Ways to Improve The Effectiveness of Monetary Policy on Economic Activity and Development Through The Introduction of Digital Technologies
Corresponding Author(s) : Norbayeva Mukhlisa Akram qizi
American Journal of Economics and Business Management,
Vol. 8 No. 5 (2025): May
Abstract
In an increasingly digital global economy, the effectiveness of monetary policy is being reshaped by the integration of financial technologies, particularly in developing and transitional economies. Uzbekistan, undergoing structural reforms between 2020 and 2024, has implemented inflation targeting, expanded digital payment systems, and introduced technological innovations within its central banking functions. Despite global interest, there is a lack of empirical research examining how digital transformation influences the transmission and impact of monetary policy specifically within the context of Uzbekistan. This study aims to analyze the relationship between digitalization and the effectiveness of monetary policy, using national macroeconomic indicators and institutional policy documents to assess outcomes related to inflation control, credit growth, and financial intermediation. The findings demonstrate a steady decline in inflation, an increase in credit volumes, and a sharp rise in digital transaction activity during the study period, suggesting that digital integration has enhanced the precision and reach of policy instruments. Unlike prior studies that analyze monetary or digital trends in isolation, this research presents an integrated view of how digital ecosystems interact with traditional policy tools, offering a holistic assessment within a transitional economy. The results advocate for the continued expansion of digital infrastructure, adaptive regulation, and theoretical refinement of monetary transmission models to include digital channels. These insights inform future policymaking and underscore the transformative potential of digitalization in strengthening monetary governance and promoting inclusive economic development.
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References
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R. A. Migunovand и A. A. Syutkina, «Classical and neoclassical economic theory: Fundamentals of regulation for the agricultural sector», в BIO Web of Conferences, EDP Sciences, 2024, с. 05031.
X. Chen и W. Ling, «Coordinated Regional Economic Development: A Study of the Relationship Between Regional Policies and Business Performance», Economics, т. 18, вып. 1, с. 20220113, 2024.
L. Zhukova, «Ensuring Of The Institutional Status Of The State Under Global Challenges», Balt. J. Econ. Stud., т. 6, вып. 2, сс. 39–42, 2020.
Z. Yu, «Historical Contribution of Socialist Political Economy with Chinese Characteristics», Soc. Sci. China, т. 45, вып. 3, сс. 4–20, 2024.
N. Gagulina, A. Samoylov, A. Novikov, и E. Yanova, «Innovation-driven development and quality of living under conditions of digital economy», в E3S Web of Conferences, EDP Sciences, 2020, с. 04037.
A. G. Aliyev, «Regional-Sectoral Characteristics of the Formation of Digital Economy Sectors and Evaluation of Its Innovative Perspectives», Manag. Dyn. Knowl. Econ., т. 12, вып. 3, сс. 262–284, 2024.
M. A. Jumagulovich, «Scientific And Theoretical Interpretation Of The Concept Of Tax Potential», J. Posit. Sch. Psychol., сс. 1311–1319, 2022.
O. Pryiatelchuk, «SOCIAL SOLIDARITY ECONOMY AS A VECTOR OF SUSTAINABLE DEVELOPMENT CONCEPT», в EASTERN EUROPEAN CONFERENCE OF MANAGEMENT AND ECONOMICS, 2020, с. 124.
B. Ren, «The political economy explanation of the logic of China’s “two miracles”», China Polit. Econ., т. 6, вып. 1, сс. 17–28, 2023.
S. R. Tursunkulovich, «THEORETICAL AND PRACTICAL ISSUES REGULATION OF MONEY AGGREGATES», J. Adv. Sci. Res., т. 3, вып. 5, 2023.
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