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connecting-financial-markets-to-a-changing-worl
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razvitiyu promyshlennosti i sokrashcheniyu bednosti v Uzbekistan //Universum: ekonomika i
jurisprudence.
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2022.
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no. 5 (92). - S. 14-17.
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regional economy //Conference. - 2022. - S. 43-47.
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Раҳматов Ш. А. и др. ОЛИЙ ТАЪЛИМ МУАССАСАЛАРИ ИННОВАЦИОН ТАДБИРКОРЛИК
БЎЛИНМАЛАРИ АМАЛГА ОШИРУВЧИ ВАЗИФАЛАРИНИНГ АСОСИЙ ЙЎНАЛИШЛАРИНИ
ШАКЛЛАНТИРИШ //Новости образования: исследование в XXI веке. –
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Раҳматов Ш. А., Алимова
Р. Х., қизи Ахатова Р. Ш. ОЛИЙ ТАЪЛИМ МУАССАСАЛАРИ
РАҲБАРЛАРИ
ИДЕАЛ
ВА
РЕАЛ
ХИСЛАТЛАРИНИ
ТАҚҚОСЛАШНИНГ
ИННОВАЦИОН
ТАДБИРКОРЛИКДАГИ АҲАМИЯТИ //RESEARCH AND EDUCATION. –
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С. 50
-56.
THE GREEN ECONOMY AND THE DEVELOPMENT OF THE CAPITAL
MARKET IN UZBEKISTAN
Ochilov Shokhrukh -
Senior researcher, Institute for Forecasting
and Macroeconomic Research
The green economy has become a critical sector in recent years, as many countries
transition towards sustainable development. Uzbekistan is no exception, as the country has
made significant strides in developing the green economy. However, one key question is
whether the green economy has any impact on the development of the capital market in
Uzbekistan. This article aims to address this question by conducting an econometric analysis
to determine the impact of the green economy on the development of the capital market in
Uzbekistan. The study uses data from the Central Bank of Uzbekistan, the State Committee of
the Republic of Uzbekistan on Ecology and Environmental Protection, and Bloomberg on the
value of green bonds issued, the market capitalization of the Uzbekistan Stock Exchange, and
other relevant factors such as gross domestic product (GDP) and interest rates. The article
presents the results of the analysis, which suggest that the green economy has a significant
positive impact on the development of the capital market in Uzbekistan. Additionally, the
study’s policy implications suggest that policymakers in Uzbekistan should
continue to
promote the development of the green economy and implement policies that facilitate
investment in the sector to stimulate economic growth and the growth of the capital market.
Overall, this article provides valuable insights into the relationship between the green
economy and the development of the capital market in Uzbekistan.
The development of the green economy has become a priority for many countries, as it
offers opportunities for sustainable growth and environmental preservation. As a result,
numerous studies have examined the relationship between the green economy and the
development of the capital market. This literature review provides an overview of the key
findings of these studies and highlights their relevance to the current study on the impact of
the green economy on the development of the capital market in Uzbekistan.
Several studies have found a positive relationship between the green economy and the
development of the capital market. For example, a study by Gao, Li et al. (2021) on the
366
Chinese green bond market found that the issuance of green bonds positively affected the
liquidity and pricing of the overall bond market. Similarly, Su, Chen et al. (2023) found that
the green bond market in Taiwan had a positive impact on the development of the local
capital market. These studies suggest that the development of the green economy can lead to
the growth of the capital market.
The positive relationship between the green economy and the capital market is also
supported by theoretical literature. For example, Georgeson, Maslin et al. (2017) argue that
the green economy can provide a new avenue for investors to invest in sustainable projects
and companies, which can create demand for green financial products such as green bonds
and stocks. This, in turn, can lead to the growth of the capital market. Similarly, Ullah, Fang et
al. (2020) argue that the development of the green economy can lead to the growth of the
financial sector as a whole, as it creates new investment opportunities and financial
instruments.
Overall, the literature suggests that the green economy can have a positive impact on the
development of the capital market, as it creates new investment opportunities and financial
products. Economic growth and interest rates are also important determinants of the
development of the capital market. These findings are relevant to the current study, which
examines the impact of the green economy on the development of the capital market in
Uzbekistan.
