<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="en"><front><journal-meta><journal-id journal-id-type="publisher-id">ejebs</journal-id><journal-title-group><journal-title xml:lang="en">Eurasian Journal of Economic and Business Studies</journal-title><trans-title-group xml:lang="ru"><trans-title>Название журнала на русском</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2789-8253</issn><issn pub-type="epub">2789-8261</issn><publisher><publisher-name>University of International Business named after K. Sagadiyev LLP</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.47703/ejebs.v68i4.453</article-id><article-id custom-type="elpub" pub-id-type="custom">ejebs-40</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>Статьи</subject></subj-group></article-categories><title-group><article-title>The Role of Deposits and Securities in Shaping Banking Operations and Mutual Funds in Kazakhstan</article-title><trans-title-group xml:lang="ru"><trans-title></trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0009-0009-1555-7876</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Kan</surname><given-names>Lyudmila</given-names></name></name-alternatives><bio xml:lang="en"/><email xlink:type="simple">21220835@turan-edu.kz</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-4783-5438</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Malgarayeva</surname><given-names>Zhanat</given-names></name></name-alternatives><bio xml:lang="en"><p>Cand. Sc. (Econ.), Associate Professor, Email: zhanat.malgaraeva@narxoz.kz</p></bio><email xlink:type="simple">zhanat.malgaraeva@narxoz.kz</email><xref ref-type="aff" rid="aff-2"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-0689-4757</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Lesbayeva</surname><given-names>Gulnara</given-names></name></name-alternatives><bio xml:lang="en"><p>Doc. Sc. (Econ.), Professor, Email: <ext-link xlink:href="https://e.mail.ru/compose?To=999gulnara_lesbaeva@mail.ru" ext-link-type="uri">999gulnara_lesbaeva@mail.ru</ext-link></p></bio><email xlink:type="simple">999gulnara_lesbaeva@mail.ru</email><xref ref-type="aff" rid="aff-3"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-4169-8911</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Tulaganov</surname><given-names>Anvar</given-names></name></name-alternatives><bio xml:lang="en"/><email xlink:type="simple">tulaganov22@mail.ru</email><xref ref-type="aff" rid="aff-4"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0009-0008-8530-7605</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Arzikulova</surname><given-names>Rakhat</given-names></name></name-alternatives><bio xml:lang="en"><p> </p></bio><email xlink:type="simple">rakha0212@mail.ru</email><xref ref-type="aff" rid="aff-5"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="en">Turan University,  Almaty, Kazakhstan<country>Kazakhstan</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="en">Narxoz University, Almaty, Kazakhstan<country>Russian Federation</country></aff></aff-alternatives><aff-alternatives id="aff-3"><aff xml:lang="en">Astana International University, Astana, Kazakhstan<country>Kazakhstan</country></aff></aff-alternatives><aff-alternatives id="aff-4"><aff xml:lang="en">L.N. Gumilyov Eurasian National University. Astana, Kazakhstan<country>Kazakhstan</country></aff></aff-alternatives><aff-alternatives id="aff-5"><aff xml:lang="en">Abay Kazakh National Pedagogical University, Almaty, Kazakhstan<country>Kazakhstan</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2024</year></pub-date><pub-date pub-type="epub"><day>18</day><month>12</month><year>2025</year></pub-date><volume>68</volume><issue>4</issue><elocation-id>89–100</elocation-id><permissions><copyright-statement>Copyright &amp;#x00A9; Kan L., Malgarayeva Z., Lesbayeva G., Tulaganov A., Arzikulova R., 2024</copyright-statement><copyright-year>2024</copyright-year><copyright-holder xml:lang="ru">Kan L., Malgarayeva Z., Lesbayeva G., Tulaganov A., Arzikulova R.