Government regulation of Kazakhstan economy: Evidence from Eurasian Economic Union sanctions
Vol 8, Issue 14, 2024
VIEWS - 30 (Abstract) 20 (PDF)
Abstract
The research issue at hand pertains to the intricate mechanisms of state regulation that govern the economy of Kazakhstan, particularly in the context of the international sanctions that have been instituted by the nations comprising the Eurasian Economic Union. In order to thoroughly investigate this complex subject matter, this scholarly paper employs a variety of sophisticated methodologies grounded in bibliometric analyses of the most recent 90 academic papers that focus on the various mechanisms of state regulation pertinent to the economic landscape of Kazakhstan. As a subsequent phase in this research endeavor, the modeling of higher-order moments is undertaken with the express aim of delineating the multifaceted ramifications that stem from a singular and isolated perturbation affecting one of the key variables encapsulated within the higher-order moments model. This detailed analytical approach facilitates an in-depth exploration of both the immediate outcomes and the subsequent values of the endogenous variables that are under scrutiny. The innovative aspect of this article’s findings lies in the comprehensive analysis dedicated to the state regulation of Kazakhstan’s economy, which is significantly influenced by the international sanctions that have been imposed by member countries of the Eurasian Economic Union. The outcomes of this research provide a methodical and scientifically rigorous framework for understanding the overarching system of state regulation, which is of paramount importance for cultivating sustainable development within the socio-economic dynamics that characterize the nation of Kazakhstan.
Keywords
Full Text:
PDFReferences
Akhmetov, D., and Howie, P. (2024). Coal-based generators’ corporate response to an emissions trading scheme in Kazakhstan. Utilities Policy, 90, 101797.
Akhmetzharov, S., and Orazgaliyev, S. (2021). Labor unions and institutional corruption: The case of Kazakhstan. Journal of Eurasian Studies, 12(2), 133–144.
Alimkhanova, S. K. (2020). Legal aspects of harmonization of labor legislation of Kazakhstan and the Eurasian economic union countries (EAEU). Journal of Advanced Research in Law and Economics (JARLE), 11(50), 1080–1086.
Altynbassov, B., Abdukarimova, Z., Bayanbayeva, A., and Mukhamejanuly, S. (2020). Legal and organizational issues of the transformation of public universities into non-profit organizations in Kazakhstan. Journal of Advanced Research in Law and Economics, 3(49), 726–734.
Amirbekova, D., Narbaev, T., and Kussaiyn, M. (2022). The research environment in a developing economy: Reforms, patterns, and challenges in Kazakhstan. Publications, 10(4), 37.
An, J., Mikhaylov, A. (2020). Russian energy projects in South Africa. Journal of Energy in Southern Africa, 31(3), 58–64. http://dx.doi.org/10.17159/2413-3051/2020/v31i3a7809
An, J., Mikhaylov, A., Chang, T. (2024). Relationship between the popularity of a platform and the price of NFT assets. Finance Research Letters, 61, 3, 105057. https://doi.org/10.1016/j.frl.2024.105057
An, J., Mikhaylov, A., Jung, S.-U. (2020). The Strategy of South Korea in the Global Oil Market. Energies, 13(10), 2491. https://doi.org/10.3390/en13102491
Ashurov, S., Othman, A. H. A., Rosman, R. B., and Haron, R. B. (2020). The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan (A quantitative analysis using GMM). Russian Journal of Economics, 6(2), 162–176.
Baldakhov, U., and Heim, I. (2020). Institutional reform in Kazakhstan. Kazakhstan’s Diversification from the Natural Resources Sector: Strategic and Economic Opportunities, 3–29.
Batten, J. A., Kinateder, H., Szilagyi, P. G., and Wagner, N. F. (2019). Hedging stocks with oil. Energy Economics, 104422.
Baubekova, A., Tikhonova, A., and Kvasha, A. (2021). Evolution of agricultural policy in Kazakhstan. Kazakhstan’s Developmental Journey: Entrenched Paradigms, Achievements, and the Challenge of Global Competitiveness, 51–90.
Bespalyy, S. (2021). Kazakhstan: Assessment of renewable energy support and a green economy. Journal of Environmental Management and Tourism (JEMT), 12(03 (51)), 631–641.
Bonato, M., Gupta, R., Marco, C. K., and Wang, L. S. (2020). Moments-based spillovers across gold and oil markets. Energy Economics.
Bouri, E. (2023). Spillovers in the joint system of conditional higher-order moments: US evidence from green energy, brown energy, and technology stocks. Renewable Energy, 210, 507–523.
