2005 U., %
0-5
|
-
|
0-5
|
10,3
|
>5-10
|
-
|
>5-10
|
19.0
|
>10-20
|
4.3
|
>10-20
|
27.6
|
>20-30
|
-
|
>20-30
|
15.5
|
>30-40
|
8.6
|
>30-40
|
10.3
|
>40-60
|
17.5
|
>40-60
|
6.9
|
>60-80
|
17.5
|
>60-80
|
6.9
|
>80-100
|
13.0
|
>80-100
|
-
|
>100-150
|
13.0
|
>100-150
|
3.5
|
>150
|
26.1
|
>150
|
-
|
1996 U., %
|
|
|
0-10
|
26
|
|
|
10-20
|
28
|
20-40
|
21
|
20-30
|
20
|
40-60
|
26
|
30-60
|
16
|
60-100
|
16
|
60-100
|
6
|
100)l,aH ol\OpH
|
37
|
100)l,aH ol\OpH
|
4
|
)l{aMH
|
100
|
)l{aMH
|
100
|
MaH6a: International Financial Statistics, IFC Emerging Stock Markets Factbooks.
}J{aOaa!l 26. A«u.uR!lap11u11 Mu!l!l 6o1op!l pa o6am6apOom!lu!l u
MaMJlaKaTJl
|
Hp aJl
|
KanHTaJlH3au, 51
|
)l,
|
KacH (1990=100),%)
|
1990
|
1991
|
1993
|
1995
|
1996
|
1997
|
1998
|
1999
|
2000
|
2005
|
PHBo1KraHraH oHA 6o oprapH
|
)l{ MH,
)l{yMJla)l,
|
:
|
100
|
139,1
|
164,4
|
211,4
|
241,5
|
284,2
|
340,7
|
H/)l,
|
H/)l,
|
410,3
|
Ca!lMozu11u (yp11u11u) me1 omupai!mza11 6o1op!lap
|
rOHKOHr
|
100
|
225,5
|
712,0
|
567,1
|
830,8
|
763,4
|
634,2
|
1124,3
|
1154,4
|
1194,1
|
paHu,H51
|
100
|
202,4
|
265,1
|
303,5
|
343,6
|
392,0
|
576,3
|
879,4
|
841,0
|
851,2
|
VI naHH51
|
100
|
207,7
|
167,1
|
277,8
|
341,1
|
407,9
|
564,9
|
609,8
|
708,2
|
781,4
|
Ca!lMozu11u Rxmu omupai!mza11 6o1op!lap
|
WBei1u, pH51
|
100
|
135,3
|
211,4
|
337,4
|
312,8
|
447,7
|
536,3
|
529,8
|
616,6
|
676,1
|
repMaHH51
|
100
|
184,6
|
217,4
|
270,8
|
314,8
|
387,3
|
513,4
|
676,6
|
595,9
|
623,8
|
AK,
|
100
|
157,9
|
198,4
|
264,9
|
327,7
|
436,8
|
519,6
|
578,2
|
578,1
|
582,5
|
Ca!lMozu11u ypma a aa 6ap apop omupai!mza11 6o1op!lap
|
. pHTaHH51
|
100
|
145,1
|
169,4
|
206,8
|
255,6
|
293,6
|
348,7
|
411,6
|
378,6
|
418,9
|
Ca!l u11 Uy omai!mza11 6o1op!l
|
KaHa)l,
|
100
|
122,0
|
149,2
|
167,4
|
222,2
|
259,4
|
248,4
|
360,7
|
351,9
|
361,2
|
51nOHH51
|
100
|
111,7
|
107,0
|
130,8
|
110,2
|
79,1
|
89,1
|
162,7
|
115,3
|
145,4
|
WaKrraHaeTraH 6o oprapH
|
)/{GMU,
)/{YM!l
|
T-
|
100
|
259,8
|
493,5
|
582,3
|
711,6
|
672,1
|
582,9
|
H/)l,
|
H/)l,
|
H/)l,
|
Ca!lMozu11u me1 omupai!mza11 6o1op!lap
|
VIH)l,OHe3H51
|
100
|
10029,4
|
48455,9
|
97919,1
|
133847
|
42801
|
32500,0
|
94176,0
|
39426
|
49121
|
