The Influence of the Financial and Banking Sector on the Development on the Tourism Industry in the Context of the Crisis of the Global Economic System
Abstract
The article discusses how the conditions and influence of the financial system, including the banking sector, on the development of tourism in the conditions of the crisis of the global economic system are changing. A modern analysis of the state of the banking sector, indicators of assets and liabilities of second-tier banks, and the share of tourism in the formation of GDP has been carried out. Assessment of the current state of the credit activity of commercial banks in Kazakhstan, economic and mathematical forecast of its further development, development of proposals to improve the efficiency of the bank's financial management and substantiation of merits. Recommendations are given to improve the financial efficiency of the bank's management activities and the main directions of stabilization measures. It is noted that investments are a tool for financial stabilization of the economy, play a huge role in solving strategic and tactical tasks at the strategic level. All this should lead to financial stabilization of the economy, reduction of inflation, unemployment and economic growth.
References
[1] Al-Awadhi, A.M., Al-Saifi, K., Ahmed Al-Awadhi, A. and Alhammadi, S. 2020. Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27(11): 326-335.
[2] Ashraf, B.N. 2020. Stock markets’ reaction to COVID-19: cases or fatalities? Research in International Business and Finance, 54: 101249. DOI: https://doi.org/10.1016/j.ribaf.2020.101249
[3] Baker, S.R., et al. 2020. The unprecedented stock market impact of COVID-19. The Review of Asset Pricing Studies, 10(4): 742–758. DOI: http://www.nber.org/papers/w26945
[4] Benes, J. and Kumhof, M. 2018. Risky bank lending and countercyclical capital buffers. Journal of Economic Dynamics and Control, 58: 58–80. DOI: https://doi.org/10.1016/j.jedc.2018.06.005
[5] Capelle-Blancard, G., Desroziers, A. 2020. The stock market is not the economy? Insights from the COVID-19 crisis. COVID Economics, 14(28): 29–69. https://www.researchgate.net/publication/342685575_The_Stock_Market_Is_not_the_Economy_Insights_from_the_COVID-19_Crisis
[6] Chang, C-P. and Chen, S. 2019. Government capital injection, credit risk transfer, and bank performance during a financial crisis. Economic Modelling, 53: 477–486. DOI:https://doi.org/10.1016/j.econmod.2019.10.046
[7] Chelekbay, A.D. 2017. Risk management in monetary and investment activity: theory, world experience and practice of Kazakhstan. Almaty: Economics, 187p.
[8] Gilyarovsky, L.T. 2020. Economic analysis. Moscow: Prospect, 360 p.
[9] Hamzeh, F. and Dania Al-Najjar. 2021. Consequences of COVID-19 on Banking Sector Index: Artificial Neural Network Model. International Journal of Financial Studies, 4(9): 67-78. DOI:https://doi.org/10.3390/ijfs9040067
[10] Igonina L. 2021. Investment project financing methods. Moscow: Prospect, 201 p. Available at: https://www.cfin.ru/investor
[11] Kalkabayeva, G., et al. 2020. Financial sector assets, real innovation and economic growth: Assessment of interconnection and influence of regulatory instruments. Entrepreneurship and Sustainability Issues, 8(2): 559–577.
[12] Karim, M.A., Hassan, M.K., Hassan, T. and Mohamad, S. 2018. Capital adequacy and lending and deposit behaviors of conventional and Islamic banks. Pacific-Basin Finance Journal, 28: 58–75. DOI:https://doi.org/10.1016/j.pacfin.2018.11.002
[13] Khamitov, N.N., and Baibulatov, D.Zh. 2018. Banking supervision in Kazakhstan. Almaty: Economics, 250p.
[14] Maji, S.G., and De, U.K. 2017. Regulatory capital and risk of Indian banks: A simultaneous equation approach. Journal of Financial Economic Policy, 7(2): 140–156. DOI: https://doi.org/10.1108/JFEP-06-2017-0038
[15] Mateev M., and Tariq M.A. 2021. Sahyouni Competition, capital growth and risk-taking in emerging markets: Policy implications for banking sector stability during COVID-19 pandemic. PLoS ONE, 16(6): e0253803. DOI: https://doi.org/10.1371/journal.pone.0253803
[16] Moudud-Ul-Huq, S. 2020. Does bank competition matter for performance and risk-taking? Empirical evidence from BRICS countries. International Journal of Emerging Markets, 43(57): 97-109. DOI:https://doi.org/10.1108/ijoem-03-2019-0197
[17] Nakipova, G.N., Ahmetova, K.A., and Kamenova, M.J. 2013. Marketing-management in the complex socio-economic systems: Basic ideas, aims, tasks. World Applied Sciences Journal, 27 (6): 723-728.
