The article “The Effect of Financial Development on Energy Consumption in the Case of Kazakhstan”, authored by PhD. in Economics, assoc.prof. Shahriyar Mukhtarov, head of World Economy Department, and PhD. in Economics Sugra Humbatova, senior lecturer of the Department, was published in the 23rd issue of the 1st volume of the “Journal of Applied Economics” in 2020. 

The article analyzed the relationship between financial development, economic growth, energy prices and energy consumption in Kazakhstan using the “VECM” method. The authors concluded that the long-term effects of financial development and economic growth on energy consumption were positive and statistically significant. Based on the results of the study, a number of recommendations were made for economic policy makers.

It should be noted that the journal is indexed in such reputable databases as Web of Science and Scopus.

The full text of the article can be read at this link: https://www.tandfonline.com/doi/full/10.1080/15140326.2019.1709690

Public Relations Department