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International Finance and Accounting

Abstract

This article examines different perspectives on institutions and institutional change, their necessity and direction, and groups of institutional variables. The role of institutional changein the development of real sector of the economy is revealed. The economic freedom index is used as a basis to assess institutional change. The indicators of the index of economic freedom in Uzbekistan is substantiated, a correlation-regression analysis was conducted and a multivariate econometric model is developed. The developed econometric model was tested using Fisher’s F-criterion, Student’s t-criterion, Durbin-Watson (DW) criterion. The econometric model provides a forecast of institutional changes and GDP in Uzbekistan.

References

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