An article co-authored by PhD. in Economics, assoc.prof. Shahriyar Mukhtarov, head of World Economy Department at BEU, Javid Aliyev, lecturer of the Department, PhD. in Economics Murad Isgandarov, assoc.prof. of Business Administration Department, and PhD. in Economics Khanlar Heydarov, deputy dean of the Faculty of Economics and Administartive Sciences, has been published in “Research in World Economy” journal (3rd issue, 11th volume, 2020). 

“Does Monetary Policy Boost Economic Growth? The article "The Case of Small Open Economy" analyzed the impact of monetary policy instruments on economic growth on the example of the Azerbaijani economy using the VECM method. The researchers also tested the long-term cointegration relationship between variables used through different cointegration methods.

According to the article, the monetary base and exchange rate have a statistically significant and positive effect on economic growth. Moreover, the effect of the discount rate was found to be statistically insignificant and negative (economically significant). Based on the results of the study, a number of proposals were made to increase the effectiveness of monetary policy instruments.

The full text of the article is available at  http://www.sciedupress.com/journal/index.php/rwe/article/view/18111 .

It should be noted that the journal is indexed in the Scopus database.

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