Conceptual model for managing sustainable development of the financial market based on fuzzy cognitive maps: Case study of Kazakhstan

Nichkasova Y. Sadvokassova K. Kayupov N.
2021 Inderscience Publishers

International Journal of Economic Policy in Emerging Economies
2021 #14 Issue 1 1 - 38 pp.

Kazakhstans financial market, being relatively small in size, does not have the ability to compensate for the needs of economic entities for financing development through market mechanisms. Therefore, a decision support tool is needed to ensure continued growth. The solution was to use a fuzzy cognitive map and a method for constructing indicators of the systems sustainable development which included a set of three types of subsystem: economic, financial institutions, and financial markets. The sample, containing data from between 1993 and 2018, uses 31 indicators of the economic development of Kazakhstan to reflect the ability of the system to develop in terms of depth, accessibility, efficiency, stability, integration, innovation, and cognitive approach of the economic agents. The current state of the financial market for the period up to 2025 indicates initial shallow depth and slow progress requiring increased investment, GDP growth and reduced inflation to stimulate its development. Copyright

Conceptual model , Decision support system , Economic system , FCM , Financial indicators , Financial institution , Financial market , Fuzzy cognitive map , Kazakhstan , Strategic decisions , Sustainable development

Text of the article Перейти на текст статьи

Faculty of Economics, L.N. Gumilev Eurasian National University, 9, Koshkarbaev Av., Astana, 01001, Kazakhstan
Russian Academy of Natural Sciences, P.O. Box 47, Moscow, 101000, Russian Federation
Department of Economics, L.N. Gumilev Eurasian National University, 13, Kazhmukana, Apt. 11, Astana, 010008, Kazakhstan
Department of Mathematical and Computer Modeling, Faculty of Mechanics and Mathematics, L.N. Gumilev Eurasian National University, 21, Baraeva, Apart. 51, Astana, 01001, Kazakhstan

Faculty of Economics
Russian Academy of Natural Sciences
Department of Economics
Department of Mathematical and Computer Modeling

10 лет помогаем публиковать статьи Международный издатель

Книга Публикация научной статьи Волощук 2026 Book Publication of a scientific article 2026