{"id":1617,"date":"2026-06-25T22:31:17","date_gmt":"2026-06-25T17:31:17","guid":{"rendered":"https:\/\/fintech.tsue.uz\/?p=1617"},"modified":"2026-06-25T22:31:17","modified_gmt":"2026-06-25T17:31:17","slug":"%d0%b0%d2%9b%d1%88-%d1%84%d0%b5%d0%b4%d0%b5%d1%80%d0%b0%d0%bb-%d1%80%d0%b5%d0%b7%d0%b5%d1%80%d0%b2-%d1%82%d0%b8%d0%b7%d0%b8%d0%bc%d0%b8-%d1%84%d1%80%d1%82-%d0%b2%d0%b0-%d1%83%d0%bd%d0%b8%d0%bd%d0%b3","status":"publish","type":"post","link":"https:\/\/fintech.tsue.uz\/?p=1617","title":{"rendered":"\u0410\u049a\u0428 \u0424\u0415\u0414\u0415\u0420\u0410\u041b \u0420\u0415\u0417\u0415\u0420\u0412 \u0422\u0418\u0417\u0418\u041c\u0418 (\u0424\u0420\u0422) \u0412\u0410 \u0423\u041d\u0418\u041d\u0413 \u0418\u049a\u0422\u0418\u0421\u041e\u0414\u0418\u0401\u0422\u0413\u0410 \u0422\u0410\u042a\u0421\u0418\u0420\u0418"},"content":{"rendered":"\n<p><strong>\u041a\u0443\u0440\u0431\u043e\u043d\u043e\u0432 \u0421\u0430\u0438\u0434 \u0410\u043a\u0431\u0430\u0440\u043e\u0432\u0438\u0447<\/strong><\/p>\n\n\n\n<p><em>\u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0451\u0442 \u0444\u0430\u043d\u043b\u0430\u0440\u0438 \u0431\u045e\u0439\u0438\u0447\u0430<\/em><\/p>\n\n\n\n<p><em>\u0444\u0430\u043b\u0441\u0430\u0444\u0430 \u0434\u043e\u043a\u0442\u043e\u0440\u0438 (PhD)<\/em><\/p>\n\n\n\n<p><em>\u040e\u0437\u0431\u0435\u043a\u0438\u0441\u0442\u043e\u043d \u0420\u0435\u0441\u043f\u0443\u0431\u043b\u0438\u043a\u0430\u0441\u0438 \u0412\u0430\u0437\u0438\u0440\u043b\u0430\u0440<\/em><\/p>\n\n\n\n<p><em>\u041c\u0430\u04b3\u043a\u0430\u043c\u0430\u0441\u0438 \u04b3\u0443\u0437\u0443\u0440\u0438\u0434\u0430\u0433\u0438<\/em><\/p>\n\n\n\n<p><em>\u0411\u0438\u0437\u043d\u0435\u0441 \u0432\u0430 \u0442\u0430\u0434\u0431\u0438\u0440\u043a\u043e\u0440\u043b\u0438\u043a \u043e\u043b\u0438\u0439 \u043c\u0430\u043a\u0442\u0430\u0431\u0438<\/em><\/p>\n\n\n\n<p><em>\u043b\u043e\u0439\u0438\u04b3\u0430 \u0431\u043e\u0448\u049b\u0430\u0440\u0443\u0432\u0438 \u043a\u0430\u0444\u0435\u0434\u0440\u0430\u0441\u0438<\/em><\/p>\n\n\n\n<p><em>\u043a\u0430\u0442\u0442\u0430 \u045e\u049b\u0438\u0442\u0443\u0432\u0447\u0438\u0441\u0438<\/em><\/p>\n\n\n\n<p><em>E-mail: saidbek0510@gmail.com<\/em><\/p>\n\n\n\n<p><strong><em>\u0410\u043d\u043d\u043e\u0442\u0430\u0446\u0438\u044f.<\/em><\/strong><em> \u0423\u0448\u0431\u0443 \u043c\u0430\u049b\u043e\u043b\u0430 \u0410\u043c\u0435\u0440\u0438\u043a\u0430 \u049a\u045e\u0448\u043c\u0430 \u0428\u0442\u0430\u0442\u043b\u0430\u0440\u0438\u043d\u0438\u043d\u0433 \u043c\u0430\u0440\u043a\u0430\u0437\u0438\u0439 \u0431\u0430\u043d\u043a\u0438 \u2014 \u0424\u0435\u0434\u0435\u0440\u0430\u043b \u0420\u0435\u0437\u0435\u0440\u0432 \u0422\u0438\u0437\u0438\u043c\u0438 (\u0424\u0420\u0422, \u0451\u043a\u0438 \u049b\u0438\u0441\u049b\u0430\u0447\u0430 Fed) \u0444\u0430\u043e\u043b\u0438\u044f\u0442\u0438, \u0442\u0443\u0437\u0438\u043b\u0438\u0448\u0438 \u0432\u0430 \u0443\u043d\u0438\u043d\u0433 \u043c\u0438\u043b\u043b\u0438\u0439 \u04b3\u0430\u043c\u0434\u0430 \u0436\u0430\u04b3\u043e\u043d \u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0451\u0442\u0438\u0433\u0430 \u043a\u045e\u0440\u0441\u0430\u0442\u0430\u0434\u0438\u0433\u0430\u043d \u0442\u0430\u044a\u0441\u0438\u0440\u0438\u043d\u0438 \u0442\u0430\u04b3\u043b\u0438\u043b \u049b\u0438\u043b\u0438\u0448\u0433\u0430 \u0431\u0430\u0493\u0438\u0448\u043b\u0430\u043d\u0433\u0430\u043d. \u0424\u0420\u0422 1913 \u0439\u0438\u043b\u0434\u0430 \u0442\u0430\u0448\u043a\u0438\u043b \u044d\u0442\u0438\u043b\u0433\u0430\u043d \u0431\u045e\u043b\u0438\u0431, \u045e\u0437\u0438\u0433\u0430 \u0445\u043e\u0441 \u201c\u0434\u0430\u0432\u043b\u0430\u0442 \u0438\u0447\u0438\u0434\u0430\u0433\u0438 \u0434\u0430\u0432\u043b\u0430\u0442\u201d \u043c\u0430\u049b\u043e\u043c\u0438\u0433\u0430 \u044d\u0433\u0430 \u043d\u043e\u0451\u0431 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0442 \u04b3\u0438\u0441\u043e\u0431\u043b\u0430\u043d\u0430\u0434\u0438. \u041c\u0430\u049b\u043e\u043b\u0430\u0434\u0430 \u0443\u043d\u0438\u043d\u0433 \u0430\u0441\u043e\u0441\u0438\u0439 \u0444\u0443\u043d\u043a\u0446\u0438\u044f\u043b\u0430\u0440\u0438: \u043f\u0443\u043b-\u043a\u0440\u0435\u0434\u0438\u0442 \u0441\u0438\u0451\u0441\u0430\u0442\u0438\u043d\u0438 \u044e\u0440\u0438\u0442\u0438\u0448, \u043c\u043e\u043b\u0438\u044f\u0432\u0438\u0439 \u0442\u0438\u0437\u0438\u043c \u0431\u0430\u0440\u049b\u0430\u0440\u043e\u0440\u043b\u0438\u0433\u0438\u043d\u0438 \u0442\u0430\u044a\u043c\u0438\u043d\u043b\u0430\u0448, \u0431\u0430\u043d\u043a\u043b\u0430\u0440\u043d\u0438 \u043d\u0430\u0437\u043e\u0440\u0430\u0442 \u049b\u0438\u043b\u0438\u0448 \u0432\u0430 \u0442\u0430\u0440\u0442\u0438\u0431\u0433\u0430 \u0441\u043e\u043b\u0438\u0448, \u0442\u045e\u043b\u043e\u0432 \u0442\u0438\u0437\u0438\u043c\u043b\u0430\u0440\u0438\u043d\u0438 \u0431\u043e\u0448\u049b\u0430\u0440\u0438\u0448, \u0438\u0441\u0442\u0435\u044a\u043c\u043e\u043b\u0447\u0438\u043b\u0430\u0440 \u04b3\u0443\u049b\u0443\u049b\u043b\u0430\u0440\u0438\u043d\u0438 \u04b3\u0438\u043c\u043e\u044f \u049b\u0438\u043b\u0438\u0448 \u043a\u0430\u0431\u0438 \u0436\u0438\u04b3\u0430\u0442\u043b\u0430\u0440 \u0431\u0430\u0442\u0430\u0444\u0441\u0438\u043b \u0451\u0440\u0438\u0442\u0438\u043b\u0433\u0430\u043d. \u0428\u0443\u043d\u0438\u043d\u0433\u0434\u0435\u043a, \u0424\u0420\u0422\u043d\u0438\u043d\u0433 \u043c\u0443\u0440\u0430\u043a\u043a\u0430\u0431 \u0442\u0430\u0448\u043a\u0438\u043b\u0438\u0439 \u0442\u0443\u0437\u0438\u043b\u043c\u0430\u0441\u0438 \u2014 \u0411\u043e\u0448\u049b\u0430\u0440\u0443\u0432\u0447\u0438\u043b\u0430\u0440 \u043a\u0435\u043d\u0433\u0430\u0448\u0438, 12 \u0442\u0430 \u043c\u0438\u043d\u0442\u0430\u049b\u0430\u0432\u0438\u0439 \u0440\u0435\u0437\u0435\u0440\u0432 \u0431\u0430\u043d\u043a\u043b\u0430\u0440\u0438 \u0432\u0430 \u0424\u0435\u0434\u0435\u0440\u0430\u043b \u043e\u0447\u0438\u049b \u0431\u043e\u0437\u043e\u0440 \u049b\u045e\u043c\u0438\u0442\u0430\u0441\u0438 (FOMC) \u0444\u0430\u043e\u043b\u0438\u044f\u0442\u0438 \u0442\u0430\u04b3\u043b\u0438\u043b \u049b\u0438\u043b\u0438\u043d\u0433\u0430\u043d. \u041c\u0430\u049b\u043e\u043b\u0430\u0434\u0430 \u0424\u0420\u0422\u043d\u0438\u043d\u0433 \u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0451\u0442\u0433\u0430 \u0442\u0430\u044a\u0441\u0438\u0440 \u043c\u0435\u0445\u0430\u043d\u0438\u0437\u043c\u0438, \u0445\u0443\u0441\u0443\u0441\u0430\u043d, \u0430\u0441\u043e\u0441\u0438\u0439 \u0444\u043e\u0438\u0437 \u0441\u0442\u0430\u0432\u043a\u0430\u0441\u0438\u043d\u0438 \u0431\u043e\u0448\u049b\u0430\u0440\u0438\u0448 \u043e\u0440\u049b\u0430\u043b\u0438 \u0438\u043d\u0444\u043b\u044f\u0446\u0438\u044f \u0432\u0430 \u0431\u0430\u043d\u0434\u043b\u0438\u043a \u0434\u0430\u0440\u0430\u0436\u0430\u0441\u0438\u0433\u0430 \u0442\u0430\u044a\u0441\u0438\u0440\u0438 \u043a\u045e\u0440\u0438\u0431 \u0447\u0438\u049b\u0438\u043b\u0433\u0430\u043d. <\/em><em>\u041c\u0443\u043b\u043a\u0438\u0439 \u043c\u0430\u0441\u0430\u043b\u0430 (\u0434\u0430\u0432\u043b\u0430\u0442 \u0451\u043a\u0438 \u0445\u0443\u0441\u0443\u0441\u0438\u0439 \u0442\u0430\u0448\u043a\u0438\u043b\u043e\u0442 \u044d\u043a\u0430\u043d\u043b\u0438\u0433\u0438) \u04b3\u0430\u043c \u043c\u0443\u04b3\u043e\u043a\u0430\u043c\u0430 \u044d\u0442\u0438\u043b\u0433\u0430\u043d.<\/em><\/p>\n\n\n\n<p><strong><em>\u041a\u0430\u043b\u0438\u0442 \u0441\u045e\u0437\u043b\u0430\u0440:<\/em><\/strong><em> \u0424\u0435\u0434\u0435\u0440\u0430\u043b \u0420\u0435\u0437\u0435\u0440\u0432 \u0422\u0438\u0437\u0438\u043c\u0438, \u043f\u0443\u043b-\u043a\u0440\u0435\u0434\u0438\u0442 \u0441\u0438\u0451\u0441\u0430\u0442\u0438, \u0438\u043d\u0444\u043b\u044f\u0446\u0438\u044f, FOMC, \u043c\u0430\u0440\u043a\u0430\u0437\u0438\u0439 \u0431\u0430\u043d\u043a, \u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0439 \u0431\u0430\u0440\u049b\u0430\u0440\u043e\u0440\u043b\u0438\u043a.<\/em><\/p>\n\n\n\n<p><strong>\u0424\u0415\u0414\u0415\u0420\u0410\u041b\u042c\u041d\u0410\u042f \u0420\u0415\u0417\u0415\u0420\u0412\u041d\u0410\u042f \u0421\u0418\u0421\u0422\u0415\u041c\u0410 (\u0424\u0420\u0421) \u0421\u0428\u0410 \u0418 \u0415\u0415 \u0412\u041b\u0418\u042f\u041d\u0418\u0415 \u041d\u0410 \u042d\u041a\u041e\u041d\u041e\u041c\u0418\u041a\u0423<\/strong><\/p>\n\n\n\n<p><strong>\u041a\u0443\u0440\u0431\u043e\u043d\u043e\u0432 \u0421\u0430\u0438\u0434 \u0410\u043a\u0431\u0430\u0440\u043e\u0432\u0438\u0447<\/strong><\/p>\n\n\n\n<p><em>\u0434\u043e\u043a\u0442\u043e\u0440 \u0444\u0438\u043b\u043e\u0441\u043e\u0444\u0438\u0438<\/em><\/p>\n\n\n\n<p><em>\u043f\u043e \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u043c \u043d\u0430\u0443\u043a\u0430\u043c (PhD),<\/em><\/p>\n\n\n\n<p><em>&nbsp;\u0441\u0442\u0430\u0440\u0448\u0438\u0439 \u043f\u0440\u0435\u043f\u043e\u0434\u0430\u0432\u0430\u0442\u0435\u043b\u044c \u043a\u0430\u0444\u0435\u0434\u0440\u044b<\/em><\/p>\n\n\n\n<p><em>\u0443<\/em><em>\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u043f\u0440\u043e\u0435\u043a\u0442\u0430\u043c\u0438<\/em><\/p>\n\n\n\n<p><em>&nbsp;\u0412\u044b\u0441\u0448\u0435\u0439 \u0448\u043a\u043e\u043b\u044b \u0431\u0438\u0437\u043d\u0435\u0441\u0430 \u0438<\/em><\/p>\n\n\n\n<p><em>&nbsp;\u043f\u0440\u0435\u0434\u043f\u0440\u0438\u043d\u0438\u043c\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430 \u043f\u0440\u0438<\/em><\/p>\n\n\n\n<p><em>\u041a\u0430\u0431\u0438\u043d\u0435\u0442\u0435 \u041c\u0438\u043d\u0438\u0441\u0442\u0440\u043e\u0432<\/em><\/p>\n\n\n\n<p><em>&nbsp;\u0420\u0435\u0441\u043f\u0443\u0431\u043b\u0438\u043a\u0438 \u0423\u0437\u0431\u0435\u043a\u0438\u0441\u0442\u0430\u043d<\/em><\/p>\n\n\n\n<p><strong><em>\u0410\u043d\u043d\u043e\u0442\u0430\u0446\u0438\u044f.<\/em><\/strong><em> \u0414\u0430\u043d\u043d\u0430\u044f \u0441\u0442\u0430\u0442\u044c\u044f \u043f\u043e\u0441\u0432\u044f\u0449\u0435\u043d\u0430 \u0430\u043d\u0430\u043b\u0438\u0437\u0443 \u0434\u0435\u044f\u0442\u0435\u043b\u044c\u043d\u043e\u0441\u0442\u0438 \u0438 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u044b \u0446\u0435\u043d\u0442\u0440\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0431\u0430\u043d\u043a\u0430 \u0421\u043e\u0435\u0434\u0438\u043d\u0435\u043d\u043d\u044b\u0445 \u0428\u0442\u0430\u0442\u043e\u0432 \u2014 \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u0439 \u0440\u0435\u0437\u0435\u0440\u0432\u043d\u043e\u0439 \u0441\u0438\u0441\u0442\u0435\u043c\u044b (\u0424\u0420\u0421, \u0438\u043b\u0438 \u043a\u0440\u0430\u0442\u043a\u043e Fed), \u0430 \u0442\u0430\u043a\u0436\u0435 \u0435\u0451 \u0432\u043b\u0438\u044f\u043d\u0438\u044f \u043d\u0430 \u043d\u0430\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u0443\u044e \u0438 \u043c\u0438\u0440\u043e\u0432\u0443\u044e \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0443. \u041e\u0441\u043d\u043e\u0432\u0430\u043d\u043d\u0430\u044f \u0432 1913 \u0433\u043e\u0434\u0443, \u0424\u0420\u0421 \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043b\u044f\u0435\u0442 \u0441\u043e\u0431\u043e\u0439 \u0443\u043d\u0438\u043a\u0430\u043b\u044c\u043d\u044b\u0439 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0442 \u0441\u043e \u0441\u0442\u0430\u0442\u0443\u0441\u043e\u043c \u00ab\u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0430 \u0432 \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u00bb. \u0412 \u0441\u0442\u0430\u0442\u044c\u0435 \u043f\u043e\u0434\u0440\u043e\u0431\u043d\u043e \u043e\u0441\u0432\u0435\u0449\u0435\u043d\u044b \u0435\u0451 \u043e\u0441\u043d\u043e\u0432\u043d\u044b\u0435 \u0444\u0443\u043d\u043a\u0446\u0438\u0438: \u043f\u0440\u043e\u0432\u0435\u0434\u0435\u043d\u0438\u0435 \u0434\u0435\u043d\u0435\u0436\u043d\u043e-\u043a\u0440\u0435\u0434\u0438\u0442\u043d\u043e\u0439 \u043f\u043e\u043b\u0438\u0442\u0438\u043a\u0438, \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u0438\u0435 \u0441\u0442\u0430\u0431\u0438\u043b\u044c\u043d\u043e\u0441\u0442\u0438 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0439 \u0441\u0438\u0441\u0442\u0435\u043c\u044b, \u043d\u0430\u0434\u0437\u043e\u0440 \u0438 \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u0431\u0430\u043d\u043a\u043e\u0432\u0441\u043a\u043e\u0439 \u0434\u0435\u044f\u0442\u0435\u043b\u044c\u043d\u043e\u0441\u0442\u0438, \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u043f\u043b\u0430\u0442\u0435\u0436\u043d\u044b\u043c\u0438 \u0441\u0438\u0441\u0442\u0435\u043c\u0430\u043c\u0438 \u0438 \u0437\u0430\u0449\u0438\u0442\u0430 \u043f\u0440\u0430\u0432 \u043f\u043e\u0442\u0440\u0435\u0431\u0438\u0442\u0435\u043b\u0435\u0439. \u0422\u0430\u043a\u0436\u0435 \u0430\u043d\u0430\u043b\u0438\u0437\u0438\u0440\u0443\u0435\u0442\u0441\u044f \u0441\u043b\u043e\u0436\u043d\u0430\u044f \u043e\u0440\u0433\u0430\u043d\u0438\u0437\u0430\u0446\u0438\u043e\u043d\u043d\u0430\u044f \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430 \u0424\u0420\u0421, \u0432\u043a\u043b\u044e\u0447\u0430\u044e\u0449\u0430\u044f \u0421\u043e\u0432\u0435\u0442 \u0443\u043f\u0440\u0430\u0432\u043b\u044f\u044e\u0449\u0438\u0445, 12 \u0440\u0435\u0433\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u044b\u0445 \u0440\u0435\u0437\u0435\u0440\u0432\u043d\u044b\u0445 \u0431\u0430\u043d\u043a\u043e\u0432 \u0438 \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u044b\u0439 \u043a\u043e\u043c\u0438\u0442\u0435\u0442 \u043f\u043e \u043e\u043f\u0435\u0440\u0430\u0446\u0438\u044f\u043c \u043d\u0430 \u043e\u0442\u043a\u0440\u044b\u0442\u043e\u043c \u0440\u044b\u043d\u043a\u0435 (FOMC). \u0412 \u0440\u0430\u0431\u043e\u0442\u0435 \u0440\u0430\u0441\u0441\u043c\u0430\u0442\u0440\u0438\u0432\u0430\u044e\u0442\u0441\u044f \u043c\u0435\u0445\u0430\u043d\u0438\u0437\u043c\u044b \u0432\u043e\u0437\u0434\u0435\u0439\u0441\u0442\u0432\u0438\u044f \u0424\u0420\u0421 \u043d\u0430 \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0443, \u0432 \u0447\u0430\u0441\u0442\u043d\u043e\u0441\u0442\u0438 \u0432\u043b\u0438\u044f\u043d\u0438\u0435 \u043d\u0430 \u0443\u0440\u043e\u0432\u043d\u0438 \u0438\u043d\u0444\u043b\u044f\u0446\u0438\u0438 \u0438 \u0437\u0430\u043d\u044f\u0442\u043e\u0441\u0442\u0438 \u0447\u0435\u0440\u0435\u0437 \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u043a\u043b\u044e\u0447\u0435\u0432\u043e\u0439 \u043f\u0440\u043e\u0446\u0435\u043d\u0442\u043d\u043e\u0439 \u0441\u0442\u0430\u0432\u043a\u043e\u0439. \u041e\u0442\u0434\u0435\u043b\u044c\u043d\u043e \u043e\u0431\u0441\u0443\u0436\u0434\u0430\u0435\u0442\u0441\u044f \u0432\u043e\u043f\u0440\u043e\u0441 \u0441\u043e\u0431\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438 (\u044f\u0432\u043b\u044f\u0435\u0442\u0441\u044f \u043b\u0438 \u043e\u0440\u0433\u0430\u043d\u0438\u0437\u0430\u0446\u0438\u044f \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u0438\u043b\u0438 \u0447\u0430\u0441\u0442\u043d\u043e\u0439).