Reforming the Financial System; The Case of Uzbekistan

58 Pages Posted: 30 Jul 2009

See all articles by Alexandr Akimov

Alexandr Akimov

Griffith University - Department of Accounting, Finance and Economics

Date Written: 2001

Abstract

The financial development of transition economies is a hotly debated issue in academic and policy circles. Responsible policy makers in transition countries must address the enormous changes which are taking place at a considerable pace. 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.

Keywords: financial system, Uzbekistan

Suggested Citation

Akimov, Alexandr, Reforming the Financial System; The Case of Uzbekistan (2001). CASE Network Studies and Analyses No. 234, Available at SSRN: https://ssrn.com/abstract=1440250 or http://dx.doi.org/10.2139/ssrn.1440250

Alexandr Akimov (Contact Author)

Griffith University - Department of Accounting, Finance and Economics ( email )

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Southport, Queensland 4211
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