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Foydalanilgan adabiyotlar
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293
WAYS OF EFFECTIVE IMPLEMENTATION OF MONETARY POLICY IN
OUR COUNTRY
Karshi Engineering and Economic Institute
Rashidov Raximjon Iskandarovich
Senior Lecturer
Karshi Engineering and Economic Institute Student
Bahodirov Azamat Mirsaid o‘g‘li
Karshi Engineering and Economic Institute Student
Abdiraxmonov Anvarbek Akbar o’g’li
Introduction
In accordance with the Law on the Central Bank of the Republic of Uzbekistan,
the strategic objectives of the Central Bank are the fight against inflation, ensuring the
stability of the banking system and payment systems [1]. To achieve this strategic
goal, the inflation target and the growth rate of money supply are being used as
tactical goals of monetary policy.
At present, there are pressing issues related to the improvement of monetary
policy in the country. Current problems include the growth rate of money supply and
the high rate of devaluation of the national currency, the low level of money supply
to the economy, the relatively high interest rates on loans of commercial banks in the
national currency.
In turn, finding scientifically sound solutions to current problems related to the
improvement of monetary policy makes it necessary to study the provisions of
leading monetary concepts and assess their practical significance.
The founder of the monetary concept of monetarism is M.Friedman, a
professor at the University of Chicago in the United States and a Nobel laureate.
M.Friedman was the first in the economic literature to scientifically
substantiate the need to set the annual growth of the money supply as a firm
indicator and make the process of achieving it the object of control by the
Central Bank. He concluded that the growth of the money supply should be based on
the steady growth of the price of the final product over a long period of time [2].
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J.Keynes believes that the interest rate plays an important role in the monetary
concept and that it can have a direct impact on unemployment and economic growth
by influencing interest rates.
The transmission mechanism of monetary policy proposed by J.Keynes consists
of three stages:
*
first stage: money supply - interest rate;
*
second stage: money supply - interest rate - investment;
*
third stage: money supply - interest rate - investment - national income [3].
According to J.Keynes’s transmission mechanism, firms and firms increase
their planned investments as interest rates fall, this results in an unforeseen
consumption of inventories, combined with the total amount of planned expenditures,
and firms and companies will increase production under such conditions, as a result,
national income will increase.
According to F.Mishkin, the open market operations of the Central Bank have
the following advantages:
-
open market operations are carried out at the initiative of the FZT and its
volume is controlled by the FZT, there is no such control in the implementation of
discount operations;
-
high level of flexibility of open market operations, their volume can be
changed at any time;
-
open market operations have an easy reversibility content, and if the FZT
made a mistake in carrying out these operations, it can quickly cancel the operation[4].
J.Taylor's monetary rule allows the Central Bank to determine the possibility of
changing interest rates in response to changes in prices and fluctuations in real output
relative to its equilibrium level, and it has a stabilizing property, ie minimizing
cyclical fluctuations in the economy [5]. However, practice has shown that the Taylor
rule has certain drawbacks. In particular, GEP inflation indicators and GDP
information may not fully cover economic variables. Because there are other
important indicators such as monetary aggregates, credit multiplier, exchange rate,
budget deficit, it is impossible to ignore them for in- depth analysis.
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According to McCallum, a factor complicating the use of money balances as
an instrument of monetary policy is the instability of demand for money. This is
partly explained by the fact that central banks prefer to use interest rates as an
instrument of monetary policy [6].
T.Bobakulov's conclusion that the growth rate of the monetary aggregate M2
should be chosen as an
indicator of monetary policy of the Central Bank of the Republic is based on
the following facts:
-
The existence of a legal framework for the use of money supply growth as an
indicator of monetary policy;
-
The existence of a direct link between cash circulation and economic activity
in the country;
-
The ability of the central bank to directly influence the money supply through
the monetary base;
-
The leading factor in the structure of inflation is the weight of non-monetary
factors, the fact that the basic inflation rate is not used in the process of inflation
targeting [7].
According to the new Law on the Central Bank of the Republic of Uzbekistan,
the strategic goals of the Central Bank's monetary policy are to fight inflation, ensure
the stability of the country's banking system and payment systems, while inflation
targets and money supply growth rates are tactical goals of monetary policy [1].
Induction and deduction, trend analysis and expert evaluation methods were
used in conducting the research.
The continuing devaluation of the national currency in the Republic of
Uzbekistan, the relatively high level of inflation, the high level of money supply to the
economy are important factors to consider in assessing the practical significance of
monetary concepts.
A number of provisions of the leading monetary concepts have been put into
practice. In particular, the principle of controlling the growth rate of the money supply
of the monetary concept of monetarism is used as a tactical goal of monetary policy in
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many countries around the world [8; 9; 10; 11].
In Germany and France, since the 1970s, the practice of controlling the growth
rate of the money supply by the Central Bank has been introduced. In the United States,
Congress passed a law in 1978 that mandated the Federal Reserve to control the
growth of the money supply.
The results of the monetary policy of the United States, Japan and France to
limit the growth rate of money supply showed that this measure will ultimately lead
to a decrease in production rates, a reduction in supply of goods and services, but
price stability will be achieved.
M.Friedman's scientific conclusion that the change in the money supply is not
due to changes in the economic situation has not been proven in practice. The
economic crisis in Southeast Asia in 1997-1998 and the global financial and
economic crisis that began in 2008 showed a direct link between the volume of money
supply and changes in the economic situation.
According to M.Friedman's theory of monetarism, the demand for money does
not decrease in proportion to the growth of cash balances and nominal income, but
remains unchanged. Because every change in the money supply affects not only the
level of investment, but also the volume of personal consumption. The volume of
personal consumption, in turn, varies in proportion to the dynamics of nominal
income. As a result, the demand for money remains constant for each individual
period received, while the money supply fluctuates constantly. This conclusion has
been proven in the practice of many countries around the world [12; 13; 14].
It should be noted that J.Keynes's rule on the mechanism of transmission of
monetary policy is important for the practice of the Republic of Uzbekistan. This is
due to the fact that the current high interest rates on loans from commercial banks in
the Republic of Uzbekistan hinder the expansion of access to credit for companies and
firms. This is because interest rates are the price of loans. The higher the interest rates
on loans, the lower the chances of individuals and legal entities to use them.
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