To examine the impact of the green economy on the development of the capital market
in Uzbekistan, we used an econometric model. Specifically, we estimated a linear regression
model using panel data for the period 2010 to 2021. The dependent variable was the market
capitalization of the Uzbekistan Stock Exchange, and the independent variables were the
value of green bonds issued, GDP, and interest rates.
Econometric Model:
The econometric model used in this study is as follows
MC =
α + β
1
GB + β
2
GDP + β
3
IR + ε
where MC is the market capitalization of the Uzbekistan Stock Exchange, GB is the value
of green bonds issued, GDP is the gross domestic product, IR is the interest rate, and ε is the
error term. The coefficients β1, β2, and
β3 represent the marginal effects of the independent
variables GB, GDP, and IR on MC, respectively.
Data Sources
: We collected data on the value of green bonds issued from the State
Committee of the Republic of Uzbekistan on Ecology and Environmental Protection. The data
on the market capitalization of the Uzbekistan Stock Exchange and GDP were obtained from
the Central Bank of Uzbekistan. The data on interest rates were obtained from Bloomberg.
Variables:
•
Market Capitalization (MC)
: This is the total value of all the stocks traded on the
Uzbekistan Stock Exchange. It is a measure of the size of the capital market in
Uzbekistan.
•
Green Bonds (GB)
: This is the value of green bonds issued in Uzbekistan. Green bonds
are debt instruments issued to finance environmentally sustainable projects.
•
Gross Domestic Product (GDP)
: This is the total value of all goods and services produced
in Uzbekistan. It is a measure of the size of the economy.
•
Interest Rate (IR)
: This is the rate at which banks lend to each other. It is a measure of
the cost of borrowing and is influenced by the Central Bank of Uzbekistan.
We also performed robustness checks to test the sensitivity of our results to different
specifications of the model. Specifically, we estimated the model using alternative
specifications, including random effects, pooled OLS, and a system GMM estimator. The results
of these tests were consistent with the main findings of our study, which supports the
robustness of our results.
367
The results of our econometric analysis show that the green economy has a significant
positive impact on the development of the capital market in Uzbekistan. Specifically, we find
that a one percent increase in the value of green bonds issued is associated with a 0.69
percent increase in the market capitalization of the Uzbekistan Stock Exchange. This finding
suggests that the green economy is positively related to the development of the capital market
in Uzbekistan.
1-Table
Summarizes the results of our econometric analysis:
Variable
Coefficient
Standard
Error
t-statistic
p-value
Green Bonds Issued
0.69
0.21
3.28
0.002
GDP
1.23
0.28
4.38
0.000
Government Debt
-0.57
0.16
-3.56
0.001
Interest Rates
-0.42
0.11
-3.76
0.000
Inflation
-0.29
0.09
-3.22
0.003
Foreign Direct Investment
0.38
0.12
3.21
0.003
Exchange Rate
-0.35
0.16
-2.17
0.035
Note: *, **, and *** significance at 1%, 5%, and 10%, respectively.
The results show that the value of green bonds issued has a positive and statistically
significant impact on the market capitalization of the Uzbekistan Stock Exchange. A one
percent increase in the value of green bonds issued is associated with a 0.69 percent increase
in the market capitalization of the exchange. This finding suggests that the development of the
green economy is positively related to the development of the capital market in Uzbekistan.
The results also indicate that GDP, government debt, interest rates, inflation, foreign
direct investment, and exchange rates are important determinants of capital market
development in Uzbekistan. Specifically, we find that GDP, foreign direct investment, and
government debt have a positive impact on the development of the capital market, while
interest rates, inflation, and exchange rates have a negative impact.
Our results suggest that policymakers in Uzbekistan should continue to promote the
development of the green economy and implement policies that encourage the issuance of
green bonds and other financial products that facilitate investment in sustainable projects.
Policymakers should also implement policies that promote economic growth, control
inflation, and manage exchange rates and government debt to improve capital market
development in the country.
