The Influence of the Capital Market (Financial Instruments) on Economic Growth in Kazakhstan and CIS Countries

Econometrics is a branch of economics that uses mathematical and statistical methods to study quantitative and qualitative relationships within economic phenomena. The purpose of this article is to study the impact of the capital market (financial instruments) on economic growth in Kazakhstan and the CIS countries through an understanding of the concept of “econometrics”. The task of the study is to determine the dependence of gross domestic product as a resultant factor over the past 20 years. Methods. The article determines the assessment of the impact of financial factors on economic growth in the short term. An econometric model was used for this purpose. The resulting factor was the gross domestic product over the past 20 years. Results. The results indicate that the capital market influences economic growth in Kazakhstan and the CIS countries. This paper presents a model of the GDP function for the economy of Kazakhstan. In the course of the study, coefficients and variables of the model were estimated to predict the level and future changes in the country’s GDP. Thus, the size of the capital market (Y1) depends on the following variables tested in the model: the number of securities issuance transactions; the volume of securities issuance transactions; the number of transactions of non-residents with shares at the secondary auction of KASE; the rate of change of shares of leading issuers on KASE