American Economist: Journal of Economics Finance and Global Policy
American Economist is a peer reviewed open access journal focusing on contemporary research in economics finance and global policy studies. The journal provides a scholarly platform for economists financial analysts researchers and policymakers to explore economic theories empirical findings and policy implications. It aims to connect academic research with real world economic and financial challenges at national regional and global levels. Country of Publication: U.S. City: Plano Medium of publication: Online Language(s) of publication: English Frequency of publication: Monthly (12 Issues per year) ISSN (Online): 3071-1746 ResearchBib: 11.30 Doi Prefix: 10.62480 Name of Publisher: Mr. Steave Boson (Individual Publisher) Address: Zien Journals, 5700 Tennyson Parkway, Suite 300, Plano, Texas 75024 Email: editor@zienjournals.com Editor In Chief: Dr. Daniel Moise
You are free to: Share — copy and redistribute the material in any medium or format for any purpose, even commercially. Adapt — remix, transform, and build upon the material for any purpose, even commercially. The licensor cannot revoke these freedoms as long as you follow the license terms. Under the following terms: Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits. Notices: You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation. No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
Features Of Transfer Pricing At The Modern Stage
This article examines transfer pricing with a focus on the OECD guidelines. The results show that transfer pricing regulations contribute to FDI inflows, especially in developing economies.
Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0
Green Premium Pricing and Investment Returns in the Hospitality Sector: A Systematic Review of Financial Viability Evidence for Eco-Hotels in Emerging Markets
This paper reviews the financial evidence on eco-hotel investment viability across four areas: (1) cost-benefit and ROI of green certification; (2) price elasticity of demand; (3) green lending and bank credit risk; and (4) ESG and sustainable finance in emerging markets. The review finds that green certification generates returns through both cost savings and revenue premiums, that hotel demand is generally inelastic enough to support a moderate green rate premium, that lending to green hotel borrowers reduces bank credit risk, and that blended finance from multilateral development banks is a necessary tool for making eco-hotel projects viable in Central Asian markets such as Uzbekistan. A financial viability framework and seven hypotheses for empirical testing are proposed
Partnership (Musharaka) In Islamic Economics
The term musharaka is derived from the Arabic word shaaraka, which means "to share" or "to enter into partnership." In practice, musharaka (shirkat al-inan) refers to an arrangement between two or more parties based on the sharing of profit and loss. Under this contract, each participating party contributes a certain amount of capital, and this contribution gives that participant the right to dispose of or manage the partnership capital. The profit earned from the partnership's activities is distributed among the partners according to a ratio agreed in advance in the contract, while any loss incurred is distributed in proportion to each partner's share in the musharaka capital. The ratio for profit distribution may differ from the ratio for loss distribution
Improvement Of The Economic Mechanisms Of Diversification Of Construction Industry Enterprises
The article examines the improvement of economic mechanisms for diversification of construction industry enterprises in the context of structural transformation, market volatility, technological renewal and increasing requirements for economic sustainability. The construction industry is one of the key sectors of the national economy, as it affects investment activity, industrial production, employment, infrastructure development and the reproduction of fixed capital. However, construction industry enterprises are exposed to market risks, resource constraints, dependence on limited product groups and insufficient integration within the value chain. Therefore, diversification should be interpreted not only as an expansion of product assortment but also as a complex economic mechanism that includes product, market, financial and labour resource diversification. The methodological basis of the article includes terminological analysis, factor analysis, SWOT analysis, expert assessment, survey method, correlation-regression analysis, economic-mathematical modelling, systemic and probabilistic-adaptive approaches. The article proposes the use of the Herfindahl–Hirschman Index and the diversification integral index for assessing the diversification level of construction industry enterprises. The findings indicate that integrated diversification assessment makes it possible to classify enterprises into high, stable, medium, risky and highly risky groups. The article also substantiates the importance of construction industry clusters based on the value chain from raw materials and building materials production to design, construction, sale and service infrastructure
Scientific And Theoretical Foundations For Stimulating Enterprise Activities Through The Tax System
This study is devoted to the further improvement of mechanisms for supporting and stimulating enterprises through taxation, using Surkhandarya Region as a case study. The research analyzes the economic outcomes of tax benefits, preferences, and other incentive instruments granted to enterprises operating in the region. In addition, the role of the existing tax system in shaping enterprises’ investment activity, production performance, export capacity, and job creation is assessed. Based on the findings, scientific and practical recommendations are developed for improving tax incentive mechanisms effectively, taking into account the specific economic characteristics of the region. These proposals are aimed at increasing the economic activity of business entities, expanding investment flows, and supporting the sustainable economic development of Surkhandarya Region
