DEVELOPMENT OF CAPITAL MARKET INFRASTRUCTURE IN UZBEKISTAN AND OPPORTUNITIES FOR BANKS
Keywords:
capital market infrastructure; commercial banks; financial intermediation; bond issuance; stock market development; financial reforms; investment attraction; capital structure; financial deepening; Uzbekistan economy; financial stability; institutional development.Abstract
This article examines the development of capital market infrastructure in Uzbekistan and analyzes its implications for the banking sector. The study explores key theoretical foundations, including capital market theory, financial intermediation, and capital structure concepts, to explain the evolving role of financial systems. It highlights recent reforms aimed at strengthening institutional frameworks, improving regulatory mechanisms, and introducing modern financial technologies. The research emphasizes that the expansion of capital markets creates new opportunities for commercial banks, particularly in diversifying funding sources through bond issuance, equity participation, and investment services. At the same time, it identifies existing challenges such as limited market liquidity, institutional constraints, and the need for greater investor confidence. The findings suggest that a well-developed capital market infrastructure contributes to financial stability, economic growth, and increased efficiency in resource allocation. The article concludes that continued reforms and integration with international financial standards are essential for maximizing the potential of Uzbekistan’s capital market and enhancing the strategic role of banks within the financial system.
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