Inflation Targeting in Uzbekistan: Background and First Results
Keywords:
inflation, regulation, inflation targeting, core inflation, inflation prevention, central bank, monetary policy
Abstract
This article describes the measures taken to introduce a new regime for the implementation of monetary policy in Uzbekistan and the economic results achieved. Specific and adequate scientific proposals and recommendations for the further implementation of inflation targeting (IT) are given.
References
1. Decree of the President of the Republic of Uzbekistan, dated September 13, 2017 No. PP-3272 “On measures to further improve monetary policy” // https://lex.uz/docs/3339552
2. Decree of the President of the Republic of Uzbekistan dated November 18, 2019 No. UP-5877 “On improving monetary policy with a phased transition to inflation targeting” // https://lex.uz/docs/4600826
3. International Monetary Fund. 2021. Annual Report on Exchange Arrangements and Exchange Restrictions: Overview 2021. Washington , DC: IMF., p.10.
4. Hyvonen M. Inflation Convergence Across Countries // Research Discussion Paper Economic Research Department Reserve Bank of Australia. – 2004.
5. Yakubova , S. (2021). Sh. The role of effective implementation of monetary policy in a pandemic condition/Sh. Sh. Yakubova , M.D. Raimova . Theoretical & Applied Science, (12), 104.
6. Vega M., Winkelried D. Inflation Targeting and Inflation Behavior: A Successful Story? // International Journal of Central Banking. - 2005. - Vol. 1, no. 3.
7. Mollik A., Torres R., Carneiro F. Does Inflation Targeting Matter for Output Growth? Evidence from Industrial and Emerging Economies. // World Bank Policy Research Working Paper. - 2008. - No. 4791.
8. Mishkin FS, Schmidt-Hebbel K. Does Inflation Targeting Make a Difference? // NBER Working Paper. - 2007. - No. 12876.
9. Goncalves C. E, Salles J. Infation targeting in emerging economies: What do the data say? // Journal of Development Economics. - 2008. - No. 85
10. Batini N., Breuer P., Kochhar K., Roger S. Inflation Targeting and the IMF // IMF Board Paper SM/06/33. – 2006.
11. Mu'ayyad al Rasassi and Ezekiel Cabezon, 2022. "Uzbekistan's Transition to an Inflation-Targeting Regime," IMF Working Paper 2022/229, International Monetary Fund. Page 4.
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13. Yakubova, Sh. Sh. Peculiarities of inflation targeting in our country / Sh. Sh. Yakubova, MD Raimova // - 2022. - No. 3(107). - P. 655-661. – DOI 10.15863/TAS.2022.03.107.43. – EDN KVKAHJ.
14. https://cbu.uz/ru/monetary-policy/reviews/
15. Zoyirovna, M. K., & O’gli, A. H. R. (2022). STRONG DIRECTIONS FOR IMPROVING ECONOMIC CAPITAL IN THE TERRITORY OF KASHKADARYA REGION. Gospodarka i Innowacje., 29, 243-247.
16. Zoyirovna, M. K. (2022). DYNAMICS OF ATTRACTING FOREIGN INVESTMENTS TO THE ECONOMY OF KASHKADARYA REGION AND THE FACTORS AFFECTING IT. Gospodarka i Innowacje., 29, 226-233.
17. Zoyirovna, M. K. (2022). IMPORTANCE OF ENTERPRISES WITH FOREIGN INVESTMENT IN THE DEVELOPMENT OF THE REGIONAL ECONOMY. Gospodarka i Innowacje., 29, 219-225.
18. Yakubova, S., & Qosimov, J. (2022). MEVA-SABZAVOTCHILIK SOHASINI RIVOJLANTIRISHDA KOOPERATSIYA TIZIMINI TASHKIL ETISHNING IQTISODIY ASOSI. " Экономика и туризм" международный научно-инновационной журнал, 5(7).
