2014年,哈萨克斯坦央行开始了货币政策框架的转型,同时美联储逐步退出量化宽松,这时考验的是发展中国家央行调整货币政策并与具体国情相匹配的能力。哈国所面临的是降低国内通货膨胀与提高金融深化程度并举的国情。在这样的背景下,本文分析并解释了哈萨克斯坦在通货膨胀目标制、传导机制及其他央行重要政策对该国货币化程度的影响,研究发现:第一,哈萨克斯坦的货币化进程缓慢与其央行的政策密切相关;第二,哈萨克斯坦的货币政策转型会延缓该国的经济货币化进程;第三,哈萨克斯坦货币政策目标与新货币政策框架及其传导机制的部分设定在一定程度上抑制了该国货币化进程的发展。
In 2014,the central bank of kazakhstan began to transform its monetary policy framework and the federal reserve gradually withdrew from quantitative easing,which tested the ability of the central Banks of developing countries to adjust their monetary policies and match the specific national conditions.Kazakhstan is faced with both lowering domestic inflation and enhancing the degree of financial deepening.In this context,this paper analyzes and explains the impact of Kazakhstan’s inflation targeting,the transmission mechanism,and other important policy on currency degree.Through the research found that:first,the slow process of Kazakhstan’s monetization closely related with the central bank’s policy;second,the transformation of Kazakhstan’s monetary policy will delay the process of economic monetization;Third,the setting of the monetary policy objectives and the new monetary policy framework and its transmission mechanism in Kazakhstan has inhibited the development of the country’s monetization process to some extent.
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