Vol. 8 No. 3 (2022): FINANCE AND BANKING
Issue Articles

Ways to increase the impact of refinancing interest on market interest rates

PDF (Oʻzbekcha)
  • Kurbonbekova Mohichekhra,
  • Inogamov Khayot
Kurbonbekova Mohichekhra
Tashkent State University of Economics
Bio
Inogamov Khayot
Bio

Published 2022-12-05

Keywords

  • monetary policy,
  • inflation,
  • money market,
  • money supply,
  • refinancing policy,
  • credit,
  • deposit,
  • basic interest rate
    • ...More
    Less

How to Cite

Kurbonbekova, M., & Inogamov, K. (2022). Ways to increase the impact of refinancing interest on market interest rates. FINANCE AND BANKING, 8(3), 113–125. Retrieved from https://journal.bfa.uz/index.php/bfaj/article/view/52

Abstract

Although the central bank refinancing has a strong influence of the interest rate on the money market interest rate and the interest of short-term loans from commercial banks, but the impact on the growth of the money supply, the percentage of short-term deposits of the population in commercial banks, as well as the degree of devaluation of the exchange rate remains. The central bank also uses the refinancing instrument to curb inflation, ensure economic balance, and stimulate economic growth. According to the results of the analysis, the influence of the instrument of refinancing is becoming weak when the central bank curbs inflation. On the contrary, the change in the money supply in circulation greatly affects the level of inflation.

 

PDF (Oʻzbekcha)

References

  1. Ampudia, M., Georgarakos, D., Slacalek, J., Tristani, O., Vermeulen, P., & Violante, G. (2018). Monetary policy and household inequality.
  2. Auclert, A. (2019). Monetary policy and the redistribution channel. American Economic Review, 109(6), 2333-67.
  3. Baştav, L. (2020). Monetary Polıcy Interest Rate Channel in Turkey: Toda-Yamamoto Method (2011-2018). Fiscaoeconomia, 4(2), 311-331.
  4. Eggertsson, G. B., Juelsrud, R. E., Summers, L. H., & Wold, E. G. (2019). Negative nominal interest rates and the bank lending channel (No. w25416). National Bureau of Economic Research.
  5. Mishkin, F.S. (1995). Symposium on the monetary transmission mechanism. Journal of Economic perspectives, 9(4), 3-10.
  6. Peter N. Ireland (2005). The Monetary Transmission Mechanism / FRB of Boston WP No. 06-1.
  7. Taylor, J.B., (1995). The Monetary Transmission Mechanism: An Empirical Framework. Journal of Economic Perspectives, 9 (4), pp. 11-26.
  8. Wong, A. (2019). Refinancing and the transmission of monetary policy to consumption. Unpublished manuscript, 20.
  9. Absalamov, A. (2020). Interest rate channel of monetary policy transmission mechanism in Uzbekistan-vecm approach. International Journal of Research in Social Sciences, 10(1), 165-173.
  10. Андрюшин С.А. (2013). Трансмиссионный механизм денежно-кредитной политики центральных банков в условиях глобального финансового кризиса/ Финансы и кредит.
  11. Трунин П.В., Князев Д.А., Саттаров А.М. (2010). Анализ независимости центральных банков РФ, стран СНГ центральных банков РФ, стран СНГ и Восточной Европы/ Москва: ИЭПП.
  12. Bernanke, B. S. (2020). The new tools of monetary policy. American Economic Review, 110(4), 943-83.