俄罗斯经济转型过程中通货膨胀问题的货币解释

对俄罗斯经济转型过程中的持续高通胀的解释是一个具有重要理论和现实意义的问题。通过对俄罗斯经济转型以来通货膨胀成因的分析,可以发现:作为货币现象的通货膨胀在转型时期有更复杂的决定因素,其中,制度结构和金融系统效率是基础,货币政策选择发挥着关键作用;俄罗斯不同时期的货币供给和货币需求在复杂的制度变迁背景下难以相互协调,是高通胀得以持续的主要原因;货币政策由汇率目标制向通货膨胀目标制的过渡是俄罗斯2008年金融危机后成功控制通货膨胀的关键所在。这些发现对我国通货膨胀的政策选择具有重要的启示。

Monetary Explanation of Inflation in Russia’s Transition Process

Theoretically and practically explaining the phenomenon of the continuous high inflation in the process of Russian economic transition is of significance.By analyzing the causes of the inflation in the Russian economic transition,it is found that the determinants are more complex in the inflation,which is presented as a monetary phenomenon.Among these determinants,the system structure and the financial system efficiency are the foundation and the choices in the monetary policies also play an essential role.Moreover,the difficulty in coordinating the money supply and the money demand during different period of Russia is the main reason of the continuous high inflation,with the consideration of the environment of the complex institutional changes.Furthermore,the transition of monetary policy from the exchange rate target to inflation target is the key to the success of controlling inflation after the 2008 financial crisis in Russia.These findings are important revelations for China's policy choices.