Foreign Experience in The Development of Stock Markets and Its Application Potential in Uzbekistan

Stock markets are essential financial instruments that facilitate capital accumulation and economic development. Developed countries have leveraged stock markets—particularly IPO mechanisms—to stimulate investment and transparency in corporate governance. In Uzbekistan, despite ongoing reforms, the stock market remains underdeveloped, contributing less than 3% to GDP, a stark contrast to global benchmarks exceeding 100% in leading economies. There is a limited understanding of how successful international stock market strategies—especially IPO models—can be effectively adapted and applied to the Uzbek financial environment. This article aims to analyze the global experience of stock market development, assess its relevance to Uzbekistan, and propose actionable strategies for enhancing the local market’s structure and performance. Comparative analysis reveals that IPOs in developed economies significantly boost capital flows, improve transparency, and incentivize innovation, while in Uzbekistan, institutional and regulatory shortcomings hinder similar progress. Local IPO attempts have shown mixed results, with limited bank involvement and low public awareness being major barriers. The research integrates detailed international case studies with local data, highlighting successful IPO-driven transformations and adapting them into a strategic roadmap for Uzbekistan’s stock market. Strengthening regulatory frameworks, encouraging bank participation, and improving financial literacy are critical to expanding Uzbekistan’s capital markets. Future policy must emphasize institutional reform, digital integration, and strategic public offerings to achieve sustainable financial sector growth.