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May 3, 20260 citationsOpen Access

Development of government securities markets: experience of Uzbekistan, Kazakhstan, and Poland in 2015-2025

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OOOlimov Shukurulla Dilshodjon o'g'liBEBeknazarov Zafarjon Ergashevich

Key Points

  • This work examines the evolution of government bond markets in Uzbekistan, Kazakhstan, and Poland from 2015 to 2025, focusing on institutional changes and investor diversity.
  • Analyzed changes in government bond markets from 2015 to 2025 in Uzbekistan, Kazakhstan, and Poland.
  • Compared institutional reforms and their impacts on market size and trading activity.
  • Assessed the patterns and challenges faced by these economies during structural shifts.
  • Reforms significantly enhanced trading activity and market smoothness in all three countries.
  • Wider access for buyers was crucial for the sustained growth of government bond markets.
  • Long-term stability depended on consistent improvements in market frameworks and participation.

Abstract

This work looks into how government bond markets evolved in Uzbekistan, Kazakhstan, and Poland between 2015 and 2025, paying close attention to shifts in institutions, market size, and variety among investors. Through comparison, patterns emerge showing shared challenges typical of economies shifting structure - yet some reforms clearly boosted trading activity and smoothness. Improvement did not come automatically; it followed deliberate changes in rules and broader access for buyers. Longevity in these markets hinges less on short bursts of growth, more on steady upgrades to systems alongside wider participation. When frameworks strengthen over time, outcomes tend to follow.

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Cite This Study

o'g'li et al. (2026) studied this question.

synapsesocial.com/papers/69f6e6ab8071d4f1bdfc75e3https://doi.org/10.5281/zenodo.19946752
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