State Role And Securities Market Development In Uzbekistan

Authors

  • Said Gulyamov Tashkent State University of Law
  • Otabek Narziev Tashkent State University of Law
  • Sadoqat Safoeva Tashkent State University of Law
  • Jahongir Juraev Tashkent State University of Law

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Keywords:

Market principles SOE reforms planned economies economy and securities liberalization and privatization reforms

Abstract

In the Uzbekistan capital market, the state has a significant role as regulator and principal shareholder.
The state actively participates in the capital market through its SOEs and banks that issue, own, manage various securities, and render intermediary services in the financial market. As well as the state sets rules to regulate market relations through authorized bodies that are also responsible for the fairness of dispute resolution. Consequently, a high level of direct and indirect state participation insecurities market relations suggests the prevalence of general administrative principles over market principles. In such conditions, one of the main tasks of implementing market principles in the securities market and improve equity financing would be to reduce state share and administrative methods. Thus, it is necessary to hold extensive and comprehensive reforms underpinned by sound theory to get proper understanding and direction. In this regard, this chapter provides an outline of the theoretical bases of state participation in the economy, an overview of the state’s role and the extent of state ownership, an analysis of the main SOE problems, and provides perspectives of future SOE reforms in selected CIS countries.

Author Biographies

Said Gulyamov, Tashkent State University of Law

Doctor of Law, Professor

Otabek Narziev, Tashkent State University of Law

Ph.D. In Law

Sadoqat Safoeva, Tashkent State University of Law

Candidate Of Law

Jahongir Juraev, Tashkent State University of Law

Candidate Of Law

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2021-06-18

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How to Cite

Gulyamov, S., Narziev, O., Safoeva, S., & Juraev, J. (2021). State Role And Securities Market Development In Uzbekistan. Gulyamov Said Saidakhrarovich, 1(1). Retrieved from https://www.old.gulyamov.org/index.php/said/article/view/85

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Copyright (c) 2021 Саид Гулямов, Отабек Нарзиев, Садокат Сафоева, Джахонгир Джураев

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