Journal of International Economics Research

The architecture of the ancient cities of Uzbekistan with an average size remains unexplored. However, their historical planning structure, religious monuments, dwellings and defensive structures also had local features and traditions. This study is devoted to identifying the uniqueness of the defensive systems of the ancient city of Nurat. Defensive walls and towers, being the infrastructure of the city, had a direct relationship with the historical structure of the city, with its streets, squares, residential quarters, and also provides information about the historical, economic and social life of the population. By summing up various considerations and the features of the place above, we can say that the first protective structures of the ancient city of light appeared on the eve of the V-IV centuries BC. The defense system of the city of Nur, on the other hand, was extremely powerful, consisting of three parts: the defense wall of the fortress of Nur, the defense walls of Shahristan, the defense walls of Rabot - Pirosta.

  This article tried to determine how much of the sharp increase in Uzbekistan's gold and foreign currency reserves in 2019-2025 is related to the increase in gold prices, and how much to the actual changes in reserves. For this purpose, methods of economic analysis and statistical approaches were used. The study was based solely on open data published by the Central Bank of Uzbekistan, the International Monetary Fund, and the World Gold Council. In order to assess this relationship, a logarithmic regression model was developed 〖ln(RES〗_t)=-1.403++ 0.666 〖ln(〗⁡〖〖GOLD〗_t)〗 We calculated the elasticity of Uzbekistan’s value of reserves respect to gold prices and found that a 1% increase in the gold price typically leads to a 0.66% rise in the total official reserves. In other words, the reserves are moderately sensitive (or “semi-elastic”) to gold price movements. In simpler terms, of the impressive reserve growth seen from 2019 to 2025, roughly two-thirds (66%) came simply from higher gold prices while the remaining one-third (34%) was driven by actual increases in the physical amount of gold and foreign currency held, as well as by currency policy decisions. According to forecast scenarios for 2026-2027, reserves will increase to $64 billion if the gold price rises to $4,600, and will decrease to $51.8 billion if the price falls to $3,200. Based on these results, it is recommended for Uzbekistan to transition from a price-driven policy to a reserve management system based on asset volume, maintain the gold share around 50-55%, and implement a "Reserve Sensitivity Dashboard" system.  

This study examines the relationship between implied market volatility and US equity market excess returns over the period August 2020 to December 2024. Using monthly data from the Fama–French Data Library and the CBOE Volatility Index (VIX), the analysis distinguishes between the effects of absolute VIX levels and monthly changes in VIX (ΔVIX). Results indicate that while high volatility levels show a weak, statistically insignificant relationship with returns, volatility shocks (ΔVIX) exert a strong and significant negative effect, with a one-point increase in ΔVIX linked to a 0.81 percentage point drop in monthly excess returns. The findings support integrating ΔVIX into investment appraisal, risk management, and tactical asset allocation frameworks to improve resilience during periods of market stress.

Small businesses are considered the backbone of economic growth in all countries. They are not only a source of economic growth but also innovation in all industries. The article examines the factors influencing the innovativeness of small businesses using Uzbekistan as a case study. The experience of small business owners, as well as the knowledge and skills of employees, are important factors influencing innovative activity. Based on the results, recommendations for enhancing innovative activity in small businesses are proposed.

This study examines the impact of digital transformation on the operational efficiency and financial performance of commercial banks in Uzbekistan, focusing on key indicators such as the Cost-to-Income Ratio (CIR) and Return on Assets (ROA). Utilizing regression analysis based on 63 observations, the results reveal that digital transformation significantly enhances bank performance. A 1% increase in IT investment share reduces CIR by 0.53% in the subsequent year, while mobile banking adoption (coefficient 1.224) and IT-related revenue (coefficient 0.22) substantially improve ROA. Expanding ATM networks also lowers CIR by 0.191 per unit, highlighting the role of automation. However, state-controlled banks exhibit lower efficiency, with a 4% reduction in ROA and higher CIR due to social obligations. Inflation and bank card growth showed statistically insignificant effects on CIR, underscoring the stable, long-term benefits of digital technologies. The findings emphasize the critical role of IT investments, mobile banking, and digital retail channels in reducing operational costs and boosting profitability, offering actionable insights for enhancing the competitiveness of Uzbekistan’s banking sector.