The Effects of Regulatory Restrictions on the Financial and Credit System of Kazakhstan
Karybay S. Zhussupov A.
2024World Scientific and Engineering Academy and Society
WSEAS Transactions on Business and Economics
2024#212769 - 2780 pp.
The research shows the importance of constitutional regulation of the financial and credit sphere as the basis of the economic system. The purpose of the research is to pinpoint legal challenges in the realm of financial and credit regulation in Kazakhstan and propose measures to address them. The following methods were chosen for the empirical study of the major legal problems of Kazakhstan’s financial and credit system: analysis of documents and legal acts, quantitative data analysis, content analysis, regression analysis, and analysis of variance. The research revealed that the omission of critical financial and credit provisions in the constitution may result in adverse effects on economic inflation, legal framework, and national sovereignty. The negative aspects of the financial and credit sphere associated with crude oil, which led to petrocracy, are also highlighted. The authors propose a solution to a set of problematic issues that negatively affect Kazakhstan’s financial and credit sector. Particular attention is paid to issues related to Kazakhstan’s fiscal system, which tends to change very frequently. The article places particular emphasis on the regulations established by international organizations that govern financial and corporate financial matters. Notably, the enhancement of Kazakhstans statehood through financial sovereignty emerges as a key focal point. The adoption of these measures has the potential to significantly bolster human rights, the business climate, and investment attractiveness. In the future, the specified issue may be further elucidated through a comprehensive examination of global standards’ impact on national laws, alongside the development and application of mathematical and econometric models to predict the outcomes of regulatory and legal modifications, which has the potential to enhance the strategic planning efficacy and legislative proposals execution.
constitutional finance , financial law , financial legislation , financial sovereignty , Kazakhstan , law influence
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Department of Public Law, M. Narikbayev Kazguu University, Korgalzhyn Highway 8, Astana, Kazakhstan
Department of Public Law
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