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Reforming the financial system. The Case of Uzbekistan

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  • Alexandr V. Akimov

Abstract

This work will discuss the major challenges facing transition economies restructuring their financial systems to integrate with world financial markets. Discussion will include the particular development of capital markets. Special attention is paid to the example of the Republic of Uzbekistan; the achievements to date and the challenges to come, including the development of securities markets and factors that will influence this. This work commences with a discussion on the importance of financial development on economic growth. The history of Uzbekistan's financial development is presented to clarify and illustrate the present situation. The work continues by highlighting some of the key decisions faced by the transitional economies and, again using the Uzbekistan situation as an example, the causes and effects of implementing such decisions. The work concludes by focusing on the issues surrounding the development of the capital market in Uzbekistan. The last part of the paper is experimental, concentrating on an investigation into the relationship between foreign exchange regimes and market capitalisation based on a thorough analysis of transition economies.

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Bibliographic Info

Paper provided by CASE-Center for Social and Economic Research in its series CASE Network Studies and Analyses with number 0234.

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Length: 58 Pages
Date of creation: 2001
Date of revision:
Handle: RePEc:sec:cnstan:0234

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  1. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
  2. Greenwood, J. & Smith, B.D., 1995. "Financial Markets in Development, and the Development of Financial Markets," RCER Working Papers 406, University of Rochester - Center for Economic Research (RCER).
  3. John H. Boyd & Edward C. Prescott, 1985. "Financial intermediary-coalitions," Staff Report 87, Federal Reserve Bank of Minneapolis.
  4. Hermes, Niels & Lensink, Robert, 2000. "Financial system development in transition economies," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 507-524, April.
  5. A. Iakovlev & Iu. Danilov, 1997. "The Futures Market and the Development of Financial Markets in Russia," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 39(10), pages 46-63, February.
  6. Greenwood, J. & Jovanovic, B., 1988. "Financial Development, Growth, And The Distribution Of Income," RCER Working Papers 131, University of Rochester - Center for Economic Research (RCER).
  7. Demirguc-Kunt, Ash & Levine, Ross, 1996. "Stock Markets, Corporate Finance, and Economic Growth: An Overview," World Bank Economic Review, World Bank Group, vol. 10(2), pages 223-39, May.
  8. Mendelson, Morris & Peake, Junius W., 1993. "Equity markets in economies in transition," Journal of Banking & Finance, Elsevier, vol. 17(5), pages 913-929, September.
  9. Kilcollin, T. Eric & Frankel, Michael E. S., 1993. "Futures and options markets: Their new role in Eastern Europe," Journal of Banking & Finance, Elsevier, vol. 17(5), pages 869-881, September.
  10. Anderson, Ronald W. & Kegels, Chantal, 1998. "Transition Banking: Financial Development of Central and Eastern Europe," OUP Catalogue, Oxford University Press, number 9780198290131, October.
  11. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  12. Singh, Ajit, 1996. "Financial liberalisation,stockmarkets and economic development," MPRA Paper 53897, University Library of Munich, Germany.
  13. Colin Mayer, 1990. "Financial Systems, Corporate Finance, and Economic Development," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 307-332 National Bureau of Economic Research, Inc.
  14. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Wiley Blackwell, vol. 51(3), pages 393-414, July.
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Cited by:
  1. Alexandr Akimov & Brian Dollery, 2009. "Financial development policies in Uzbekistan: an analysis of achievements and failures," Economic Change and Restructuring, Springer, vol. 42(4), pages 293-318, November.

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