</copyright-holder><copyright-holder xml:lang="en">Kan L., Malgarayeva Z., Lesbayeva G., Tulaganov A., Arzikulova R.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://ejebs.uib.kz/jour/article/view/40">https://ejebs.uib.kz/jour/article/view/40</self-uri><abstract><p> </p></abstract><kwd-group xml:lang="en"><kwd>Economy</kwd><kwd>Economic Development</kwd><kwd>Mutual Fund</kwd><kwd>Client Deposits Securities</kwd><kwd>Investment</kwd><kwd>Bank</kwd><kwd>Banking Sector</kwd><kwd>Capital Market</kwd><kwd>Public Investment Fund</kwd><kwd>Kazakhstan</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Acaravcı, S. K., &amp; Çalım, A. E. (2013). Turkish banking sector’s profitability factors. International Journal of Economics and Financial Issues, 3(1), 27-41. Retrieved from: https://dergipark.org.tr/en/download/article-file/362732</mixed-citation><mixed-citation xml:lang="en">Acaravcı, S. K., &amp; Çalım, A. E. (2013). Turkish banking sector’s profitability factors. International Journal of Economics and Financial Issues, 3(1), 27-41. Retrieved from: https://dergipark.org.tr/en/download/article-file/362732</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Allen, F., Carletti, E., &amp; Marquez, R. (2015). Deposits and bank capital structure. Journal of Financial Economics, 118(3), 601-619. https://doi.org/10.1016/j.jfineco.2014.11.003</mixed-citation><mixed-citation xml:lang="en">Allen, F., Carletti, E., &amp; Marquez, R. (2015). Deposits and bank capital structure. Journal of Financial Economics, 118(3), 601-619. https://doi.org/10.1016/j.jfineco.2014.11.003</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Baker, H.K., &amp; Puttonen, V. (2017). Trap 3: Misrepresenting Risky Products as Safe. Navigating the Investment Minefield, 227–255https://doi.org/10.1108/978-1-78714-252-720171009</mixed-citation><mixed-citation xml:lang="en">Baker, H.K., &amp; Puttonen, V. (2017). Trap 3: Misrepresenting Risky Products as Safe. Navigating the Investment Minefield, 227–255https://doi.org/10.1108/978-1-78714-252-720171009</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Burkhanov, A. U. (2018). Practice of investment funds development in developed countries. Theoretical &amp; Applied Science, 4, 275-284. https://doi.org/10.15863/tas.2018.04.60.50</mixed-citation><mixed-citation xml:lang="en">Burkhanov, A. U. (2018). Practice of investment funds development in developed countries. Theoretical &amp; Applied Science, 4, 275-284. https://doi.org/10.15863/tas.2018.04.60.50</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Chernykh, L., &amp; Cole, R. A. (2011). Does deposit insurance improve financial intermediation? Evidence from the Russian experiment. Journal of Banking &amp; Finance, 35(2), 388-402. https://doi.org/10.1016/j.jbankfin.2010.08.014</mixed-citation><mixed-citation xml:lang="en">Chernykh, L., &amp; Cole, R. A. (2011). Does deposit insurance improve financial intermediation? Evidence from the Russian experiment. Journal of Banking &amp; Finance, 35(2), 388-402. https://doi.org/10.1016/j.jbankfin.2010.08.014</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Edem, D.B. (2017). Liquidity Management and Performance of Deposit Money Banks in Nigeria (1986 – 2011): An Investigation. International Journal of Economics, Finance and Management Sciences, 5,</mixed-citation><mixed-citation xml:lang="en">Edem, D.B. (2017). Liquidity Management and Performance of Deposit Money Banks in Nigeria (1986 – 2011): An Investigation. International Journal of Economics, Finance and Management Sciences, 5,</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">https://doi.org/10.11648/J.IJEFM.20170503.13</mixed-citation><mixed-citation