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Monetary policy transmission mechanism in post-communist economies: Evidence from Uzbekistan

Elyor Davlatov & Judit Sági

Central Bank Review2026https://doi.org/10.1016/j.cbrev.2026.100245article
ABDC C
Weight
0.50

What the paper says

This study aims to evaluate the transmission mechanisms of monetary policy in a post-communist economy using structural vector autoregression (SVAR) model. We constructed two SVAR models employing both recursive and non-recursive approaches to identify monetary policy shocks and analyze how other variables in the system respond to these shocks. The findings of the study are as follows: First, the recursively identified structure produced price and exchange rate puzzles, where output and inflation reacted to unexpected monetary policy shocks in a manner inconsistent with theoretical expectations. Second, a non-recursive structure under zero contemporaneous restrictions was applied to address the anomalies found with the recursive scheme. The non-recursive model generated outcomes that resolved both the price and exchange rate puzzles. Third, the exchange rate is more responsive to monetary policy disturbances than interest rates in the non-recursive model, as reflected by impulse response functions (IRFs), leading us to conclude that the exchange rate channel operates more effectively than the interest rate channel in Uzbekistan.

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https://doi.org/https://doi.org/10.1016/j.cbrev.2026.100245

Or copy a formatted citation

@article{elyor2026,
  title        = {{Monetary policy transmission mechanism in post-communist economies: Evidence from Uzbekistan}},
  author       = {Elyor Davlatov & Judit Sági},
  journal      = {Central Bank Review},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.cbrev.2026.100245},
}

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Monetary policy transmission mechanism in post-communist economies: Evidence from Uzbekistan

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.