Formation of an effective debt market: institutional challenges and development prospects of government bonds in Uzbekistan

Rejabbayev , Sarvar, Karimova , Dilorom, Режаббаев , Сарвар, Каримова , Дилором, Rejabbayev , Sarvar, Karimova , Dilorom

Илғор иқтисодиёт ва педагогик технологиялар · 2025-yil

Annotatsiya

This article presents a comprehensive analysis of the state and structure of the government securities market in the Republic of Uzbekistan during the period 2018–2024, focusing on demand and placement trends. Government bonds are considered a key element of the financial system and play an important role in mobilizing both domestic and foreign investment resources. Particular attention is given to identifying institutional and structural constraints hindering the full development of this financial market segment. These include the limited range of available debt instruments, low liquidity in the secondary market, a predominance of short-term bonds, and the absence of flexible instruments such as floating-rate bonds. The study argues that the establishment of a fully functional, multi-level infrastructure for the circulation of government bonds requires the introduction of innovative instruments, including indexed, "green," and social bonds, which could enhance the sustainability of budget financing and strengthen the investment climate. It concludes that the development of the government bond market is of strategic importance for ensuring budgetary stability and increasing the transparency of public debt policy.

Maqola ma’lumotlari
MualliflarRejabbayev , Sarvar, Karimova , Dilorom, Режаббаев , Сарвар, Каримова , Дилором, Rejabbayev , Sarvar, Karimova , Dilorom
JurnalИлғор иқтисодиёт ва педагогик технологиялар
NashriyotТошкент давлат иқтисодиёт университети ҳузуридаги «Ўзбекистон иқтисодиётини ривожлантиришнинг илмий асослари ва муаммолари» илмий-тадқиқот маркази
ISSN1994-2025
Nashr sanasi2025-05-30
Jild2
Son3
Betlar155-163
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.60078/3060-4842-2025-vol2-iss3-pp155-163
Indeksga qo‘shilgan2026-08-26

DOI: 10.60078/3060-4842-2025-vol2-iss3-pp155-163 · Maqolaning asl sahifasi

Kalit so‘zlar

government securities, investment attractiveness, Uzbekistan, floating-rate bonds, long-term investments, fiscal policy, green bonds, государственные ценные бумаги, инвестиционная привлекательность, Узбекистан, облигации с плавающей ставкой, долгосрочные инвестиции, фискальная политика, зеленые облигации, davlat qimmatli qog‘ozlari, investitsion jozibadorlik, O‘zbekiston, o‘zgaruvchan foizli obligatsiyalar, uzoq muddatli investitsiyalar, fiskal siyosat, “yashil” obligatsiyalar

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APARejabbayev , Sarvar, Karimova , Dilorom, Режаббаев , Сарвар, Каримова , Дилором, Rejabbayev , Sarvar, & Karimova , Dilorom (2025). FORMATION OF AN EFFECTIVE DEBT MARKET: INSTITUTIONAL CHALLENGES AND DEVELOPMENT PROSPECTS OF GOVERNMENT BONDS IN UZBEKISTAN. Илғор иқтисодиёт ва педагогик технологиялар, 2(3), 155-163. https://doi.org/10.60078/3060-4842-2025-vol2-iss3-pp155-163
GOST (OAK)Rejabbayev , Sarvar va b. FORMATION OF AN EFFECTIVE DEBT MARKET: INSTITUTIONAL CHALLENGES AND DEVELOPMENT PROSPECTS OF GOVERNMENT BONDS IN UZBEKISTAN // Илғор иқтисодиёт ва педагогик технологиялар. – 2025. – T. 2, № 3. – P. 155-163. – DOI: 10.60078/3060-4842-2025-vol2-iss3-pp155-163.
MLARejabbayev , Sarvar, Karimova , Dilorom, Режаббаев , Сарвар, Каримова , Дилором, Rejabbayev , Sarvar, and Karimova , Dilorom. “FORMATION OF AN EFFECTIVE DEBT MARKET: INSTITUTIONAL CHALLENGES AND DEVELOPMENT PROSPECTS OF GOVERNMENT BONDS IN UZBEKISTAN.” Илғор иқтисодиёт ва педагогик технологиялар, 2(3), 155-163, 2025. https://doi.org/10.60078/3060-4842-2025-vol2-iss3-pp155-163
ChicagoRejabbayev , Sarvar, Karimova , Dilorom, Режаббаев , Сарвар, Каримова , Дилором, Rejabbayev , Sarvar, and Karimova , Dilorom. “FORMATION OF AN EFFECTIVE DEBT MARKET: INSTITUTIONAL CHALLENGES AND DEVELOPMENT PROSPECTS OF GOVERNMENT BONDS IN UZBEKISTAN.” Илғор иқтисодиёт ва педагогик технологиялар, 2(3), 155-163 (2025). https://doi.org/10.60078/3060-4842-2025-vol2-iss3-pp155-163
HarvardRejabbayev , Sarvar, Karimova , Dilorom, Режаббаев , Сарвар, Каримова , Дилором, Rejabbayev , Sarvar, and Karimova , Dilorom (2025) ‘FORMATION OF AN EFFECTIVE DEBT MARKET: INSTITUTIONAL CHALLENGES AND DEVELOPMENT PROSPECTS OF GOVERNMENT BONDS IN UZBEKISTAN’, Илғор иқтисодиёт ва педагогик технологиялар, 2(3), 155-163. https://doi.org/10.60078/3060-4842-2025-vol2-iss3-pp155-163
BibTeX
@article{rejabbayevsarvar2025,
  title = {FORMATION OF AN EFFECTIVE DEBT MARKET: INSTITUTIONAL CHALLENGES AND DEVELOPMENT PROSPECTS OF GOVERNMENT BONDS IN UZBEKISTAN},
  author = {Rejabbayev , Sarvar and Karimova , Dilorom and Режаббаев , Сарвар and Каримова , Дилором and Rejabbayev , Sarvar and Karimova , Dilorom},
  journal = {Илғор иқтисодиёт ва педагогик технологиялар},
  year = {2025},
  volume = {2},
  number = {3},
  pages = {155-163},
  doi = {10.60078/3060-4842-2025-vol2-iss3-pp155-163},
  url = {https://doi.org/10.60078/3060-4842-2025-vol2-iss3-pp155-163}
}

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