Boute, A. (2020). Regulatory stability and renewable energy investment: The case of Kazakhstan. Renewable and Sustainable Energy Reviews, 121, 109673.
Buribayev, Y., Khamzina, Z., Suteeva, C., Yermukanov, Y., Turlykhankyzy, K., and Kuttygalieva, A. (2021). Analysis of the possibilities for improving the environmental legislation of kazakhstan. Fronteiras, 10(3), 78–88.
Butova, T., Varzin, V., Niyazbekova, S., Yessymkhanova, Z., and Anzorova, S. (2022). Effectiveness of Regulatory Mechanisms of the Oil and Gas Industry in the Context of Environmental Problems. In International Scientific Conference on Agricultural Machinery Industry “Interagromash”, pp. 38–49. Cham: Springer International Publishing.
Chatzis, S. P., Siakoulis, V., Petropoulos, A., Stavroulakis, E., and Vlachogiannakis, N. (2018). Forecasting stock market crisis events using deep and statistical machine learning techniques. Expert Systems Applications, 112, 353–371.
Chikanayev, S. (2021). Public–Private partnerships in Kazakhstan: Evolution of the government policy and reality of PPP deployment. Kazakhstan’s Developmental Journey: Entrenched Paradigms, Achievements, and the Challenge of Global Competitiveness, 153–180, 12235.
Cui, J., and Maghyereh, A. (2023). Time-frequency dependence and connectedness among global oil markets: Fresh evidence from higher-order moment perspective. Journal of Commodity Markets, 30, 100323.
De Clerk, L., and Savel’ev, S. (2021). An investigation of higher order moments of empirical financial data series, arXiv preprint, arXiv: 2103.13199.
Doern, R. (2016). Entrepreneurship and crisis management: The experiences of small businesses during the London 2011 riots. International Small Business Journal, 34 (3), 276–302.
Finta, M. A., and Aboura, S. (2020). Risk premium spillovers among stock markets: Evidence from higher-order moments. J. Financ. Mark.
Gulis, G., Aringazina, A., Sangilbayeva, Z., Kalel, Z., de Leeuw, E., and Allegrante, J. P. (2021). Population health status of the Republic of Kazakhstan: Trends and implications for public health policy. International Journal of Environmental Research and Public Health, 18(22).
Guliyev, F. (2024). Renewable energy targets and policies in traditional oil-producing countries: A comparison of Azerbaijan and Kazakhstan. Journal of Eurasian Studies, 15(1), 110–124.
Howie, P., Gupta, S., Park, H., and Akmetov, D. (2020). Evaluating policy success of emissions trading schemes in emerging economies: Comparing the experiences of Korea and Kazakhstan. Climate policy, 20(5), 577–592.
Igaliyeva, L., Yegemberdiyeva, S., Utepkaliyeva, K., and Bakirbekova, A. (2020). Development of economic mechanism for ensuring ecological security in Kazakhstan. International Journal of Energy Economics and Policy, 10(4), 240–250.
Janenova, S., and Knox, C. (2020). Combatting corruption in Kazakhstan: A role for ethics commissioners?. Public Administration and Development, 40(3), 186–195.
Jiang, J., Shang, P., Zhang, Z., and Li, X. (2018). The multi-scale high-order statistical moments of financial time series. Physica A, 512, 474–488.
Jiang, X., Han, L., and Yin, L. (2019). Can skewness predict currency excess returns? N. Am. J. Econ. Finance, 48, 628–641.
Jun, D., Ahn, C., and Kim, G. (2017). Analysis of the global financial crisis using statistical moments. Finance Research Letters, 21, 47–52.
Junussova, M., and Beimisheva, A. (2021). Monotowns of Kazakhstan: Development challenges and opportunities. Kazakhstan’s developmental journey: Entrenched paradigms, achievements, and the challenge of global competitiveness, 211–247.
Kassenova, N. (2020). Kazakhstan’s adaptation to the belt and road initiative: Tracing changes in domestic governance. In The Belt and Road Initiative and Global Governance (pp. 182–203). Edward Elgar Publishing.
Khamitov, Z., Knox, C., and Junusbekova, G. (2023). Corruption, public procurement and political instability in Kazakhstan. Central Asian Survey, 42(1), 89–108.
Khamzina, Z., Buribayev, Y., Yermukanov, Y., and Alshurazova, A. (2020). Is it possible to achieve gender equality in Kazakhstan: Focus on employment and social protection. International Journal of Discrimination and the Law, 20(1), 5–20.
