Abstract:
Kazakhstan’s financial market, being relatively small in size, does
not have the ability to compensate for the needs of economic entities for
financing development through market mechanisms. Therefore, a decision
support tool is needed to ensure continued growth. The solution was to use a
fuzzy cognitive map and a method for constructing indicators of the system’s
sustainable development which included a set of three types of subsystem:
economic, financial institutions, and financial markets. The sample, containing
data from between 1993 and 2018, uses 31 indicators of the economic
development of Kazakhstan to reflect the ability of the system to develop in
terms of depth, accessibility, efficiency, stability, integration, innovation, and
cognitive approach of the economic agents. The current state of the financial
market for the period up to 2025 indicates initial shallow depth and slow
progress requiring increased investment, GDP growth and reduced inflation to
stimulate its development.
