The Impact of Oil Prices on the Macroeconomic Indicators of Kazakhstan and the Consequences for the Formation of Social Policy

Authors

  • Gulmira Moldabekova Gumilyov Eurasian National University, Nur-Sultan, 010000, Kazakhstan
  • Zhanarys Raimbekov Gumilyov Eurasian National University, Nur-Sultan, 010000, Kazakhstan
  • Arsen Tleppayev Kazakh German University, Almaty, 050010, Kazakhstan,
  • Yuliya Tyurina Financial University under the Government of the Russian Federation, Moscow, 49125993, Russian Federation,
  • Raushan Yesbergen Academy of Public Administration under the President of the Republic of Kazakhstan, Aktobe, 020004, Kazakhstan,
  • Gulimai Amaniyazova Yessenov University, Aktau, 130000, Kazakhstan.

DOI:

https://doi.org/10.32479/ijeep.13132

Abstract

The article analyzes the impact of the dynamics of oil prices on the main macroeconomic indicators of the Kazakhstani economy and the consequences of the formation of national social policy. The article applies different hypotheses about the sensitivity of macroeconomic indicators of the economy of Kazakhstan to fluctuations of oil prices, and in addition, it specifies and evaluates a system of simultaneous equations that allows to test these hypotheses. Scenarios for the reaction of the Kazakhstani economy to exogenous shocks associated with a sharp change in the level of oil prices are considered, and some measures are proposed to reduce the negative consequences of fluctuations in oil prices for the Kazakhstani economy. Finally, the article discusses some of the results of understanding the challenges and realities in the field of social policy, which are generated by the model of economic growth.

Keywords:

Crude Oil Prices, Stock Prices, Macroeconomics, Economic Development

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Published

2022-07-19

How to Cite

Moldabekova, G. ., Raimbekov, Z. ., Tleppayev, A., Tyurina, Y., Yesbergen, R., & Amaniyazova, G. (2022). The Impact of Oil Prices on the Macroeconomic Indicators of Kazakhstan and the Consequences for the Formation of Social Policy. International Journal of Energy Economics and Policy, 12(4), 447–454. https://doi.org/10.32479/ijeep.13132

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