Olimjon Davronovich Alimov,
Researcher of the Department of Corporate Finance and Securities
Tashkent Institute of Finance
Tashkent, Uzbekistan
E-mail:alim.d.alimov@gmail.com
ORCID: 0000-0001-6133-2349
Abstract. This article presents the main determinants of the development of the securities market in emerging countries. Both macroeconomic and institutional determinants have been identified. The article provides an empirical model of determinants’ influence on securities market development in emerging countries. Panel data for 30 emerging countries for the period 2010-2020 by sources of the World Bank and the International Monetary Fund were used. The results show that gross domestic savings and GDP per capita are significant and have a positive impact on the development of the securities market. In assessing the impact of the components of institutional quality on the development of the securities market, it is possible to identify an effective government that enhances the quality of policy formulation and implementation, as well as the credibility of the government’s commitment to such policies, should be positive impact on the development of the market as a whole. However, the quality of regulation reflects the Government’s ability to implement sound policies and regulations to promote the private sector, and therefore has a statistically positive impact on securities market development in emerging countries. The rule of law is another determinant of market development and improves market risks by increasing equity investment and returns.
Keywords. securities market, corporate securities, economic growth