Ilmiy tadqiqot markazi

 
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.