Tel: +998977838464
Search

No. 7 (2026)
Marketing

Scientific articles

OʻZBEKISTON RESPUBLIKASIDA XALQARO TOVAR DERIVATIVLARI ASOSIDA NARX XAVFLARINI XEDJIRLASH INSTITUTSIONAL MEXANIZMLARINI RIVOJLANTIRISH

DOI 10.67668/mj/2026iss7/1859

Published 2026-07-29

Authors
Xamrayev Jamshid
pdf (Uzbek) Google Scholar Google Scholar

Abstract

Mazkur maqolada xalqaro tovar derivativlari asosida narx xavflarini xedjirlashning institutsional mexanizmlarini rivojlantirish ilmiy jihatdan asoslandi. Tadqiqotda korporativ xedjirlash nazariyasi, xalqaro derivativ bozorlarining faoliyati, milliy birja infratuzilmasi hamda narx xavflarini boshqarishning huquqiy va tashkiliy asoslari tizimli ravishda tahlil qilindi. Xedjirlashning huquqiy, infratuzilmaviy, bozor va korporativ qatlamlarini birlashtiruvchi toʻrt bosqichli model ishlab chiqildi. Olingan natijalar eksportyor korxonalarning moliyaviy barqarorligini mustahkamlash, investitsiya rejalashtirish sifatini oshirish, narx xavflarini kamaytirish va xalqaro birja tizimlariga integratsiyalashuvni rivojlantirish imkoniyatlarini koʻrsatdi. Taklif etilgan mexanizm amaliy boshqaruv uchun ishonchli ilmiy asos yaratdi.

Keywords

Array

References

  1. 1. Modigliani F., Miller M.H. The Cost of Capital, Corporation Finance and the Theory of Investment // The American Economic Review. - 1958. - Vol. 48, No. 3. - P. 261-297. https://www.jstor.org/stable/1809766
  2. 2. Mayers D., Smith C.W. On the Corporate Demand for Insurance // The Journal of Business. - 1982. - Vol. 55, No. 2. - P. 281-296. https://doi.org/10.1086/296165
  3. 3. Smith C.W., Stulz R.M. The Determinants of Firmsʼ Hedging Policies // Journal of Financial and Quantitative Analysis. - 1985. - Vol. 20, No. 4. - P. 391-405. https://doi.org/10.2307/2330757
  4. 4. Froot K.A., Scharfstein D.S., Stein J.C. Risk Management: Coordinating Corporate Investment and Financing Policies // The Journal of Finance. - 1993. - Vol. 48, No. 5. - P. 1629-1658. https://doi.org/10.1111/j.1540-6261.1993.tb05123.x
  5. 5. Principles for the Regulation and Supervision of Commodity Derivatives Markets: Final Report. - Madrid: IOSCO, 2023. - FR01/2023. https://www.iosco.org/library/pubdocs/pdf/IOSCOPD726.pdf
  6. 6. Oʻzbekiston Respublikasi Vazirlar Mahkamasining 2026-yil 27-fevraldagi 82-son qarori // Qonun hujjatlari maʼlumotlari milliy bazasi. https://lex.uz
  7. 7. Keynes J.M. A Treatise on Money. Vol. II: The Applied Theory of Money. - London: Macmillan, 1930. - 424 p.
  8. 8. Working H. Futures Trading and Hedging // The American Economic Review. - 1953. - Vol. 43, No. 3. - P. 314-343. https://www.jstor.org/stable/1811346
  9. 9. Johnson L.L. The Theory of Hedging and Speculation in Commodity Futures // The Review of Economic Studies. - 1960. - Vol. 27, No. 3. - P. 139-151. https://doi.org/10.2307/2296076
  10. 10. Stulz R.M. Optimal Hedging Policies // Journal of Financial and Quantitative Analysis. - 1984. - Vol. 19, No. 2. - P. 127-140. https://doi.org/10.2307/2330894
  11. 11. Ederington L.H. The Hedging Performance of the New Futures Markets // The Journal of Finance. - 1979. - Vol. 34, No. 1. - P. 157-170. https://doi.org/10.1111/j.1540-6261.1979.tb02077.x
  12. 12. Garbade K.D., Silber W.L. Price Movements and Price Discovery in Futures and Cash Markets // The Review of Economics and Statistics. - 1983. - Vol. 65, No. 2. - P. 289-297. https://doi.org/10.2307/1924495
  13. 13. Allayannis G., Weston J.P. The Use of Foreign Currency Derivatives and Firm Market Value // The Review of Financial Studies. - 2001. - Vol. 14, No. 1. - P. 243-276. https://doi.org/10.1093/rfs/14.1.243
  14. 14. Bartram S.M., Brown G.W., Conrad J. The Effects of Derivatives on Firm Risk and Value // Journal of Financial and Quantitative Analysis. - 2011. - Vol. 46, No. 4. - P. 967-999. https://doi.org/10.1017/S0022109011000275
  15. 15. Campello M., Lin C., Ma Y., Zou H. The Real and Financial Implications of Corporate Hedging // The Journal of Finance. - 2011. - Vol. 66, No. 5. - P. 1615-1647. https://doi.org/10.1111/j.1540-6261.2011.01683.x
  16. 16. ETD Volume - December 2025. - Washington: Futures Industry Association, 2026. https://www.fia.org/fia/articles/etd-volume-december-2025
  17. 17. Intercontinental Exchange Reports December, Fourth Quarter and Full Year 2025 Statistics. - Atlanta; New York: ICE, 2026. https://www.businesswire.com/news/home/20260106490102/en/Intercontinental-Exchange-Reports-December-Fourth-Quarter-and-Full-Year-2025-Statistics
  18. 18. Commodity Markets Outlook, April 2026. - Washington, DC: World Bank Group, 2026. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099842304282633100
  19. 19. OTC derivatives statistics. - Basel: Bank for International Settlements. https://www.bis.org/statistics/derstats.htm
  20. 20. 2025-yilda birja savdolarida 4 307,3 kg oltin va 323,0 kg kumush sotildi // Oʻzbekiston milliy axborot agentligi. - 2026-yil 6-fevral. https://uza.uz/oz/posts/2025-yilda-birja-savdolarida-4-3073-kg-oltin-va-3230-kg-kumush-sotildi_815944
  21. 21. 2025-yilda Oʻzbekiston tashqi savdosi qanday oʻzgardi? // Gazeta.uz. - 2026-yil 29-yanvar. https://www.gazeta.uz/oz/2026/01/29/trade-2025/
  22. 22. Oʻzbekiston Respublikasi Prezidentining 2021-yil 17-martdagi PQ-5031-son “Yuqori likvidli va monopol turdagi mahsulotlarni sotish jarayonlariga bozor mexanizmlarini yanada joriy etish chora-tadbirlari toʻgʻrisida”gi Qarori https://lex.uz/ru/docs/5336601
  23. 23. Xalqaro munosabatlar // Oʻzbekiston respublika tovar-xom ashyo birjasi rasmiy sayti. https://uzex.uz/fr/pages/about-international-relations
  24. 24. Novuyu redaksiyu zakona «O rinke kapitala» predstavili prezidentu Uzbekistana. Detali // Gazeta.uz. - 2026-yil 23-iyun. https://www.gazeta.uz/ru/2026/06/23/capital-market/
  25. 25. SB Uzbekistana razrabotayet strategiyu valyutnix intervensiy i vnedrit xedjirovaniye riskov // Spot.uz. - 2026-yil 25-iyul. https://www.spot.uz/ru/2026/07/25/uzbek-sum

Downloads

Download data is not yet available.