X, TOi1
|
-
|
100
|
2000,0
|
2073,7
|
5609,2
|
10175
|
10100,0
|
13620,9
|
H/)l,
|
14523
|
TypKH51
|
100
|
487,5
|
1164,0
|
644,9
|
932,3
|
1896
|
1044,4
|
3521,3
|
2163,3
|
3143,5
|
MeKcHKa
|
100
|
1173,0
|
2397,4
|
1083,2
|
1272,9
|
1870,8
|
1096,0
|
1839,9
|
1496,0
|
1685,0
|
Ca!lMozu11u Rxmu omupai!mza11 6o1op!lap
|
pa3HJlH51
|
100
|
253,0
|
588,2
|
588,2
|
1284,0
|
1511,8
|
952,0
|
1348,8
|
H/)l,
|
1413,2
|
X,HH)l,HcTOH
|
100
|
279,6
|
574,4
|
574,4
|
718,8
|
753,2
|
616,2
|
1143,7
|
H/)l,
|
1323,7
|
Ca!l u11 Uy omai!mza11 6o1op!l (ma«!l!la11ai!mza11!l u uOa)
|
MaJlai13H51
|
100
|
316,8
|
1190,8
|
1190,8
|
165,7
|
505,9
|
532,6
|
755,5
|
755,5
|
732,0
|
Tai1
|
100
|
257,0
|
401,6
|
401,6
|
562,6
|
592,2
|
535,0
|
774,2
|
774,2
|
802,4
|
KOpe51
|
100
|
293,0
|
423,7
|
423,7
|
421,9
|
127,2
|
348,0
|
930,1
|
930,1
|
972,0
|
311Ou ma«!l!la11ai!mza11 6o1op!lap (ma«!l!la11ai!mza11!lap u uOa)
|
Y36eKHcTOH*
|
-
|
-
|
H/)l,
|
1,94
|
1,9
|
1,55
|
1,5
|
1,6
|
1,86
|
1,34
|
)l{ ax,OH cp H)l, 6O3OpJlapH
|
100
|
144,2
|
178,3
|
178,3
|
260,7
|
300,6
|
260,7
|
H/)l,
|
H/)l,
|
298,2
|
MaH6a: FIBV, S&Poor’s/IFC. *-TaXMHHaH MaKcHMaJl )l, a)l, XHcO6Jl aH.
}J{aOaa!l 27. Bo!l mu!l!l OapaJIC 6yUu a Mu!l!l a«u.uR!l 6o1op!lapu11 ma cuM!la11 u
MaMJlaKaTJl 6yi1 Ya cp H)l, HH)l,eKcJl (1995 – 2005 i1HJlJl 6yi1 Ya ypTaYa.)
|
BapHau,H51 KO3cp., %
|
PHBO JlaHraH 6O3OpJl
|
)l{ H
|
WaKJlJl raH 6O3OpJl
|
)l{ H
|
0-10
|
ABcTpaJl 51
|
1
|
|
|
>10-20
|
ABcTpH51, . pHTaHH51, rOHKOHr, VIpJlaH)l,H51,
HH)l, pJlaH)l,Jl , HOpBerH51, WBei1u, pH51, 51 OHH51
|
8
|
ApreHTHHa, VIOp)l,aHH51, nOJl wa, Tai1BaHb, 4eXH51, 4HJlH
|
6
|
>20-30
|
eJl rH51, repMaHH51,
aHH51, VI naHH51, VITaJlH51,
KaHa)l,a, 51 3eJlaH)l,H51, CHHranyp, AK,W,
paHu,H51
|
10
|
pa3HJlH51, BeHrpH51, MHcp, X,HH)l,HcTOH,
MapOKKO, MeKcHKa, nepy,
)l{AP
|
8
|
>30-40
|
Jl ypr, WBeu,H51
|
2
|
BeHecy3Jl , VI HJl, KOpe51, KOJl M6H51, nOKHcTOH
|
5
|
>40-50
|
|
|
TypKH51, rpeu,H51,
HJlHnnHHJl p
|
3
|
>50-70
|
|
|
MaJlai13H51, POccH51
|
2
|
>70-80
|
HHJl51H)l,H51
|
1
|
VIH)l,OHe3H51
|
1
|
>80
|
|
|
TaHJl H)l,
|
1
|
>100
|
|
|
Y36eKHcTOH
|
1
|
)l{ H MaMJlaKaTJlap
|
22
|
)l{ H MaMJlaKaTJlap
|
27
|
MaH6a: IOl\ pH)l, KeJl pHJlraH a)l,BaJlJl .
