Aplicabilidade das metas para inflação em Moçambique: uma exploração empírica

Abstract

Due to the social and economic problems it can generate, inflation is at the center of government attention and, in many countries, it has been the first priority in policy formulation. As a result, a large number of countries have sought to ensure institutional independence for the central bank and statutorily direct monetary policy towards the primary objective of achieving some kind of price stability. To achieve the objective of price stability, there are 3 basic strategies that have been used by central banks: Exchange Rate Targets (MTC), Monetary Aggregate Targets (MM) and Inflation Targets (MI). For a long time, monetary policy was conducted based on intermediate targets, such as targets for the exchange rate and monetary aggregates. From the 1990s onwards, policy makers began to focus directly on inflation itself. This new approach to controlling inflation is called inflation targets. The break with the “old” strategies that had been practiced and the search for a new anchor for monetary policy (MP) is, in general, associated with the practical difficulties that these countries had to control inflation using both previous strategies. Empirical evidence shows that countries that practice IM have been successful in reducing their inflation rate. By allowing this, and because it is associated, in principle, with an increase in monetary policy discipline by conferring transparency in operating procedures and accountability to policy makers, this regime increases the credibility of the monetary authority (AM).(TRADUÇÃO NOSSA)