Development institutions and intersectoral dynamics of Kazakhstan's economy

Anar Yessengeldina (), Aidos Abayev (), Gulvira Akybayeva (), Ulagat Yussupov () and Bakyt Bayadilova ()
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Anar Yessengeldina: Astana IT University, Astana, Kazakhstan
Aidos Abayev: Karaganda National Research University named after Academician E. A. Buketov, Karaganda, Kazakhstan
Gulvira Akybayeva: Astana IT University, Astana, Kazakhstan
Ulagat Yussupov: Kazakh University of Technology and Business named after K. Kulazhanov, Astana, Kazakhstan
Bakyt Bayadilova: Kazakh University of Technology and Business named after K. Kulazhanov, Astana, Kazakhstan

Access Journal, 2026, vol. 7, issue 1, 79-102

Abstract: The study examines the structural impact of Kazakhstan's financial development institutions (DBK, the Damu Foundation, and the Agrarian Credit Corporation) on the national economy using an analysis of intersectoral relationships. The purpose of the study is to assess the degree of influence of institutional financing of development on the formation of sustainable inter–industry relations and structural effects in the economy of Kazakhstan. Methods: The analysis is based on the official symmetrical input–output tables of the Office for National Statistics for 2012-2021. Based on the inverse Leontief matrix, output multipliers and rootedness coefficients are calculated to evaluate direct and inverse relationships. The sectors receiving institutional financing are identified based on data on lending and subsidies. Panel regressions with random effects, nonparametric Mann-Whitney U-tests, and trend analysis were used to test the differences. Results: The sectors supported by financial institutions showed significantly higher multipliers of output and rootedness compared to the unsupported ones. The differences are statistically significant and have been increasing over time, especially since 2015. The most important growth is observed in healthcare, construction, and metallurgy, indicating increased integration of these industries into the country's production structure. Conclusions: Development finance has not only a direct impact on production performance but also forms long-term structural changes in the economy. The results obtained confirm the role of financial development institutions as key mechanisms of structural transformation and indicators of institutional effectiveness of state industrial policy. Practical implications include the need to improve multiplier-based diagnostics, coordinate institutional development programs, and modernize the input-output monitoring system.

Keywords: development financial institutions; input–output analysis; output multipliers; embeddedness multipliers; structural transformation; panel regression (search for similar items in EconPapers)
JEL-codes: O11 O12 O17 P51 R12 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:aip:access:v:7:y:2026:i:1:p:79-102

DOI: 10.46656/access.2026.7.1(5)

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