Dynamics of foreign tourist visits to Uzbekistan and their purpose structure: analysis of 2022–2026
This study provides a comprehensive empirical analysis of the structural dynamics and behavioral patterns of inbound foreign tourism to the Republic of Uzbekistan over the period 2022–2026. Utilizing official macroeconomic indicators from the National Statistics Committee of Uzbekistan (Stat.uz) and contextual institutional evaluations, the paper charts the trajectory of foreign visitor arrivals as the country transitioned through its post-pandemic recovery phase into a major Eurasian hub under the "Uzbekistan–2030" strategic framework. The results demonstrate an unprecedented volume expansion from 5.23 million arrivals in 2022 to an estimated 12.8 million by mid-2026
Forecasting Stock Prices in a Frontier Capital Market: A Comparison of Naïve, Drift, ETS, ARIMA and ARIMA–GARCH Models for Listed Joint-Stock Companies in Uzbekistan
This study evaluates and compares the out-of-sample forecasting performance of classical and volatility-adjusted time-series models for the equity prices of eight joint-stock companies listed in Uzbekistan: HMKB, SQB, IPKY, ALKB, QZSM, UZTL, URTS and CBSK. Using daily closing prices from 9 September 2022 to 17 April 2026 (883 observations per stock with no missing values), five competing specifications are estimated and assessed: the Naïve (random-walk) benchmark, the Drift model, exponential smoothing (ETS), the autoregressive integrated movingaverage model (ARIMA), and an ARIMA–GARCH model with Student-t innovations that explicitly captures volatility clustering. Models are identified on a three-year training window and evaluated on a subsequent six-month hold-out period using the mean absolute error (MAE), the root mean squared error (RMSE) and the mean absolute percentage error (MAPE); the model with the lowest hold-out RMSE is retained for each stock and re-estimated on the full sample to produce quarterly forecasts
Mechanisms Of Fair Value Measurement Of Long-Term Assets In Business Entities
The article analyzes the mechanisms of fair value measurement of longterm assets based on international standards (IFRS 13, IAS 16, IAS 36, IAS 38). According to the 2022–2025 dynamics, buildings and land showed stable growth under the market approach, intangible assets demonstrated high relative differences under the income approach, while equipment revealed declines through impairment testing. National practice issues and solutions for harmonization are discussed. Ultimately, applying fair value ensures transparency and reliability of financial statements and enhances investment attractiveness.
Mechanisms For Organizing Tax Control In The Business Environment Based On Risk Analysis
This article develops a new methodological approach to improving tax administration in the entrepreneurial environment of Uzbekistan. Unlike traditional approaches that treat tax administration mainly as a mechanism of control, the article frames it as an institutional infrastructure that should reduce compliance costs, increase trust, protect honest taxpayers and identify high-risk behaviour through data-based tools. The study uses a mixed-method desk research design based on official statistics on small business development, State Tax Committee information on budget receipts and digitalisation measures, the World Bank Enterprise Survey 2024 for Uzbekistan, and policy guidance from the OECD, IMF and World Bank. The empirical results show that small business is a systemic sector of the Uzbek economy: in January-September 2025 it accounted for 51.5 percent of GDP, 75.7 percent of construction, 60.9 percent of fixed investment, 55.0 percent of services, 32.0 percent of exports and 53.7 percent of imports. At the same time, World Bank firm-level data indicate that most firms do not perceive tax administration as a severe obstacle, but about one fifth of surveyed cases still report moderate or higher obstacles. This creates a reform challenge: tax administration should not become softer toward non-compliance, but it must become more selective, predictable and integrated with the business processes of taxpayers. The article proposes the Entrepreneurial Tax Administration Improvement Index (ETAI-5), consisting of simplification, digital integration, risk fairness, service quality and transparency
The Role Of Valuation Reserves In Forming Financial Results And Improving The Reliability Of Audit Expertise
This study examines the role of valuation reserves in shaping the financial results of enterprises and addresses the issue of improving the reliability of their audit. The purpose of the study is to analyze the impact of valuation reserves on financial performance and to develop approaches for enhancing audit reliability based on the international standard ISA 540. The main problem lies in the subjective nature of estimation indicators and their potential use in earnings manipulation. As a result, the study proposes strengthening the application of professional skepticism, improving risk assessment procedures, and adopting a systematic approach in auditing valuation reserves
A Comprehensive Analysis Of Sdg Indicators In Uzbekistan
This article presents a statistical analysis of the dynamics of the 17 Sustainable Development Goals (SDGs) established by the United Nations in the Republic of Uzbekistan for the period 2017–2024. The research is based on official statistical data and covers economic, social, and environmental indicators. The study examines trends, growth rates, and their impact on the country’s sustainable development strategy. The results assess the effectiveness of ongoing reforms and identify existing challenges in achieving sustainable development.
