espEconomy: strategy and practiceEconomy: strategy and practice1997-99672663-550XИнститут экономикиesp-299Research ArticleСтатьиАнализ взаимосвязи между финансовым развитием и экономическим ростом: на примере стран с переходной экономикойAnalysis of the Relationship between Financial Development and Economic Growth: The Case of Transition Economieshttps://orcid.org/0000-0002-1377-0026СыздықоваА. О.SyzdykovaA. О.

corresponding author, PhD of Finance and Accounting Department

Turkestan

https://orcid.org/0000-0002-7461-0384НахипбековаС.NakhipbekovaS.

PhD of Department of Public administration and regional development

Turkestan

https://orcid.org/0000-0002-0877-8859МасадиковХ.MassadikovK.

PhD of Department of Public administration and regional development

Turkestan

https://orcid.org/0000-0002-5374-018XТилеуоваС.TileuovaS.

Lecturer of Finance and Accounting Department

Turkestan

Khoja Akhmet Yassawi International Kazakh-Turkish UniversityKazakhstan202130032021161143154Copyright © Сыздықова А.О., Нахипбекова С., Масадиков Х., Тилеуова С., 20212021Сыздықова А.О., Нахипбекова С., Масадиков Х., Тилеуова С.Syzdykova A.О., Nakhipbekova S., Massadikov K., Tileuova S.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://esp.ieconom.kz/jour/article/view/299

Финансовое развитие, считающиеся одной из причин экономического роста, является одним из наиболее обсуждаемых вопросов в экономической литературе в последние годы. Финансовое развитие определяется увеличением используемых в стране финансовых инструментов и интенсивностью их использования.История теоретических и эмпирических исследований существования причинно-следственной связи между финансовым развитием и экономическим ростом восходит к древним временам. Концепции экономического роста и экономического развития важны как для развитых, так и для развивающихся стран в начале каждого периода. Потому что эти понятия являются не только экономическими долгосрочными процессами, но учитывают также социальные и политические параметры. Идея о том, что развитие финансового рынка может быть политическим инструментом экономического роста, ускорила развитие финансовых рынков. Однако связь между развитием финансового рынка и экономическим ростом привела к противоречиям. Выявление причинно-следственной связи между финансовым развитием и экономическим ростом очень важно с точки зрения определения политики, направленной на ускорение последнего. Однако, хотя эмпирические исследования по этому предмету отличаются с точки зрения результатов, нет единого мнения о направлении причинно-следственной связи.Целью данного исследования является изучение взаимосвязи между финансовым развитием и экономическим ростом в странах с переходной экономикой с помощью группового теста причинности Грейнджера, разработанного Dumitrescu and Hurlin (2012). Используемый годовой набор данных охватывает период 1995-2018 гг. В результате проведенного исследования были обнаружены односторонние причинно-следственные связи от перехода от финансового развития к экономическому росту в странах с переходной экономикой. Полученный результат подтвердил верность выдвинутой гипотезы для этих стран.

Financial development, which is considered to be one of the reasons for economic growth, is one of the issues discussed in the literature in recent years. Financial development is defined as the increase in the financial instruments used in a country and the intensity of the use of these instruments. More generally, it is also possible to define the size of the financial system and the change in size and quality and quantity. The history of theoretical and empirical studies on whether there is a causal relationship between financial development and economic growth goes back to ancient times. The concepts of economic growth and economic development are important for both developed and developing countries at the beginning of each period. Because these concepts are not only economic, but also a longterm process involving social and political parameters.The idea that financial market development can be a policy tool in increasing economic growth accelerated the development of financial markets. However, the relationship between financial market development and economic growth has led to controversy. To reveal the direction of causality between financial development and economic growth is very important in terms of determining policy to increase economic growth. However, although the empirical studies on this issue are different in terms of results, there is no consensus on the direction of causality.The aim of this study is to investigate the relationship between financial development and economic growth for the transition economies through the panel Granger causality test developed by Dumitrescu and Hurlin (2012). The annual data used covers the period 1995-2018. As a result of the study, a one - way causality relationship was found in transition economies from financial development to economic growth. This result shows that the hypothesis of supply prediction in these countries is valid.

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The authors declare that there are no conflicts of interest present.