Kholikov khamidulla vaydulla ugli effective organizing of the government securities circulation

The main issues and hypothesis of the research. The main issue of the research consists of giving scientific proposals and recommendations on improving effective circulation of the government securities and forming liquid government securities market on the basis of developed countries practices. The implementation of the given conclusions and recommendations into the practice can serve to develop government securities market more effectively and create a favorable investment climate in the domestic market. The hypothesis of the the research includes the following: the introduction of the tested experience in the government securities market of the analyzed developed countries in the practice of our country, creating an attractive environment for local investors in the government securities market, ensuring that the coupon rate for government securities is based on market forces, effective use of proceeds from the placement of government securities in the financing of social and investment projects, placing government securities not only between banks, but also resident legal entities and increasing the size of market participants.
The literature review (analysis) on the research theme. The issues on government securities market foreign scientists such as F.S.Mishkin, S.G.Еakins, M.Choudhry, A.Crescenzi, A.Thau, W.L.Hoskins, T.Ishaq, and H.M.Mohsin² and others.
Uzbek scientists such as S.Elmirzayev, J.Ataniyazov, N.Tursunova, N.Sherkuziyeva, Sh.Elmurodov³ and others investigate government securities market.
The description of used methods in the research. The research includes several methods such as induction, deduction, comparative analysis, trend analysis, and others.
The theoretical and practical importance of the results of the research consists of the followings. Firstly, a number of goals can be achieved by creating an effective government securities market. In particular, govеrnmеnt sеcuritiеs markеt constitutеs thе principal sеction of thе dеbt markеt. It not only givеs rеsourcеs to thе govеrnmеnt for mееting its short tеrm and long-tеrm nееds but also acts as a bеnchmark for pricing corporatе papеrs of varying maturitiеs. Thе govеrnmеnt sеcuritiеs issuеs arе usеful in implеmеnts thе fiscal policy of thе govеrnmеnt. It is critical in bringing about an еffеctivе and rеliablе transmission channеls for thе usе of indirеct instrumеnts of financial control. Thе working of thе two of thе main tеchniquеs of monеtary control – Opеn Markеt Opеrations and Statutory Liquidity Ratio arе closеly connеctеd with thе dynamics of this markеt. In the financial markets of developed countries, governments issue securities in order to achieve the above-mentioned goals and to avoid possible financial difficulties. In most developing countries, government securities market is not well-developed because of unstable inflation, low investor confidence in the state, non-compliance with market forces, incomplete protection of investors' rights, low attractiveness of government securities market. Moreover, scientific and methodological proposals for the effective circulation of the government securities serve as a basis for improving the strategy and legal framework of government securities market in the country. In many developing countries, the government securities market is underdeveloped, which can be attributed to: unstable inflation, low investor confidence in the state, non-compliance with market laws, incomplete protection of investors' rights, low attractiveness of the securities market. Dissertation materials can be used in the preparation of lecture notes and case studies on "Corporate Finance", "Financial Management" and "Corporate Governance", “Financial market” as well as practical training.