The Implementation of Mortgage-Backed Securities in Uzbekistan by Means of the Tashkent Stock Exchange Based on Econometric Analysis

The securitization of mortgage loans is one the most lucrative sources of fixed-income assets in the financial world, albeit current financial instabilities making investment decisions extremely difficult for both institutional as well as retail investors around the globe. Consequently, a rise of mortgage loans in emerging markets like Uzbekistan does provide a stable, or even growing investment return. The aim of this investigation is to econometrically analyze the impact of interest rates variation and population growth on the mortgage loans allocation in Uzbekistan for last 20 years between 2004-2024. A researcher opted for Ordinary least squares (OLS), Correlation matrix (CM), Scatter graphic matrix (SGM), and last but not least Graphical histogram as well as matrix, to carry out this research, all models developed in Stata software. The outcome of this study points out that a placement of mortgage-backed securities could boost capital market liquidity in Uzbekistan. According to econometrical analyses, only two factors, in particular interest rate and population growth would influence the growth of mortgage loans which are underlying assets for mortgage-backed securities.