{"id":347,"date":"2023-07-26T15:03:37","date_gmt":"2023-07-26T10:03:37","guid":{"rendered":"https:\/\/fintech.tsue.uz\/?p=347"},"modified":"2023-07-29T12:33:40","modified_gmt":"2023-07-29T07:33:40","slug":"theoretical-and-practical-issues-of-monetary-policy-instruments","status":"publish","type":"post","link":"https:\/\/fintech.tsue.uz\/?p=347","title":{"rendered":"THEORETICAL AND PRACTICAL ISSUES OF MONETARY POLICY INSTRUMENTS"},"content":{"rendered":"\n<p><strong>Shomurodov Ravshan Tursunkulovich<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"450\" height=\"600\" src=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/07\/photo_2023-07-26_14-34-14.jpg\" alt=\"\" class=\"wp-image-348\" srcset=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/07\/photo_2023-07-26_14-34-14.jpg 450w, https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/07\/photo_2023-07-26_14-34-14-225x300.jpg 225w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/figure>\n\n\n\n<p><em>Doctor of Philosophy (\u0420hD) in Economics<\/em><\/p>\n\n\n\n<p><em>Associate Professor of the Department \u201cBanking\u201d<\/em><\/p>\n\n\n\n<p><em>Tashkent Institute of Finance<\/em><\/p>\n\n\n\n<p><em>E-mail: r.shomurod\u043ev@mail.ru<\/em><\/p>\n\n\n\n<p><em>ORCID:0000-0002-9087-104X<\/em><\/p>\n\n\n\n<p><strong>Abstract<\/strong><strong><\/strong><\/p>\n\n\n\n<p>This article analyzed the theoretical and practical issues of monetary policy instruments developed over the years under the influence of innovative ideas based on the best practices of developed countries and examines the scientific and theoretical views of foreign economists in this regard. It is also based on the fact that monetary policy has played an important role in solving various financial and economic crises, epidemics, pandemics, macroeconomic and financial problems observed at different periods in the history of world economies. Also, the influence of monetary policy instruments on the supply and demand of money in the economy is analyzed. In particular, the change in the refinancing rate on the growth rate of monetary aggregates in Uzbekistan. The practice of using monetary policy instruments in Uzbekistan is analyzed, existing problems are identified and their scientific solutions are presented. In turn, science-based scientific, theoretical and practical proposals and recommendations have been developed to increase the role of Uzbekistan in strengthening sustainable economic growth, financial and macroeconomic stability by improving monetary policy.<\/p>\n\n\n\n<p><strong>Keywords<\/strong>: monetary policy, monetary aggregates, the demand for money, the supply of money, monetary instruments, economic growth, macroeconomic sustainability, Central bank, inflation, national currency, devaluation, credit, reserve requirement policy, open market operations, interest rate policy.<\/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\/2023\/07\/Shomurodov-Ravshan-Tursunkulovich.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Shomurodov-Ravshan-Tursunkulovich.\"><\/object><a id=\"wp-block-file--media-91ba4e19-05ee-4ace-8e6b-0f1fac5bbc4b\" href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/07\/Shomurodov-Ravshan-Tursunkulovich.pdf\">Shomurodov-Ravshan-Tursunkulovich<\/a><a href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/07\/Shomurodov-Ravshan-Tursunkulovich.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-91ba4e19-05ee-4ace-8e6b-0f1fac5bbc4b\">Download<\/a><\/div>\n\n\n\n<p><strong>Reference<\/strong><\/p>\n\n\n\n<p>1. Resolution of the President of the Republic of Uzbekistan dated September 13, 2017 No. PP-3272 \u201cOn measures to further improve monetary policy\u201d. \u2013<a href=\"http:\/\/www.lex.uz\">www.lex.uz<\/a><\/p>\n\n\n\n<p>2. Friedman M. If money spoke &#8230; Per. from English. \u2013 M.: Delo, 1999. \u2013 P. 132-134.<\/p>\n\n\n\n<p>3 Mises L. Tne Theory of Money and Kredit. \u2013 Indianapolis, 1980. \u2013 P. 446-448.; Friedman M. Fundamentals of monetarism. Per. from English. \u2013 M.: TEIS, 2002. \u2013 P. 41-43.<\/p>\n\n\n\n<p>4. Mishkin F.S. Economic theory of money, banking and financial markets. 