List of state variables and description
| No | State variable | Description | Time span |
|---|---|---|---|
| 1 | Liquidity spread (LS) | First difference value of [weighted average interest rates on deposits (up to 30 days) – treasury bill rate (1 year)] | 2019M3∼ 2022M3 |
| 2 | Interest rate spread (IRS) | First difference value of [weighted average interest rates on deposits (over 1 year) – weighted average interest rates on deposits (up to 30 days)] | 2019M3∼ 2022M3 |
| 3 | Credit spread (CS) | First difference value of [1-year deposit rate – 1-year treasury bill rate] | 2019M3∼ 2022M3 |
| 4 | Stock market volatility index (VUCI) | Conditional variance of Uzbekistan Composite index returns estimated by GARCH (1,1) | 2019M3∼ 2022M3 |
| No | State variable | Description | Time span |
|---|---|---|---|
| 1 | Liquidity spread (LS) | First difference value of [weighted average interest rates on deposits (up to 30 days) – treasury bill rate (1 year)] | 2019M3∼ 2022M3 |
| 2 | Interest rate spread (IRS) | First difference value of [weighted average interest rates on deposits (over 1 year) – weighted average interest rates on deposits (up to 30 days)] | 2019M3∼ 2022M3 |
| 3 | Credit spread (CS) | First difference value of [1-year deposit rate – 1-year treasury bill rate] | 2019M3∼ 2022M3 |
| 4 | Stock market volatility index (VUCI) | Conditional variance of Uzbekistan Composite index returns estimated by GARCH (1,1) | 2019M3∼ 2022M3 |
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