CENTRAL BANKS AND FINANCIAL STABILITY: GLOBAL EXPERIENCES IN THE POSTPANDEMIC PERIOD
DOI:
https://doi.org/10.5281/zenodo.17436752Keywords:
central bank, fnancial stability, pandemic, refnancing rate, monetary policy, emerging markets, Uzbekistan.Abstract
The pandemic period posed an unprecedented challenge to the global fnancial system. In response, central
banks swiftly implemented monetary easing measures drastically reducing key policy rates and launching liquidity
provision programs to avert a systemic crisis. This article analyzes central bank policies and issues related to fnancial
stability in the post-pandemic era, focusing specifcally on the refnancing (key) interest rate as a principal policy tool.
Drawing on a comparative analysis of experiences in emerging economies such as India, Indonesia, Brazil, South Africa,
and Türkiye, the article examines how changes in the key policy rate affect inflation, exchange rates, and fnancial
stability. The discussion is supported by statistical data and graphical illustrations. Concluding remarks are framed in the
context of Uzbekistan, offering practical recommendations aimed at strengthening fnancial stability in the country.
References
Adrian, T., Natalucci, F., & Wu, J. (2024, 31-yanvar). Emerging Markets Navigate Global Interest Rate Volatility. IMF
Blog.
Burban, V. (2024, 1-iyul). New Monetary Policy Tools in Emerging Market Economies. Banque de France Eco Notepad.
Butler, D., & Sevgili, C. (2022, 5-sentyabr). Turkey’s Inflation Hits New 24-Year High Beyond 80%. Reuters.
English, B., Forbes, K., & Ubide, Á. (2024, 14-fevral). Monetary Policy Responses to the Post-Pandemic Inflation:
Challenges and Lessons for the Future. VoxEU/CEPR.
FocusEconomics. (2023a). India Interest Rate. Retrieved from FocusEconomics website.
Central Bank of the Year: Central Bank of Brazil. (2023). CentralBanking.com.
Norma. (2022, 18-mart). Markaziy bank qayta moliyalash stavkasini 3 foiz bandga oshirish to‘g‘risida qaror qabul qildi.
Norma.uz
