ВЛИЯНИЕ МОНЕТАРНОЙ СТАБИЛЬНОСТИ НА ЭКОНОМИКУ

Аннотация

This article examines the impact of monetary stability on economic growth, the financial depth of the economy and the improvement of the transmission control mechanism of monetary policy channels. Key words: money circulation, economic growth, monetization of the economy, financial depth of the economy, channels of the monetary policy transmission mechanism, inflation. ВЛИЯНИЕ МОНЕТАРНОЙ СТАБИЛЬНОСТИ НА ЭКОНОМИКУ Аннотация. В данной статье рассматривается влияние денежно-кредитной стабильности на экономический рост, финансовую глубину экономики и совершенствование трансмиссионного механизма управления каналами денежно- кредитной политики. Ключевые слова: денежное обращение, экономический рост, монетизация экономики, финансовая глубина экономики, каналы трансмиссионного механизма денежно-кредитной политики, инфляция. In the modern conditions of economic development, the study of the mechanisms of the influence of money circulation on the support and stimulation of economic growth is of great practical importance, because the continuity and stability of money circulation determines both the state of the money market and the nature of the reproduction processes in the economy. defines [1]. Today, the main problems that stop the stimulating effect of money circulation on economic growth are as follows: - imbalance of financial markets and their low liquidity; - composition and uneven development of the financial sector; − imperfection of working mechanisms and low efficiency of using transmission mechanism channels; - decrease in credit activity of commercial banks. The analysis of monetary policy tools allows us to determine that money transfers play a key role in the mechanism of influencing economic growth, which is the effect of changes in the 487 methods and tools of the central bank's monetary policy on the state of the money market, then and it is understood by changing its conjuncture. Changes in the methods and tools of monetary policy lead to changes in the size and structure of monetary aggregates, interest rates, exchange rates, credit conditions, asset prices, as well as the expected results of market subjects, and therefore affect the activity of the money market. . Then, changes in the volume of savings, investments, consumption, exports and imports in the money market directly or indirectly affect the real sector, resulting in changes in the volume of production, employment and price dynamics. makes a secret. According to modern approaches, money, credit, interest and currency (exchange rate) channels in the money transfer mechanism are directly influenced or controlled by central banks, as well as waiting for changes in asset prices, which are practically not controlled by central banks. channel is separated. From the point of view of evaluating the impact of money circulation on economic growth, the most important are money, credit, interest and currency channels. However, the role and level of use of these channels may differ significantly in different periods of the country's economic development. In the pre-crisis period, the main role in the transmission mechanism was played by the currency and credit channels, as well as the asset price channel. Today, the greatest impact on the real sector of the economy is provided through money-credit channels. Long-term research by researchers has shown that money circulation mainly affects the stimulation of economic growth based on the regulation of money supply and demand, interest rates and exchange rates. In addition, the main method of this influence is to increase the financial depth of the economy, and the main tool is to control the channels of the transmission mechanism. The concept of the financial depth of the economy is relatively new for the local scientific circulation. Often, this term refers to the degree of monetization of the economy, the ratio of the volume of securities in circulation to GDP (the volume of capitalization of the stock market) and other indicators [2]. The most accurate definition of this concept, Ya.M. According to Mirkin, the financial depth of the "Economy" is the penetration of financial relations, the saturation of money, financial instruments and institutions, the size of the financial sector compared to the production base. The more developed and rapidly developing the country is, the greater the financial depth. In turn, the more it is, the more important the ability of the financial sector to redistribute funds for investment purposes, and the higher and more stable the rate of economic growth will be. Indicators of financial depth are money / GDP, financial assets / GDP, capitalization of the stock market / GDP, etc.» 488 Thus, the financial depth of the economy should be considered as a comprehensive assessment of the money saturation of the economy, which describes the level of development of the money market, the financial sector, and the involvement of various institutions, financial intermediaries, an