THE STOCK MARKET AND DEMAND FOR MONEY IN UZBEKISTAN

Аннотация

This report examines the interaction between the stock market and the demand for money in Uzbekistan. Uzbekistan is an emerging economy in the process of financial reforms and liberalization. As Uzbekistan strives to build a developed and efficient market, it is important to study the interaction between monetary and stock market activities in order to improve the efficiency of economic growth, make monetary policy more effective, and create a better investment climate. The stock market in Uzbekistan is relatively young in terms of development, structure, liquidity, trading volume, and number of listed companies compared to developed economies. In particular, challenges remain, although recent reforms by the government to liberalizethe economy and attract foreign investment are gradually increasing this share. Key words: stock market, money demand, financial reform, monetary policy, economic transition, inflation, currency stabilization, investment climate, liquidity, interest rates, financial infrastructure, economic growth, capital controls, market liberalization, financial market development, inflation, financial instruments,monetary stability, stock market development. Abstrakt: Ushbu hisobotda O'zbekistondagi aksiyadorlar bozorining pulga bo'lgan talab bilan o'zaro ta'siri ko'rib chiqiladi. O'zbekiston moliyaviy islohotlar va liberallashtirish jarayonidagi rivojlanayotgan iqtisodiyot hisoblanadi. O'zbekiston rivojlangan va samarali bozorni barpo qilishga harakat qilayotgani sababli, iqtisodiy o'sish samaradorligini oshirish, pul siyosatini yanada samarali qilish va yaxshi investitsiya muhitini yaratish uchun monetar va aksiyadorlar bozoridagi faoliyat o'rtasidagi o'zaro ta'sirni o'rganish muhimdir. O'zbekistondagi aksiyadorlar bozori, rivojlangan iqtisodiyotlar bilan solishtirganda, rivojlanishi, tuzilishi, likvidligi, savdo hajmi va ro'yxatga olingan kompaniyalari soni jihatidan ancha yosh. Ayniqsa, hukumat tomonidan iqtisodiyotni liberallashtirish va xorijiy investitsiyalarni jalb etish bo'yicha so'nggi islohotlarbuulushni asta-sekin oshirayotganiga qaramay, haliham qiyinchiliklar mavjud. Kalitso`zlar: Mercer, pul talab, moliyaviy issloxot,monetar siyosat, iqtisodiyoʼtish,inflyatsiya, valyuta barqarorligi, investitsiya iqlimi, likvidlik, foiz stavkalari, moliyaviy infratuzilma, iqtisodiy oʼsish, kapital nazorati, bozorni liberallashtirish, moliyaviy bozorni rivojlantirish, moliyaviy asboblar, monetarbarqarorlik, fondbozorinirivojlantirish. http://www.internationaljournal.co.in/index.php/jasass 265 Volume 15Issue 07, July 2025 Impact factor: 2019: 4.679 2020: 5.015 2021: 5.436, 2022: 5.242, 2023: 6.995, 2024 7.75 Абстракт: В этом отчете внимание будет уделено взаимодействию фондового рынка с денежным спросом в Узбекистане, который является развивающейся экономикой в процессе финансовых реформ и либерализации. Поскольку Узбекистан стремится установить развитый и эффективный рынок, важно изучить взаимодействие между денежной и фондовой рыночной активностью для повышения эффективности экономического роста, улучшения эффективности денежной политики и создания более благоприятного инвестиционного климата. Фондовый рынок Узбекистана значительно моложе, чем в развитых экономиках, по уровню своего развития, структуре, ликвидности, объему торгов и количеству зарегистрированных компаний. Несмотря на эти трудности, недавние реформы правительства, направленные на либерализацию экономики и привлечениеиностранных инвестиций,постепенно увеличиваютдолю. Ключевые слова; Фондовый рынок, спрос на деньги, финансовая реформа, денежная политика, экономический переход, инфляция, стабилизация валюты, инвестиционный климат, ликвидность, процентные ставки, финансовая инфраструктура, экономический рост, контроль за капиталом, либерализация рынка, развитие финансового рынка, финансовыеинструменты,денежная стабильность,развитиефондового рынка. Introduction. The relationship between the stock market and the demand for money is a fundamental topic in financial economics and monetary theory. Understanding how these two elements interact is crucial for formulating effective monetary and financial policies. In developing and transitional economies like Uzbekistan, this relationship assumes additional significance due to the evolving nature of financial markets and the gradual integration of modern economic mechanisms. Uzbekistan’s financial sector has undergone substantial reforms over the past decades, aimed at liberalizing the economy, encouraging investment, and developing capital markets. The establishment and growth of the Uzbek stock market represent a critical step towards diversifying the country’s financial infrastructure, providing new channels for investment, and enhancing the mobilization of savings. However, alongside these developments, the demand for money — the amount of monetary assets that economic agents wish to hold — remains a key determinant of liquidity, inflation control, and overalleconomic stability. This stu