Mark Carney Andrew Parsons/ZumaPress

Центральный банк для служебного пользования

ЛОНДОН – В 1993 году экономисты Альберто Алесина и Ларри Саммерс опубликовали классическую работу, в которой доказывали, что независимость центрального банка помогает сдерживать инфляцию без неблагоприятных последствий для экономических показателей. С тех пор во многих странах мира центральные банки приобрели независимый статус. Никто не меняет этот курс. Любые намёки на то, что правительство может вернуть себе контроль над учётным ставками, как это недавно произошло в Индии, воспринимаются финансовыми рынками с беспокойством, а у экономистов вызывают гнев.

Однако в реальности есть очень много степеней независимости. И далеко не все номинально независимые центральные банки работают одинаково. Некоторые денежно-монетарные власти, например, Европейский центральный банк (ЕЦБ), самостоятельно устанавливают целевые показатели. Другие, например Банк Англии, имеют полную независимость в инструментах, контролируя краткосрочные процентные ставки, но обязаны следовать целевым показателям инфляции, которые устанавливает правительство.

Есть отличия и в том, как организована работа центральных банков над достижением поставленных целей. В Новой Зеландии управляющий банком является единоличным органом принятия решения. В Федеральной резервной системе США решения принимает Федеральный комитет по открытому рынку (FOMC), чьи члены – семь управляющих и пять президентов региональных резервных банков ФРС – обладают разной степенью независимости.

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