Kinateder, H., and Papavassiliou, V. G. (2019). Sovereign bond return prediction with realized higher moments. Journal of International Financial Markets, Institutions & Money, 62, 53–73.
Kratz, M. (2019). Introduction to extreme value theory: Applications to risk analysis & management. In 2017 MATRIX Annals, Springer, Cham, 591–636.
Krugman, P. (1979). Increasing returns, monopolistic competition, and international trade. Journal of International Economics, 9, 469–479.
Kuatova, A., Bekbasarova, T., and Abdrashev, R. (2020). Introducing E-Government in Kazakhstan: The Concept of E-Democracy for the State-Public Interaction. In Toward Sustainability Through Digital Technologies and Practices in the Eurasian Region (pp. 1–16). IGI Global.
Kulanov, A., Tamenova, S., Amenova, K., Karshalova, A., and Tussupova, L. (2020). Investment climate and its influence on the development of entrepreneurship: Practice of the Republic of Kazakhstan. Entrepreneurship and Sustainability Issues, 8(2), 421.
Kuzhabekova, A. L. I. Y. A. (2020). Internationalization as a mechanism of higher education modernization in Kazakhstan. The Bloomsbury handbook of the internationalization of higher education in the global south, 100.
Lakbayev, K. S., Rysmagambetova, G. M., Umetov, A. U., and Sysoyev, A. K. (2020). The crimes in the field of high technology: Concept, problems and methods of counteraction in Kazakhstan. International Journal of Electronic Security and Digital Forensics, 12(4), 412–423.
Li, R., Wang, Q, Han, X. and Yang, X. (2023). Trajectory and drivers of China’s consumption-based and production-based renewable energy consumption. Energy Strategy Reviews 47, 101083, https://doi.org/10.1016/j.esr.2023.101083
Linnenluecke, M. K., and McKnight, B. (2017). Community resilience to natural disaster: The role of disaster entrepreneurship. Journal of Enterprising Communities: People and Places in the Global Economy, 11(1), 166–185.
Majeed, N., Jamshed, S. (2023). Heightening citizenship behaviours of academicians through transformational leadership: Evidence based interventions. Qual Quant 57 (Suppl 4), 575–606. https://doi.org/10.1007/s11135-021-01146-2 122219
Mandal, P. K., and Thakur, M. (2023). Higher-order moments in portfolio selection problems: A comprehensive literature review. Expert Systems with Applications, 121625.
Mei, D., Liu, J., Ma, F., and Chen, W. (2017). Forecasting stock market volatility: Do realized skewness and kurtosis help?. Physica A, 481, 153–159.
Mikhaylov, A. (2021). Development of Friedrich von Hayekʼs theory of private money and economic implications for digital currencies. Terra Economicus, 19(1), 53–62. https://doi.org/10.18522/2073-6606-2021-19-1-53-62
Mikhaylov, A. (2023). Understanding the risks associated with wallets, depository services, trading, lending, and borrowing in the crypto space. Journal of Infrastructure, Policy and Development, 7(2), 2223. https://doi.org/10.24294/jipd.v7i2.2223
Mikhaylov, A., Dinçer, H., and Yüksel, S. (2023a). Analysis of financial development and open innovation oriented fintech potential for emerging economies using an integrated decision-making approach of MF-X-DMA and golden cut bipolar q-ROFSs. Financial Innovation, 9(1). https://doi.org/10.1186/s40854-022-00399-6
Mikhaylov, A., Dinçer, H., Yüksel, S., et al. (2023b). Bitcoin mempool growth and trading volumes: Integrated approach based on QROF Multi-SWARA and aggregation operators. Journal of Innovation & Knowledge, 8(3), 100378. https://doi.org/10.1016/j.jik.2023.100378
Mitskaya, E. (2020). Theoretical thoughts on legal regulation of mediation in criminal process in Kazakhstan. International Journal of Criminal Justice Sciences, 15(1), 91–113.
Moiseev, N., Mikhaylov, A., Dinçer, H., et al. (2023). Market capitalization shock effects on open innovation models in e-commerce: Golden cut q-rung orthopair fuzzy multicriteria decision-making analysis. Financial Innovation, 9(1). https://doi.org/10.1186/s40854-023-00461-x
Movkebayeva, Z., Khamitova, D., Zholtayeva, A., Balmagambetova, V., and Balabiyev, K. (2021). Factors influencing the legal regulation and management of education system in Kazakhstan: A review and analysis. Problems and Perspectives in Management, 18(4), 14.