19. Yakubova, S. S., Egamberdiyeva, S. R., & Boyqobilov, F. S. (2022). TA’LIM MUASSASASI VA ISHLAB CHIQARISH HAMKORLIGI SALOHIYATLI KADR TAYYORLASHNING ASOSIY OMILIDIR. Gospodarka i Innowacje., 24, 211-216.
20. Yakubova, S. (2021). Sh. The role of effective implementation of monetary policy in a pandemic condition/Sh. Sh. Yakubova, MD Raimova. Theoretical & Applied Science, (12), 104.
21. Murodov, J. (2020). Мамлакатимизда хизмат кўрсатиш соҳасида олиб борилаётган ижтимоий-иқтисодий ислоҳатлар кўлами. Архив научных исследований, (29).
22. Утанов Б., Маматкулов Б., Ахмедова М., Муродов Дж. и Абдикулова Д. (2021). Взаимосвязь взаимодействия сельскохозяйственного производства с объемом дехканского производства в Узбекистане. Илкогретим Онлайн , 20 (3).
23. Alisherovich, T. S., & Ugli, N. B. B. (2023). Internal Control in Banks. EUROPEAN JOURNAL OF BUSINESS STARTUPS AND OPEN SOCIETY, 3(3), 34-39.
24. Alisherovich, T. S. (2023). IMPROVING ACCOUNTING AND ITS MAINTENANCE IN BANKS. Gospodarka i Innowacje., 31, 15-20.
25. Oman, X., & Alisherovich, T. S. (2022). THE ROLE AND IMPORTANCE OF CLUSTERS IN THE AGRICULTURAL SECTOR. Gospodarka i Innowacje., 29, 202-206.
26. Туробов, Ш. А. (2022). АЁЛЛАР МЕҲНАТИДАН САМАРАЛИ ФОЙДАЛАНИШ ИСТИҚБОЛЛАРИ. IJTIMOIY FANLARDA INNOVASIYA ONLAYN ILMIY JURNALI, 127-134.
27. Alisherovich, T. S. (2022). ECONOMIC CONTENT OF HOUSEHOLDS. Gospodarka i Innowacje., 150-155.
28. Alisherovich, T. S., & Isoqovna, A. G. (2022). Organizing Fundamentals of Digital Audit in the International Practice. Miasto Przyszłości, 24, 424-426.
29. Туробов, Ш. А. (2021). ҚИШЛОҚ УЙ ХЎЖАЛИКЛАРИДА АЁЛЛАР МЕҲНАТИДАН ФОЙДАЛАНИШ ИСТИҚБОЛЛАРИ. Журнал Инновации в Экономике, 4(5).
30. Turobov, S. A., & Faxriddinov, B. F. (2021). DEVELOPMENT OF HOME-ENTREPRENEURSHIP-GUARANTEE OF AGRICULTURE STRATEGY. International journal of trends in marketing management, 9(1).
31. Туробов, Ш. А., & Фахриддинов, Б. Ф. Ў. (2021). УЙ ХЎЖАЛИКЛАРИ ТАДБИРКОРЛИГИНИ РИВОЖЛАНТИРИШ–ҚИШЛОҚ ХЎЖАЛИГИ ТАРАҚҚИЁТИ ГАРОВИ СИФАТИДА. Экономика и финансы (Узбекистан), (4 (140)), 15-20.
32. Turobov, S. A., & Azamatova, G. I. (2020). REGIONAL CHARACTERISTICS OF HOUSEHOLD ENTREPRENEURSHIP ACTIVITIES IN KASHKADARYA REGION. Economics and Finance (Uzbekistan),(2 (134)).
33. Turobov, S., & Azamatova, G. (2020). The Role Of Households In The Development Of The Digital Economy. International Finance and Accounting, 2020(3), 35.
34. Рашидов, Р. И., & Муртазаев, Н. Р. (2020). DIRECTIONS OF INNOVATIVE AGRICULTURAL DEVELOPMENT. ЖУРНАЛ АГРО ПРОЦЕССИНГ, 2(7).
