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Banking Sector Development in Uzbekistan

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  • Kobil Ruziev
  • Dipak Ghosh

Abstract

Using grass-roots-level data, this article analyzes factors that contribute to the current backwardness of the Uzbek banking sector. The study attempts to show that despite considerable progress achieved in terms of modernizing payments systems, embracing international accounting standards, and establishing a two-tier banking system, not much improvement has been made in terms of financial intermediation in the country. It argues that the Uzbek government's post-independence policy of not dismantling the old style of monetary management, which was prompted by the need to prevent the economy from dramatic reduction in output and employment, has outlived its usefulness and should now be reformulated to promote a banking system able to cope with the needs of a market-based economy.

Suggested Citation

  • Kobil Ruziev & Dipak Ghosh, 2009. "Banking Sector Development in Uzbekistan," Problems of Economic Transition, Taylor & Francis Journals, vol. 52(2), pages 3-41.
  • Handle: RePEc:mes:prectr:v:52:y:2009:i:2:p:3-41
    DOI: 10.2753/PET1061-1991520201
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    File URL: http://hdl.handle.net/10.2753/PET1061-1991520201
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    Citations

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    Cited by:

    1. Kobil Ruziev & Don Webber, 2017. "SMEs access to formal finance in post-communist economies: Do institutional structure and political connectedness matter?," Working Papers 20171701, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    2. Vakulchuk, Roman & Irnazarov, Farrukh, 2014. "Analysis of Informal Obstacles to Cross-Border Economic Activity in Kazakhstan and Uzbekistan," Working Papers on Regional Economic Integration 130, Asian Development Bank.
    3. repec:iza:izawol:journl:y:2017:n:398 is not listed on IDEAS
    4. Jakhongir Kakhkharov, 2018. "Remittances and financial development in transition economies," Discussion Papers in Finance finance:201803, Griffith University, Department of Accounting, Finance and Economics.

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