Approaches To Interest Rate Risk Management In Uzbekistan’s Commercial Banking Sector
This article examines the theoretical and practical foundations of interest rate risk management in commercial banks, analyzes the current state of this practice in commercial banks in our country, and develops scientific and practical recommendations in this area
Key Statistical and Production Indicators of JSC “MAXAM - CHIRCHIQ”
Maxam-Chirchiq JSC is a leading nitrogen fertilizer producer in Uzbekistan, located in Chirchik. Key production indicators include ammonia, urea, ammonium nitrate, and the country's only catalyst production facility. Financial performance is reflected in the profit and loss statements and return on equity (e.g., 5.62 in previous periods)
Short-Term Forecasting of Selected Uzbek NonBank Joint-Stock Company Stock Prices Using Random Walk, ARIMA and VAR(4) Models
Forecasting equity prices in thinly traded frontier markets remains a difficult exercise because liquidity is uneven, news flow is sparse, and the cross-sectional links between issuers are weak. Against this background, this study evaluates the short-term predictive performance of three forecasting specifications-the Random Walk benchmark, a univariate ARIMA, and a fourth-order Vector Autoregression VAR(4)-for four non-bank joint-stock companies listed in Uzbekistan: QZSM, UZTL, URTS and CBSK. Daily closing prices over the period 9 September 2022 to 17 April 2026 (883 price observations and 882 log-return observations) are used jointly with the UCI composite index as a market benchmark. Predictive accuracy at a 63 trading-day horizon is judged using root mean squared error (RMSE), mean absolute error (MAE) and mean absolute percentage error (MAPE), with the lowest MAPE serving as the primary selection criterion
Development Of A Forecast For The Evolution Of Digital Pricing Strategies In The Fmcg Sector Until 2030
This study focuses on developing a forecast for the evolution of digital pricing strategies in the FMCG sector until 2030. The research examines the growing role of artificial intelligence, big data analytics, cloud computing, and automated pricing systems in transforming modern pricing management practices. Using econometric analysis, trend forecasting, and scenario modeling approaches, the study evaluates the impact of digital pricing technologies on sales growth, profitability, inventory efficiency, and market competitiveness. The findings indicate that enterprises implementing AI-driven and real-time pricing systems are expected to achieve significantly higher operational efficiency and stronger market adaptability compared to firms relying on traditional pricing methods. The research also reveals that personalized pricing and predictive analytics will become key drivers of future pricing competitiveness in the FMCG sector. Furthermore, the study proposes a long-term forecast model that identifies optimistic, moderate, and riskbased scenarios for digital pricing development by 2030. The results provide important practical implications for enterprises seeking to improve strategic pricing management and maintain sustainable competitiveness in increasingly digitalized markets
A Five-Step Risk-Based Model Of It Liability Audit
The Article Studies The Methodology For Conducting A Risk-Based Audit Of Obligations In Ict Enterprises. The Author Has Developed A Five-Stage Audit Model Based On Isa 300, 315 And 330: Initial Analysis, Identification Of Risk Areas, Development Of An Audit Strategy, Development Of An Audit Program And Monitoring. The Model Was Tested On The Example Of Uzbektelecom Jsc And Uzbekistan Post Jsc.
