NEW CHALLENGES OF THE FINANCIAL SYSTEM OF UZBEKISTAN IN THE CONTEXT OF INNOVATIVE DEVELOPMENT
The article discusses the banking and stock segments of the financial market of Uzbekistan in the context of innovative development. It has been shown that the role of the services, provided by the financial system, is critical for the success of innovation activities and ensuring sustainable economic growth. This confirms the theoretical views of J. Schumpeter that the financial system plays a key role in assessing the prospects of the new enterprises and in the redistribution of savings from less advanced to more promising and innovative companies. The financial system also allows diversifying the risks associated with innovations. Improving the efficiency of the national economy and ensuring sustainable economic growth on the innovation basis require a more detailed analysis of methods and tools to increase innovative susceptibility of the economy. In the study of innovation financing it has been justified that accessibility to finance is essential, if not the most important condition for creation and implementation of innovations.