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The Impact of Privatization on Economic Growth: The Case of Uzbekistan

Author

Listed:
  • Sobir Shukurov

    (Tashkent State University of Law, Tashkent, Uzbekistan,)

  • Mansoor Maitah

    (Czech University of Life Sciences, Prague, Czech Republic,)

  • Lubos Smutka

    (Czech University of Life Sciences, Prague, Czech Republic.)

Abstract

This paper clarifies the macroeconomic gains from privatization during the transition period in Uzbekistan. The choice of this country is due to its stable macroeconomics performance beginning from 1996 onwards, and author's related work experience at The State Committee of the Republic of Uzbekistan for Privatization. Based on the macroeconomic empirical literature on growth, we supplement the standard model of gross domestic product growth with other transition-specific variables to investigate the impact of privatization on economic growth. In so doing, we found that economic growth was significantly influenced by investment (more importantly investment to the education), and employment growth. Several other institutional components specific to the transition process, particularly the private sector and capital market development, and small-scale privatization were also found to be significant determinants of economic development in Uzbekistan.

Suggested Citation

  • Sobir Shukurov & Mansoor Maitah & Lubos Smutka, 2016. "The Impact of Privatization on Economic Growth: The Case of Uzbekistan," International Journal of Economics and Financial Issues, Econjournals, vol. 6(3), pages 948-957.
    • Handle: RePEc:eco:journ1:2016-03-17
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    References listed on IDEAS

    as
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    2. Amonboev Makhammadsidik, 2019. "Increasing the Effectiveness of Investment Management by Introducing Corporate Governance in Joint-Stock Companies," Journal of International Business Research and Marketing, Inovatus Services Ltd., vol. 4(5), pages 7-12, July.

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    More about this item

    Keywords

    Privatization; Transition Economy; Economic Performance; Uzbekistan;
    All these keywords.

    JEL classification:

    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights

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