THE IMPACT OF CENTRAL BANK POLICIES AND DIGITALIZATION ON GDP GROWTH IN UZBEKISTAN
DOI:
https://doi.org/10.55439/INS/vol1_iss6/90Ключевые слова:
Rate of Central Bank, Refinancing Rate, Gross Domestic Product, Economic Growth, Monetary Policy.Аннотация
This study investigates the influence of the Central Bank of Uzbekistan's main rate and digitalization on the country's Gross Domestic Product (GDP) growth. It expands upon previous research by incorporating the rapidly evolving digital economy and its interplay with central banking policies. Employing a mixed-methods approach, the study analyzes quarterly economic indicators from 2016 to 2022, including the Central Bank's main rate and GDP figures, alongside data reflecting the growth of digital financial services and e-commerce.
The research utilizes correlation analysis, supplemented by qualitative assessments of digitalization policies and their implementation in the financial sector. The findings indicate that while the Central Bank's main rate has had a limited direct impact on GDP growth, the rise of digital financial services and e-commerce has significantly correlated with economic expansion. The integration of digital technologies in banking and commerce has shown a noticeable effect on the efficiency and reach of financial services, thereby contributing to GDP growth.
The study underscores the need for the Central Bank to consider the digital economy in its policy-making. It suggests that beyond traditional monetary tools, embracing digitalization can serve as a catalyst for economic growth. The paper recommends the formulation of policies that support digital infrastructure and innovation, aligning central banking practices with the digital age.
Библиографические ссылки
Law of the Republic of Uzbekistan on the central bank of the Republic of Uzbekistan. https://lex.uz/ru/docs/4590452
Khamdamov, Shoh-Jakhon. "Calculating Share of Factors of Intensive Economic Growth in Uzbekistan." The 5th International Conference on Future Networks & Distributed Systems. 2021. https://doi.org/10.1145/3508072.3508144
Kwangyong Park, The excess sensitivity of long-term interest rates and central bank credibility, Economic Modelling, Volume 106, 2022, 105708, ISSN 0264-9993, https://doi.org/10.1016/j.econmod.2021.105708.
Corso, Eduardo Ariel. “Inclusive growth analysis and HRV : a methodological note.” (2011).
K.Sen. Inclusive Growth: When May We Expect It? When May We Not? Asian Development ReviewVol. 31, No. 1, pp. 136-162 (2014).
Vellala, Paramasivan S. et al. “A Theoretical Model for Inclusive Economic Growth in Indian Context.” International journal of humanities and social science 4 (2014): 229-235.
C.Aoyagi, G.Ganelli1. Asia’s Quest for Inclusive Growth Revisited, International Monetary Fund (2015).
R.Anand, S.Mishra, and S.Peiris. Inclusive Growth: Measurement and Determinants. International Monetary Fund (2013) // https://www.imf.org/external/pubs/ft/wp/2013/wp13135.pdf;
Solow R. Growth Theory: an exposition (2 nd edition). Oxford: Oxford University Press, 2000. -190р;
Charles I. Jones. Introduction to economic growth/I.J. Charles. Stanford University. 1997. -200р; ЛукасР. Лекция по экономическому росту/Р. Лукас: пер. сангл. Д.Шестакова. -М.: Изд-во Ин-та Гайдара, 2013. - 288 с;
Abrorov, S. (2020). The importance of sukuk in the development of economy: as an example of its impact on the income of the malaysian population. Journal of Critical Reviews, 7(2), 776-780.
Abrorov, S. (2019). The importance of sukuk in the development of economy: as an example of its impact on the income of the malaysian population. Journal of Advanced Research in Dynamical and Control Systems, 11(7), 927-931.
Sirojiddin Abrorov and Jahongir Imamnazarov. 2021. Islamic Fintech Instruments: New Opportunities for Digital Economy of Uzbekistan. In The 5th International Conference on Future Networks & Distributed Systems (ICFNDS 2021). Association for Computing Machinery, New York, NY, USA, 663–667.
I. Stern, Economic Growth and Energy, Editor(s): Cutler J. Cleveland, Encyclopedia of Energy, Elsevier, 2004, Pages 35-51,ISBN 9780121764807, https://doi.org/10.1016/B0-12-176480-X/00147-9.
Khamdamov, Shoh-Jakhon, and Anvar Usmanov. "New Methodological Recommendations For Economic Growth." Архив Научных Исследований 2.1 (2022).
