Title Page
Contents
ABSTRACT 7
LIST OF ABBREVIATIONS 10
CHAPTER I. INTRODUCTION 11
1.1. Background of the Study 11
1.2. Statement of Problem 13
1.3. Significance of the Study 16
1.4. Objectives and Relevance 17
CHAPTER II. LITERATURE REVIEW 19
2.1. Monetary Policy and Empirical Studies on the effect of Monetary Policy to economic growth 19
2.2. Money supply and demand 21
2.3. Monetary targets- Price stability 25
2.4. Taylor Rule 27
2.5. Financial Liberation theory 29
CHAPTER III. Uzbekistan's economy, the Central Bank of Uzbekistan and Russian Central Bank 32
3.1. Uzbekistan's economy 32
3.2. The Central Bank of Uzbekistan (CBU) 34
3.2.1. Monetary Policy of the CBU 34
3.2.2. Monetary Instruments 34
3.2.3. Exchange rate Instruments 37
3.3. Shifting to market based monetary policy 38
3.4. The Central Bank of Russian Federation (CBR) 39
3.4.1. CBR's Monetary Policy 39
CHAPTER IV. Research design 44
4.1. Theoretical Framework 44
4.2. Conceptual Framework and Hypothesis 47
4.3. Research Method and Data collection 49
CHAPTER V. DATA ANALYSIS 52
5.1. Correlation and Simple regression analysis of data 52
5.1.1. Broad money transmission channel 52
5.1.2. Refinancing rate channel 54
5.1.3. Domestic Credit channel 57
5.1.4. Exchange rate channel 59
5.2. Overall analysis of Monetary Policy and Discussion 62
CHAPTER VI. CONCLUSION AND LESSONS FROM RUSSIAN MONETARY POLICY 66
APPENDIXES 69
LIST OF REFERENCES 72
요약 77
Table 1.1. GDP growth of Uzbekistan. 12
Table 2.1. Grouping monetary base components. 21
Table 3.1. Monetary Operations of CBR. 41
Table 5.1. Correlation analysis of Russian data. 62
Table 5.2. Correlation analysis data of Uzbekistan. 64
Figure 2.1. Monetary Dilemmas. 25
Figure 3.1. Inflation in Uzbekistan. 33
Figure 3.2. Refinancing rate and CPI. 35
Figure 5.1. Russian Federation Broad Money and GDP. 52
Figure 5.2. Simple regression analysis of LNBM2 and LNGDP of Russian data. 53
Figure 5.3. Refinancing rate and GDP of Russian Federation. 55
Figure 5.4. Uzbekistan GDP vs refinancing rate. 55
Figure 5.5. Simple regression analysis of RR and LNGDP of Russian data. 56
Figure 5.6. DCRED and GDP of Russia. 58
Figure 5.7. Simple regression analysis of LNDCRED and LNGDP of Russian... 58
Figure 5.8. REER change of Russia. 60
Figure 5.9. USD/UZS exchange rate change. 60
Figure 5.10. Simple regression analysis of LNREER and LNGDP of Russian... 61