Circular Economy in Uzbekistan Economy: Industrial Development Perspective
The circular economy has become one of the most influential models of sustainable industrial transformation in the modern world. Unlike the traditional linear model based on extraction, production, consumption, and disposal, the circular economy seeks to maintain the value of materials, products, and resources for the longest possible period. For Uzbekistan, where industrial modernization, diversification, and export expansion remain strategic priorities, the circular model offers substantial economic opportunities. This paper investigates the role of the circular economy in promoting industrial development in Uzbekistan. It evaluates opportunities in manufacturing, construction, textiles, metallurgy, and agro-processing. The study finds that circular industrial strategies can reduce import dependence, improve productivity, create jobs, lower production costs, and strengthen environmental sustainability. At the same time, financing constraints, technological gaps, weak sorting infrastructure, and limited institutional coordination remain barriers. The article concludes that phased implementation of circular industrial policy could significantly strengthen Uzbekistan’s long-term competitiveness and position the country as a regional leader in green industrialization
Political And Economic Development Of The Republic Of Korea And The Dprk: Historical And Contemporary Perspectives
We have grown accustomed to the existence of two Koreas: South and North. The prosperous South stands as one of the wealthiest and most developed nations in the world. Throughout its history, it endured several military dictatorships and the mass killing of protesters, yet it ultimately succeeded in building a free society. North Korea, by contrast, is today a brutal totalitarian state. Initially, it even surpassed the South in terms of living standards; however, as a result of misguided political decisions, it eventually fell far behind—a decline that culminated in a famine that struck the country in the 1990s. But how did it come to pass that a single people has remained divided for over 70 years? Why did Korea split so radically, and why have generations of Koreans grown up harboring hostility toward their neighbors? And could this war have been avoided?
Improving The Standardization Of Working Capital in Service Enterprises
This article examines the concept of working capital standardization, identifies the objects of standardization and the sources of their formation, and substantiates the feasibility of item-by-item (elementbased) standardization of working capital in private sector enterprises under market conditions. The study also justifies the necessity of the widespread use of working capital standards in the planning and lending processes of service sector enterprises
Comparative Analysis Of Financial Stability In Enterprises Of Uzbekistan And Developed Countries: A Multi-Dimensional Approach
Financial stability represents a fundamental pillar for sustainable enterprise development and macroeconomic resilience. This study provides a comparative analysis of financial stability in enterprises operating in Uzbekistan and developed economies. The findings indicate that enterprises in developed countries demonstrate stronger financial resilience due to diversified financial systems, advanced risk management frameworks, and deep capital markets. Conversely, enterprises in Uzbekistan remain highly dependent on bank financing. However, recent reforms have improved financial stability
Organizing The Accounting Of Current Assets In Enterprises And Practical Analysis
This article examines the theoretical and practical aspects of organizing the accounting of current assets in enterprises. The composition of current assets, the principles of reflecting them in accounting records, turnover indicators, and their impact on liquidity are analyzed. Additionally, problems encountered in practice — excessive inventory accumulation, the prolongation of accounts receivable collection periods, and imbalances in cash flows — are evaluated through examples. At the conclusion of the research, recommendations for improving current asset accounting have been developed.
How Legal Literacy Could Reduce Migration Fraud Among Uzbek Workers
Labor migration plays a vital role in Uzbekistan’s socio-economic development, providing employment opportunities and remittance income for thousands of workers abroad. However, insufficient legal literacy among migrant workers has significantly increased their vulnerability to migration-related fraud, including deceptive recruitment practices, contract substitution, illegal посредники (intermediaries), and human trafficking risks. This article examines how improving legal literacy can serve as an effective preventive mechanism against migration fraud among Uzbek workers. Drawing on institutional reports, migration governance frameworks, and comparative international practices, the study analyzes key legal knowledge gaps related to employment contracts, visa regulations, labor rights, and access to legal assistance in destination countries. The article argues that targeted legal education—delivered through pre-departure training programs, digital platforms, and cooperation between state institutions and civil society— can substantially reduce fraud exposure, enhance migrant decisionmaking, and strengthen legal self-protection mechanisms. The findings suggest that integrating legal literacy into national migration policies is not only a protective tool but also a cost-effective strategy for improving migration outcomes and safeguarding the rights of Uzbek migrant workers
Improving The Comprehensive Assessment of the Credit Ability of Corporate Clients in Commercial Banks of Uzbekistan Based on An Extended Set of Official Data
The article is dedicated to the comprehensive assessment of corporate clients' creditworthiness in commercial banks in Uzbekistan under conditions of digitalization of the banking sector. The FinTech-Based Corporate Credit Assessment Framework model, based on the integration of banking, fiscal, and infrastructure data into a unified client risk profile, is substantiated, and its architecture, analytical blocks, and practical application opportunities are disclosed.
