Purpose: This study aims to investigate the determinants of banking stability in the case of QISMUT + 3 countries (Qatar, Indonesia, Malaysia, United Arab Emirates, Turkey, Pakistan, Kuwait and Bahrain). Both profitability of banks and non-performing loans were treated as dependent variables. Three variations are examined, the sample as a whole and separated to conventional banks (CBs) and Islamic banks (IBs). Design/methodology/approach: Data from 208 banks, both IBs and CBs, were used from 2011 to 2018, after global financial crisis period. Two-step system generalized methods of moments and both feasible least squares and panel-corrected standard error models were used to ensure test the data. Findings: Results suggest that both financial vulnerability and profitability affect each other in both banking systems. In addition, capital adequacy has a positive link with both dependent variables. Corruption varied and followed expectations but for the case of CBs alone with an unexpected negative relationship with profitability. Practical implications: The findings are expected to help bankers, investors, academics and policymakers gain a better understanding of Islamic banking. The findings would be useful in developing policy for the development of the banking industries in these countries. Originality/value: This study contributes to existing literature in three ways. First, this study investigates the factors influencing banking non-performing loans for a new class of countries – QISMUT + 3 within 2011–2018 period. Second, only a few studies use such a period, which is after the global financial crisis period. Finally, new indicators are used to determine the non-performing loans and profitability of both types of banks, such as Muslim Share and Share of IBs.

Use of Budgetary Coefficients for Assessing the Sustainability of the Local Budget of Kazakhstan

The article objective is the study of exchange market and stock market financial instruments influence on capital flows in Kazakhstan. For this purpose possible influence factors on capital flows in Kazakhstan were analyzed. Statistical data on capital flows in Kazakhstan over a period from 2007 to 2013 were collected. Dynamics of capitalization on Kazakhstan Stock Exchange, the amount of issues of securities and number of issuers, Kazakhstan Stock Exchange index dynamics, banks residents’ exchange transactions’ volume, currency in cash transactions, foreign exchange cash import/ export by second-tier banks, currency trade volume in Kazakhstan Stock Exchange, interbank credit and deposits in Kazakhstan, on exchange average weighted exchange rate volume were collected and analyzed. Regression analysis is carried out, conclusions and recommendations are given. Found determination coefficient of 99% confirms the hypothesis of stock market and exchange market instruments influence on capital flows in Kazakhstan. The conclusion on the interrelation of capital flows and exchange market and stock market instruments is drawn based on calculated model. The following factors were also detected: the number of issues of securities eligible for trading in Kazakhstan Stock Exchange (KASE); the number of issuers of securities eligible for trading in stock exchange; banks residents’ transactions volume; net transactions by exchange offices (foreign exchange cash); foreign exchange cash import/ export by second-tier banks.

The agricultural sector plays a critical role when it comes to economic development, food security, and environmental sustainability. This particular study looks at factors that affect total factor productivity (TFP) in agricultural state-owned enterprises (SOEs) and private farms. The research identified and evaluated land use efficiency, labor productivity, capital investment, and the adoption of sustainable practices for over 11,982 farms in Kazakhstan within a ten-year timeframe. The results exhibit productivity differences between SOEs and private farms. A larger share of private farms outcompetes SOE due to more efficient labor utilization and allocation of resources while the SOEs are more productive due to self-sufficient capital investment and infrastructure. As expected, lagged TFP (TFP from the last period) turns out to be an important predictor of TFP within the industry, for which there has been a great emphasis in the cross-section analysis. Additionally, the consequences of land use and agricultural sustainability positively contributed to TFP. These results confirm the expectations about responsible farming with a focus on resource optimization. On the other hand, crop yield was discovered to have an inverse relationship with TFP. This implies low levels of TFP growth because of efficiences associated with over-relies on inputs. This research is useful for policymakers and stakeholders as it expands the range of possibilities for multi-targeted approaches. Keywords: Total Factor Productivity (TFP), agriculture, capital investment, sustainable farming practices, State-Owned Enterprises (SOEs)

Regional differentiation of social protection remains one of the key problems of ensuring balanced socio-economic development and reducing inequality.    The aim of the study is to assess inter-regional differences in the level of social protection in Kazakhstan and to determine the contribution of the level of payments and coverage of the population to the formation of these differences. The empirical base consists of official data from the Bureau of National Statistics of the Republic of Kazakhstan for the period 2014–2024, covering 17 regions. The research methodology includes the standardization of indicators (Z-score), their time averaging, the construction of an integral index of social protection, cluster analysis with the determination of the optimal number of clusters based on Gap Statistical, as well as multidimensional scaling using Euclidean metrics. The results showed the presence of stable regional differentiation: the values of the integral index range from –0,68 in the North Kazakhstan region to 0,95 in the Turkestan region. High values were also recorded in the East Kazakhstan region (0,72) and Almaty (0,69). Cluster analysis revealed five groups of regions that differ in the combination of payment levels and coverage, which confirms the heterogeneity of the functioning of the social protection system. The results show that an increase in payments has a more significant impact on the level of social protection than an expansion of coverage with a low level of funding, which should be taken into account when shaping regional social policy.

This study examines regional agricultural credit allocation and intensity in Kazakhstan and their relevance to financial inclusion. Data cover 17 harmonised units in 2014–2023. Two-way fixed-effects models use 153 observations for 2015–2023 (T = 9), after lagging output. Outcomes comprise total real credit, credit per agricultural worker, and credit per hectare. Credit remains concentrated: the 2014–2023 Spearman rank correlation is 0.93, and 13 of 17 units remain in the same quartile. The modest decline in the top-three share is not statistically distinguishable from zero. A 1% increase in lagged agricultural output is associated with 0.63% higher current credit. Subsidies are positively associated with credit, with moderate evidence of a stronger association in initially high-credit regions. The interaction has weaker bootstrap support (p = 0.061; 95% CI [−0.01, 0.30]), so the distributional evidence is suggestive rather than definitive. Separate and joint models support a positive branch-density association; ATM-density estimates are imprecise. Regional differences and the main associations persist in the normalised outcomes. These non-causal associations concern geographic financial access and cannot establish borrower-level exclusion. Aggregate credit growth alone does not establish geographically inclusive agricultural finance.