[18] Nguyen, T.P.T. and Nghiem, S.H. 2018. The interrelationships among default risk, capital ratio and efficiency. Managerial Finance, 45(1): 507–525. DOI: https://doi.org/10.1108/MF-12-2018-0354
[19] Omarova, A., et al. 2021. Analysis of the development of innovative activities of the tourism industry in the influence of pandemic. Journal of Environmental Management and Tourism, 12(6): 1442-1453.
[20] Rakhmetova, A., et al. 2020. Financial-credit and innovative economic sectors: evaluation of macroeconomic effects of regulation and interaction sectors. Entrepreneurship and Sustainability Issues, 8(1): 1224-1237. DOI: http://doi.org/10.9770/jesi.2020.8.1(82)
[21] Reyzlin, V.I. 2018. Mathematical modeling. Moscow: Yurayt, 128 p.
[22] Solodovnik, J.A. 2018. Methodical foundations of the classification of innovations in the tourism sector of the Russian Federation. Proceedings of VSUET, 4(80): 366–370. DOI: 10.20914/2310-1202-2018-4-366-370
[23] Topcu, M., and Gulal, O.M. 2020. The impact of COVID-19 on emerging stock markets. Finance Research Letters, 23(36): 691-702. DOI: https://doi.org/10.1016/j.frl.2020.101691
[24] Zeinelgabdin, A.B. 2018. Financial system: Kazakhstan: formation and development: monograph. Astana: KazUEFIMT, 226p.
[25] Zhuirikov, K.K. 2017. Methods and sources of financing investment projects. Banks of Kazakhstan, 1 (235): 13 – 16.
[26] Development Strategy of the Fund JSC "Investment Fund of Kazakhstan". Available at: https://ifk.kz/
[27] Official resource of Bulletin of the National Bank of the Republic of Kazakhstan. Available at: https://nationalbank.kz/
[28] Official resource of International Tourism Highlights. 2020. Available at: https://www.e-unwto.org/doi/book/10.18111/9789284422456
[29] Official resource of International Trade Centre. 2021. Supporting small businesses through the COVID-19 crisis and towards the future”. Available at: http://www.intracen.org/covid19/15-Points-Action-Plan
[30] Official resource of JSC “Entrepreneurship Development Fund “Damu”. Available at: www.damu.kz
[31] Official resource of JSC QaztechVentures. Available at: https://qaztech.vc/
[32] Official resource of JSC Samruk-Kazyna. Available at: https://sk.kz/
[33] Official resource of the Committee on Statistics of the Republic of Kazakhstan. Available at: http://www.stat.gov.kz
[34] Official resource of UNWTO. 2021. World Tourism Barometer. Available at: https://www.e-unwto.org/doi/pdf/10.18111/wtobarometeresp.2021.19.1.1
[2] Ashraf, B.N. 2020. Stock markets’ reaction to COVID-19: cases or fatalities? Research in International Business and Finance, 54: 101249. DOI: https://doi.org/10.1016/j.ribaf.2020.101249
[3] Baker, S.R., et al. 2020. The unprecedented stock market impact of COVID-19. The Review of Asset Pricing Studies, 10(4): 742–758. DOI: http://www.nber.org/papers/w26945
[4] Benes, J. and Kumhof, M. 2018. Risky bank lending and countercyclical capital buffers. Journal of Economic Dynamics and Control, 58: 58–80. DOI: https://doi.org/10.1016/j.jedc.2018.06.005
[5] Capelle-Blancard, G., Desroziers, A. 2020. The stock market is not the economy? Insights from the COVID-19 crisis. COVID Economics, 14(28): 29–69. https://www.researchgate.net/publication/342685575_The_Stock_Market_Is_not_the_Economy_Insights_from_the_COVID-19_Crisis
[6] Chang, C-P. and Chen, S. 2019. Government capital injection, credit risk transfer, and bank performance during a financial crisis. Economic Modelling, 53: 477–486. DOI:https://doi.org/10.1016/j.econmod.2019.10.046
[7] Chelekbay, A.D. 2017. Risk management in monetary and investment activity: theory, world experience and practice of Kazakhstan. Almaty: Economics, 187p.
[8] Gilyarovsky, L.T. 2020. Economic analysis. Moscow: Prospect, 360 p.
[9] Hamzeh, F. and Dania Al-Najjar. 2021. Consequences of COVID-19 on Banking Sector Index: Artificial Neural Network Model. International Journal of Financial Studies, 4(9): 67-78. DOI:https://doi.org/10.3390/ijfs9040067
[10] Igonina L. 2021. Investment project financing methods. Moscow: Prospect, 201 p. Available at: https://www.cfin.ru/investor
[11] Kalkabayeva, G., et al. 2020. Financial sector assets, real innovation and economic growth: Assessment of interconnection and influence of regulatory instruments. Entrepreneurship and Sustainability Issues, 8(2): 559–577.
