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Az átláthatóság szerepe a jegybanki stratégiában
[The role of transparency in central-bank strategy]

Author

Listed:
  • Tóth, Máté Barnabás

Abstract

A Magyar Nemzeti Bank az elmúlt öt év során az inflációs cél követésével összhangban, a nemzetközi gyakorlatot követve, a nagyobb fokú átláthatóságra törekedett. A nemzetközi "legjobb gyakorlat" ilyen irányú változása magyarázható azzal, hogy a jegybanki transzparencia megítélésének és szükségességének kérdése az elmúlt évtizedben jelentősen megváltozott. Míg korábban egyes jegybankok kifejezetten törekedtek arra, hogy tevékenységüket titokban tartsák, addig a kilencvenes évek elejétől általános tendencia az átláthatóság jelentős fokozása. E változásnak két oka is van. Egyrészt a demokratikus politikai berendezkedés megköveteli, hogy a függetlenné váló jegybankok döntéshozói nyilvánosan elszámoltathatók legyenek. Másrészt az elmúlt évtized közgazdasági gondolkodásában robusztus következtetéssé vált, hogy a jegybanki transzparencia megakadályozhatja az inflációs hajlam kialakulását, növeli a monetáris politika hatásosságát, és bizonyos feltételek teljesülése esetén emeli a társadalmi jólétet. Az utóbbi következtetések érvényességét két, a transzparenciairodalomban gyakran használt egyszerű modellen keresztül szemléltetjük, és rámutatunk arra, hogy mindezek ellenére a jegybanki transzparencia kívánatos mértékének kérdése továbbra sem ellentmondásmentes, sem elméleti, sem gyakorlati szempontok alapján. Végül nemzetközi összevetésben bemutatjuk, hogy jelenleg hol áll, illetve az inflációs cél bevezetése óta hogyan változott az MNB átláthatósága. Journal of Economic Literature (JEL) kód: E52, E58.

Suggested Citation

  • Tóth, Máté Barnabás, 2006. "Az átláthatóság szerepe a jegybanki stratégiában [The role of transparency in central-bank strategy]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1080-1100.
    • Handle: RePEc:ksa:szemle:885
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    References listed on IDEAS

    as
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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