Financial market sustainable development of Kazakhstan: scenario approach based on fuzzy cognitive maps

Yuliya Nichkasova, Halina Shmarlouskaya and Kulyash Sadvokassova

Journal of Sustainable Finance & Investment, 2022, vol. 12, issue 3, 912-933

Abstract: 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.

Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/20430795.2020.1812293 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:jsustf:v:12:y:2022:i:3:p:912-933

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/TSFI20

DOI: 10.1080/20430795.2020.1812293

Access Statistics for this article

Journal of Sustainable Finance & Investment is currently edited by Dr Matthew Haigh

More articles in Journal of Sustainable Finance & Investment from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().