IMPROVING THE METHODOLOGY FOR ASSESSING THE INSTITUTIONAL DEVELOPMENT OF UZBEKISTAN'S CAPITAL MARKET

This article examines the methodological foundations for assessing the institutional development of Uzbekistan's capital market. It argues that conventional assessments based mainly on market capitalization, securities issuance, and trading volumes provide an incomplete picture of institutional performance. A comprehensive assessment should also consider regulatory effectiveness, investor protection, corporate governance, the capacity of market intermediaries, institutional investor participation, and the readiness of enterprises for public offerings. The study applies systems analysis, comparative assessment, expert-based evaluation, and composite-index construction. A multidimensional Institutional Capital Market Development Index is proposed, combining quantitative indicators with standardized qualitative assessments. The methodology incorporates five scientific innovations: improving the assessment of IPO/SPO readiness, measuring the functional efficiency of capital-market institutions, evaluating the institutional conditions for introducing new financial instruments, identifying factors affecting foreign investor participation, and forecasting the IPO potential of stateowned enterprises. The proposed framework can support evidence-based policymaking, identify institutional weaknesses, and improve the consistency of capital-market development assessments. Its practical application requires transparent indicator definitions, reliable data, periodic reassessment, and independent verification.

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