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kerak. Mijozlarning fikr-mulohazalari asosida ularning bank ishidan qoniqish
darajasini aks ettiruvchi ko‘rsatkichlar
tizimi shakllantiriladi.
Keyingi tur -
xodimlarning fikrlarini so‘rov qilish. Bizning fikrimizcha, bu eng
muhimlaridan biridir, chunki professional nuqtai nazardan ular tashkilot
faoliyatidagi mavjud kamc
hiliklarni ko‘rsatishi, shuningdek, tashkilot
sama
radorligini oshirish uchun yangi g‘oyalarni taklif qilishlari mumkin.
Ushbu usulning oxirgi varianti tashkilotning yuqori rahbariyatini so‘rovidir.
Undan asosiy qaror qabul qiluvchilarning korporativ qadriyatlarga munosabati
haqida ma’lumot olish uchun fo
ydalanish mumkin. Bu holda natija menejerlar
tomonidan banklarning korporativ ijtimoiy mas’uliyatini idrok etishini
o‘lchaydigan so‘rov shkalasi bo‘ladi, bu sof shaklda kredit tashkilotining ijtimoiy
mas’ul
iyatli xattiharakatlari haqida tasavvurga ega emas.
Ushbu usul tashkilotning mehnat salohiyatidan foydalanish bo‘yicha kadrlar
siyosatini to‘g‘ri optimallashtirish imkonini beradi. Ushbu usuldan to‘g‘ri
foydalanish bank sektorining eng o‘tkir muammolaridan birini hal qiladi. Ayni
damda bank sektori faoliyatini tartibga soluvchi davlat haddan tashqari shishib
ketgan. Ularning faoliyatini takrorlaydigan ko‘plab bo‘linmalar va holatlar
mavjud. Shuning uchun bu tizimni boshqarish uchun samarali boshqaruv tizimini
yaratish zarur.
Nazariy blok doirasidagi uchinchi usul ekspert baholash usulidir. Usul
vakolatli mutaxassislar tomonidan muayyan masalalarni oqilona baholashni
nazarda tutadi. Bank faoliyati samaradorligini baholash doirasida bu jarayon bir
necha bosqichda amalga oshiriladi. Avvalo, kerakli mutaxassislar tanlovi mavjud.
Keyin so‘rov o‘tkaziladi va qiziqish masalasi bo‘yicha ekspert xulosasi olinadi.
Uchinchi bosqichda ekspert baholarini tahlil qilish va ularning izchillik darajasini
o‘rganish amalga oshiriladi. Yakuniy bosqichda natijalar umumlashtiri
ladi.
Shunday qilib, bank faoliyati samaradorligini baholashda nazariy blok
usullaridan foydalanish mijozlarning tashkilot faoliyatidan qoniqishini
o‘rganishda, shuningdek, tashkilot tuzilmasidagi ijtimoiy samaradorlik darajasini
o‘rganishda qo‘llanilishi
kerak degan xulosaga kelishimiz mumkin.
THE ROLE OF INTERNATIONAL FINANCIAL INSTITUTIONS IN
FINANCIAL MARKET DEVELOPMENT
Foziljonov Ibrohimjon Sotvoldikhoja ugli
TSUE, Faculty of Business administration
deputy dean, doctor of philosophy in economics
In our country, due to disruptions in the real sector of the economy and the
financial market, there are difficulties in using modern instruments of the
financial market to attract investment funds to enterprises. Through the
penetration of households into the financial market, the issue of increasing their
balance in the corporate securities market remains one of the pressing problems
154
that are waiting for a solution. Especially in the field of corporate governance and
finance, it is necessary to further revive the work on training qualified specialists,
improving the financial literacy of the population, attracting free funds of
individuals and legal entities to the country's economy through the sale of
securities.
Because these shortcomings negatively affect the efficiency of
implementation of programs related to the development of the financial market
and services, attracting foreign investments in the economy. To do this, make a
few new laws from the tasks we are facing. President of the Republic of Uzbekistan
Shavkat Mirziyoyev in his next address to the Senate and legislative chamber of
the Assembly Oliy Majlis on January 24, 2020, stressed the need for measures to
further develop the banking system and capital market and the need for
commercial banks to attract long-term foreign investment, as well as to enter the
international capital market [1]. Also, in recent years, a number of significant
changes have occurred in the financial market of Uzbekistan, in particular, from
200 million US dollars of financial resources in the economy by introducing stock
market turnover, in accordance with the development strategy of the new
Uzbekistan in 2022-2026.
