Model of the investment and financial system in the formation of a knowledge-based economy in Kazakhstan

Model of the investment and financial system in the formation of a knowledge-based economy in Kazakhstan

Leader of the Research project M.M. Khalitova, d.e.s., c.r.

The goal of the first stage (2018) is to justify the model of the investment and financial system with a hub that can ensure the formation of a knowledge-based economy and the creation of an infrastructure for spiritual renewal (IDO) of society.

The main results of the first stage of research (2018):

– highlighted the existing conceptual approaches to financial support of a knowledge-based economy and social and spiritual renewal of society;
– an analysis of the banking, insurance sector of the economy, the insurance market and the stock market was made and the positive aspects and advantages of creating a financial hub – AIFC were highlighted;
– the existing conceptual approaches to the financial support of a knowledge-based economy and the social and spiritual renewal of society are highlighted;
– developed a model for reloading the financial system of the Republic of Kazakhstan;
– factors and conditions for reloading the financial system of Kazakhstan and determining the model of the investment and financial system are highlighted;
– the principles of financing a knowledge-based economy are defined;
An approximate system of financial support for the growth of knowledge-intensive industries in the economy of Kazakhstan and the spiritual modernization of society has been developed

Scientific results are reflected in the following publications:
1) Khalitova M.M. (2018). Analysis and Evaluation of the Financial Security of the National Economies of Central Asia. World Applied Sciences Journal, 36 (1), 121-141 DOI: 10.5829/idosi.wasj.2018.121.14 https://www.idosi.org/wasj/wasj36%281%2918/16.pdf
2) Zhanbolatova, A., Ziyadin, S., Zhumanov, K., & Jumabekova, A. (2018). Relationship between bank competition and stability: The case of the UK. Banks and Bank Systems, 13(1), 98-114. doi:10.21511/bbs.13(1).2018.10 http://dx.doi.org/10.21511/bbs.13(1).2018.10
3) Rasulova, A., Bolatkyzy, S., Elshibaev, R., Raiymbekova, A., & Tursynbayeva, D. (2018). Comparative analysis of the competitiveness of food markets: The case of kazakhstan, russia, france and belarus. European Research Studies Journal, 21(4), 343-355. DOI: 10.35808/ersj/1125 https://www.ersj.eu/dmdocuments/2018_XXI_4_27.pdf

The aim in the second stage (2019) – to analyze the mechanism of financial support of the economy of Kazakhstan, the development of an international financial hub and the possibilities of financing the directions of spiritual renewal of the country’s population.
The main results of the second stage of research (2019):
– trends in improving the mechanisms for attracting FDI and problems that affect the influx of FDI into the economy of Kazakhstan are highlighted;
– analysis of lending to the economy by second-tier banks of Kazakhstan;
– the structure of investments in equity capital and the investment portfolio of UAPF is investigated;
– the activities of institutions that promote the development and commercial financing of science, new technologies, innovations in Kazakhstan are considered;
– the analysis of the development of the financial sector in the context of digitalization of the economy of Kazakhstan is given and the contribution of the directions of digitalization of the financial sector to the formation of a knowledge-based economy and spiritual renewal of society in Kazakhstan is identified;
– highlighted the modern mechanism of financing the economy of Kazakhstan
– directions to which attention should be paid to improving the financial environment, the development of small and medium-sized businesses and increasing its share in high-tech industries were identified;
– trends in financial support of the social development of Kazakhstani society are considered;
– an institutional map for the development of digital financial technologies in Kazakhstan has been developed.

Scientific results are reflected in future editions:
1) Nurymova S., Yessentay A., Khalitova M., Jumabayev Y., Mohd-Pisal Zainal. (2019). Kazakhstani financial sector performance features under current conditions. Bulletin of the national academy of sciences of the republic of Kazakhstan, 1, 130-144. DOI: 10.32014/2019.2518-1467.16 http://www.bulletin-science.kz/images/pdf/v20191/130-144.pdf
2) A. Panzabekova, M. Kolbayev, G. Nyurlikhina, S.Velesсo. (2019). Current trends of direct foreign investment in the world. Bulletin of national academy of sciences of the republic of Kazakhstan, 4, 201-207. DOI: 10.32014/2019.2518-1467.110 http://www.bulletin-science.kz/images/pdf/v20194/201-207.pdf

The aim of the third stage (2020) is to develop an investment and financial mechanism for the sustainable development of knowledge-intensive industries and infrastructure for the spiritual renewal of Kazakhstan’s society. Justification of a new model of the investment and financial system of Kazakhstan in the context of ensuring the formation of a knowledge-based economy and spiritual renewal of the society of Kazakhstan, based on the rational use of all available resources.

The main results of the third stage of research (2020):

– risks for the Kazakh financial system and internal fundamental problems of imbalances in the economy contributing to them are highlighted;

– it is concluded that finance has become a dynamic force that transforms the economy, that is, there has been a “financialization” of the economy

– developed recommendations for improving the structure of regulation of the investment and financial system;

– suggestions for improving administration and developing competition in the financial sector are given;

– the need for a more thoughtful use of the AIFC to attract investment in the Kazakh economy is justified;

– the reasons for the inefficient use of financial resources in the field of innovation and science are substantiated and directions for their eradication are given;

– the priorities of the implementation of state programs in the field of spiritual modernization are summarized;

– analysis of the regulatory framework of the financial sector of Kazakhstan;

– the goals and activities of the AIFC in the context of digitalization of the economy are highlighted.

Scientific results are reflected in the following foreign rating publications (SCOPUS):

1) Razakova, D.I., Nurymova, S.K., Khalitova, M.M., Iskakov, U.M., Konyrbekov, M. The role and significance of tax incentives in the business activity of entrepreneurs and increasing the country budget: Mediating role of supply chain management. International Journal of Supply Chain Management. Vol. 9, No. 2, April 2020. 815-821. https://ojs.excelingtech.co.uk/index.php/IJSCM/article/download/4722/2373

2) Yessentay, A., Kireyeva, A.A., Khalitova, M., Abilkayir, N.A.Financing of healthcare facilities in pension system assets of ecologically problematic regions in Kazakhstan // Journal of Asian Finance, Economics and Business, 2020, 7(7), с. 531-541. http://koreascience.or.kr/article/JAKO202020952022582.page

Implementations:
1. Reference on the use of research results during the development of the ELPEKPay payment system development concept from «EKZ Group» LLP, signed by director M. Aldazhanov.