Abstract
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.
Highlights
The analyses show that the socially-oriented market economy and gradual privatization reforms have significantly influenced SOE reform in Uzbekistan
This article has sought to outline the role of SOEs in CIS countries' economy, outline the theoretical basis of state participation in economics, and address some urgent issues connected with SOE activity in Uzbekistan
Among the findings of this thesis is that despite extensive privatization reforms implemented since the 1990s, SOEs are still having a significant role in the economy of Uzbekistan and the other CIS countries examined in this thesis
Summary
The Keynesian model was presented as a remedy for the economic crisis It assumes active and, as far as possible, maximum government intervention in the economy to minimize cyclical fluctuations, unemployment, inflation, and loss of resources and products of all market participants. As far as possible, maximum government intervention in the economy to minimize cyclical fluctuations, unemployment, inflation, and loss of resources and products of all market participants In his ‘The General Theory of Employment, Interest, and Money, Keynes questioned the assumption that selfregulation is automatic in a market economy and justified the need for government intervention in economic processes [4]. The latest tendency in the attitude of the world’s largest economies to a maximum usage of state leverages in economic relations may change the further direction of theories on the state’s role in the marketplace
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