2. Decree of the President of the Republic of Uzbekistan dated November 18, 2019 No. UP-5877 “On improving monetary policy with a phased transition to inflation targeting” // https://lex.uz/docs/4600826
3. International Monetary Fund. 2021. Annual Report on Exchange Arrangements and Exchange Restrictions: Overview 2021. Washington , DC: IMF., p.10.
4. Hyvonen M. Inflation Convergence Across Countries // Research Discussion Paper Economic Research Department Reserve Bank of Australia. – 2004.
5. Yakubova , S. (2021). Sh. The role of effective implementation of monetary policy in a pandemic condition/Sh. Sh. Yakubova , M.D. Raimova . Theoretical & Applied Science, (12), 104.
6. Vega M., Winkelried D. Inflation Targeting and Inflation Behavior: A Successful Story? // International Journal of Central Banking. - 2005. - Vol. 1, no. 3.
7. Mollik A., Torres R., Carneiro F. Does Inflation Targeting Matter for Output Growth? Evidence from Industrial and Emerging Economies. // World Bank Policy Research Working Paper. - 2008. - No. 4791.
8. Mishkin FS, Schmidt-Hebbel K. Does Inflation Targeting Make a Difference? // NBER Working Paper. - 2007. - No. 12876.
9. Goncalves C. E, Salles J. Infation targeting in emerging economies: What do the data say? // Journal of Development Economics. - 2008. - No. 85
10. Batini N., Breuer P., Kochhar K., Roger S. Inflation Targeting and the IMF // IMF Board Paper SM/06/33. – 2006.
11. Mu'ayyad al Rasassi and Ezekiel Cabezon, 2022. "Uzbekistan's Transition to an Inflation-Targeting Regime," IMF Working Paper 2022/229, International Monetary Fund. Page 4.
12. Ways of effective implementation of monetary policy in our country/Sh.Sh. Yakubova, RI Rashidov, MXQ Umarova, KTU Urinov// – 2022. – No. 3(107). - P. 859-864. – DOI 10.15863/TAS.2022.03.107.64. – EDN MEPGVP.
13. Yakubova, Sh. Sh. Peculiarities of inflation targeting in our country / Sh. Sh. Yakubova, MD Raimova // - 2022. - No. 3(107). - P. 655-661. – DOI 10.15863/TAS.2022.03.107.43. – EDN KVKAHJ.
14. https://cbu.uz/ru/monetary-policy/reviews/
15. Zoyirovna, M. K., & O’gli, A. H. R. (2022). STRONG DIRECTIONS FOR IMPROVING ECONOMIC CAPITAL IN THE TERRITORY OF KASHKADARYA REGION. Gospodarka i Innowacje., 29, 243-247.
16. Zoyirovna, M. K. (2022). DYNAMICS OF ATTRACTING FOREIGN INVESTMENTS TO THE ECONOMY OF KASHKADARYA REGION AND THE FACTORS AFFECTING IT. Gospodarka i Innowacje., 29, 226-233.
17. Zoyirovna, M. K. (2022). IMPORTANCE OF ENTERPRISES WITH FOREIGN INVESTMENT IN THE DEVELOPMENT OF THE REGIONAL ECONOMY. Gospodarka i Innowacje., 29, 219-225.
18. Yakubova, S., & Qosimov, J. (2022). MEVA-SABZAVOTCHILIK SOHASINI RIVOJLANTIRISHDA KOOPERATSIYA TIZIMINI TASHKIL ETISHNING IQTISODIY ASOSI. " Экономика и туризм" международный научно-инновационной журнал, 5(7).
19. Yakubova, S. S., Egamberdiyeva, S. R., & Boyqobilov, F. S. (2022). TA’LIM MUASSASASI VA ISHLAB CHIQARISH HAMKORLIGI SALOHIYATLI KADR TAYYORLASHNING ASOSIY OMILIDIR. Gospodarka i Innowacje., 24, 211-216.
