THE IMPACT OF BUDGETARY POLICY ON MACROECONOMIC STABILITY IN THE CASE OF UZBEKISTAN
DOI:
https://doi.org/10.66493/pbx5m420Keywords:
budgetary policy, macroeconomic stability, fiscal consolidation, Uzbekistan, economic reformsAbstract
The article examines how budget policy affects macroeconomic stability in Uzbekistan during the period from 2017 to 2024 which experienced major economic reforms. It proves through its research on budgetary policy indicators in its research that the host country reaped positive benefits from the combination of budgetary and total revenue collection policies as well as financial resource management practices that had successful impacts in curbing inflation variability, stability of the exchange rate as well as the long-term expansion of the GDP of the entire host economy. The country, therefore, cut its budget deficit by half in 2017 to 2023 as it fell by 1.9% and cut its inflation from double digit rates to 9.3%. The core of these studies relates to the budgetary system and macroeconomic stable as well as fiscal consolidate and economic reforms of Uzbekistan.
References
[1] Acemoglu and Robinson (2020) argue that macroeconomic stability is a fundamental prerequisite for sustainable development and poverty reduction in emerging economies.
[2] Blanchard (2021) discusses the renewed importance of fiscal policy in macroeconomic stabilization in the post-pandemic context
[3] Fatás and Mihov (2023) provide empirical evidence on the relationship between fiscal policy volatility and macroeconomic outcomes using US state-level data.
[4] Asian Development Bank (2022) examines fiscal consolidation efforts across Central Asian economies and their impact on macroeconomic vulnerabilities.
[5] International Monetary Fund (2023) provides detailed analysis of Uzbekistan's fiscal reforms and macroeconomic performance in the 2023 Article IV consultation report.
[6] Batini et al. (2021) analyze fiscal multipliers and their use in macroeconomic projections, with implications for consolidation strategies.
[7] Escolano et al. (2020) examine fiscal multipliers and their determinants in emerging market economies.
Downloads
Published
Issue
Section
License
Ushbu maqola Creative Commons Attribution 4.0 (CC BY 4.0) litsenziyasi asosida tarqatiladi. Maqolani erkin o'qish, yuklab olish, nusxalash va tarqatish mumkin, muallif va manba ko'rsatilishi shart. Mualliflar o'z asarlarining mualliflik huquqini saqlab qoladi.