Mutalimov, V., Kovaleva, I., Mikhaylov, A., and Stepanova, D. (2021). Assessing regional growth of small business in Russia. Entrepreneurial Business and Economics Review, 9(3), 119–133, https://doi.org/10.15678/EBER.2021.090308
Nukusheva, A., Rustembekova, D., Abdizhami, A., Au, T., and Kozhantayeva, Z. (2023). Regulatory obstacles in municipal solid waste management in Kazakhstan in comparison with the EU. Sustainability, 15(2), 1034.
Nurgozhayeva, R. (2020). Rule-making, rule-taking or rule-rejecting under the belt and road initiative: A central Asian perspective. The Chinese Journal of Comparative Law, 8(1), 250–278.
Omirbayev, S., Mukhatayev, A., Biloshchytskyi, A., and Kassenov, K. (2021). National model of the quality assurance of education in Kazakhstan: Format, tools, and regulatory mechanisms. Scientific Journal of Astana IT University, 63–74.
Osiyevskyy, O., and Dewald, J. (2018). The pressure cooker: When crisis stimulates explorative business model change intentions, Long Range Plan., 51, 540–560.
Ozenbayeva, A., Yerezhepkyzy, R., Yessetova, S., Jangabulova, A., and Beissenbayeva, M. (2022). Legal regulation of transboundary water resources of the republic of Kazakhstan. Environmental Development, 44, 100781.
Pan, G.-G., Shiu, Y.-M., and Wu, T.-C. (2020). Can risk-neutral skewness and kurtosis subsume the information content of historical jumps?. Journal of Financial Markets.
Petrenko, Y., Denisov, I., Koshebayeva, G., and Biryukov, V. (2020). Energy efficiency of Kazakhstan enterprises: Unexpected findings. Energies, 13(5), 1055.
Pieper, M. (2021). The linchpin of Eurasia: Kazakhstan and the Eurasian economic union between Russia’s defensive regionalism and China’s new Silk Roads. International Politics, 58(3), 462–482.
Rapposelli, A., Birindelli, G. and Modina, M. (2023). The relationship between firm size and efficiency: Why does default on bank loans matter?. Qual Quant. https://doi.org/10.1007/s11135-023-01810-9
Seitzhanov, S., Kurmanov, N., Petrova, M., Aliyev, U., and Aidargaliyeva, N. (2020). Stimulation of entrepreneurs’ innovative activity: Evidence from Kazakhstan. Entrepreneurship and Sustainability issues, 7(4), 2615.
Serebrennikova, A. V., Minyaseva, T. F., Kala, N. S., Malinovsky, A. A., Malinovskaya, V. M., and Grynchak, S. V. (2020). Comparative analysis of foundations of legal regulation of criminal liability for organ trafficking in the russian federation, kazakhstan, and the european union. Journal of Advanced Research in Law and Economics, 11(4 (50)), 1405–1415.
Shaimenova, A., Ilyassova, G., Klyuyeva, Y., and Khashimova, A. (2020). Development of the institution of arbitration in Kazakhstan: Problems of theory and practice. Journal of Advanced Research in Law and Economics, 11(1), 169–86.
Singh, R. K., Neuert, C. E. and Raykov, T. (2023). Assessing conceptual comparability of single-item survey instruments with a mixed-methods approach. Qual Quant. https://doi.org/10.1007/s11135-023-01801-w
Siregar, R., Pontines, V., and Rajan, R. (2004). Extreme value theory and the incidence of currency crises. In Econometric Society 2004 Australasian Meetings (No. 181), Econometric Society.
Soltangazinov, A., Smagulova, Z., Amirova, M., Kashuk, L., Karimbergenova, M., Kadyrova, A., and Zhaltyrova, O. (2020). Energy efficiency as a factor of sustainable development in Kazakhstan. International Journal of Energy Economics and Policy, 10(1), 325–330.
Song, X., Wang, Q, Li, R. and Jiang, X.-t. (2023). A novel evaluation framework for China’s Environmental-Economic impacts by global trade. Environmental Impact Assessment Review 101, 107133. https://doi.org/10.1016/j.eiar.2023.107133
Stepanova, D., Yousif, N.B.A., Karlibaeva, R., Mikhaylov, A. (2024). Current analysis of cryptocurrency mining industry. Journal of Infrastructure, Policy and Development, 8(5), 4803. https://doi.org/10.24294/jipd.v8i5.4803
Taleb, N. (1998). Dynamic Hedging: Managing Vanilla and Exotic Options, Wiley.
