Financing of the real sector of the economy as an institutional category: the paradox of bank-centricity without credit intensity

Abdulazizova , O‘g‘iloy, Абдулазизова , Ўғилой, Abdulazizova, O‘g‘iloy

Иқтисодий тараққиёт ва таҳлил · 2026-yil

Annotatsiya

The article substantiates an institutional interpretation of the category «financing of the real sector of the economy». It is shown that the resource-based, process-based and system-based approaches do not incorporate into the definition either the institutional shell of financing or the competitive conditions under which it takes place. The author’s definition is proposed, whose constitutive features are the systemic nature of the relations, institutional mediation, coverage of both debt and equity capital, remunerability and competition among the types, forms and institutions of financing. A separate type of transaction costs generated by market power is substantiated. The paradox of bank-centricity without credit intensity is revealed: with a bank loan portfolio at 32.7 % of GDP, bank credit accounted for only 1.9 % of the sources of fixed capital investment in 2025. An indicator of the reproductive effectiveness of credit is proposed. It is concluded that the underfinancing of the real sector is institutional rather than quantitative in nature.

Maqola ma’lumotlari
MualliflarAbdulazizova , O‘g‘iloy, Абдулазизова , Ўғилой, Abdulazizova, O‘g‘iloy
JurnalИқтисодий тараққиёт ва таҳлил
NashriyotЎзбекистон иқтисодиётини ривожлантиришнинг илмий-тадқиқот маркази
ISSN2992-877X
Nashr sanasi2026-08-27
Jild4
Son8
Betlar246-257
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.60078/2992-877x-2026-vol4-iss8-pp246-257
Indeksga qo‘shilgan2026-09-06

DOI: 10.60078/2992-877x-2026-vol4-iss8-pp246-257 · Maqolaning asl sahifasi

Kalit so‘zlar

real sector financing, institutional category, transaction costs, bank-centricity, inter-type competition of financing forms, capital market, institutional trap, финансирование реального сектора, институциональная категория, трансакционные издержки, банкоцентричность, межвидовая конкуренция форм финансирования, рынок капитала, институциональная ловушка, real sektorni moliyalashtirish, institutsional kategoriya, tranzaksion xarajatlar, bankmarkazlashuv, moliyalashtirish shakllari o‘rtasidagi raqobat, kapital bozori, institutsional tuzoq

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAAbdulazizova , O‘g‘iloy, Абдулазизова , Ўғилой, & Abdulazizova, O‘g‘iloy (2026). FINANCING OF THE REAL SECTOR OF THE ECONOMY AS AN INSTITUTIONAL CATEGORY: THE PARADOX OF BANK-CENTRICITY WITHOUT CREDIT INTENSITY. Иқтисодий тараққиёт ва таҳлил, 4(8), 246-257. https://doi.org/10.60078/2992-877x-2026-vol4-iss8-pp246-257
GOST (OAK)Abdulazizova , O‘g‘iloy, Абдулазизова , Ўғилой, Abdulazizova, O‘g‘iloy FINANCING OF THE REAL SECTOR OF THE ECONOMY AS AN INSTITUTIONAL CATEGORY: THE PARADOX OF BANK-CENTRICITY WITHOUT CREDIT INTENSITY // Иқтисодий тараққиёт ва таҳлил. – 2026. – T. 4, № 8. – P. 246-257. – DOI: 10.60078/2992-877x-2026-vol4-iss8-pp246-257.
MLAAbdulazizova , O‘g‘iloy, Абдулазизова , Ўғилой, and Abdulazizova, O‘g‘iloy. “FINANCING OF THE REAL SECTOR OF THE ECONOMY AS AN INSTITUTIONAL CATEGORY: THE PARADOX OF BANK-CENTRICITY WITHOUT CREDIT INTENSITY.” Иқтисодий тараққиёт ва таҳлил, 4(8), 246-257, 2026. https://doi.org/10.60078/2992-877x-2026-vol4-iss8-pp246-257
ChicagoAbdulazizova , O‘g‘iloy, Абдулазизова , Ўғилой, and Abdulazizova, O‘g‘iloy. “FINANCING OF THE REAL SECTOR OF THE ECONOMY AS AN INSTITUTIONAL CATEGORY: THE PARADOX OF BANK-CENTRICITY WITHOUT CREDIT INTENSITY.” Иқтисодий тараққиёт ва таҳлил, 4(8), 246-257 (2026). https://doi.org/10.60078/2992-877x-2026-vol4-iss8-pp246-257
HarvardAbdulazizova , O‘g‘iloy, Абдулазизова , Ўғилой, and Abdulazizova, O‘g‘iloy (2026) ‘FINANCING OF THE REAL SECTOR OF THE ECONOMY AS AN INSTITUTIONAL CATEGORY: THE PARADOX OF BANK-CENTRICITY WITHOUT CREDIT INTENSITY’, Иқтисодий тараққиёт ва таҳлил, 4(8), 246-257. https://doi.org/10.60078/2992-877x-2026-vol4-iss8-pp246-257
BibTeX
@article{abdulazizovaogiloy2026,
  title = {FINANCING OF THE REAL SECTOR OF THE ECONOMY AS AN INSTITUTIONAL CATEGORY: THE PARADOX OF BANK-CENTRICITY WITHOUT CREDIT INTENSITY},
  author = {Abdulazizova , O‘g‘iloy and Абдулазизова , Ўғилой and Abdulazizova, O‘g‘iloy},
  journal = {Иқтисодий тараққиёт ва таҳлил},
  year = {2026},
  volume = {4},
  number = {8},
  pages = {246-257},
  doi = {10.60078/2992-877x-2026-vol4-iss8-pp246-257},
  url = {https://doi.org/10.60078/2992-877x-2026-vol4-iss8-pp246-257}
}

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