voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2016-5-44-65voprecotest-197Research ArticleДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКАMONETARY POLICYТаргетирование реального валютного курсаReal exchange rate targetingМоисеевС. Р.MoiseevS.

д. э. н., директор Департамента финансовой стабильности Банка России (Москва)

msr@mail.cbr.ruПантинаИ. В.PantinaI.

к. э. н., экономический советник Департамента финансовой стабильности Банка России (Москва)

pantinaiv@mail.cbr.ruБанк РоссииРоссияThe Bank of RussiaRussian Federation201620052016054465Copyright © Voprosy Ekonomiki, NP, 20162016Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/197

Развивающиеся страны, как правило, характеризуются высокой нестабильностью макроэкономических переменных. Это особенно заметно применительно к волатильности реального валютного курса. Беспокойство, вызываемое соответствующими дестабилизирующими эффектами, побудило некоторые развивающиеся страны с конца 1960-х годов перейти к политике таргетирования реального валютного курса. Однако такая политика вызывает инфляционное смещение. Настоящая работа содержит обзор экономической литературы, посвященной теории и практике таргетирования реального валютного курса.

Developing countries typically exhibit a high degree of macroeconomic variablesinstability. This feature is particularly evident as regards the volatility of the real exchange rate. The concern with these destabilizing effects generatedby real exchange rate instability has prompted some developing countries to adopt real exchange rate targeting since the late 60’s. However, this policy produces an inflation bias. This paper reviews economic literature on theoretical frameworks and empirical evidences about effects of real exchange rate targeting.

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The authors declare that there are no conflicts of interest present.