Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
Economicelectsofpricestability–comparativeanalysisconclusions
ratesinChinawherethepricegrowthratewasnearalowerlimitofmoderate
inflation(3percent).Ontheotherhand,inIndia,KoreaandIndonesia,where
inflationtemporarilyreachedhigherlevels,investmentratesassumeddecisively
highervaluesthaninthecountriesoflowandhighinflation.Atthesametime
onecannotealong-termtendencyforinvestmentratesinthecountriesoflow
inflation(JapanandGermany)andinthecountriesofhighinflation,asthese
countriesarereachingmoderatelylowinflationrates(Brazil,Mexico,Turkey).
Telatterobservationletsusconcludethathighinflationdoesnothavetomean
alowinvestmentrate(asithappensinthecountriesofthelowestinflationrates),
althoughthebestclimateforinvestmentseemstobecreatedbythecountriesof
moderateinflation(3to10percent).
re.b).Equallycontroversialseemsthethesisoninterrelationsbetweenprice
stabilityandapossibilityofavoidingbytheeconomybiggercyclicalfluctuations
andperiodicincreasesinanunemploymentraterelatedtothem.Asitturnsout,
thecountrieswhichmakepricestabilitythepriorityoftheireconomicpolicydo
notavoiddeepeconomicdownturnsatall,neitherdotheyrecoverfromthereces-
sion(ifitoccurs)fasterthanthecountriesnotingslightlyhigherinflationindica-
tors.TereactionoftheUS,eurozoneandJapaneseeconomiestothe2007-2008
crisiscanserveasanexamplehere.
Despiteexceptionallystableinflationrateswhichonayearlyaverage,didnot
divergeessentiallyfromtheinflationtargetadoptedbytheEuropeanCentralBank
(see:Table2),theeurosystemcountriesnotedaverystrongdeclineintheGDP
growthrateandrelativelyhighunemploymentwhichtheycouldnotsuccessfully
copewithevenseveralyearsafertheoutbreakofthecrisis.Poorgrowthindices
insomeofthesecountriestranslatedintothecrisesofthepublicfinancesector
threateningwithinsolvencyandcompletecollapseoftheireconomies.
Table20Selectedmacroeconomicindicesintheeurozone,UnitesStatesandJapanin
1)AnnualaveragerateofinflationmeasuredbyHICP
RealGDPgrowthrate
Inflation
Unemploymentrate
1)
theyears1999-2015(averageannualdata,%)
EurozoneUSAJapanEurozoneUSAJapanEurozoneUSAJapan
2.3
2.1
8.4
1999-2007
2.8
2.7
5.0
-0.3
1.5
4.7
-2.0
.
1.8
8.4
Years/Countries
2008-2009
-1.7
1.7
7.6
-3.3
-0.1
4.6
11.0
0.8
1.5
2010-2015
7.6
2.1
1.7
1.3
0.5
4.2
Source:IMFWorldEconomicOutlookDatabase,April2015www.imf.org(access:15.06.2015);Te
WorldBank.WorldDevelopmentIndicators,August10,2016;http:lldata.worldbank.orgldata-catalogl
world-development-indicators(access:04.11.2016);OECDEconomicOutlook,June2016,No.99,An-
nexTable22andauthor’sowncalculations.
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