<\/em><\/p>\n\n\n\n<p><strong><em>\u041a\u043b\u044e\u0447\u0435\u0432\u044b\u0435 \u0441\u043b\u043e\u0432\u0430:<\/em><\/strong><em> \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u0430\u044f \u0440\u0435\u0437\u0435\u0440\u0432\u043d\u0430\u044f \u0441\u0438\u0441\u0442\u0435\u043c\u0430, \u0434\u0435\u043d\u0435\u0436\u043d\u043e-\u043a\u0440\u0435\u0434\u0438\u0442\u043d\u0430\u044f \u043f\u043e\u043b\u0438\u0442\u0438\u043a\u0430, \u0438\u043d\u0444\u043b\u044f\u0446\u0438\u044f, FOMC, \u0446\u0435\u043d\u0442\u0440\u0430\u043b\u044c\u043d\u044b\u0439 \u0431\u0430\u043d\u043a, \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0430\u044f \u0441\u0442\u0430\u0431\u0438\u043b\u044c\u043d\u043e\u0441\u0442\u044c.<\/em><\/p>\n\n\n\n<p><strong>THE U.S. FEDERAL RESERVE SYSTEM (FED) AND ITS IMPACT ON THE ECONOMY<\/strong><\/p>\n\n\n\n<p><strong>Kurbonov Said Akbarovich<\/strong><\/p>\n\n\n\n<p><em>Doctor of Philosophy (PhD)<\/em><\/p>\n\n\n\n<p><em>in Economics Senior Lecturer at the<\/em><\/p>\n\n\n\n<p><em>&nbsp;Department<\/em><em> <\/em><em>of Project Management<\/em><\/p>\n\n\n\n<p><em>&nbsp;Graduate School of Business and<\/em><\/p>\n\n\n\n<p><em>Entrepreneurship under the Cabinet of<\/em><\/p>\n\n\n\n<p><em>Ministers of the Republic of Uzbekistan<\/em><\/p>\n\n\n\n<p><strong><em>Abstract.<\/em><\/strong><em> This article is devoted to the analysis of the activities and structure of the central bank of the United States \u2014 the Federal Reserve System (the Fed), and its impact on the national and global economies. Established in 1913, the Fed is a unique institution with the status of a &laquo;state within a state.&raquo; The article details its primary functions: conducting monetary policy, ensuring the stability of the financial system, supervising and regulating banks, managing payment systems, and protecting consumer rights. Furthermore, the Fed\u2019s complex organizational structure \u2014 including the Board of Governors, 12 regional Reserve Banks, and the Federal Open Market Committee (FOMC) \u2014 is analyzed. The article examines the mechanisms of the Fed\u2019s influence on the economy, specifically its impact on inflation and employment levels through the management of the federal funds rate. The issue of ownership (whether it is a public or private entity) is also discussed.<\/em><\/p>\n\n\n\n<p><strong><em>Keywords:<\/em><\/strong><em> Federal Reserve System, monetary policy, inflation, FOMC, central bank, economic stability.<\/em><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/06\/9.