Financial market sustainable development of Kazakhstan: scenario approach based on fuzzy cognitive maps
Nichkasova Y. Shmarlouskaya H. Sadvokassova K.
2022Taylor and Francis Ltd.
Journal of Sustainable Finance and Investment
2022#12Issue 3912 - 933 pp.
Access to financial resources is the main constraint for sustainable economic growth in Kazakhstan. Kazakhstan’s financial institutions, being relatively small in size and unbalanced, cannot finance development through market mechanisms. The model that reflects the system’s sustainable development was constructed based on the fuzzy cognitive map to consolidate 31 indicators of three types of the subsystem: economic, financial institutions, and financial markets to reflect the viability and balance of the system development. The time-series data of Kazakhstan’s economic and financial development of Kazakhstan from 2014 to 2019 with prognosis to 2025 was used. Based on the results of our research, we concluded that the implementation of policies for sustainable development should include not only specific aims for the financial market but also for financial institutions and the economy. Moreover, sustainability is reinforced by the development of integration, innovativeness, and accessibility, which forms the key aspects of financial system state policy development.
decision support system , Economic system , financial indicators , financial institution , financial market , fuzzy cognitive map , Kazakhstan , scenario approach , sustainable development
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Department of Economics, L.N. Gumilev Eurasian National University, Nur-Sultan, Kazakhstan
Department of International Business, Belarussian State Economic University, Minsk, Belarus
Department of Economics
Department of International Business
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