Inflation Targeting Regime: Selected Developed Country Examples

Abstract

Since the Reserve Bank of New Zealand first adopted inflation targeting in 1989, this regime has spread worldwide and has been implemented not only by numerous industrialized countries but also by developing economies. Inflation targeting is a monetary policy regime in which central banks guide their policies by aiming for a specific inflation rate. The primary objective of this regime is to ensure price stability and maintain economic stability by managing inflation expectations. This study examines the theoretical framework of the inflation targeting regime and its implementation in different countries. Its main purpose is to determine whether the adoption of inflation targeting has been effective in reducing inflation rates and to assess the impact of this regime by analyzing the first four developed countries that adopted it: New Zealand, Canada, the United Kingdom, and Sweden. The findings of the study indicate that the implementation of the inflation targeting regime has successfully curbed high inflation rates in these countries and that the regime has proven to be sustainable.

Keywords

• Inflation targeting regime
• central bank
• monetary policy

Enflasyon Hedeflemesi Rejimi: Seçilmiş Gelişmiş Ülke Örnekleri

Abstract

Yeni Zelanda Merkez Bankası'nın 1989 yılında enflasyon hedeflemesini ilk kez benimsemesinden bu yana, enflasyon hedeflemesi dünya çapında yaygınlaşmış ve çok sayıda sanayi ülkesinin yanı sıra gelişmekte olan ekonomiler tarafından da uygulanmıştır. Enflasyon hedeflemesi; merkez bankalarının para politikasını belirli bir enflasyon oranını hedefleyerek yönlendirdiği bir rejimdir. Bu rejimde temel amaç, fiyat istikrarını sağlamak ve enflasyon beklentilerini yöneterek ekonomik istikrarı korumaktır. Enflasyon hedeflemesi rejiminin teorik çerçevesini ve farklı ülkelerdeki uygulamalarını inceleyen bu çalışmanın amacı, enflasyon hedeflemesi rejiminin benimsenmesinin ardından enflasyon oranlarını düşürmede etkili olup olmadığını anlamak ve bu rejimi benimseyen ilk dört gelişmiş ülke (Yeni Zelanda, Kanada, Birleşik Krallık ve İsveç) üzerinden rejimin etkisini değerlendirmektir. Çalışmadan elde edilen sonuçlar enflasyon hedeflemesi rejiminin uygulanmasıyla birlikte söz konusu ülkelerdeki yüksek enflasyon oranlarının dizginlendiğini ve rejimin sürdürülebilir olduğunu ortaya koymaktadır.

Keywords

• Enflasyon hedeflemesi rejimi
• merkez bankası
• para politikası

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