Ilmiy tadqiqot markazi

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65 
THE PRIORITY OF FINANCIAL MARKET DEVELOPMENT TRENDS, MODERN
TRENDS AND PERSPECTIVES 
 
Shoyimova Charos O’rol qizi
 - 
A student of Tashkent institute of Finance 
As economic categories, financial markets and institutions are of enormous interest to 
academics and professionals. Large businesses will continue to operate as usual, regardless of 
the market economy's harsh circumstances, and they won't ignore the current financial 
market procedures and operations either. They assert that financial managers must be 
familiar with the fundamentals governing the structure and operation of financial markets 
and institutions. The management of financial flows, their start, fulfillment of these flows, and 
organization of each party's ultimate goal (i.e. implementation, actual realization), i.e. the 
announcement of the offer, are today's objectives of financial management. Financial donors 
and recipients both contribute to the initialization of the financial flows. The beneficiaries 
have a portfolio of flows, thus they are able to manage the financial resources that the donors 
can represent. Global experience has shown that financial markets without its instruments 
reflect the real market economy. This thesis forms the foundation of neoclassical financial 
theory. In addition, research of macro- and microeconomics can validate it without any 
supporting data. E. Show and R. McKinnon, two American economists, separately created the 
macroeconomic ideas of financial deepening and financial repression, namely in 1973 
(Brigham and Ehrhardt, 2014). According to the idea of financial deepening, the 
establishment and growth of financial institutions and markets are essential to the process of 
economic development. As of now, larger rates will be offered for the accumulation of 
financial assets than non-financial assets. Financial repression refers to systemic control (by 
the government or an oligopoly)*, which is typically carried out through interest rate 
regulation and control. Financial suppression occurs frequently when a market economy is 
still in the process of developing, which is reflected in their obligations and role in the 
structure of financial institutions, markets, assets, and financial flows, as well as in the 
procedures and things that investments and finances are made of. In such a situation, 
investments in non-financial assets (such as gold and real estate) are frequent; additionally, 
resources are inactive and businesses are in need of financial resources. Yet, financial 
suppression is replaced by financial deepening through institutional growth and economic 
improvement. In the system of strategic funding for large industrial subjects, particularly 
those creating the system, capital markets unquestionably hold a dominant position for the 
subjects of the global, national, or regional economy. 
The majority of businesses, especially big ones, have tight relationships to numerous 
financial markets. Each of them operates an informal and organized structure for trading in 
financial instruments and assets. At these markets, transactions involving money or its 
equivalent, the issuance of credits, the mobilization of capital, and other activities take place. 
As a result, various combinations of the two common financial processes of mobilization and 
investment are carried out. If objective of the financial institutions is provision of the most 
efficient displacement of cash resources from owners to the borrowers, function of the 
financial market is organization of trading with financial assets and liabilities between 
purchasers and sellers of the financial resources. Solving this task in Georgia is becoming 
difficult due to particular objective and subjective reasons, as it is necessary foresee various, 
and sometimes diametrically reversed interest of the participants of financial market, 
important risks of performing financial liabilities and etc. 
We have distinguished between whether it is necessary to incorporate the fundamentals 
of the yield curve for the Lari, the national currency of Georgia, at the Georgian financial 
market. As part of a cooperative effort with the EBRD, it was created with the assistance of 

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66 
professionals from the Central Bank of the Czech Republic. The following primary tasks are 
the purpose of the manuscript's conditioned setup and solution in the article: 
 
Today, financial market of Georgia is in the stage of development. Though, important 
role in the development of economy of the country is granted to the effective functioning of 
the securities market. Developing countries suffer non-materiality of their own resources. As 
for one of the best means of attracting investment, capital is activation of the securities 
market. Notwithstanding positive changes in Georgia, there are fundamental problems, 
preventing effective functioning. In the first place, main source of attracting financial 
resources for the market is the loans received from the commercial banks, while source of 
funding with the share capital is relatively unused. On the other hand, according to the 
Georgian economists, if we refuse centralized management and want to manage the country 
with the principles of market economy, main thing is to create such macro-environment, 
where economy will be self-managed, working in the regime of self-regulation. One of the 
supports of the market economy is corporate management, i.e. when the enterprise is not 
managed unilaterally, but under the dictation of the market to make decision on demand and 
distribution, as well as management. When there are no joint stock companies in the country, 
market price of the share is the most unbiased index. Price of share at the market is the 
combined index of multiple nuances, particularly: how much profitable the share is, how 
much interesting it is to the investor, how it rises or decreases price. Market price of 
particular share is the best support to the manager. The manager may check the listing in the 
morning and see what happens at the stock exchange regarding his company and 
competitors; if the price of shares rise or fall, where to search for the defect or change 
something in the management.