-\u041a\u0443\u0440\u0431\u043e\u043d\u043e\u0432-\u0421\u0430\u0438\u0434-\u0410\u043a\u0431\u0430\u0440\u043e\u0432\u0438\u0447-\u0410\u049a\u0428-\u0444\u0435\u0434\u0435\u0440\u0430\u043b-\u0440\u0435\u0437\u0435\u0440\u0432-\u0442\u0438\u0437\u0438\u043c\u0438-\u0424\u0420\u0422-\u0432\u0430-\u0443\u043d\u0438\u043d\u0433-\u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0451\u0442\u0433\u0430-\u0442\u0430\u044a\u0441\u0438\u0440\u0438.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of 9. \u041a\u0443\u0440\u0431\u043e\u043d\u043e\u0432 \u0421\u0430\u0438\u0434 \u0410\u043a\u0431\u0430\u0440\u043e\u0432\u0438\u0447 - \u0410\u049a\u0428 \u0444\u0435\u0434\u0435\u0440\u0430\u043b \u0440\u0435\u0437\u0435\u0440\u0432 \u0442\u0438\u0437\u0438\u043c\u0438 (\u0424\u0420\u0422) \u0432\u0430 \u0443\u043d\u0438\u043d\u0433 \u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0451\u0442\u0433\u0430 \u0442\u0430\u044a\u0441\u0438\u0440\u0438.\"><\/object><a id=\"wp-block-file--media-9676e4ad-7874-4d46-84a1-512caa3eabf2\" href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/06\/9.-\u041a\u0443\u0440\u0431\u043e\u043d\u043e\u0432-\u0421\u0430\u0438\u0434-\u0410\u043a\u0431\u0430\u0440\u043e\u0432\u0438\u0447-\u0410\u049a\u0428-\u0444\u0435\u0434\u0435\u0440\u0430\u043b-\u0440\u0435\u0437\u0435\u0440\u0432-\u0442\u0438\u0437\u0438\u043c\u0438-\u0424\u0420\u0422-\u0432\u0430-\u0443\u043d\u0438\u043d\u0433-\u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0451\u0442\u0433\u0430-\u0442\u0430\u044a\u0441\u0438\u0440\u0438.pdf\">9. \u041a\u0443\u0440\u0431\u043e\u043d\u043e\u0432 \u0421\u0430\u0438\u0434 \u0410\u043a\u0431\u0430\u0440\u043e\u0432\u0438\u0447 &#8211; \u0410\u049a\u0428 \u0444\u0435\u0434\u0435\u0440\u0430\u043b \u0440\u0435\u0437\u0435\u0440\u0432 \u0442\u0438\u0437\u0438\u043c\u0438 (\u0424\u0420\u0422) \u0432\u0430 \u0443\u043d\u0438\u043d\u0433 \u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0451\u0442\u0433\u0430 \u0442\u0430\u044a\u0441\u0438\u0440\u0438<\/a><a href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/06\/9.-\u041a\u0443\u0440\u0431\u043e\u043d\u043e\u0432-\u0421\u0430\u0438\u0434-\u0410\u043a\u0431\u0430\u0440\u043e\u0432\u0438\u0447-\u0410\u049a\u0428-\u0444\u0435\u0434\u0435\u0440\u0430\u043b-\u0440\u0435\u0437\u0435\u0440\u0432-\u0442\u0438\u0437\u0438\u043c\u0438-\u0424\u0420\u0422-\u0432\u0430-\u0443\u043d\u0438\u043d\u0433-\u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0451\u0442\u0433\u0430-\u0442\u0430\u044a\u0441\u0438\u0440\u0438.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-9676e4ad-7874-4d46-84a1-512caa3eabf2\">Download<\/a><\/div>\n\n\n\n<p><strong>\u0424\u043e\u0439\u0434\u0430\u043b\u0430\u043d\u0438\u043b\u0433\u0430\u043d \u0430\u0434\u0430\u0431\u0438\u0451\u0442\u043b\u0430\u0440<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Federal Reserve Act of 1913.<\/li>\n\n\n\n<li>Board of Governors of the Federal Reserve System. The Federal Reserve System: Purposes &amp; Functions (\u0442\u0443\u0440\u043b\u0438 \u043d\u0430\u0448\u0440\u043b\u0430\u0440, \u0436\u0443\u043c\u043b\u0430\u0434\u0430\u043d 2026 \u0439\u0438\u043b\u0433\u0438 \u043c\u0430\u044a\u043b\u0443\u043c\u043e\u0442\u043b\u0430\u0440).