러시아 인플레이션 연구 -중앙은행의 정책을 중심으로-
The Study on the Inflation in Russia -Focused on the policies of the CBR-
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초록
러시아는 급진적 충격요법에 의한 시장경제 이행 이후 매년 10%이상의 매우 높은 인플레이션을 겪고 있다. 러시아의 이와 같은 높은 인플레이션은 경제 전반에 매우 심각한 영향을 미치게 되는데 이에 러시아 중앙은행은 통화정책의 가장 중요한 목표를 물가안정에 두게 되었다. 본고에서는 인플레이션을 억제하기 위한 러시아 중앙은행의 통화정책들을 분석하고 정책수단 즉 재할인율, 이자율, 환율, 지급준비율 등과 러시아 인플레이션과의 상관관계를 분석한다. 특히 러시아 인플레이션에 보다 유효한 통화정책 수단들에 대한 논쟁, 즉 전통적인 러시아 중앙은행의 이자율정책에 대하여 환율이 보다 중요한 정책수단이라는 또 다른 주장에 대하여 러시아 중앙은행의 종래의 이자율정책이 보다 유효함을 보여주고 있다.
Abstract
The Russian Federation have experienced more than 10% inflation rate since she took a dramatic measures toward the transition to a market economy based on so-called shock-therapy. Such a high inflation has a great effect on the economy in general and thus the central bank of Russia have considered the most important target of its monetary policy as a price stabilization. In the paper, the monetary policies of the CBR have been analyzed in the context of curbing the inflation in Russia. Especially, the correlations between the inflation and the policy instruments such as a refinancing rate, interest rates, an exchange rate and a required reserve ratio has been studied. This paper concluded that the interest rate policy of the CBR, which was used to stop the inflation, is much more effective then the exchange rate policy which is, some argued, more useful to reduce the inflation in Russia.
참고문헌 (18)
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