Olimjon Davronovich Alimov

Researcher of the Department of

Corporate Finance and Securities

Tashkent Institute of Finance


ORCID: 0000-0001-6133-2349


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


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