DAVLAT QIMMATLI QOG‘OZLARI MUOMALASI VA ULARNING DAROMADLILIK XUSUSIYATLARINING MOLIYA BOZORI DINAMIKASIGA TA’SIRI
DOI:
https://doi.org/10.5281/zenodo.21966665Abstract
Mazkur maqolada davlat qimmatli qog‘ozlari muomalasining milliy moliya bozorini
barqarorlashtirishdagi o‘rni, daromadlilik egri chizig‘ini qurishda Nelson–Siegel parametrik modelini qo‘llash
metodologiyasi va uni optimallashtirish yo‘llari tahlil qilingan. Shuningdek, so‘nggi yillardagi daromadlilik
dinamikasi, unga ta’sir etuvchi omillar hamda mavjud muammolarni bartaraf etish bo‘yicha takliflar ishlab
chiqilgan.
Keywords
davlat qimmatli qog‘ozlari, daromadlilik egri chizig‘i, Nelson–Siegel modeli, obligatsiyalar, foiz stavkasi, investitsiya, likvidlik, inflyatsiya, riskni boshqarish, pul-kredit siyosati, bozor barqarorligi.References
1. Szepanski A. State and Financial Market // Capitalism in the Age of Catastrophe: The Newest Developments
of Financial Capital in Times of Polycrisis. — Cham: Palgrave Macmillan, 2024. — P. 153–163. — DOI:
10.1007/978-3-031-57754-3_7.
2. O’Sullivan C., Papavassiliou V. G., Wafula R. W. Commonality in Liquidity Resiliency and Its Determinants:
Evidence from the Euro Area Sovereign Bond Market // Journal of International Financial Markets,
Institutions and Money. — 2026. — Art. 102360. — DOI: 10.1016/j.intfin.2026.102360.
3. Nelson C. R., Siegel A. F. Parsimonious Modeling of Yield Curves // The Journal of Business. — 1987. —
Vol. 60, No. 4. — P. 473–489. — DOI: 10.1086/296409.
4. Kholikov Kh. The Yield Curve of the Government Bonds as an Indicator of the Economy // Financial and
Economic Sustainability. — 2025. — Vol. 1, No. 1. — URL: https://zenodo.org/records/14791854 (murojaat
sanasi: 01.08.2026). — DOI: 10.5281/zenodo.14791854.
5. Bensaidani A., Choulet C. The US Treasuries Market: An Idol with Feet of Clay. A Safe Haven Put to the
Test [Elektron resurs] // BNP Paribas Economic Research. — 2025. — 12 September. — URL: https://
economic-research.bnpparibas.com/html/en-US/US-Treasuries-market-idol-with-feet-clay-safe-haventest-
9/12/2025%2C51826 (murojaat sanasi: 01.08.2026).
6. O‘zbekiston Respublikasi Markaziy banki. O‘zbekiston Respublikasi Markaziy bankining statistik byulleteni:
2025-yil [Elektron resurs]. — Toshkent: O‘zbekiston Respublikasi Markaziy banki, 2026. — URL: https://
cbu.uz/upload/medialibrary/b2f/3yi0t46xn18o2xhigpjfveku2jscf702/MB-Statistik-byulleteni-_-2025-yil.pdf
(murojaat sanasi: 01.08.2026).
7. “Toshkent” Respublika fond birjasi AJ. 2025-yil yakunlari bo‘yicha birja savdolari sharhi [Elektron resurs].
— Toshkent, 2026. — URL: https://uzse.uz/rails/active_storage/blobs/redirect/eyJfcmFpbHMiOnsibWVzc
2FnZSI6IkJBaHBBbWM2IiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--0e542362026ee654d19010efc9
36d355a24cf44e/Press-Reliz%202025-yil%20yakunlari.pdf (murojaat sanasi: 01.08.2026).
8. “O‘zbekiston Respublika valyuta birjasi” AJ. Muomala davri 1573 kunlik o‘rta muddatli davlat qimmatli
qog‘ozlarining 2025-yil 22-apreldagi qo‘shimcha joylashtirilishi natijalari [Elektron resurs]. — 2025. —
22-aprel. — URL: https://uzrvb.uz/oz/press-center/yangiliklar-va-elonlar/muomala-davri-1573-kunlik-ortamuddatli-
davlat-qimmatli-qogozlarining-2025-yil-22-apreldagi-qoshimcha-joylashtirilishi-natijalari.htm
(murojaat sanasi: 01.08.2026).
9. O‘zbekiston Respublikasi Iqtisodiyot va moliya vazirligi. O‘zbekiston Respublikasining 2025–2027-yillarga
mo‘ljallangan fiskal strategiyasi [Elektron resurs]. — Toshkent, 2024. — URL: https://gov.uz/imv/news/
view/14822 (murojaat sanasi: 01.08.2026).
10. O‘zbekiston Respublikasi. Davlat qarzi to‘g‘risida: O‘zbekiston Respublikasining 2023-yil 2-avgustdagi
O‘RQ-857-son Qonuni [Elektron resurs] // Qonunchilik ma’lumotlari milliy bazasi. — URL: https://lex.uz/
docs/-6446817 (murojaat sanasi: 01.08.2026).
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 GREEN ECONOMY AND DEVELOPMENT

This work is licensed under a Creative Commons Attribution 4.0 International License.


