetary policy affects indirectly inflation rates through traditional approaches based on intermediate targets such as monetary aggregates or exchange rate, but this belief has been declined in many countries which have different development levels, due to the inefficiency in these mechanisms to reach the stability objective, the raison why the necessity was to focus on the inflation rates themselves as intermediates targets.

This modern framework for monetary policy management is known as the inflation targeting policy, which has been popular and acclaimed since the beginning of its appliance in the nineties of the last century.