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Item Open Access Banking System(Suleyman Demirel University, 2007) Kurdaeva V; Sihimbaev DThis paper explores the structure, functions, and key principles of the modern banking system, with particular attention to Kazakhstan’s financial sector. The banking system plays a vital role in the economy by channeling funds from savers to borrowers, ensuring the efficient flow of capital, and supporting economic growth. Based on Frederic S. Mishkin’s model, the study highlights that loans constitute the major portion of external funding worldwide, with banks serving as the primary financial intermediaries. The paper discusses the composition of commercial bank balance sheets, detailing their assets and liabilities, and explaining how banks generate profit through asset transformation and interest rate differentials. Furthermore, it outlines the four core principles of bank management — liquidity management, asset management, liability management, and capital adequacy management — emphasizing how these ensure stability and profitability. The Kazakhstani banking system, while still developing, reflects global patterns but faces challenges of liquidity, credit risk, and diversification. The paper concludes that strengthening regulation, improving transparency, and fostering innovation are key to enhancing the efficiency and resilience of Kazakhstan’s banking sector.Item Open Access Cluster Policy of Development in Kazakhstan(Suleyman Demirel University, 2007) Sarsembayeva AliyaThis paper analyzes the development of cluster policy in Kazakhstan as a key instrument for diversifying the national economy beyond its dependence on oil and gas extraction. Based on Michael Porter’s cluster theory, the study explores how Kazakhstan adopted a cluster-based approach to stimulate competitiveness, innovation, and productivity across non-extractive sectors. The research highlights the formation of seven pilot clusters—tourism, transport and logistics, oil-and-gas machine building, construction materials, food processing, textiles, and metallurgy—and examines three of them in detail: the food industry, tourism, and building materials clusters. Each represents a strategic area aimed at boosting regional development and improving cooperation between business, government, and academia. The paper concludes that while the government has initiated substantial progress in cluster formation, long-term success depends on greater initiative and participation from the private sector.Item Open Access Oil and Gas Industry in Kazakhstan(Suleyman Demirel University, 2007) Bimagambetova BibigulThe oil and gas industry plays a central role in the economy of Kazakhstan, accounting for the majority of national exports, foreign investments, and government revenues. With over 200 oil and gas fields, Kazakhstan ranks among the world’s major energy producers. The country’s key fields—Tengiz, Karachaganak, and Kashagan—contain vast proven reserves and form the foundation of Kazakhstan’s industrial growth and international partnerships. Foreign investments from companies such as Chevron, British Gas, and Lukoil have accelerated technological and infrastructural development in the sector. The government’s long-term strategy, “Kazakhstan 2030,” prioritizes the efficient and sustainable development of hydrocarbon resources to strengthen national economic stability. However, the industry still faces challenges such as high dependency on oil exports, environmental concerns, and bureaucratic inefficiencies. This paper explores the structure, production trends, export routes, and future prospects of the oil and gas industry in Kazakhstan, emphasizing its critical role in shaping the nation’s economic trajectory.Item Open Access The Exchange and the Interest Rates(Suleyman Demirel University, 2007) Aina ShitkanovaThis project explores the relationship between interest and exchange rates in an open economy, with a specific focus on Kazakhstan. It examines the mechanisms through which interest rates influence exchange rate movements and vice versa, analyzing how these interactions impact the country's economic situation. The study also addresses key questions such as why the Kazakhstani tenge is appreciating and why national interest rates remain high. By applying theoretical models like the IS-LM framework for open economies, the project investigates the effects of fiscal expansion and monetary contraction on output, interest rates, and currency value. In conclusion, the paper provides insights and predictions about Kazakhstan’s future monetary trends, suggesting a continued appreciation of the tenge and a gradual rise in interest rates.Item Open Access Expectations and Their Role in the Economy(Suleyman Demirel University, 2007) Chagirov DaurenExpectations play a fundamental role in shaping economic behavior and outcomes. Since individuals and businesses cannot predict the future with certainty, they form expectations regarding future prices, income, investment returns, and government policies. These expectations influence consumption, saving, investment, and policy effectiveness. The paper explores the economic significance of expectations through three main dimensions: consumption and expectations, investment and expectations, and the role of expectations in public policy. Theories by Milton Friedman and Franco Modigliani are discussed, emphasizing the permanent income and life-cycle hypotheses, as well as the concept of rational expectations introduced by John F. Muth. The analysis shows that economic outcomes often depend on how individuals and firms interpret and react to information about the future, highlighting that accurate and stable expectations are crucial for achieving sustainable growth and effective macroeconomic policy.Item Open Access What Does Dollar Mean?