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

Kurkam Suvanova, Hyoung-Goo Kang, Changmin Lee

Research output: Contribution to journalArticle

Abstract

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
Volume184
Issue number10
StatePublished - 2016 Jan 1

Fingerprint

Securities market
Uzbekistan
Transition economies
Market development
Privatization
Financial instruments
Stock exchange
Market capitalization
Foreign capital
Attraction
Corporate bonds
Equity markets
Economic reform
Large enterprises
Bond market
Commercial banks
Investors

Keywords

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

Cite this

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Securities market development in a transition economy : Uzbekistan’s experience. / Suvanova, Kurkam; Kang, Hyoung-Goo; Lee, Changmin.

In: Actual Problems of Economics, Vol. 184, No. 10, 01.01.2016, p. 335-347.

Research output: Contribution to journalArticle

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