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 Republic of Uzbekistan. Both macroeconomic and institutional factors have been identified. The article provides an empirical model of key factors’ 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.

Key words: securities market, corporate securities, economic growth, macroeconomic factors, institutional factors, market capitalization, GDP per capita, inflation rate, foreign direct investment, interest rate

BIBLIOGRAPHY

1. Asprem, M. (1989), “Stock prices, asset portfolios and macroeconomic variables in ten European countries”, Journal of Banking and Finance, Vol. 13 No. 4, pp. 589-612.
2. Blundell, R. and Bond, S. (1998) Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics, 87, 115-143.
3. Boyd, J.H., Levine, R. and Smith, B.D. (2001), “The impact of inflation on financial market performance”, Journal of Monetary Economics, Vol. 47, pp. 221-248.
4. Chakraborty, S. and Ray, R. (2004), Bank-Based Versus Market-Based Financial Systems: A Growth-Theoretic Analysis, Mimeo, University of Oregon.
5. Claessens, S., Demirgüç-Kunt, A. and Huizinga, H. (2001), “How does foreign entry affect domestic banking markets?”, Journal of Banking & Finance, Vol. 25 No. 5, pp. 891-911.
6. Dornbusch, R. and Fisher, S. (1980), “Exchange rates and the current account”, American Economic Review, Vol. 70, pp. 960-971.
7. Hausmann, R. and Fernández-Arias, E. (2000a), “Is FDI a safer form of financing?”, Inter-American Development Bank Working Paper 416, Washington, DC, April.
8. Henry, P.B. (2000a), “Stock market liberalization, economic reforms and emerging market equity prices”, Journal of Finance, Vol. 58 No. 2, pp. 529-563.
9. Hicks, J. (1969), A Theory of Economic History, Clarendon Press, Oxford.
10. Jensen, M.C. and Murphy, K.J. (1990), “Performance pay and top-management incentives”, Journal of Political Economy, Vol. 98 No. 2, pp. 225-264.
11. Nickell, S. (1981) Biases in Dynamic Models with Fixed Effects. Econometrica, 49, 1417-1426.
12. Pagano, M. (1993), “The floatation of companies on the stock market: a coordination failure”, European Economic Review, Vol. 37, pp. 1101-1125.
13. Soto, M. (2009). System GMM estimation with a small sample. Institut d’Anàlisi Econòmica, Barcelona, July.

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.