11roBa 3. Y 6eKHcToH MorHH 6o opH TaBcHH, x,oraTH Ba M aMMorapH
Y36eKHcTOH)l, MOJl 51 6O3OpH MO)l,eJl apaJlaw (rH6pH)l,, l\ Ma) MO)l,eJl a MaHcy6 6yJl 6, y3H)l, aHrJlO caKcOH, KOHTHHeHTaJl (repMaHYa) Ba 51nOH MO)l,eJlJl 3Jl TJl HHH MabJl M )l,apa a)l, My accaMJl THpraH (3.3 Ba 3.4 napaHpacpJl a l\apaJl H). YHHHr x, cycH51 H wyH)l,aKH, yH)l, x, 3HpYa Ha 6aHKJlapHHHr, Ha MOJlH51 HHcTHTyTJl pHHHHr (HHBecTHu,H51 HHcTHTyTJl pH, cyFypTa TawKHJlOTJlapH, cpOH)l,Jlap), Ha HHcTHTyu, HaJl HHBecTOpJl r, Ha Mai1)l,a YaKaHa HHBecTOpJl Hr aJlOx,H)l,a ycTyHJl Ky3aTHJl ai1)l, . AJl x,H)l, cerMeHTJl a (nyJl, BaJloTaJl , KOpnOpaTHB Ba )l,aBJl l\ Jl l\OFO3Jl H, cyFypTa HHcTpyMeHTJl pH, Kpe)l,HT Ba 6aHKJlapHHHr 6Owl\ HHcTpyMeHTJl pH 6O3OpJl ra) 3ra 6yJl , yJl x,O3Hp)l, 6Hp 6HpH 6HJl TyJlHl\ 6OFJlHl\ 3Mac Ba x,ap 6HpH TypJl BaKOJlaTJlH )l,aBJl OpraHJl TOMOHH)l, aJlOx,H)l, TapTH6Jl THpHJla)l, (9.7 naparpacp a l\ aJl ).
X, 3Hp)l, x,ap l\aH)l,ai1 yTHw Hl\ )l, MaHcy6 MaMJlaKaTJl cHHrapH Y36eKHcTOH yYyH acOcHi1 MyaMMOJl – HwJl YHl\apHwHH MO)l, u,H51Jl w THpHw, HHBecTHu,H51Jl pHH aJl 6 l\HJlHw Ba HH)l, cTpHaJl ycHwHH TabMHHJlaw)l,Hp. y MyaMMOJl H eYHw)l, MHJlJlHi1 MOJlH51 6O3OpH 6HpMyHYa l\Hi1 HYHJlHKJl a (MyaMMOJl a) )l, Y KeJl Ol\)l, (3.4, 9.7, 10.3 naparpacpJl l\apaJl ). KOMnaHH51Jl Ba 6aHKJl )l, 3MHccHOH, cp Jl )l, Ma)l,Jl p Ba HHBecTHu,HOH cHecaTJlapH)l,a HOMyTaHOcH6JlHKJl Ky3aTHw MyMKHH. aHKJl , KOMnaHH51Jl p Ba cyFypTa TawKHJlOTJl
MO51BHi1 x,OJl l\OHHl\ pJl Ba 6apl\ pOp 3Mac, pHcKJlHJl Ba BOJl THJlJlHK )l, acH ol\ .
