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Interest Rate Channel and Market Rates in Case of Uzbekistan – Svar Approach
American Journal of Economics and Business Management,
Vol. 7 No. 10 (2024): October
Abstract
In this scientific work, is studied the influence of the interest rate channel of the transmission mechanism on market rates. The analysis was carried out in case of Uzbekistan, using statistical data of 36 commercial banks for the period 2019M01-2024M06. According to the results of the analysis, it was found that the influence of the Central Bank key interest rate on the short-term interest rates on total time deposits and the short-term interest rates on total loans of legal entities is strong.
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- Ramey V.A. (1993). How important is the Credit Channel in the Transmission of Monetary Policy? NBER Working Paper No. 4285.
- Christiano J. Lawrence and Martin Eichenbaum (1995). Liquidity Effects, Monetary Policy, and the Business Cycle/ Journal of Money, Credit and Banking Vol. 27, No. 4, Part 1, November, pp. 1113-1136
- Tobin J. (1969). A General Equilibrium Approach to Monetary Theory.Journalof Money, Credit, and Banking, 1(1), February, pp. 15-29.
- Brunner K., Meltzer A. (1972). Money, Debt and Economic Activity / Journal of Political Economy № 80, pp.951-977.
- Bernanke B., Blinder A. (1988). Credit, Money and aggregate Demand / The American Economic Review. №78– pp 435-439.
- Deb, M. P., Estefania-Flores, J., Firat, M., Furceri, D., & Kothari, S. (2023). Monetary policy transmission heterogeneity: Cross-country evidence. International Monetary Fund.
- Cesa-Bianchi, A., Thwaites, G., & Vicondoa, A. (2020). Monetary policy transmission in the United Kingdom: A high frequency identification approach. European Economic Review, 123, 103375.
- Vayanos, D., & Vila, J. L. (2021). A preferred‐habitat model of the term structure of interest rates. Econometrica, 89(1), 77-112.
- Gubareva, M., & Borges, M. R. (2022). Governed by the cycle: interest rate sensitivity of emerging market corporate debt. Annals of Operations Research, 313(2), 991-1019.
- Bernanke, B. S. (2020). The new tools of monetary policy. American Economic Review, 110(4), 943-983.
References
Ramey V.A. (1993). How important is the Credit Channel in the Transmission of Monetary Policy? NBER Working Paper No. 4285.
Christiano J. Lawrence and Martin Eichenbaum (1995). Liquidity Effects, Monetary Policy, and the Business Cycle/ Journal of Money, Credit and Banking Vol. 27, No. 4, Part 1, November, pp. 1113-1136
Tobin J. (1969). A General Equilibrium Approach to Monetary Theory.Journalof Money, Credit, and Banking, 1(1), February, pp. 15-29.
Brunner K., Meltzer A. (1972). Money, Debt and Economic Activity / Journal of Political Economy № 80, pp.951-977.
Bernanke B., Blinder A. (1988). Credit, Money and aggregate Demand / The American Economic Review. №78– pp 435-439.
Deb, M. P., Estefania-Flores, J., Firat, M., Furceri, D., & Kothari, S. (2023). Monetary policy transmission heterogeneity: Cross-country evidence. International Monetary Fund.
Cesa-Bianchi, A., Thwaites, G., & Vicondoa, A. (2020). Monetary policy transmission in the United Kingdom: A high frequency identification approach. European Economic Review, 123, 103375.
Vayanos, D., & Vila, J. L. (2021). A preferred‐habitat model of the term structure of interest rates. Econometrica, 89(1), 77-112.
Gubareva, M., & Borges, M. R. (2022). Governed by the cycle: interest rate sensitivity of emerging market corporate debt. Annals of Operations Research, 313(2), 991-1019.
Bernanke, B. S. (2020). The new tools of monetary policy. American Economic Review, 110(4), 943-983.