Securities market development in a transition economy: Uzbekistan’s experience

Kurkam Suvanova, Hyoung Goo Kang, Changmin Lee

Research output: Contribution to journalArticlepeer-review


This study presents early economic reforms in Uzbekistan, the development of securities market and its potential for future growth. Mass privatization and denationalization lead to the formation of the securities market and establishment of the Republican Stock Exchange "Toshkent". Traded securities at the stock exchange are mainly stocks and corporate bonds. Transactions volume of these financial instruments has increased due to increasing interests of commercial banks in attracting capital through the securities market. However, securities market capitalization is still insufficient. Privatization of large enterprises in Uzbekistan and attraction of international investors can result in the growth of this market. Uzbekistan has the potential for attracting foreign capital which will facilitate further equity and bond market capitalization and introduce new financial instruments to the market.

Original languageEnglish
Pages (from-to)335-347
Number of pages13
JournalActual Problems of Economics
Issue number10
StatePublished - 2016


  • Securities market
  • Stock exchange
  • Toshkent
  • Transition to market economy
  • Uzbekistan


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