(Suleyman Demirel University, 2007) Meiramgul SarsenbayThis paper explores the historical origins, linguistic evolution, and symbolic meanings of the word “dollar” and the dollar sign ($). Money, as one of humanity’s oldest social inventions, did not appear in a single time or place but evolved over centuries across various cultures. The study traces the etymological connections between the American “dollar,” the German “Thaler,” and the ancient Turkic word dala meaning “steppe,” demonstrating how linguistic and cultural influences traveled through Europe to the New World and eventually returned to Eurasia. Furthermore, the research discusses several theories regarding the origin of the dollar sign, including the United States abbreviation theory, the Spanish peso and “piece of eight” theories, and the less common slavery theory. The paper also provides a symbolic interpretation of the U.S. one-dollar bill, revealing how design elements such as the Great Seal and Latin inscriptions reflect the ideals and values of the American nation. Overall, this study emphasizes that currency is not merely an economic instrument but also a cultural and historical symbol reflecting human civilization’s shared heritage.Item Open Access Ways of Translation of Perfective and Imperfective Aspects from Russian into Turkish(Suleyman Demirel University, 2007) Shatskaya AnnaThis research paper explores the methods of translating perfective and imperfective aspects from Russian into Turkish. Since the Turkish language does not have correlative verb pairs equivalent to Russian (e.g., делать – сделать, говорить – сказать), translators must use alternative strategies to express completeness or continuity of action. The study identifies and analyzes three main ways of conveying aspectual meaning in Turkish: lexical, morphological, and syntactical. Lexical methods involve using different verbs to show aspectual contrast, while morphological strategies rely on tense forms such as Belirli Geçmiş Zaman and Şimdiki Zamanın Hikâyesi. The syntactical method includes the use of gerunds combined with auxiliary verbs like vermek, durmak, gitmek, and başlamak to express various shades of aspect. The analysis demonstrates that while Turkish verbs themselves are aspectually neutral, these methods allow translators to render the nuances of Russian aspectual distinctions effectively.Item Open Access Mortgage Market of Kazakhstan(Suleyman Demirel University, 2007) Almukhamedova DilyaraThe mortgage market in Kazakhstan has been developing dynamically since the late 1990s, reflecting both growing public demand for housing and the banking sector’s increasing focus on retail lending. This paper analyzes the evolution of the Kazakhstani mortgage market, examining the structure of interest rates, regional distribution of mortgage loans, and challenges related to inflation and credit risks. Despite declining interest rates compared to earlier years, mortgage loans in Kazakhstan remain significantly more expensive than in European countries, primarily due to inflationary pressures and lower living standards that increase lending risks. The study also explores the role of the Kazakhstan Mortgage Company (KMC) in refinancing housing loans and stabilizing the market. Although the sector faces issues such as overdue loans and high insurance costs, government measures aimed at improving the financial system and controlling inflation provide an optimistic outlook for the sustainable development of the mortgage market in Kazakhstan.Item Open Access Cluster Development of the Textile Industry in the Republic of Kazakhstan(Suleyman Demirel University, 2007) Igibayeva ZhadyraThe textile industry, as one of the major branches of light industry, plays a significant role in economic development and export potential. This paper examines the cluster-based development of the textile industry in Kazakhstan, particularly focusing on the creation and functioning of the Special Economic Zone (SEZ) “Ontustik” in the South Kazakhstan region. The study highlights the reasons for cluster formation, including the availability of raw materials, human resources, low production costs, and favorable infrastructure. Government incentives, such as tax exemptions and investment support, have contributed to the sector’s growth. However, challenges remain, including the shortage of skilled labor, low quality of raw cotton, and infrastructural constraints. The paper concludes that despite these difficulties, the cluster approach has proven effective for regional economic diversification and sustainable industrial growth in Kazakhstan.Item Open Access Samruk & Kazyna State Holdings(Suleyman Demirel University, 2007) Balgabekov Yeldos; Shamyrkanov BakytThis paper explores the establishment, functions, and economic significance of the “Samruk” State Holding and the “Kazyna” Sustainable Development Fund in Kazakhstan. Formed in 2006, these two institutions were key components of the government’s strategy to modernize and diversify the national economy, enhance corporate governance, and strengthen transparency. “Samruk” manages state assets in strategic sectors, increasing efficiency and profitability of enterprises such as KEGOC, while “Kazyna” coordinates national development institutions to stimulate investment, innovation, and industrial growth. During the 2008 global financial crisis, “Kazyna” played a stabilizing role by financing small and medium enterprises, construction, and industrial diversification projects. The research emphasizes that these holdings have become crucial instruments for sustainable economic growth, technological development, and attraction of foreign investment, aligning Kazakhstan’s development model with international best practices.