Упродовж останніх трьох десятиліть багато економічно розвинутих країн та країн, що розвиваються, здійснило модернізацію принципів своєї грошово-кредитної політики. На основі аналізу їхнього досвіду автор робить висновки, які мають значення для грошово-кредитної політики в Україні, де нещодавно було розпочато реалізацію аналогічної програми модернізації. Більшість країн, досвід яких досліджується в статті, запровадила певну форму режиму інфляційного таргетування (далі – ІТ), враховуючи негативний досвід застосування попередніх режимів, основою яких було таргетування грошової маси або валютного курсу; при цьому таргетування валютного курсу, як і раніше, відігравало важливу роль. Основна маса елементів ефективної грошово-кредитної політики в режимі інфляційного таргетування формувалася поступово в результаті наполегливих зусиль центральних банків, при цьому невиконання певних початкових умов не було перешкодою для переходу до таргетування інфляції. Країнам довелося розв’язувати численні складні завдання у сфері забезпечення комунікацій, підтримання рівня довіри до центрального банку, функціонування трансмісійного механізму політики та припинення фіскального домінування. В процесі подолання цих труднощів сформувалися нові практики, які нині є основою сучасної грошово-кредитної політики незалежно від того, чи називають їх сукупність ІТ-режимом. Головним уроком для України (а також для інших країн, які модернізуватимуть грошово-кредитну політику в майбутньому та запроваджуватимуть ІТ-режим) є те, що визначення елементів системи інфляційного таргетування та швидкість їх формування – головна запорука успіху реалізації цієї нової системи принципів та зміцнення довіри до неї.
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