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ИД «Финансы и кредит»






Finance and Credit

Financial market of Azerbaijan: New trends and prospects

Vol. 27, Iss. 5, MAY 2021

Received: 16 November 2020

Received in revised form: 1 March 2021

Accepted: 15 March 2021

Available online: 28 May 2021

Subject Heading: Financial system

JEL Classification: E44, E58, G21, G23, O16

Pages: 1074–1092


Zakhid Farrukh MAMEDOV Azerbaijan State University of Economics (UNEC), Baku, Republic of Azerbaijan


Vugar Faik NAMAZOV Azerbaijan State University of Economics (UNEC), Baku, Republic of Azerbaijan


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.

Keywords: financial market, banking sector, capital market, stock exchange, insurance market


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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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June 2022