International Finance and Accounting


The article aims to discuss and scientifically-practically analyse the role of investor base in the process of developing corporate bond market in a country. It is important to investigate fundamental factors in developing local corporate bond market. One of such important drivers of the bond market is the participation of investors. Based on research results, profound reforms could be introduced and it would be more effective in succeeding in the target. In the article, the corporate bond market in Uzbekistan has been analyzed in terms of the corporate bond investors including the current market instruments, major investors, recent innovations and constraints for increasing bond investors. Based on our research, conclusions and recommendations are made to extend the investors base on the way of stimulating corporate bond market in Uzbekistan.


1. Presidential Decree of the Republic of Uzbekistan “On measures for more development of the capital market”, April 13, 2021 No. UP-6207 2. Strategy of Development of Capital Market in 2021-2023, April 13, 2021. 3. Thukral, S., Sridhar, S., & Joshi, M. S. (2015). Review of factors constraining the development of Indian corporate bond markets. Qualitative Research in Financial Markets. 4. Wyman, O. (2015, April). Accelerating Emerging Capital Markets Development, Corporate Bond Markets. In World Economic Forum (pp. 1-60). 5. Fabella, R., & Madhur, S. (2003). Bond market development in East Asia: issues and challenges. 6. Sui, H. (2011). Factors Influencing the Development of China's Corporate Bond Market and Relevant Suggestions. International Journal of Business and Management, 6(9), 258. 7. Hwang, S. (2016). Corporate Bond Market in Asia and the Pacific and Its Role in Financing for Development. ESCAP, Macroeconomic Policy and Financing for Development Division, 1-23. 8. Omonov, S., & Otakhonova, S. (2020). Essence of institutional investors and their importance in global financial markets. International Finance and Accounting, 2020(6). 9. Elmirzayev, S. E., Berdiyev, O‘. J. O‘., & Bo‘riyev, J. P. O‘. (2021). Milliy korporativ obligatsiyalar bozori: joriy holat va istiqbollar. Ekonomika i finansы (Uzbekistan), (2 (138)), 33-38. 10. Tocelovska, N., Sloka, B., & Arfejevs, I. (2018). Determinants of the Development of the Corporate Bond Market in Latvia. European Integration Studies, (12), 148-161. 11. Exchange Review of Tashkent Republican Stock Exchange for 2020 12.https://www.ampcapital.com/au/en/insights-hub/articles/2019/february/4-reasons-to-invest-in-corporate-bonds 13. Exchange Review of Tashkent Republican Stock Exchange for 2020 and Statistical bulletin of the Central bank , January-December 2020 14. https://piamg.uz/en/analytic/bond 15. Law Republic of Uzbekistan On the securities market, №387,03.06.2015.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.