Integration of Financial Markets under the Conditions of the Eurasian Economic Union: Challenges and Opportunities

  • Rymkul ISMAILOVA Faculty of Finance, Saken Sefullin Kazakh Agrotechnical University, Astana, Kazakhstan
  • Amina MUSSINA Faculty of Finance, Kazakh University of Economics, Finance and International Trade, Astana, Kazakhstan
  • Aliya ABDIKARIMOVA Faculty of Economic, Karaganda Economic University, Karaganda, Kazakhstan
  • Zhibek OMARKHANOVA Faculty of Finance, Saken Sefullin Kazakh Agrotechnical University, Astana, Kazakhstan
  • Zhanna NURGALIYEVA Faculty of Finance, JSC Financial Academy, Astana, Kazakhstan
  • Rimma ZHANGIROVA Faculty of Finance, Saken Sefullin Kazakh Agrotechnical University, Astana, Kazakhstan

Abstract

The focus on the regional financial integration became a center of attention due to enhancement of cooperation among member states the Eurasian Economic Union and sustainable development. However, the reality of global experience demonstrated that such practices have ambiguous effects on economies. The article discloses main issues of the integration of financial markets in the framework of the Eurasian Economic Union through the analysis of preconditions and conditions of the formation of a single financial market. The research examined development of financial trade between Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, creation of supranational bodies on regulation of the financial markets, formation of the developed financial infrastructure and favorable investment climate. The research based empirical study of statistical and secondary data of the member states, and conclusion and propositions on policies have been derived from the comparative analysis of the economies of these countries.

References

[1] Message of the President N. Nazarbayev. 2017. Third modernization of Kazakhstan: global competitiveness.
[2] Committee of Statistics of the Ministry of National Economy of the Republic of Kazakhstan, www.stat.kz.
[3] Macroeconomic policy of the member-states of the Singlе Economic Space,http://eec.eaeunion.org/en/act/integr_i_makroec/dep_makroec_pol/Pages/sogl.aspx.
[4] Financial Statistics of the Customs Union and the Common Economic Space. Statistical compilation of the Eurasian Economic Commission.
[5] Statistical compilation of the Eurasian Economic Commission in Financial 2012 – 2016.
[6] Two tier banks' financial indicators, http://www.nationalbank.kz/cont/Information
Published
2017-09-30
How to Cite
ISMAILOVA, Rymkul et al. Integration of Financial Markets under the Conditions of the Eurasian Economic Union: Challenges and Opportunities. Journal of Advanced Research in Law and Economics, [S.l.], v. 8, n. 6, p. 1779-1784, sep. 2017. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/1829>. Date accessed: 28 mar. 2024.