Abstract
The article objective is the study of exchange market and stock market financial instruments influence on capital flows in Kazakhstan. For this purpose possible influence factors on capital flows in Kazakhstan were analyzed. Statistical data on capital flows in Kazakhstan over a period from 2007 to 2013 were collected. Dynamics of capitalization on Kazakhstan Stock Exchange, the amount of issues of securities and number of issuers, Kazakhstan Stock Exchange index dynamics, banks residents’ exchange transactions’ volume, currency in cash transactions, foreign exchange cash import/ export by second-tier banks, currency trade volume in Kazakhstan Stock Exchange, interbank credit and deposits in Kazakhstan, on exchange average weighted exchange rate volume were collected and analyzed. Regression analysis is carried out, conclusions and recommendations are given. Found determination coefficient of 99% confirms the hypothesis of stock market and exchange market instruments influence on capital flows in Kazakhstan. The conclusion on the interrelation of capital flows and exchange market and stock market instruments is drawn based on calculated model. The following factors were also detected: the number of issues of securities eligible for trading in Kazakhstan Stock Exchange (KASE); the number of issuers of securities eligible for trading in stock exchange; banks residents’ transactions volume; net transactions by exchange offices (foreign exchange cash); foreign exchange cash import/ export by second-tier banks.
Highlights
Researches revealed many causes for capital export such as investment climate deterioration, higher profit rate, cheaper labour and raw material in a capital-receiving country
The article objective is the study of exchange market and stock market financial instruments influence on capital flows in Kazakhstan
This paper presents studies of exchange market and stock market
Summary
Researches revealed many causes for capital export such as investment climate deterioration, higher profit rate, cheaper labour and raw material in a capital-receiving country. The problems of liquidity shortage, Kazakh companies’ growing need for financial resources to support the pace of domestic production and promote competitive performance of produced goods and services, heightens the significance of stock market and exchange operations. In this regard it’s necessary to study financial instruments influence on capital flow. Academics classified financial market segments and correspondingly financial instruments by the models of markets common for each state. S. highlighting the tendency for world economy globalization distinguishes merger and acquisition market as one more segment of financial market (Selischev, 2013). S. highlighting the tendency for world economy globalization distinguishes merger and acquisition market as one more segment of financial market (Selischev, 2013). Annenkova (2010) defines exchange market as a complex of currency exchange transactions by foreign exchange buy and sell subject to set conditions
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