20. Yakubova, S. (2021). Sh. The role of effective implementation of monetary policy in a pandemic condition/Sh. Sh. Yakubova, MD Raimova. Theoretical & Applied Science, (12), 104.
21. Murodov, J. (2020). Мамлакатимизда хизмат кўрсатиш соҳасида олиб борилаётган ижтимоий-иқтисодий ислоҳатлар кўлами. Архив научных исследований, (29).
22. Утанов Б., Маматкулов Б., Ахмедова М., Муродов Дж. и Абдикулова Д. (2021). Взаимосвязь взаимодействия сельскохозяйственного производства с объемом дехканского производства в Узбекистане. Илкогретим Онлайн , 20 (3).
23. Alisherovich, T. S., & Ugli, N. B. B. (2023). Internal Control in Banks. EUROPEAN JOURNAL OF BUSINESS STARTUPS AND OPEN SOCIETY, 3(3), 34-39.
24. Alisherovich, T. S. (2023). IMPROVING ACCOUNTING AND ITS MAINTENANCE IN BANKS. Gospodarka i Innowacje., 31, 15-20.
25. Oman, X., & Alisherovich, T. S. (2022). THE ROLE AND IMPORTANCE OF CLUSTERS IN THE AGRICULTURAL SECTOR. Gospodarka i Innowacje., 29, 202-206.
26. Туробов, Ш. А. (2022). АЁЛЛАР МЕҲНАТИДАН САМАРАЛИ ФОЙДАЛАНИШ ИСТИҚБОЛЛАРИ. IJTIMOIY FANLARDA INNOVASIYA ONLAYN ILMIY JURNALI, 127-134.
27. Alisherovich, T. S. (2022). ECONOMIC CONTENT OF HOUSEHOLDS. Gospodarka i Innowacje., 150-155.
28. Alisherovich, T. S., & Isoqovna, A. G. (2022). Organizing Fundamentals of Digital Audit in the International Practice. Miasto Przyszłości, 24, 424-426.
29. Туробов, Ш. А. (2021). ҚИШЛОҚ УЙ ХЎЖАЛИКЛАРИДА АЁЛЛАР МЕҲНАТИДАН ФОЙДАЛАНИШ ИСТИҚБОЛЛАРИ. Журнал Инновации в Экономике, 4(5).
30. Turobov, S. A., & Faxriddinov, B. F. (2021). DEVELOPMENT OF HOME-ENTREPRENEURSHIP-GUARANTEE OF AGRICULTURE STRATEGY. International journal of trends in marketing management, 9(1).
31. Туробов, Ш. А., & Фахриддинов, Б. Ф. Ў. (2021). УЙ ХЎЖАЛИКЛАРИ ТАДБИРКОРЛИГИНИ РИВОЖЛАНТИРИШ–ҚИШЛОҚ ХЎЖАЛИГИ ТАРАҚҚИЁТИ ГАРОВИ СИФАТИДА. Экономика и финансы (Узбекистан), (4 (140)), 15-20.
32. Turobov, S. A., & Azamatova, G. I. (2020). REGIONAL CHARACTERISTICS OF HOUSEHOLD ENTREPRENEURSHIP ACTIVITIES IN KASHKADARYA REGION. Economics and Finance (Uzbekistan),(2 (134)).
33. Turobov, S., & Azamatova, G. (2020). The Role Of Households In The Development Of The Digital Economy. International Finance and Accounting, 2020(3), 35.
34. Рашидов, Р. И., & Муртазаев, Н. Р. (2020). DIRECTIONS OF INNOVATIVE AGRICULTURAL DEVELOPMENT. ЖУРНАЛ АГРО ПРОЦЕССИНГ, 2(7).
Published
2023-04-17
How to Cite
Shukhratovna, Y. S. (2023). Inflation Targeting in Uzbekistan: Background and First Results. International Journal on Economics, Finance and Sustainable Development, 5(4), 39-48. https://doi.org/10.31149/ijefsd.v5i4.4274
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