It is planned to increase to $ 7 billion and complete transformational
processes in commercial banks with a state share, bringing the share of the
private sector in the assets of the banking system to 60% by the end of 2026. It
provides for the acceleration of transformation in commercial banks, the
abandonment of subsidized lending, the active transformation of commercial
banks with a state share into modern institutions by increasing their role as a
financial intermediary [2]. In particular, the coronavirus infection (COVID-19)
pandemic has led to the fact that developed countries have experienced a sharp
decrease in production volumes in the economy, a sharp reduction in consumer
volumes, a derailment of the production chain and trade integration, a sharp drop
in financial market indices and a sharp decrease in raw material prices, which has
led to a chaotic [3].
Another aspect of financial development that has a special resonance for
developing Asia and other developing countries is the use of financial services.
Compared to industrialized countries, these countries have limited access to
businesses and households.
The lack of financing opportunity can be a big obstacle to investments and
business activities in general. In particular, the lack of new financing often
prevents the creation of new enterprises necessary for a dynamic economy. New
businesses are especially important in knowledge-based areas that increase in
importance as the region's economy progresses. In general, entrepreneurship is
important for the rapidly developing private sector, which is constantly updated
and creates new enterprises, industries and jobs, for which the possibility of
financing is considered an indispensable most important factor for
entrepreneurship.
155
Uzbekistan is a country with great potential for the development of the
modern financial market. Providing its investment resources more openly,
increasing the attractiveness of banks and instilling confidence among the
population to participate in the activities of Joint
–
Stock Companies-will ensure
the future prospect of the financial market. Today, the financial market is different
from yesterday. There are a lot of opportunities to become an owner. By further
strengthening explanatory work among the population in this regard, it is
possible to positively influence the rapid development of financial markets. The
task of improving the efficiency of the Transmission mechanism is considered to
be related to the development of the financial market, in particular the market of
state securities, increasing the scale of the private capital market and the
development of financial intermediary institutions in the economy, in addition to
banks. As Uzbekistan accelerates the processes of transition to a market economy,
solid and competitive domestic financial markets are important in attracting
private investments.
The Asian Development Bank agreed on a $ 100 million loan allocation to
develop competitive financial markets in Uzbekistan on October 7, 2021, in order
to promote private investment, which is a key factor in economic growth and an
important source of new jobs in the country. It was established that these loan
funds will be directed to support public policy, legislation and institutional
reforms necessary to create a favorable environment for financial markets in the
country. The development of the securities market is an important tool of
macroeconomic policy aimed at its high and stable growth, ensuring the economy
needs long-term financial resources. This sector serves to transmit financial
resources to private sector representatives, banks, state-owned enterprises and
the government based on market mechanisms that need additional funds from
savers and investors.
As a result of this, these resources are rationally and efficiently distributed
among sectors, sectors with great potential in the development of the country,
unused funds become profitable investments, and capital is formed in the
economy. This, in turn, promotes high economic growth and increases
competitiveness. For the development of the capital market, a stable
macroeconomic environment, a consistently progressive financial system and a
solid legal framework are necessary.
These aspects are expressed in the decree of the president of April 13, 2021
"on measures for the further development of the capital market" and its main
directions in the near future are outlined. According to the document, on the basis
of increasing the competitiveness of the industry, its capitalization will be
increased to 45 trillion sums by the end of 2023, creating an effective financing
mechanism that is an alternative to lending by the bank. During this time, the part
of the projects financed by the issuance of securities within the framework of
Republican and territorial investment programs will be increased to 5 percent. In
this process, with the help of active integration with international financial
markets, the widespread use of modern information and communication
156
technologies and the use of advanced approaches successfully tested abroad,
special importance is paid to creating a favorable environment for investors of all
categories, the legislative base is improved.
Attractive conditions are created for providing personnel that meet modern
requirements, attracting promising young people, including foreign specialists.
By this decree, it is his main goal to bring the total volume of securities in free
circulation in the gross domestic product to at least 5 percent in 2021-2023. As of
January 1, 2023, domestic issuers can also put their shares in foreign stock
markets on the recommendation of underwriter after initially placing them on the
Republic Stock Exchange. Now, the distribution of public share shares in
enterprises in the primary (IPO) and secondary (SPO) method is carried out on
the basis of a single price, which is determined by the underwriter, depending on
the demand and supply for securities. According to international experience, the
level of development of financial markets in the country is regulated by the
government or independent agencies, depending on the existing institutional
potential.
