Relationship between banking infrastructure, innovation and economic growth in Kazakhstan
Nurgaliyeva K. Koshkina O. Zaitenova N. Kireyeva A. Kredina A.A.
2024LLC CPC Business Perspectives
Banks and Bank Systems
2024#19Issue 240 - 52 pp.
Today, the development of financial technologies and their application in the banking sector have changed the processes of economic growth in general and commercial banks in particular, giving them an innovative orientation. The aim of this study is to investigate the relationship between the banking infrastructure, innovation, and economic growth in Kazakhstan based on panel data. The study relies on information extracted from annual publications issued by the National Bank of Kazakhstan, the World Bank Database, and the Bureau of the National Statistics of Kazakhstan from 2004 to 2022, and also uses a regression model. Within this framework, variables used in the study, the number of ATMs, the number of bank branches, and the share of innovative products, are explanatory variables, and the gross domestic product per capita is the dependent variable. The study showed that both business innovations and the prevalence of ATMs have a significant and noticeable impact on the economic landscape of Kazakhstan, as evidenced by the impressive value of the R-square of 0.890. Moreover, the regression model demonstrates reliable stability and reliability, which is confirmed by the p-value of 0.001. In light of these findings, it is important to contribute valuable insights and evidence-based recommendations to enhance Kazakhstan’s economic growth strategy by leveraging the synergistic potential of its banking infrastructure and innovation ecosystem.
bank , bank branches , banking infrastructure , economic growth , financial development , innovation , Kazakhstan
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Kenzhegali Sagadiyev University of International Business, Kazakhstan
Department of Regional Economy and Innovative Development, Institute of Economics CS MSHE RK, Kazakhstan
Department of Finance and Accounting, Kenzhegali Sagadiyev University of International Business, Kazakhstan
Kenzhegali Sagadiyev University of International Business
Department of Regional Economy and Innovative Development
Department of Finance and Accounting
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