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Now showing 1 - 3 of 3
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    ItemOpen Access
    FOREIGN EXCHANGE RATE REGIMES IN KAZAKHSTAN
    (СДУ хабаршысы - 2017, 2017) Torekhan N.
    Abstract. The work investigates the main affecting factors to domestic currency volatility and also provides an extensive analysis about the relationship of oil prices and nominal exchange rate of tenge against US dollars. The paper discusses the relationship between oil prices and exchange rate of KZT vs. USD and measures the marginal effect of oil prices on domestic currency through the Vector Error Correction Model (VECM). It examines about the affecting factors to domestic currency, exactly nominal exchange rate of KZT vs. USD according to the Inflation Report of NBK. The analysis, made by the Vector Error Correction Model (VECM) for time series data. Popular model because it allows for the existence of an underlying or fundamental link between variables (the long run relationship) as well as for short run adjustments (i.e. changes) between variables, including adjustments to achieve the cointegrating relationship.
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    ItemOpen Access
    Macroeconomic Effects of Capital Flows: Kazakhstan Case
    (Suleyman Demirel University, 2007) Mesut Yılmaz
    This article examines the macroeconomic effects of capital flows, with a particular focus on Kazakhstan. The study first explains different definitions of capital flows as movements of international funds across borders, including foreign direct investment and short-term capital. It highlights that opening the capital account requires certain economic preconditions, such as stable inflation, disciplined fiscal policy, and strong financial institutions. The article reviews theoretical perspectives on how capital inflows affect key macroeconomic variables, including inflation, investment, exchange rates, and the current account balance. Depending on the exchange rate regime, capital inflows may lead to real exchange rate appreciation and expansion in domestic demand. The paper also discusses the policy dilemma known as the “impossible trinity,” where a country cannot maintain free capital movement, fixed exchange rates, and an independent monetary policy simultaneously. Using data from Kazakhstan, the article shows that foreign direct investment has played a significant role in supporting economic growth and external stability.
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    THE IMPACT OF CHANGES IN OIL PRICE AND RUSSIAN RUBLE EXCHANGE RATE ON KAZAKHSTANI TENGE
    (СДУ хабаршысы - 2018, 2017) Muratkhanov D.
    Abstract. This article examines the relationship between exchange rates of Kazakhstani tenge, Russian rouble and the oil price. Based on the statistical data in period from 2008-2018 on exchange rates of two currencies compared to US dollar and oil prices denominated in the same currency we conducted correlation analysis and identified that exchange rate of tenge is more dependent on changes in ruble’s exchange rate rather than oil prices. In order to strength the research, we interviewed financial experts from Kazakhstan’s financial sector and gathered their opinions on the abovementioned topic. Based on the obtained results we expressed our recommendations to our readers. The results of this article will help to improve and enhance the financial literacy of our readers.