Among the developing countries, Malaysia, Vietnam and Colombia have the
Ministry of Finance or a government agency within it, while Russia, Georgia and
Hungary have the central bank capital market regulator, this lever is maintained
by a government-independent institution in relatively developed Singapore,
Argentina and Brazil.
The main driver for the development of the capital market in the early stages
is the issuance of government securities. In particular, the fact that government
securities serve as a tool for macroeconomic and fiscal risk management creates
a benchmark profitability line for borrowed securities of organizations and
enterprises in the local capital market. When the English word 246 benchmark is
translated into Uzbek, it knows the meaning that the direction is a milestone, it is
known that for participants in the government securities -capital market, the
credit risk determines the price of a non-existent debt instrument for different
periods and, in real terms, serves as a benchmark for the capital market.
A number of projects are being implemented by the Ministry of Finance in
cooperation with the International Monetary Fund for the development of the
government securities market, the World Bank, the Asian Development Bank and
the US Treasury. In particular, since December 2018, the practice of issuing state
securities in the national currency has resumed. As a result, the volume of
government securities issued in 2019 amounted to 1.5 trillion sums, while in
2020 this figure increased by more than 3 times to 5 trillion sums. It is planned to
privatize the shares of existing enterprises by selling them using primary (IPO)
and secondary (SPO) methods of public offering, and the success of the developed
program is inextricably linked with the development of the local capital market.
The Ministry of Finance is also responsible for establishing active cooperation
with international financial organizations, foreign investors, brokers, experts,
etc., on the development of capital market infrastructure, the wider involvement
of foreign and domestic investments in it.
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Reference:
1.
Mirziyoev Sh., appeal of the president of the Republic of Uzbekistan Shavkat Mirziyoev to
the Assembly Oliy Majlis, People's word, 29.12.2020.
2.
Decree of the president of the Republic of Uzbekistan dated 28.01.2022 "on the
development strategy of new Uzbekistan for 2022
–
2026" No. 60.
3.
Nguyen, Khoa Huu, A. Coronavirus Outbreak and Sector Stock Returns: The Tale from The
First
Ten
Weeks
of
2020
(March
25,
2020).
Available
at
SSRN:
https://ssrn.com/abstract=3559907
or
http://dx.doi.
org/10.2139/ssrn.3559907:
https://insight.factset.com/sp-500-earnings-season-update-april-17-2020.
APPLICATION OF MACHINE LEARNING IN DETECTING LOAN DELINQUENCY:
CASE STUDY OF MICROFINANCE INSTITUTION IN UZBEKISTAN
Isakov Olmas Kuchkarovich
PhD candidate in Econometrics and Statistics
Westminster International University in Tashkent
The rise of the internet has revolutionized the way we live, work, and
communicate. Alongside this digital revolution, a new phenomenon has emerged
- big data. Big data refers to the vast amount of structured and unstructured
information generated by individuals, organizations, and devices. Big data's
emergence has brought about transformative changes across various industries.
In particular, big data analytics has enhanced risk management, fraud detection,
and personalized banking experiences for customers in the finance industry. The
application of the old credit scoring model has been severely constrained by the
growth of big data on the Internet, and the original business logic framework has
been lost under the new data profiles and business situations.
The modern banks must implement a variety of machine learning (ML)
techniques to reduce the manual involvement in the monitoring and testing
process and utilize improved automated approaches to deal with increasing
number of potential borrowers. Subjective judgement of credit experts on loan
advancements is very inefficient and can be dependent on the decision-making
ability of those experts. Therefore, application of statistical and machine learning
methods can address these problems and might be important tools in credit risk
management for several reasons. First, machine learning algorithms have the
ability to analyze vast amounts of data and identify patterns that may not be
apparent to human analysts.
They can even identify complex relationships and non-linear patterns in data
that may not be detectable by human experts. This can lead to more accurate
predictions of creditworthiness and a better understanding of the potential risks
associated with a particular borrower. Commercial banks can tailor credit offers
to individual borrowers' risk profiles, leading to more accurate pricing and better
risk management. Moreover, machine learning algorithms can quickly analyze
and process large volumes of data in real-time. This enables lenders to make
