The article examines the essence and structure of the financial market, as well as its role in the development of market and regional economies. Drawing on the theories of Keynes, Friedman, North, and Stiglitz, the financial market is analyzed as a multifaceted phenomenon: an instrument of state policy, a mechanism for managing money circulation, an institutional system, and a mechanism for reducing information asymmetry. The article examines the essence and structure of the financial market, as well as its role in the development of the market and regional economy. Based on the theories of Keynes, Friedman, North, and Stiglitz, the financial market is viewed as a multidimensional phenomenon: an instrument of government policy, a mechanism for managing monetary circulation, an institutional system, and a mechanism for reducing information asymmetry. It has been established that in the Republic of Tajikistan, particularly in the Sughd Region, the financial market is still at an early stage of development and largely relies on short-term loans and remittances from labor migrants. The analysis of the regional market structure demonstrates that institutions, financial instruments, and functions should develop in an interconnected manner to ensure market efficiency. The study analyzes the characteristics of local financial institutions, shortcomings of the securities market, and opportunities for diversification, as well as provides a comparison with international experience. It is concluded that the sustainable development of the financial market in the Republic of Tajikistan requires the integration of government policy, local institutions, and principles of transparency.
financial market; financial institutions; financial instruments; functions of the financial market; regional market; short-term loans
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