xml:lang="en">https://doi.org/10.11648/J.IJEFM.20170503.13</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Estrin, S., Nuti, D.M., &amp; Uvalic, M. (2000). The Impact of Investment Funds on Corporate Governance in Mass Privatization Schemes: Czech Republic, Poland and Slovenia. MOST: Economic Policy in Transitional Economies, 10, 1-26. https://doi.org/10.1023/A%3A1009531429918</mixed-citation><mixed-citation xml:lang="en">Estrin, S., Nuti, D.M., &amp; Uvalic, M. (2000). The Impact of Investment Funds on Corporate Governance in Mass Privatization Schemes: Czech Republic, Poland and Slovenia. MOST: Economic Policy in Transitional Economies, 10, 1-26. https://doi.org/10.1023/A%3A1009531429918</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru"></mixed-citation><mixed-citation xml:lang="en"></mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">Gros, D., &amp; Schoenmaker, D. (2014). E Uropean Deposit Insurance and Resolution in the Banking Union.</mixed-citation><mixed-citation xml:lang="en">Gros, D., &amp; Schoenmaker, D. (2014). E Uropean Deposit Insurance and Resolution in the Banking Union.</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">JCMS: Journal of Common Market Studies, 52(3), 529-546. https://doi.org/10.1111/jcms.12124 Kumar, A., &amp; Bahl, S.(2023). Mutual Fund vs Bank Deposit. International Journal For Multidisciplinary</mixed-citation><mixed-citation xml:lang="en">JCMS: Journal of Common Market Studies, 52(3), 529-546. https://doi.org/10.1111/jcms.12124 Kumar, A., &amp; Bahl, S.(2023). Mutual Fund vs Bank Deposit. International Journal For Multidisciplinary</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">Research, 5 (3), 2582-2160. https://doi.org/10.36948/ijfmr.2023.v05i03.3110</mixed-citation><mixed-citation xml:lang="en">Research, 5 (3), 2582-2160. https://doi.org/10.36948/ijfmr.2023.v05i03.3110</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Macey, J. (2011). Reducing Systemic Risk: The Role of Money Market Mutual Funds as Substitutes for Federally Insured Bank Deposits. Stanford Journal of Law, Business &amp; Finance, 17, 131. https://doi.org/10.2139/SSRN.1735008</mixed-citation><mixed-citation xml:lang="en">Macey, J. (2011). Reducing Systemic Risk: The Role of Money Market Mutual Funds as Substitutes for Federally Insured Bank Deposits. Stanford Journal of Law, Business &amp; Finance, 17, 131. https://doi.org/10.2139/SSRN.1735008</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">Marian, O.Y. (2016). The Other Eighty Percent: Private Investment Funds, International Tax Avoidance, and Tax-Exempt Investors. Tax Law: International &amp; Comparative Tax eJournal. https://ssrn.com/abstract=2890345</mixed-citation><mixed-citation xml:lang="en">Marian, O.Y. (2016). The Other Eighty Percent: Private Investment Funds, International Tax Avoidance, and Tax-Exempt Investors. Tax Law: International &amp; Comparative Tax eJournal. https://ssrn.com/abstract=2890345</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">McPherson‐Smith, O. (2021). Diversification, Khashoggi, and Saudi Arabia’s public investment fund.</mixed-citation><mixed-citation xml:lang="en">McPherson‐Smith, O. (2021). Diversification, Khashoggi, and Saudi Arabia’s public investment fund.</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Global Policy, 12(2), 190-203. https://doi.org/10.1111/1758-5899.12917</mixed-citation><mixed-citation xml:lang="en">Global Policy, 12(2), 190-203. https://doi.org/10.1111/1758-5899.12917</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">Montambault Trudelle, A. (2023). The Public Investment Fund and Salman’s state: the political drivers of sovereign wealth management in Saudi Arabia. Review of International Political Economy, 30(2), 747-771. https://doi.org/10.1080/09692290.2022.2069143</mixed-citation><mixed-citation xml:lang="en">Montambault Trudelle, A. (2023). The Public Investment Fund and Salman’s state: the political