<\/li>\n\n\n\n<li>Bernanke, B. S. (2015). The Courage to Act.<\/li>\n\n\n\n<li>Meltzer, A. H. (2003). A History of the Federal Reserve.<\/li>\n\n\n\n<li>Federal Reserve Bank of New York. The Fed Explained (2022 \u0432\u0430 \u043a\u0435\u0439\u0438\u043d\u0433\u0438 \u043d\u0430\u0448\u0440\u043b\u0430\u0440).<\/li>\n\n\n\n<li>\u0424\u0435\u0434\u0435\u0440\u0430\u043b \u0420\u0435\u0437\u0435\u0440\u0432 \u0440\u0430\u0441\u043c\u0438\u0439 \u0441\u0430\u0439\u0442\u043b\u0430\u0440\u0438 \u0432\u0430 \u04b3\u0438\u0441\u043e\u0431\u043e\u0442\u043b\u0430\u0440\u0438 (2022\u20132026).<\/li>\n\n\n\n<li>\u0425\u0430\u043b\u049b\u0430\u0440\u043e \u0412\u0430\u043b\u044e\u0442\u0430 \u0416\u0430\u043c\u0493\u0430\u0440\u043c\u0430\u0441\u0438 (\u0425\u0412\u0416) \u043c\u0430\u044a\u043b\u0443\u043c\u043e\u0442\u043b\u0430\u0440\u0438.<\/li>\n\n\n\n<li>FRED (Federal Reserve Economic Data) \u0432\u0430 \u0431\u043e\u0448\u049b\u0430 \u0440\u0430\u0441\u043c\u0438\u0439 \u043c\u0430\u043d\u0431\u0430\u043b\u0430\u0440.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\u041a\u0443\u0440\u0431\u043e\u043d\u043e\u0432 \u0421\u0430\u0438\u0434 \u0410\u043a\u0431\u0430\u0440\u043e\u0432\u0438\u0447 \u0438\u049b\u0442\u0438\u0441\u043e\u0434\u0438\u0451\u0442 \u0444\u0430\u043d\u043b\u0430\u0440\u0438 \u0431\u045e\u0439\u0438\u0447\u0430 \u0444\u0430\u043b\u0441\u0430\u0444\u0430 \u0434\u043e\u043a\u0442\u043e\u0440\u0438 (PhD) \u040e\u0437\u0431\u0435\u043a\u0438\u0441\u0442\u043e\u043d \u0420\u0435\u0441\u043f\u0443\u0431\u043b\u0438\u043a\u0430\u0441\u0438 \u0412\u0430\u0437\u0438\u0440\u043b\u0430\u0440 \u041c\u0430\u04b3\u043a\u0430\u043c\u0430\u0441\u0438 \u04b3\u0443\u0437\u0443\u0440\u0438\u0434\u0430\u0433\u0438 \u0411\u0438\u0437\u043d\u0435\u0441 \u0432\u0430 \u0442\u0430\u0434\u0431\u0438\u0440\u043a\u043e\u0440\u043b\u0438\u043a \u043e\u043b\u0438\u0439 \u043c\u0430\u043a\u0442\u0430\u0431\u0438 \u043b\u043e\u0439\u0438\u04b3\u0430 \u0431\u043e\u0448\u049b\u0430\u0440\u0443\u0432\u0438 \u043a\u0430\u0444\u0435\u0434\u0440\u0430\u0441\u0438 \u043a\u0430\u0442\u0442\u0430 \u045e\u049b\u0438\u0442\u0443\u0432\u0447\u0438\u0441\u0438 E-mail: saidbek0510@gmail.com \u0410\u043d\u043d\u043e\u0442\u0430\u0446\u0438\u044f. \u0423\u0448\u0431\u0443 \u043c\u0430\u049b\u043e\u043b\u0430 \u0410\u043c\u0435\u0440\u0438\u043a\u0430 \u049a\u045e\u0448\u043c\u0430 \u0428\u0442\u0430\u0442\u043b\u0430\u0440\u0438\u043d\u0438\u043d\u0433 \u043c\u0430\u0440\u043a\u0430\u0437\u0438\u0439&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1617","post","type-post","status-publish","format-standard","hentry","category-bolimsiz"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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