политики "неолиберального мейнстрима" преодолеть последствия вызовов глобализации XXI века. К л ю ч е в ы е с л о в а : деловой цикл, индуктивный анализ, кейнсианство, неолиберализм, таргетирование, статистический метод.
Abstract. The studydeals with determining the status of central banks and their formal independence in the context of the index approach. The authors argue that there is an inverse relationship between inflation and the level of independence of central banks. It turned out that the expansion of powers of the central bank based on the GMT-index shows a lower level of independence. The authors conducted a quantitative study of the elements of the index of independence of central banks. The peculiarities of formulating the central bank's mandate, procedures for agreeing goals, appointing management and duration of its stay in an office, ability to choose and apply monetary instruments, procedures for covering operating costs of the central bank and transferring profits to the budget, correct interpretation of legislation are identified. The problems of the index approach are the interpretation of the central bank's mandate, the density of the relationship between indices and inflation rates, as well as the quantification of legislation. To eliminate the shortcomings of the basic index approach, alternative approaches are proposed, in particular, the index of constitutional independence, the TOR index and the index of political vulnerability of the management. Extrapolating the index approach for developed countries does not always work when the sampling expands to include emerging market countries. Particularlyin countries with weak institutions, the de facto independence of the central bank does not always correspond to the formal one. For example, in Ukraine, asserting the consistency of the relationship between the inflation rate and the level of formal independence is quite complicated. Particular attention is paid to the problem of opposition to the political and economic independence of the central bank. The originality of the article is due to the need to identify new challenges to the independence of monetary authorities due to macroeconomic and institutional factors that lead to imbalances between the status of central banks and the consolidation of monetary objectives (instruments) at the legislative level to achieve price stability. Keywords: central bank, economic independence, quality of institutes, GMT-index, political power. JEL Classification G21 Formulas: 0; fig.: 2; tabl.: 0; bibl.: 19.
The article studies the development of inflationary processes in China in the period of 1979-1989, their causes and effects. In particular, based on the analysis of statistical data, it is established that inflation in China is manifested in price and non-price forms, and also has a pronounced directive nature. This means that even excessive public investment can cause inflation. Two ways of reforming the fixed price system are considered: 1) simultaneous weakening of all prices 2) gradual weakening of prices, their slow adjustment towards the market. The relationship between inflation and macroeconomic indicators, including capital investments, wages and economic growth rates, is given. The inflation transmission mechanism of excess demand in China manifests itself due to overinvestment of state-owned enterprises, which leads to budget deficits and surplus issuance of the Yuan and causes inflation. Three phases of the Chinese phenomenon of "money illusion" are considered: the illusion of strong money without inflationary expectations (1979-1984); weakening of money illusion with some inflationary expectations (1985-1986); the formation of expectations without money illusion (since 1988). The method of using inflation to regulate the distribution of income is analyzed.. With the reform, income distribution became more uneven. To some extent, this is a desirable outcome, but the intensification of the public sector reforms resulted in not just inequality but injustice. Thus, the problem to be solved immediately is whether China can use inflation to regulate income distribution. Statistics show that per capita consumption in China in the late 1980s was only 640 Yuan. The proposed reduction in inflationary pressures views monetary policy as regulating the money supply and curbing inflation. Setting an inflation target is considered an effective tool to achieve the planned inflation rates.
Анотація. Протягом ХХ ст. у світі інфляція характеризувалася мінливістю й непередбачуваністю, через що уряди розвинутих країн були змушені шукати дієві заходи впливу на неї. Уповільнення темпів інфляції вважалося позитивним чинником економічного зростання. У статті розглянуто історію інфляційних процесів у США з урахуванням циклічного розвитку економіки впродовж 1913-2013 рр. Проаналізовано їх динаміку в довгостроковому періоді, а також сучасні дослідження, котрі підтверджують нестабільність цін на певних відрізках часу. Досліджено шість інфля-
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