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.
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