drivers of sovereign wealth management in Saudi Arabia. Review of International Political Economy, 30(2), 747-771. https://doi.org/10.1080/09692290.2022.2069143</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">Nanda, V., Narayanan, M., &amp; Warther, V.A. (1997). Liquidity, Managerial Ability, and Mutual Fund Structure, Journal of Financial Economics, 57(3), 417–443. https://doi.org/10.1016/S0304- 405X(00)00063-5</mixed-citation><mixed-citation xml:lang="en">Nanda, V., Narayanan, M., &amp; Warther, V.A. (1997). Liquidity, Managerial Ability, and Mutual Fund Structure, Journal of Financial Economics, 57(3), 417–443. https://doi.org/10.1016/S0304- 405X(00)00063-5</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">Nyangarika, A., &amp; Bundala, F. S. (2020). Socio-economic factors affecting deposits growth in sacco’s development case of geita tanzania. International Journal of Advance Research and Innovative Ideas in Education, 6(2), 1273-1288.</mixed-citation><mixed-citation xml:lang="en">Nyangarika, A., &amp; Bundala, F. S. (2020). Socio-economic factors affecting deposits growth in sacco’s development case of geita tanzania. International Journal of Advance Research and Innovative Ideas in Education, 6(2), 1273-1288.</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">Ogege, S., &amp; Boloupremo, T. (2014). Deposit money banks and economic growth in Nigeria. Financial Assets and Investing, 5(1), 41-50. https://doi.org/10.5817/FAI2014-1-3</mixed-citation><mixed-citation xml:lang="en">Ogege, S., &amp; Boloupremo, T. (2014). Deposit money banks and economic growth in Nigeria. Financial Assets and Investing, 5(1), 41-50. https://doi.org/10.5817/FAI2014-1-3</mixed-citation></citation-alternatives></ref><ref id="cit21"><label>21</label><citation-alternatives><mixed-citation xml:lang="ru">Pellinen, A., Törmäkangas, K., Uusitalo, O., &amp; Raijas, A. (2011). Measuring the financial capability of investors: A case of the customers of mutual funds in Finland. International Journal of Bank Marketing, 29(2), 107-133. https://doi.org/10.1108/02652321111107611</mixed-citation><mixed-citation xml:lang="en">Pellinen, A., Törmäkangas, K., Uusitalo, O., &amp; Raijas, A. (2011). Measuring the financial capability of investors: A case of the customers of mutual funds in Finland. International Journal of Bank Marketing, 29(2), 107-133. https://doi.org/10.1108/02652321111107611</mixed-citation></citation-alternatives></ref><ref id="cit22"><label>22</label><citation-alternatives><mixed-citation xml:lang="ru">Smirnova, G., &amp; Sprenger, C. (2011). Do locals perform better than foreigners: evidence from mutual funds investing in Russia. Higher School of Economics, Moscow, Russia. Available at: http://regconf.hse.ru/uploads/72e344a78d147edb08c6f4f4b87292d66c7c79c2.pdf</mixed-citation><mixed-citation xml:lang="en">Smirnova, G., &amp; Sprenger, C. (2011). Do locals perform better than foreigners: evidence from mutual funds investing in Russia. Higher School of Economics, Moscow, Russia. Available at: http://regconf.hse.ru/uploads/72e344a78d147edb08c6f4f4b87292d66c7c79c2.pdf</mixed-citation></citation-alternatives></ref><ref id="cit23"><label>23</label><citation-alternatives><mixed-citation xml:lang="ru">Tuyishime, R., Memba, F., &amp; Mbera, Z. (2015). The effects of deposits mobilization on financial performance in commercial banks in Rwanda. A case of equity bank Rwanda limited. International Journal of small business and entrepreneurship research, 3(6), 44-71.</mixed-citation><mixed-citation xml:lang="en">Tuyishime, R., Memba, F., &amp; Mbera, Z. (2015). The effects of deposits mobilization on financial performance in commercial banks in Rwanda. A case of equity bank Rwanda limited. International Journal of small business and entrepreneurship research, 3(6), 44-71.</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
