 Contradictions of institutional and economic environment: Experience of KazakhstanMadina Tulegenova (),
Zhansaya Temerbulatova, (),
Aifer Baimukhametova () and
Dinara Rakhmatullayeva ()
International Entrepreneurship Review, 2021, vol. 7, issue 4, 75-88 Abstract: Objective: The purpose of the study is to assess the quality of economic growth in Kazakhstan. An attempt has been made to provide an analysis of the institutional and economic environment and an econometric assessment of the real indicators of the country’s development. Research Design & Methods: To assess the degree of influence of certain indicators on economic growth, a regression analysis was carried out. For this, data were collected from 15 countries for 2000-2018. Since the sample combines temporal and spatial data, a panel data regression model was built to analyze the effect of the considered explanatory variables on GDP. To study a model with these characteristics, two different models can be used: a fixed effects (FE) model and a random effects (RE) model. Findings: Based on the historical and logical analysis of theoretical and methodological approaches to the study of economic development and the constructed regression model of panel data, it is shown that an increase in the level of indicators selected in official statistics has a small effect on economic growth, that is, there is a discrepancy between target indicators government programs and actual results. The institutional features of the Kazakhstani development model, which cause economic lag, are revealed. Implications & Recommendations: The current cyclical transition, complicated by the Covid-19 pandemic, has revealed weak links in the economies of many countries, caused by systemic contradictions accumulated over 30 years. Kazakhstan, as a country that has been building market relations only since the end of the 20th century, found itself in the grip of not only economic and political, but also institutional costs. One of the problems hindering the economic development of the nation is the contradiction between the political ambitions of the authorities and the real results of the implementation of state programs, the loss of public confidence. Contribution & Value Added: The country’s development prospects are primarily predetermined by the state’s ability to solve accumulated problems. Therefore, it is important to identify them, solve, and then predict the real parameters of the country’s development. The importance of such a methodological approach is noted by scientists from the post-Soviet countries, who study the factors that hinder the development of these countries. Keywords: business environment; institutions; institutional economics; new markets; real economic growth; social inequality; quality of life of the population (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:krk:ientre:v:7:y:2021:i:4:p:75-88 Ordering information: This journal article can be ordered from Access Statistics for this article International Entrepreneurship Review is currently edited by Krzysztof Wach, PhD, hab. More articles in International Entrepreneurship Review from Centre for Strategic and International Entrepreneurship at the Cracow University of Economics. International Entrepreneurship Review Cracow University of Economics Centre for Strategic and International Entrepreneurship ul. Rakowicka 27 31-510 Krakow Poland. Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.