Title
Financial sector assets, real innovation and economic growth: assessment of interconnection and influence of regulatory instruments
Abstract
The authors raise the actual problem of weak intersectoral interaction of subjects of the financial-credit and innovation sectors of Kazakhstan. Currently, asymmetric processes are observed not only in the interaction of two strategically important sectors for the economy, but also in the asymmetric nature of the impact of regulatory instruments on the process of their interaction. This is a consequence of a largely non-integrated and disproportionate government policy, which in recent years has been characterized by one-sidedness and narrow focus in stimulating and supporting certain sectors and industries. In this regard, the authors carried out a three-level assessment of dependencies to determine the degree of influence of innovation activity on the rate of economic growth, the degree of influence of financial-credit organizations on the results of innovation activity and the degree of influence of the current regulatory instruments on the investment activity of the financial sector. As a result of the construction and use of an econometric model, results were obtained that confirm the hypothesis formulated by the authors about the creative role of systemic regulation, but also reveal the existing potential and points of convergence of financial-credit organizations with the innovative sector of the economy.
Keywords
financial and credit organizations, innovation sector, intersectoral interaction, regulatory institutions
JEL classifications
G18 , G21 , G23 , O31
URI
http://jssidoi.org/jesi/article/716
DOI
Pages
559-577
Funding
This research was funded by the Science Committee of the Ministry of Education and Science of the Republic of Kazakhstan (Grant №AP05135183 "Development of a systematic regulation mechanism for financial and credit organizations to supportthe innovation sector in the context of sustainable macroeconomic effects")This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License