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Активизация Рынка Ценных Бумаг И Механизмы Участия Государства // Making More Active The Securities Market And Mechanisms Of State Participation

Author

Listed:
  • S. Cholbaeva D.

    (Kyrgyz Economic University named after M. Ryskulbekov)

  • С. Чолбаева Д.

    (Кыргызский экономический университет имени М. Рыскулбекова)

Abstract

The scope and methods of attracting financial resources in different countries have specific features; however at the current stage of the global financial market development, a significant part of financial resources is attracted by issuing securities. The securities market in the Kyrgyz Republic emerged in the time of the privatization of state enterprises in different economic sectors. The first issuers appeared; they were joint-stock companies, investors and professional players of the securities market. It is known that dynamically developing economy is based on the development of the financial market of the country. The volume of the stock market shows not only its development at the moment, but also it is a good base to draw conclusions about all the economy in general. The stock market is often called a “mirror of the economy.” The analysis shows that unlike Russia, the Kyrgyz Republic has no experience in making transactions using financial derivatives on the domestic and foreign markets as well as in hedging price risks on the currency, oil or stock markets. The main reason for the lag is the lack of legislative framework for markets of derivative financial instruments. Масштабы и способы привлечения финансовых ресурсов в разных странах имеют свою специфику, тем не менее на современном этапе развития мирового финансового рынка значительная часть финансовых ресурсов привлекается посредством эмиссии ценных бумаг. Зарождение рынка ценных бумаг в Кыргызстане было обусловлено проведением приватизации государственных предприятий различных отраслей экономики. Появились эмитенты - акционерные общества, инвесторы и профессиональные участники рынка ценных бумаг. Известно, что динамично развивающаяся экономика базируется на развитом финансовом рынке страны. По объемам фондового рынка можно не только судить о его развитии в текущий момент, но и делать выводы об экономике в целом. Поэтому фондовый рынок часто называют «зеркалом экономики». Проведенный анализ показал, что в Республике Кыргызстан не существует опыта заключения предпринимателями сделок с производными финансовыми инструментами на внутреннем и внешнем рынках, хеджирования ценовых рисков на валютном и нефтяном рынках, на зарубежных биржах (в отличие, например, от России). Главная причина отставания - отсутствие законодательных основ функционирования рынков производных финансовых инструментов.

Suggested Citation

  • S. Cholbaeva D. & С. Чолбаева Д., 2016. "Активизация Рынка Ценных Бумаг И Механизмы Участия Государства // Making More Active The Securities Market And Mechanisms Of State Participation," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 20(3), pages 100-106.
  • Handle: RePEc:scn:financ:y:2016:i:3:p:100-106
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    References listed on IDEAS

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    1. Thomas I. Palley, 1996. "Post Keynesian Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37412-6, December.
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