Refinancing Rate as an Impact on Global Economic Development

The article is devoted to the problem of understanding the role and application of refinancing of banking systems in order to stimulate economic growth. Differences in the impact of refinancing instruments of central banks on the economic performance of 13 countries are considered. Countries with different levels of economic development and different banking systems, as well as refinancing mechanisms were selected for the study. The article assesses the possibility of central banks' impact on GDP and GNI by changing the refinancing rate. In this way, an attempt was made to contribute to the discussion on the role of refinancing of central banks in the development of the country's economy and industry. In order to obtain the results, the authors used a new mathematical analysis apparatus, taking into account aspects of the quality assessment of the impact of monetary policy instruments on macroeconomic indicators not taken into account in classic econometric models The authors suggest that the main instrument of influence on economic indicators is behavioral responses, rather than the fact of changing the refinancing rate. Excessive information openness to the instruments used to implement monetary policy leads to predictable behavioural responses. Keywords—refinancing rate; GDP; monetary policy; GNI; economic development