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Macroeconomic Effects of Kazakhstan’s Anticrisis Policy: Economic Growth and Paternalism

  • ECONOMY OF CIS COUNTRIES
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Studies on Russian Economic Development Aims and scope

Abstract

This article contains an analysis of the ambivalent effects of the countercyclical anticrisis policy implemented in Kazakhstan in 2014–2017 when the recovery of economic growth was attended by the growing role of economic paternalism. The state provided support to all macroeconomic agents: it supported households to sustain the consumer demand, the business sector to support the accumulation of fixed capital stock, and budgets to increase public expenditures. In the authors’ opinion, in 2018 sufficiently favorable conditions will form for reducing the role of economic paternalism. The priority must be to recover the generation of population income from hired labor and entrepreneurship, growth of investment and innovative activities on the part of the business sector, and creation of equal opportunities and access to financial resources.

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Notes

  1. The potential GDP is calculated on the basis of the actual GDP at constant prices using the Hodrick-Prescott (HP) filter. This is the most well-known and broadly used statistical filter that allows attaining a smoothened nonlinear dynamic series representation. It is intended for filtering short-term variations to reduce the noise level in the long-term component.

REFERENCES

  1. E. Naikal, Constructing Adjusted Net Saving (World Bank, 2015). https://www.wavespartnership.org/sites/ waves/files/images/Constructing%20Adjusted%20Net% 20Saving.pdf.

  2. The Law of the Republic of Kazakhstan On Introducing Amendments and Addenda to the Law of the Republic of Kazakhstan On the Republican Budget for 2018–2020. http://www.minfin.gov.kz.

  3. OPEC Monthly Oil Market Report 2016. http://www. opec.org/opec_web/en/publications/338.htm.

  4. Credit Outlooks 2018. https://www.fitchratings.com/ site/outlooks.

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ACKNOWLEDGMENTS

This work was financially supported by the Ministry of Education and Science of the Republic of Kazakhstan as part of scientific and (or) engineering projects for 2018–2020 in the field “Research and Evaluation of the Impact of the State and the Public Expenditures on the Factors of Kazakhstan’s Long-Term Economic Growth (labor, capital, total factor productivity) Using Econometric Models and the Input-Output Balance Model.” IRN AP05132465.

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Authors and Affiliations

  1. Economic Research Institute, 010001, Astana, Kazakhstan

    S. N. Alpysbayeva & Sh. Zh. Shuneyev

Authors
  1. S. N. Alpysbayeva
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  2. Sh. Zh. Shuneyev
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Correspondence to S. N. Alpysbayeva.

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Translated by S. Kuznetsov

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Alpysbayeva, S.N., Shuneyev, S.Z. Macroeconomic Effects of Kazakhstan’s Anticrisis Policy: Economic Growth and Paternalism. Stud. Russ. Econ. Dev. 30, 229–234 (2019). https://doi.org/10.1134/S1075700719020023

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  • DOI: https://doi.org/10.1134/S1075700719020023

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