K, TJl l\OFO3Jl p 6O3OpH)l, (K,K, ) x,O3HpYa My)l,)l, TJl HHcTpyMeHTJl p ()l, pHBaTHBJl p), MyHHu, naJl, HnOTeKa Ba 6Owl\ Typ)l, TH OpaT l\OFO3Jl H ( yMJla)l, BeKceJlJlap) cerMeHTJl TyJlHl\ waKJlJl araH. IPO MeXaHH3MH i1yl\. aBJlaT l\HMMaTJl l\ 3Jl H MyOMaJlacH Pecny6Jl BaJl
6Hp acH)l, aMaJlra OwHpHJla)l, . nyJl, BaJloTa Ba 6aHKJl Kpe)l,HTJlap 6O3OpJl 6aHKJl ceKTOpH)l, cp OJlH51 KypcaTa)l, . K, MMaTJl l\ O3Jl 6O3OpH x,a MHHHHr 51VI ra HHc6aTH (KanHTaJlH3au,H51 cypbaTH) KHYHK 6yJl , yHHHr )l, pa acH 51Jl HYKH HHBecTHu,H51Jl p (51VIVI) x,a MH)l,aH aHYa KaM 74 . PeaJl ceKTOpHHHr nyJl pecypcJl ra 6yJl aH TaJl acOcHi1 KanHTaJl a l\HJl aH HYKH Ba 6eBOcHTa aJl6 (TyFpH)l,aH TyFpH) l\HJlHHraH HHBecTHu,H51Jl p x,HcO6Hra l\ H)l, HJl Ol\)l, . yH)l, KHYHK 6H3HecHHHr 51VIM
HY)l,arH caJl OFH OwH6 6OpMOl\)l,a. AKu,H51Jl 6yi1 )l,HBH)l,eH)l,Jl cpOH3H Ba O6JlHrau,H51Jl 6yi1 a cp H3 cTaBKacH i1HJl)l,aH i1HJlra nacai1 TeH)l,eHu,H51cHra 3ra. AKu,H51Jl HHHr 6HpJl H Ba HKKHJl H 6O3OpJl Hr HHc6aTH Tax,MHHaH 6Hp 6HpHra 51l\HH. AKu,H51Jl Ba O6Jl rau,H51Jl pHHHr HKKHJl H 6O3OpJlapH cneKyJl51 B XapaKTepra 3ra 3Mac. CneKyJl51 B nOpTcpeJl HHBecTOpJlap waKJlJlaHMaraH 6yJl , acOcaH cTpaTerHK nOpTcpeJl HHBecTOpJl MaB y)l,.
X,O3Hp)l, (2007 i1HJl r 6OwH x,OJl ra Kypa) MOJlH51 6O3OpHHHHr Onepau, OH Ty3HJl H)l, yY o3)l, 3He)l, HHBecTHu,H51 HHcTHTyTJl H, 6ewTa 6Hp a (Pecny6Jl BaJl a Hp acH, “TOwKeHT” Pecny6Jl a H)l, Hp acH, Pecny6Jl TOBap x,OM awe Hp acH, Pecny6Jl KyYMac MyJlK Hp acH, ArpOcaHOaT Hp acH), HKKHTa 6Hp a)l, Tawl\ pH 3Jl H caB)l, TH3HMH ( aHKJl caB)l, TH3HMH, "3Jl Hc caB)l,O” 3JleKTpOH caB)l, TH3HMH), HKKH MHHr)l, H OpTHl\ aKu,H51)l,OpJl aMH51 H, 28 TH OpaT 6aHKH (yJl )l, 12-TacH apaJl MyJlKYHJlHK waKJl a acOcJl 6aHKJl , 9-TacH x,ycycHi1 6aHK, 5-TacH x,OpH Hi1 KanHTaJl HwTHpOKH)l, rH 6aHK, 3-TacH )l, BJl 6aHKH), 45 Kpe)l,HT HTTHcpOl\Jl pH, 25-)l, H 3He)l, cyFypTa TawKHJl TJl H, 6o)l, eT)l, Tawl\ cpOH)l,Jl (6aH)l,Jl , neHcH51, i1yJl, cp Jl cp H)l, Ba x,.K.), 1,11 MHJlJl OH)l, H 3He)l, aKu,H51)l, 6yJlraH HYKH Ba x,OpH Hi1 HHBecTOpJl (yJlap)l,aH 1,0 HcMOHHi1 waXcJl , yJl HHr caJl 3 cp H3HH TawKHJl l\HJla)l, ), 6o)l, eT)l, Tawl\ cpOH)l,Jl , 6aHKJl ,