7th ed. Per. from English. \u2013 M .: LLC \u201cI.D. Williams\u201d, 2013. \u2013 P. 490.<\/p>\n\n\n\n<p>5. McCallum, B.T. Robustness Properties of a Rule for Monetary Policy. &#8211; Carnegie-Rochester Conference Series on Public Policy 29, 1988. \u2013 \u0420. 173-203.<\/p>\n\n\n\n<p>6. Yurovitsky V. Evolution of money: money circulation in the era of change. \u2013M.: GrossMedia, 2005. \u2013 P. 96.<\/p>\n\n\n\n<p>7. Moiseev S.R. Operations of central banks in the open securities market\/\/Finance and credit. \u2013 Moscow, 2003. &#8211; No. 6. \u2013 P. 32-40.<\/p>\n\n\n\n<p>8. Simanovsky A.Yu. Banking regulation: revolution\/\/Money and credit. \u2013 Moscow, 2014. &#8211; No. 3. \u2013 P. 3-11.<\/p>\n\n\n\n<p>9. Sinki J. Financial management in a commercial bank and in the financial services industry. Per. from English. \u2013 M.: Alpina Publisher, 2017. \u2013 1018 p.<\/p>\n\n\n\n<p>10. Itai Agur, Maria Demertzis. Will macroprudential policy counteract monetary policy\u2019s effects on financial stability? North American Journal of Economics and Finance 48 (2019) 65-75.<\/p>\n\n\n\n<p>11. Martin Bodenstein, Junzhu Zaho. Employment, wages and optimal monetary policy. Journal of Monetary Economics. February 14, 2019.<\/p>\n\n\n\n<p>12. \u0420. Andrade, F. Ferroni. (2020). Delphic and odyssean monetary policy shocks: Evidence from the euro area. Journal of Monetary Economics Volume 117, P. 816-832.<\/p>\n\n\n\n<p>13. Namozov O.Sh. Monetary Policy in a Transitional Economy: Conceptual Approaches and Program Directions. Abstract diss. on sois. uch. Art. Dan. &#8211; Tashkent, 2001. \u2013 39 p.<\/p>\n\n\n\n<p>14. Dushaev B.M. monetary policy. \u2013Tashkent: Iqtisod-Moliya, 2003. \u2013120 p.<\/p>\n\n\n\n<p>15. Moiseev S.R. Monetary Policy: Theory and Practice. \u2013 M.: Moscow Financial and Industrial Academy, 2011. \u2013 P. 737.<\/p>\n\n\n\n<p>16. Central banks beat Bitcoin at own game with rival super currency\/\/URL: \u2013<a href=\"http:\/\/www.telegraphco.uk\/business\/2016\/03\/13\/central-banks-beatbitcoin-at-own-game-with-rival-supercurrency\">http:\/\/www.telegraphco.uk\/business\/2016\/03\/13\/central-banks-beatbitcoin-at-own-game-with-rival-supercurrency<\/a>&nbsp;<\/p>\n\n\n\n<p><a>7. Decree of the President of the Republic of Uzbekistan No. PF-5177 of September 2, 2017 <\/a>\u201cOn priority measures for the liberalization of foreign exchange policy.\u201d<\/p>\n\n\n\n<p>18. Resolution of the President of the Republic of Uzbekistan dated September 13, 2017 No PP-3272 \u201cOn measures to further improve monetary policy.\u201d \u2013<a href=\"http:\/\/www.lex.uz\">www.lex.uz<\/a><\/p>\n\n\n\n<p>19. Shomurodov R.T. Issues of improving monetary instruments in the banking system. i.f.n. diss.avtoreferati for ilm.dar.ol. \u2013 Tashkent, 2004. \u2013 19 p.<\/p>\n\n\n\n<p>20. Report on the activities of the Central Bank of the Republic of Uzbekistan in 2018 (B.60). \u2013 <a href=\"http:\/\/www.cbu.uz\">www.cbu.uz<\/a> &nbsp;&nbsp;<\/p>\n\n\n\n<p>21. Report on the activities of the Central Bank of the Republic of Uzbekistan in 2019 (P.73). \u2013 <a href=\"http:\/\/www.cbu.uz\">www.cbu.uz<\/a> &nbsp;<\/p>\n\n\n\n<p>22. Decree of the President of the Republic of Uzbekistan dated November 18, 2019 No. PF-5877 \u201cOn improving monetary policy through the gradual transition to inflation targeting.\u201d National Database of Legislation, 19.11.2019, No. 06\/19\/5877\/4036.<\/p>\n\n\n\n<p>23. The official reports of Data base The Central Bank of the Republic of Uzbekistan in 2023. \u2013 <a href=\"http:\/\/www.cbu.uz\">www.cbu.uz<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shomurodov Ravshan Tursunkulovich Doctor of Philosophy (\u0420hD) in Economics Associate Professor of the Department \u201cBanking\u201d Tashkent Institute of Finance E-mail: r.shomurod\u043ev@mail.ru ORCID:0000-0002-9087-104X Abstract This article analyzed the theoretical and practical issues of monetary policy&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-ishi-investisiya-va-soliqqa-tortish"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>THEORETICAL AND PRACTICAL ISSUES OF MONETARY POLICY INSTRUMENTS - 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