Financial market of Azerbaijan: New trends and prospects

Author:

MAMEDOV Zakhid Farrukh1ORCID,NAMAZOV Vugar Faik1ORCID

Affiliation:

1. Azerbaijan State University of Economics (UNEC)

Abstract

Subject. This article explores Azerbaijan's financial market, its structure, and the issues of reform, sustainability and efficiency in the face of growing competition. Objectives. The article aims to identify the main problems and prospects for further development of Azerbaijan's financial market based on an analysis of its state over the past decade. Methods. For the study, we used the methods of comparative and evolutionary analyses, observation, classification, and logical generalization. Results. The article assesses the implementation and improvement of corporate governance in accordance with world standards, trust in the financial system, and transparency of financial institutions. It reveals and describes the conditions for the formation of Azerbaijan's modern financial market, and presents certain recommendations for its further development. Conclusions. The research shows that Azerbaijan needs a systematic program for the development of the financial market, taking into account the stages, new challenges, priorities of the economy, and lessons learned.

Publisher

Publishing House Finance and Credit

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