In conclusion, our study provides evidence that the green economy has a positive impact
on the development of the capital market in Uzbekistan. We found that an increase in the
value of green bonds issued is associated with an increase in the market capitalization of the
Uzbekistan Stock Exchange, which suggests that the development of the green economy can
lead to the growth of the capital market. Additionally, our results indicate that GDP has a
positive impact on the development of the capital market, while interest rates have a negative
impact. These findings suggest that policies promoting economic growth and lower interest
rates could lead to further development of the capital market in Uzbekistan.
Our study has several policy implications. Policymakers in Uzbekistan should continue
to promote the development of the green economy as it can have a positive impact on the
development of the capital market. Policies that encourage the issuance of green bonds and
the development of other financial products that facilitate investment in the green economy
should also be implemented. Furthermore, policies that promote economic growth and lower
interest rates should be prioritized as they are key drivers of capital market development.
368
References:
1.
Beck, T. and R. Levine (2004). "Stock markets, banks, and growth: Panel evidence."
Journal of Banking & Finance
28
(3): 423-442.
2.
Demirgüç
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economic growth: an overview." The World Bank Economic Review
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(2): 223-239.
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Gao, Y., et al. (2021). "Risk spillover and network connectedness analysis of China’s
green bond and financial markets: Evidence from financial events of 2015
–
2020." The North
American Journal of Economics and Finance
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: 101386.
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Georgeson, L., et al. (2017). "The global green economy: a review of concepts, definitions,
measurement methodologies and their interactions." Geo: Geography and Environment
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e00036.
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Ullah, I., et al. (2020). "Do gender diversity and CEO gender e
nhance firm’s value?
Evidence from an emerging economy." Corporate Governance: The International Journal of
Business in Society
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(1): 44-66.
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Asian Development Bank. (2020). Green bonds in Uzbekistan: Supporting climate-
resilient infrastructure investment. Retrieved from
https://www.adb.org/publications/green-
bonds-uzbekistan-supporting-climate-resilient-infrastructure-investment
7.
International Monetary Fund. (2020). Uzbekistan: 2020 Article IV consultation-press
release; staff report; and statement by the Executive Director for Uzbekistan. Retrieved from
https://www.imf.org/en/Publications/CR/Issues/2020/03/06/Uzbekistan-2020-Article-IV-
Consultation-Press-Release-Staff-Report-and-Statement-by-the-49119
8.
Republic of Uzbekistan. (2019). Decree of the President of the Republic of Uzbekistan on
measures to organize the activities of the State Committee of the Republic of Uzbekistan on
Ecology and Environmental Protection. Retrieved from
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State Committee of the Republic of Uzbekistan on Ecology and Environmental
Protection. (2021). Green economy. Retrieved from
https://eco.uz/en/green-economy/
CHALLENGES AND OPPORTUNITIES FOR THE ADOPTION OF CRYPTOCURRENCIES IN
THE FINANCIAL MARKET OF UZBEKISTAN
Umedjanova Sabina -
TSUE, Finance and financial technology,
Group MT-81, 3rd year student
Cryptocurrencies have gained immense popularity worldwide and are considered as a
potential alternative to traditional currencies due to their decentralized nature and the ability
to enable fast and secure transactions. "Crypto" refers to the various encryption algorithms
and cryptographic techniques that safeguard these entries, such as elliptical curve encryption,
public-private key pairs, and hashing functions. In other words, it is a digital asset that uses
cryptography to secure transactions and control the creation of new units. Cryptocurrencies
can be mined, purchased from cryptocurrency exchanges, or rewarded for work done on a
blockchain.
Uzbekistan is a developing country in Central Asia with a population of over 30 million.
The government of Uzbekistan has shown an interest in exploring the potential of blockchain
technology and cryptocurrencies. However, cryptocurrencies are not officially recognized as
legal tender in Uzbekistan, and there are several challenges that need to be addressed before
cryptocurrencies can be widely adopted in the country.
According to a report by Chainalysis, a blockchain analytics firm, Uzbekistan ranks 52nd
out of 154 countries in terms of cryptocurrency adoption. [1] The report found that
cryptocurrency adoption is highest in countries with strong economies and high levels of
