ANALYSIS OF THE IMPACT OF MACROECONOMIC FACTORS ON THE STOCK MARKET OF THE REPUBLIC OF UZBEKISTAN
Keywords:
stock market, macroeconomic factors, GDP growth, inflation, interest rates, exchange rate, foreign direct investment, money supply, Uzbekistan, capital market, financial development.Abstract
The stock market plays a significant role in the economic development of a country by facilitating capital formation, investment activities, and efficient resource allocation. This study investigates the influence of key macroeconomic factors on the stock market performance of the Republic of Uzbekistan. Using a quantitative research approach and econometric analysis, the study examines the effects of Gross Domestic Product (GDP) growth, inflation, interest rates, exchange rates, foreign direct investment (FDI), and money supply on stock market development. Secondary data covering the period from 2010 to 2025 were collected from national and international statistical sources. The findings reveal that GDP growth, foreign direct investment, and money supply positively affect stock market performance, while inflation and interest rates have negative impacts. Exchange rate fluctuations were also found to significantly influence market dynamics. The results highlight the importance of macroeconomic stability, effective monetary policy, and investment-friendly reforms in supporting the sustainable development of Uzbekistan’s stock market. The study contributes to the literature on emerging financial markets and provides practical implications for policymakers, investors, and financial institutions.
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