{"id":701,"date":"2023-11-05T21:00:00","date_gmt":"2023-11-05T16:00:00","guid":{"rendered":"https:\/\/fintech.tsue.uz\/?p=701"},"modified":"2023-12-04T21:08:43","modified_gmt":"2023-12-04T16:08:43","slug":"key-development-factors-of-the-securities-market-in-the-republic-of-uzbekistan","status":"publish","type":"post","link":"https:\/\/fintech.tsue.uz\/?p=701","title":{"rendered":"KEY DEVELOPMENT FACTORS OF THE SECURITIES MARKET\u00a0IN THE REPUBLIC OF UZBEKISTAN"},"content":{"rendered":"\n<p><strong>Olimjon Davronovich Alimov<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/12\/111111111111-842x1024.jpg\" alt=\"\" class=\"wp-image-703\" width=\"219\" height=\"266\" srcset=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/12\/111111111111-842x1024.jpg 842w, https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/12\/111111111111-247x300.jpg 247w, https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/12\/111111111111-768x934.jpg 768w, https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/12\/111111111111.jpg 1052w\" sizes=\"auto, (max-width: 219px) 100vw, 219px\" \/><\/figure>\n\n\n\n<p><em>Researcher of the Department of<\/em><\/p>\n\n\n\n<p><em>Corporate Finance and Securities<\/em><\/p>\n\n\n\n<p><em>Tashkent Institute of Finance<\/em><\/p>\n\n\n\n<p><em>E-mail: alim.d.alimov@gmail.com<\/em><\/p>\n\n\n\n<p><em> ORCID: 0000-0001-6133-2349<\/em><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Abstract<\/h1>\n\n\n\n<p>This article presents the key development factors of the securities market in the Republic of Uzbekistan. Both macroeconomic and institutional factors have been identified. The article provides an empirical model of key factors\u2019 influence on securities market development in the Republic of Uzbekistan. Panel data for 30 emerging countries of the World Bank and the International Monetary Fund were used. The results show that gross domestic savings and GDP per capita are significant and have a positive impact on the development of the securities market.<\/p>\n\n\n\n<p><strong>Key words: <\/strong>securities market, corporate securities, economic growth, macroeconomic factors, institutional factors, market capitalization, GDP per capita, inflation rate, foreign direct investment, interest rate<\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/12\/Olimjon-Davronovich-Alimov.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Olimjon-Davronovich-Alimov.\"><\/object><a id=\"wp-block-file--media-b5498c42-b3b9-460d-b528-27d4aa008d97\" href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/12\/Olimjon-Davronovich-Alimov.pdf\">Olimjon-Davronovich-Alimov<\/a><a href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2023\/12\/Olimjon-Davronovich-Alimov.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-b5498c42-b3b9-460d-b528-27d4aa008d97\">Download<\/a><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">BIBLIOGRAPHY<\/h1>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li>Asprem, M. (1989), \u201cStock prices, asset portfolios and macroeconomic variables in ten European countries\u201d, Journal of Banking and Finance, Vol. 13 No. 4, pp. 589-612.<\/li>\n\n\n\n<li>Blundell, R. and Bond, S. (1998) Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics, 87, 115-143.<\/li>\n\n\n\n<li>Boyd, J.H., Levine, R. and Smith, B.D. (2001), \u201cThe impact of inflation on financial market performance\u201d, Journal of Monetary Economics, Vol. 47, pp. 221-248.<\/li>\n\n\n\n<li>Chakraborty, S. and Ray, R. (2004), Bank-Based Versus Market-Based Financial Systems: A Growth-Theoretic Analysis, Mimeo, University of Oregon.<\/li>\n\n\n\n<li>Claessens, S., Demirg\u00fc\u00e7-Kunt, A. and Huizinga, H. (2001), \u201cHow does foreign entry affect domestic banking markets?\u201d, Journal of Banking &amp; Finance, Vol. 25 No. 5, pp. 891-911.<\/li>\n\n\n\n<li>Dornbusch, R. and Fisher, S. (1980), \u201cExchange rates and the current account\u201d, American Economic Review, Vol. 70, pp. 960-971.<\/li>\n\n\n\n<li>Hausmann, R. and Fern\u00e1ndez-Arias, E. (2000a), \u201cIs FDI a safer form of financing?\u201d, Inter-American Development Bank Working Paper 416, Washington, DC, April.<\/li>\n\n\n\n<li>Henry, P.B. (2000a), \u201cStock market liberalization, economic reforms and emerging market equity prices\u201d, Journal of Finance, Vol. 58 No. 2, pp. 529-563.<\/li>\n\n\n\n<li>Hicks, J. (1969), A Theory of Economic History, Clarendon Press, Oxford.<\/li>\n\n\n\n<li>Jensen, M.C. and Murphy, K.J. (1990), \u201cPerformance pay and top-management incentives\u201d, Journal of Political Economy, Vol. 98 No. 2, pp. 225-264.<\/li>\n\n\n\n<li>Nickell, S. (1981) Biases in Dynamic Models with Fixed Effects. Econometrica, 49, 1417-1426.<\/li>\n\n\n\n<li>Pagano, M. (1993), \u201cThe floatation of companies on the stock market: a coordination failure\u201d, European Economic Review, Vol. 37, pp. 1101-1125.<\/li>\n\n\n\n<li>Soto, M. (2009). System GMM estimation with a small sample. Institut d\u2019An\u00e0lisi Econ\u00f2mica, Barcelona, July.<\/li>\n<\/ol>\n\n\n\n<p>14. Yartey, C.A. (2008) Well-Developed Financial Intermediary Sector Promotes Stock Market Development. Evidence from Africa. Journal of Emerging Markets Finance, 6, 269-289.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Olimjon Davronovich Alimov Researcher of the Department of Corporate Finance and Securities Tashkent Institute of Finance E-mail: alim.d.alimov@gmail.com ORCID: 0000-0001-6133-2349 Abstract This article presents the key development factors of the securities market in the&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-qimmatli-qogozlar"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KEY DEVELOPMENT FACTORS OF THE SECURITIES MARKET\u00a0IN THE REPUBLIC OF UZBEKISTAN - \u201cMoliyaviy texnologiyalar\u201d ilmiy elektron jurnali<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fintech.tsue.uz\/?p=701\" \/>\n<meta property=\"og:locale\" content=\"uz_UZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KEY DEVELOPMENT FACTORS OF THE SECURITIES MARKET\u00a0IN THE REPUBLIC OF UZBEKISTAN - 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