State Role And Securities Market Development In Uzbekistan
Said Gulyamov , Doctor Of Law, Professor, Department Of International Private Law, Tashkent State University Of Law, Tashkent, Uzbekistan Otabek Narziev , Ph.D. In Law, Department Of International Private Law, Tashkent State University Of Law, Tashkent, Uzbekistan Sadoqat Safoeva , Candidate Of Law, Judge Of The Tashkent City Civil Court, Uzbekistan Jahongir Juraev , Candidate Of Law, Judge Of The Tashkent City Administrative Court, Tashkent, UzbekistanAbstract
In the Uzbekistan capital market, the state has a significant role as regulator and principal shareholder. The state actively participates in the capital market through its SOEs and banks that issue, own, manage various securities, and render intermediary services in the financial market. As well as the state sets rules to regulate market relations through authorized bodies that are also responsible for the fairness of dispute resolution. Consequently, a high level of direct and indirect state participation in securities market relations suggests the prevalence of general administrative principles over market principles. In such conditions, one of the main tasks of implementing market principles in the securities market and improve equity financing would be to reduce state share and administrative methods. Thus, it is necessary to hold extensive and comprehensive reforms underpinned by sound theory to get proper understanding and direction. In this regard, this chapter provides an outline of the theoretical bases of state participation in the economy, an overview of the state’s role and the extent of state ownership, an analysis of the main SOE problems, and provides perspectives of future SOE reforms in selected CIS countries.
Keywords
Market principles, SOE reforms, planned economies, economy and securities, liberalization and privatization reforms
References
Bremmer, I. (2009). State capitalism comes of age-the end of the free market. Foreign Aff., 88, 40.
Stuenkel, O. (2016). Aldo Musacchio and Sergio G. Lazzarini: Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond. Journal of Economic Issues, 50(3), 910-911.
Büge, M., Egeland, M., Kowalski, P., & Sztajerowska, M. (2013). State-owned enterprises in the global economy: Reason for concern. CEPR's Policy Portal. Retrieved, 8, 2017.
Keynes, J. M. (2018). The general theory of employment, interest, and money. Springer.
Chang, H. J. (2003). Globalisation, Economic Development & the Role of the State. Zed Books.
Meinhard, S., & Potrafke, N. (2012). The globalization–welfare state nexus reconsidered. Review of International Economics, 20(2), 271-287.
Official Report of the Statistics Committee of Uzbekistan about Macroeconomic Indicators for 2017, 5.
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2013). Law and finance after a decade of research. In Handbook of the Economics of Finance (Vol. 2, pp. 425-491). Elsevier.
В июле в Узбекистане начнут выставлять на продажу госактивы. (n.d.). UzDaily.uz. Retrieved June 13, 2021, from https://uzdaily.uz/ru/post/50244
ZRU-370-son 06.05.2014. On the introduction of changes and additions to the Law of the Republic of Uzbekistan "On joint-stock companies and protect the rights of shareholders." (n.d.). lex.uz. Retrieved June 14, 2021, from https://lex.uz/docs/2382411#2383643
Y. Tseplyaeva, Y. Eltsov, Half of the Russian Economy is Already in the Public Sector. October 22, 2012.
State Participation in Russian Economy: State-owned Companies, Procurement, and Privatization”, Analytic Center under the Government of Russian Federation, March 2016, 20.
Ю Кувшинова, О., & Письменная, Е. (2012). Половину экономики России уже составляет госсектор. Ведомости, 6.
Yekaterina Mereminskaya., Margarita Papchenkova. (2017). FAS Offers Putin Decree to Reduce the Presence of the State in the Economy. Vedomosti, February 8.
Analytical Credit Rating Agency “ACRA: State Share in Banking Sector reaches 70%”, February 14, 2018. https://acra-ratings.ru/about/articles/301
Andrei Polunin, “Russia Played a Monopoly: The Share of State-Owned Companies in the Country’s GDP Grew to 70 percent”, Free Press, September 29, 2016
Bernier, L. (Ed.). (2014). Public Enterprises Today: Missions, Performance and Governance-Les Entreprises Publiques Aujourd'hui: Missions, Performance, Gouvernance: Learning from Fifteen Cases-Leçons de Quinze Études de Cas. PIE-Peter Lang SA, Éditions Scientifiques Internationales.
Smith, A. (1795). Essays on philosophical subjects. London: T. Cadell Jun. and W. Davies.
Article Statistics
Downloads
Copyright License
Copyright (c) 2021 The American Journal of Political Science Law and Criminology

This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain the copyright of their manuscripts, and all Open Access articles are disseminated under the terms of the Creative Commons Attribution License 4.0 (CC-BY), which licenses unrestricted use, distribution, and reproduction in any medium, provided that the original work is appropriately cited. The use of general descriptive names, trade names, trademarks, and so forth in this publication, even if not specifically identified, does not imply that these names are not protected by the relevant laws and regulations.