Dimensiuni de evaluare a politicii monetare prin prisma pilonilor fundamentali ai regimului de ţintire a inflaţiei

Abstract

Fighting inflation and maintaining an inflation rate associated with lasting economic growth remains a fundamental concern and a challenge for monetary authorities. In this regard, we mention that the success of the direct inflation targeting regime is to observe the underlying principles. These include the accountability, independence and transparency of monetary authority, ultimately conferring the credibility of the institution. In this context, the topicality of the topic under consideration lies in the importance of promoting an effective monetary policy capable of ensuring price stability with direct implications on social and economic life. The aim of the research is to evaluate the monetary policy promoted in the Republic of Moldova since the implementation of the direct inflation targeting regime in the light of the specific determinants of this regime. In order to achieve this goal, research methods will be used, focusing on the processes of induction and deduction, the analysis and the analogy and comparison, which contributed directly to the authors' ability to extract hypotheses and generalized theories from the literature, to analyze the evolution of the inflationary process in the Republic of Moldova and the monetary policy promoted in the context of its comparability on the side International. Depending on the character of the research, the research method is predominantly applicative, intradisciplinary, descriptive and causal. This article addressed the defining aspects of the direct inflation targeting framework, referring to the premises and the fundamental principles of efficiency of this regime. At the same time, emphasis was placed on the typology of the direct inflation targeting regime according to the clarity and credibility of the central bank's commitment to the inflation target. In this context, the literature has formulated the existence of three direct inflation targeting sub-regions: full inflation targeting regime, effective inflation targeting, and "lite" inflation targeting. Thus, the obtained results focused on the conclusion on the quality of the inflation management policy addressed in the Republic of Moldova and the formulation of recommendations for its improvement. JEL CLASSIFICATION: E31, E50, E58