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Uzbekistan's Role in Global Monetary System: Policy Reforms, Digitalization, and Trade Challenges
Corresponding Author(s) : Mustafoyev Golib Sultanmurodovich
American Journal of Economics and Business Management,
Vol. 8 No. 3 (2025): March
Abstract
Uzbekistan plays a vital role in the worldwide monetary framework because the nation enhances its financial structure and implements new policies. Researchers study Uzbekistan’s monetary policy system combined with its exchange rate operations and financial integration strategies as they interact with worldwide monetary mechanisms. Previous research extensively investigated the structural problems within the world monetary framework but existing studies remain minimal regarding transitioning economies such as Uzbekistan. This work addresses the vacancy in research by conducting in-depth interviews with monetary policy analysts and central bank representatives and finance ministry officials. Research relies on qualitative methods to acquire monetary policy expert opinions regarding Inflation control and Exchange rate stability and Financial digitalization and Trade integration between nations. The experts rate financial digitalization at 8/10 and policy reforms at 9/10 because Uzbekistan strongly supports modernizing its financial industry. The central bank must focus on resolving foreign trade challenges while improving exchange rate stability because these sectors scored 6/10 and 5/10 respectively. Previous research by Abbasova & Abbasov and Kuznetsov confirms the exchange rate-policy relationship which affects economic stability. For Uzbekistan to boost its position in international monetary systems the country must improve monetary transparency while diversifying foreign reserves and deepen relationships with global financial institutions. To achieve sustainable monetary stability extended financial cooperation and enhanced Fintech adoption with balanced exchange rate policies form the basis of recommended policy solutions.
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- A. Kuznetsov, ‘Eastern Vector of Transformation of the World Monetary System’, World Econ. Int. Relat., vol. 67, no. 7, pp. 22–32, 2023, doi: 10.20542/0131-2227-2023-67-7-22-32.
- M. Vermeiren, Power and Imbalances in the Global Monetary System. London: Palgrave Macmillan UK, 2014. doi: 10.1057/9781137397577.
- B. Erten and J. A. Ocampo, ‘Building a stable and equitable global monetary system’, Altern. Dev. Strateg. Post-2015 Era, p. 253, 2014.
- E. Farhi, P.-O. Gourinchas, and H. Rey, Reforming the international monetary system. CEPR, 2011. Accessed: Mar. 15, 2025. [Online]. Available: https://books.google.com/books?hl=en&lr=&id=Quo4aEFs6Y4C&oi=fnd&pg=PP1&dq=Global+Monetary+System&ots=EtRU6j8y04&sig=_qoxOMnBJaX1ymUF3xIstzYurNo
- Z. Slimi and B. V. Carballido, ‘Systematic review: AI’s impact on higher education-learning, teaching, and career opportunities’, TEM J., vol. 12, no. 3, p. 1627, 2023.
- E. Dorrucci and J. McKay, ‘The international monetary system after the financial crisis’, ECB Occas. Pap., no. 123, 2010, Accessed: Mar. 15, 2025. [Online]. Available: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1646277
- M. Obstfeld, ‘The international monetary system: living with asymmetry’, in Globalization in an age of crisis: Multilateral economic cooperation in the twenty-first century, University of Chicago Press, 2013, pp. 301–336. Accessed: Mar. 15, 2025. [Online]. Available: https://www.nber.org/system/files/chapters/c12596/c12596.pdf
- E. Farhi and M. Maggiori, ‘A model of the international monetary system’, Q. J. Econ., vol. 133, no. 1, pp. 295–355, 2018.
- M. Carney, ‘The growing challenges for monetary policy in the current international monetary and financial system’, in Remarks at the Jackson Hole symposium, 2019, pp. 377–411. Accessed: Mar. 15, 2025. [Online]. Available: https://cognizium.io/uploads/resources/Bank%20of%20England%20-%20The%20Growing%20Challenges%20for%20International%20Monetary%20Policy%20-%202019%20-%20Aug.pdf
- A. Bénassy-Quéré and J. Pisani-Ferry, ‘What international monetary system for a fast-changing world economy’, Bruegel Working Paper, 2011. Accessed: Mar. 15, 2025. [Online]. Available: https://www.econstor.eu/handle/10419/77976
- C. G. Vries, Money and the Nation State: The Financial Revolution, Government and the World Monetary System, Nov. 2004.
- T. Yarovenko and H. Serheta, “World Monetary System Functioning Problems,” 2020.