Kpe)l,HT HTTHcpOl\Jl (20 )l, H 3He)l,) Ba cyFypTa (25 Ta) TawKHJlOTJl HHHr Kyn MHJlJl OHJlH MH O3Jl
cp JlH51T KypcaTMOl\)l, . neHcH51 Ba 6Owl\ 6o)l, eT)l, Tawl\ cpOH)l,Jl y3JlapHHHHr cp JlH51 Hra l\ HMYa acOcaH )l,aBJl l\ Jl l\OFO3Jl Hra HHBecTHu,H51 l\HJla)l, Jl , cp JlJl ce3HJlapJl 3Mac.
Owl\ pyBYH KOMnaHH51JlapHHHr Tax,MHHaH 95 cp 3H )l, BJl TerHwJl aKu,H51Jl p naKeTJlapHHH
74 WOx, b3aMHi1 W.W. PIHOK u,eHHIX 6yMar Y36eKHcTaHa: cOcTO51HHe H cpaKTOpI pa3BHTH51.//)l{ pHaJl «PIHOK, )l,eHbrH H Kpe)l,HT», 23(118), 2007.-cc.41-43.
6Owl\ a)l,HJl . VI THu,H51 cpOH)l,JlapHHHHr cp OJlJl y)l, x,aM nacT. YMyMaH OJlraH)l, , MHJlJlHi1 MOJlH51 6O3OpH x,O3HpYa 3.1 naparpacp)l, KeJlTHpHJlraH HH)l, aTOpJl Me3OHHHHHr H O6Hi1 MHl\)l,OpHi1 KypcaTKHYJl Hra TyJlHl\ 3pHwMaraH. 4yHKH MOJlH51 6O3OpH l\ THawYHJlapHHHHr cp OJlJl cycT, MyOMaJl )l, rH MOJlH51 i1 HHcTpyMeHTJl pHHHHr TypH KaM, pHcKJlHJl H Ba BOJl JlJl )l, pa acH 6aJl H)l,, KanHTaJlH3au,H51 H Ba Jl BH)l,JlHJl nacT, x,a MH KaM, O6OpOTH ceKHH, TapTH6Jl w MeXaHH3MH TaKOMHJl 3Mac Ba x,.K. yJl HHr 6apYacH Bal\ HHYaJl x,OJl 6yJl , KeJl aK)l, 6Owl\ pHBO JlaHaeTraH MaMJlaKaTJl HHHr MOJlH51 6O3OpJl cHHrapH pal\O6aT6ap)l, wJlHK )l, ra
3pHwHwH Myl\ ppap 75 . yH)l, ypTa Ba y3Ol\ My)l,)l, T)l,a Y36eKHcTOH MOJlH51 6O3OpHHHHr KecKHH
pHBO JlaHHwHHH 6awOpaT l\HJlca 6yJla)l, 76. yHHHr yYyH yH)l,a 6apYa HMKOHH51 Jl p MaB y)l,.
Y36eKHcTOH MOJlH51 6O3OpHHHHr x,OJl l\ i1H)l, KeJlTHpHJlraH aHaJl cTaTHcTHK MabJl MOTJl )l,aH KypHw MyMKHH (1-22 a)l,BaJlJl p).
}J{aOaa!l 1. ff11 muu. u11 mumym!l co11 Ou11 acu
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