Tang, Y., and Chen, P. (2014). Time varying moments, regime switch, and crisis warning: The birth–death process with changing transition probability. Physica A., 404, 56–64.
Tasmaganbetov, A. B., Imanbayeva, Z. O., Ataniyazov, Z., and Shaikin, D. N. (2020). Future development of price instruments of state support for the use of renewable energy sources in Kazakhstan. International Journal of Energy Economics and Policy, 10(1), 140–144.
Teng, Y., and Shang, P. (2018). Detruded fluctuation analysis based on higher-order moments of financial time series. Physica A, 490, 311–322.
Tutumlu, A., and Rustemov, I. (2021). The Paradox of Authoritarian Power: Bureaucratic Games and Information Asymmetry. The Case of Nazarbayev’s Kazakhstan. Problems of Post-Communism, 68(2), 124–134.
Wang, Q, Guo, J., Li, R. and Jiang, X.-t. (2023a). Economic growth and carbon emission in the Organization for Economic Cooperation and Development countries: The effects of oil, gas, and renewable energy. Energy & Environment, 0958305X221138817 (2023).
Wang, Q, Hu, S., Li, L. and Li, R. (2023b). Accelerating urbanization serves to reduce income inequality without sacrificing energy efficiency–Evidence from the 78 countries. Sustainable Cities and Society 92, 104477 (2023).
Wang, Q., Guo, J. and Li, R. (2023c). Spatial spillover effects of official development assistance on environmental pressure in sub-Saharan African (SSA) countries. Geography and Sustainability 4, 170–178, https://doi.org/10.1016/j.geosus.2023.03.004
Werner, F., and Sotskov, Y. N. (2006). Mathematics of Economics and Business. London: Routledge, 61–106.
Xu, M., and Shang, P. (2018). Analysis of financial time series using multiscale entropy based on skewness and kurtosis. Physica A, 490, 1543–1550.
Xu, S., Shao, M., Qiao, W., and Shang, P. (2018). Generalized AIC method based on higher-order moments and entropy of financial time series. Physica A., 505, 1127–1138.
Yerkinbayeva, L., Teleuyev, G., Kalymbek, B., Nurmukhankyzy, D., and Kuderina, A. (2021). Legal regulation of Kazakhstan’s transition to the green economy. Journal of Environmental Management & Tourism, 12(5), 1335–1342.
Yesbergen, R. A., Yessengaziyeva, S. K., and Asrepov, G. N. (2022). State regulation of agricultural industry of the Republic of Kazakhstan in conditions of VUCA-world. Problems of AgriMarket, 2, 71–77.
Zhamiyeva, R., Sultanbekova, G., Balgimbekova, G., Mussin, K., Abzalbekova, M., and Kozhanov, M. (2022). Problems of the effectiveness of the implementation of international agreements in the field of waste management: The study of the experience of Kazakhstan in the context of the applicability of European legal practices. International Environmental Agreements: Politics, Law and Economics, 22(1), 177–199.
Zhanbayev, R. A., Yerkin, A. Y., Shutaleva, A. V., Irfan, M., Gabelashvili, K., Temirbaeva, G. R.and Abdykadyrkyzy, R. (2023). State asset management paradigm in the quasi-public sector and environmental sustainability: Insights from the Republic of Kazakhstan. Frontiers in Environmental Science, 10, 1037023.
Zhang, H., Jin, C., Bouri, E., Gao, W., and Xu, Y. (2023). Realized higher-order moments spillovers between commodity and stock markets: Evidence from China. Journal of Commodity Markets, 30, 100275.
Zhunussova, G. Z., Ratner, S. V., Zhunussova, G. Z., Nurmukhanova, G. Z., and Shaihutdinova, A. K. (2020). Renewable energy in Kazakhstan: Challenges and prospects. International Energy Journal, 20(3), 311–324.
DOI: https://doi.org/10.24294/jipd9180
Refbacks
- There are currently no refbacks.
Copyright (c) 2024 Kamar Beketova, Askar Kurmash, Aigul Alibekova, Magzhan Aldabergen, Madina Yelpanova, Dauren Turarov, Alexey Mikhaylov, Vera Ivanyuk, Diana Stepanova
License URL: https://creativecommons.org/licenses/by/4.0/
This site is licensed under a Creative Commons Attribution 4.0 International License.