[12] Karim, M.A., Hassan, M.K., Hassan, T. and Mohamad, S. 2018. Capital adequacy and lending and deposit behaviors of conventional and Islamic banks. Pacific-Basin Finance Journal, 28: 58–75. DOI:https://doi.org/10.1016/j.pacfin.2018.11.002
[13] Khamitov, N.N., and Baibulatov, D.Zh. 2018. Banking supervision in Kazakhstan. Almaty: Economics, 250p.
[14] Maji, S.G., and De, U.K. 2017. Regulatory capital and risk of Indian banks: A simultaneous equation approach. Journal of Financial Economic Policy, 7(2): 140–156. DOI: https://doi.org/10.1108/JFEP-06-2017-0038
[15] Mateev M., and Tariq M.A. 2021. Sahyouni Competition, capital growth and risk-taking in emerging markets: Policy implications for banking sector stability during COVID-19 pandemic. PLoS ONE, 16(6): e0253803. DOI: https://doi.org/10.1371/journal.pone.0253803
[16] Moudud-Ul-Huq, S. 2020. Does bank competition matter for performance and risk-taking? Empirical evidence from BRICS countries. International Journal of Emerging Markets, 43(57): 97-109. DOI:https://doi.org/10.1108/ijoem-03-2019-0197
[17] Nakipova, G.N., Ahmetova, K.A., and Kamenova, M.J. 2013. Marketing-management in the complex socio-economic systems: Basic ideas, aims, tasks. World Applied Sciences Journal, 27 (6): 723-728.
[18] Nguyen, T.P.T. and Nghiem, S.H. 2018. The interrelationships among default risk, capital ratio and efficiency. Managerial Finance, 45(1): 507–525. DOI: https://doi.org/10.1108/MF-12-2018-0354
[19] Omarova, A., et al. 2021. Analysis of the development of innovative activities of the tourism industry in the influence of pandemic. Journal of Environmental Management and Tourism, 12(6): 1442-1453.
[20] Rakhmetova, A., et al. 2020. Financial-credit and innovative economic sectors: evaluation of macroeconomic effects of regulation and interaction sectors. Entrepreneurship and Sustainability Issues, 8(1): 1224-1237. DOI: http://doi.org/10.9770/jesi.2020.8.1(82)
[21] Reyzlin, V.I. 2018. Mathematical modeling. Moscow: Yurayt, 128 p.
[22] Solodovnik, J.A. 2018. Methodical foundations of the classification of innovations in the tourism sector of the Russian Federation. Proceedings of VSUET, 4(80): 366–370. DOI: 10.20914/2310-1202-2018-4-366-370
[23] Topcu, M., and Gulal, O.M. 2020. The impact of COVID-19 on emerging stock markets. Finance Research Letters, 23(36): 691-702. DOI: https://doi.org/10.1016/j.frl.2020.101691
[24] Zeinelgabdin, A.B. 2018. Financial system: Kazakhstan: formation and development: monograph. Astana: KazUEFIMT, 226p.
[25] Zhuirikov, K.K. 2017. Methods and sources of financing investment projects. Banks of Kazakhstan, 1 (235): 13 – 16.
[26] Development Strategy of the Fund JSC "Investment Fund of Kazakhstan". Available at: https://ifk.kz/
[27] Official resource of Bulletin of the National Bank of the Republic of Kazakhstan. Available at: https://nationalbank.kz/
[28] Official resource of International Tourism Highlights. 2020. Available at: https://www.e-unwto.org/doi/book/10.18111/9789284422456
[29] Official resource of International Trade Centre. 2021. Supporting small businesses through the COVID-19 crisis and towards the future”. Available at: http://www.intracen.org/covid19/15-Points-Action-Plan
[30] Official resource of JSC “Entrepreneurship Development Fund “Damu”. Available at: www.damu.kz
[31] Official resource of JSC QaztechVentures. Available at: https://qaztech.vc/
[32] Official resource of JSC Samruk-Kazyna. Available at: https://sk.kz/
[33] Official resource of the Committee on Statistics of the Republic of Kazakhstan. Available at: http://www.stat.gov.kz
[34] Official resource of UNWTO. 2021. World Tourism Barometer. Available at: https://www.e-unwto.org/doi/pdf/10.18111/wtobarometeresp.2021.19.1.1
Published
2022-06-28
How to Cite
SULTANBAIULY, Serik et al.
The Influence of the Financial and Banking Sector on the Development on the Tourism Industry in the Context of the Crisis of the Global Economic System.
Journal of Environmental Management and Tourism, [S.l.], v. 13, n. 4, p. 1100 - 1112, june 2022.
ISSN 2068-7729.
Available at: <https://journals.aserspublishing.eu/jemt/article/view/7064>. Date accessed: 25 apr. 2024.
doi: https://doi.org/10.14505/jemt.v13.4(60).16.
Section
Article
Copyright© 2023 The Author(s). Published by ASERS Publishing 2023. This is an open access article distributed under the terms of CC-BY 4.0 license.