- T. S. Abbasova and T. E. Abbasov, “Development Models of the World Monetary System,” Voprosy Regionalnoj Ekonomiki, Mar. 2021.
- T. S. Abbasova and T. E. Abbasov, “Development Options for the World Monetary System,” Voprosy Regionalnoj Ekonomiki, Jun. 2021.
- C. M. Connell, “Reforming the World Monetary System,” 2016.
- N. Fadeikina and F. I. Pilova, “To the Question of the Need to Reorganize the Transformation of the World Monetary and Financial System in the Context of Global Crisis Phenomena and Multipolarity,” Siberian Financial School, Feb. 2023.
- R. Fiorentini and G. Montani, “Global Imbalances and the Transition to a Symmetric World Monetary System,” Jul. 2009.
- F. L. Rogers and J. Aronson, Money and Power: Banks and the World Monetary System, Aug. 1978.
References
A. Kuznetsov, ‘Eastern Vector of Transformation of the World Monetary System’, World Econ. Int. Relat., vol. 67, no. 7, pp. 22–32, 2023, doi: 10.20542/0131-2227-2023-67-7-22-32.
M. Vermeiren, Power and Imbalances in the Global Monetary System. London: Palgrave Macmillan UK, 2014. doi: 10.1057/9781137397577.
B. Erten and J. A. Ocampo, ‘Building a stable and equitable global monetary system’, Altern. Dev. Strateg. Post-2015 Era, p. 253, 2014.
E. Farhi, P.-O. Gourinchas, and H. Rey, Reforming the international monetary system. CEPR, 2011. Accessed: Mar. 15, 2025. [Online]. Available: https://books.google.com/books?hl=en&lr=&id=Quo4aEFs6Y4C&oi=fnd&pg=PP1&dq=Global+Monetary+System&ots=EtRU6j8y04&sig=_qoxOMnBJaX1ymUF3xIstzYurNo
Z. Slimi and B. V. Carballido, ‘Systematic review: AI’s impact on higher education-learning, teaching, and career opportunities’, TEM J., vol. 12, no. 3, p. 1627, 2023.
E. Dorrucci and J. McKay, ‘The international monetary system after the financial crisis’, ECB Occas. Pap., no. 123, 2010, Accessed: Mar. 15, 2025. [Online]. Available: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1646277
M. Obstfeld, ‘The international monetary system: living with asymmetry’, in Globalization in an age of crisis: Multilateral economic cooperation in the twenty-first century, University of Chicago Press, 2013, pp. 301–336. Accessed: Mar. 15, 2025. [Online]. Available: https://www.nber.org/system/files/chapters/c12596/c12596.pdf
E. Farhi and M. Maggiori, ‘A model of the international monetary system’, Q. J. Econ., vol. 133, no. 1, pp. 295–355, 2018.
M. Carney, ‘The growing challenges for monetary policy in the current international monetary and financial system’, in Remarks at the Jackson Hole symposium, 2019, pp. 377–411. Accessed: Mar. 15, 2025. [Online]. Available: https://cognizium.io/uploads/resources/Bank%20of%20England%20-%20The%20Growing%20Challenges%20for%20International%20Monetary%20Policy%20-%202019%20-%20Aug.pdf
A. Bénassy-Quéré and J. Pisani-Ferry, ‘What international monetary system for a fast-changing world economy’, Bruegel Working Paper, 2011. Accessed: Mar. 15, 2025. [Online]. Available: https://www.econstor.eu/handle/10419/77976
C. G. Vries, Money and the Nation State: The Financial Revolution, Government and the World Monetary System, Nov. 2004.
T. Yarovenko and H. Serheta, “World Monetary System Functioning Problems,” 2020.
T. S. Abbasova and T. E. Abbasov, “Development Models of the World Monetary System,” Voprosy Regionalnoj Ekonomiki, Mar. 2021.
T. S. Abbasova and T. E. Abbasov, “Development Options for the World Monetary System,” Voprosy Regionalnoj Ekonomiki, Jun. 2021.
C. M. Connell, “Reforming the World Monetary System,” 2016.
N. Fadeikina and F. I. Pilova, “To the Question of the Need to Reorganize the Transformation of the World Monetary and Financial System in the Context of Global Crisis Phenomena and Multipolarity,” Siberian Financial School, Feb. 2023.
R. Fiorentini and G. Montani, “Global Imbalances and the Transition to a Symmetric World Monetary System,” Jul. 2009.
F. L. Rogers and J. Aronson, Money and Power: Banks and the World Monetary System, Aug. 1978.