GLOBALISATION OF THE ECONOMY AND ITS IMPACT ON THE FINANCIAL POLICY OF KAZAKHSTAN

Abstract

The relevance of the study is conditioned by the problems of implementing financial policy for the modern Kazakhstani economy, the underdevelopment of the financial and banking system and a low level of monetisation (45% with the threshold of food security of 75%). In this regard, this paper is aimed at studying the impact of economic globalisation on the financial policy of Kazakhstan. The study used methods of analysis, synthesis and analogy, which allow for a comprehensive study of the models of financial market regulation. Using the comparative research method, the regulation of the research object in the national system of Kazakhstan, other countries of the region and at the international level was compared. The paper presents the main trends in the functioning of financial systems at the international, regional and national levels. The integration of the banking sector is classified according to the degree of development of integration processes in the financial sphere: offensive credit integration; protective financial integration; preparatory (pre-integration); disintegration. The study revealed that Kazakhstan is making attempts to introduce conceptual provisions of Asian neo-industrial countries to modernise the national economy and financial sphere, actively engage in the regional and world financial markets and flows. It was determined that a consolidated (integrated) model of financial market regulation functions in Kazakhstan, its advantages and disadvantages are noted. The study of the features of the financial market regulation models in foreign countries under the influence of globalisation trends made it possible to determine a number of measures to improve the financial market regulation of Kazakhstan.

Keywords

• economic globalisation
• asian globalism
• financial system
• global economy
• financial globalisation