Integration Of Marketing And Management In Higher Education
The modern higher education environment is characterized by increased competition, globalization, and rapidly changing stakeholder expectations. In this context, the integration of marketing and management has become essential for ensuring institutional sustainability and effectiveness. This article explores the conceptual foundations, practical applications, and strategic benefits of aligning marketing principles with management processes in higher education institutions. The study highlights how such integration enhances institutional competitiveness, improves student engagement, and strengthens organizational performance.
Assessment Of The Economic Efficiency Of Green Investments In The Renewable Energy Sector: Evidence From Uzbekistan
The transition toward renewable energy has become a fundamental component of sustainable economic development, particularly in emerging economies. This study aims to assess the economic efficiency of green investments directed toward the renewable energy sector in Uzbekistan. Green investments, especially in renewable energy sources such as solar and wind, play a crucial role in reducing environmental degradation, improving energy security, and promoting long-term economic growth. The research is grounded in the theoretical and empirical literature on green finance and energy economics. Previous studies confirm that investments in renewable energy significantly enhance economic efficiency, stimulate innovation, and contribute to sustainable development outcomes
Legalizing The Shadow Economy Through Financial Mechanisms: An Imrad-Based Study
The shadow economy remains a persistent challenge for both developed and developing countries, undermining fiscal stability, economic transparency, and social equity. This study investigates the effectiveness of financial mechanisms in facilitating the legalization of shadow economic activities. Using a mixed-method approach combining econometric modeling and comparative policy analysis, the research evaluates the role of tax incentives, financial inclusion, digitalization, and institutional reforms. The findings reveal that financial inclusion and simplified tax regimes significantly reduce informal economic activities, especially when supported by strong governance frameworks. (periodica.org)
Toward Integrated Management Of Sustainable Tourism in Transboundary Regions: Insights from The Republic of Karakalpak stan
This study examines the theoretical and managerial foundations for the sustainable development of tourism in transboundary regions, using the Republic of Karakalpakstan as a case study. The research identifies key challenges associated with ecological vulnerability, cross-border dynamics, and institutional coordination. A conceptual management framework is proposed to enhance sustainable tourism governance. The study applies mixed methods, including comparative analysis, statistical review, and system modeling. Results demonstrate that integrated governance, ecological prioritization, and cross-border cooperation significantly improve tourism sustainability. The findings contribute to regional development theory and offer practical recommendations for policymakers
The Role Of Tariff And Non-Tariff Barriers In International Trade
This article analyzes the economic essence of tariff and non-tariff barriers in international trade, as well as their impact on trade flows, market access opportunities, and the competitiveness of national economies. It also highlights the increasing importance of non-tariff measures in the context of declining tariff rates. Using the example of Uzbekistan, the mechanisms of foreign trade regulation, their positive and negative aspects, and their influence on economic growth are examined. Based on the research findings, recommendations for developing an effective trade policy are proposed
Improving the practice of using expert work in ESG audits
In this article, in the context of sustainable development in ESG audit. The practice of using expert work in ESG auditsunique features The research was reviewed and suggestions and recommendations were made
Mechanisms for stimulating innovative activity in industrial enterprises and their impact on economic activity
This article studies the mechanisms for stimulating innovative activity in industrial enterprises of Uzbekistan and their impact on the economic activity of enterprises. The main objective of the study is to assess the impact of innovation spending, tax incentives, innovation funds and cluster mechanisms on industrial production volume and labor productivity. This article analyzes the mechanisms for stimulating innovative activity and assesses their impact on the economic activity of enterprises (production volume, productivity) using statistical and econometric methods. The study is based on official statistics of Uzbekistan and the work of local scientists. In my opinion, innovation is not only technological innovation, but also the main driving force of economic growth.