<?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.v2i67.240</article-id><article-id custom-type="elpub" pub-id-type="custom">ejebs-95</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>Analysis of the Receipts of the National Fund of 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/0000-0002-7911-4777</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Nurseiit</surname><given-names>Nurlan</given-names></name></name-alternatives><bio xml:lang="en"><p>Dr. Sc. (Econ.), Professor, Email: n.nurseiit@gmail.com     </p><p> </p></bio><email xlink:type="simple">n.nurseiit@gmail.com</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="en">Kazakh-German University, Almaty<country>Kazakhstan</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2023</year></pub-date><pub-date pub-type="epub"><day>30</day><month>06</month><year>2023</year></pub-date><volume>67</volume><issue>2</issue><elocation-id>45–56</elocation-id><permissions><copyright-statement>Copyright &amp;#x00A9; Nurseiit N., 2023</copyright-statement><copyright-year>2023</copyright-year><copyright-holder xml:lang="ru">Nurseiit N.</copyright-holder><copyright-holder xml:lang="en">Nurseiit N.</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/95">https://ejebs.uib.kz/jour/article/view/95</self-uri><abstract><p> </p></abstract><kwd-group xml:lang="en"><kwd>sovereign wealth funds</kwd><kwd>oil fund</kwd><kwd>stabilization rule</kwd><kwd>savings rule</kwd><kwd>panel data analysis</kwd><kwd>Kazakhstan</kwd><kwd>Oil Production</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">ADB (2020). Proposed Countercyclical Support Facility Loans Republic of Kazakhstan: COVID-19 Active Response and Expenditure Support Program. Report and Recommendation of the President to the Board of Directors. [cited July 25, 2022]. Asian Development bank. Available: https://www.adb.org/projects/documents/kaz-54188-001-rrp</mixed-citation><mixed-citation xml:lang="en">ADB (2020). Proposed Countercyclical Support Facility Loans Republic of Kazakhstan: COVID-19 Active Response and Expenditure Support Program. Report and Recommendation of the President to the Board of Directors. [cited July 25, 2022]. Asian Development bank. Available: https://www.adb.org/projects/documents/kaz-54188-001-rrp</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Alsweilem, K. A., Cummine, A., Rietveld, M., &amp; Tweedie, K. (2015). A comparative study of Sovereign investor models: Institutions and policies for managing sovereign wealt. Discussion Paper. Harvard Kennedy School.</mixed-citation><mixed-citation xml:lang="en">Alsweilem, K. A., Cummine, A., Rietveld, M., &amp; Tweedie, K. (2015). A comparative study of Sovereign investor models: Institutions and policies for managing sovereign wealt. Discussion Paper. Harvard Kennedy School.</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Arellano, M., &amp; Stephen R.B. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58(2), 277–297.</mixed-citation><mixed-citation xml:lang="en">Arellano, M., &amp; Stephen R.B. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58(2), 277–297.</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Azhgaliyeva, D. (2014). The effect of fiscal policy on oil revenue fund: The case of Kazakhstan. The Journal of Eurasian Studies, 5(204), 157-183. https://doi.org/10.1016/j.euras.2014.05.001</mixed-citation><mixed-citation xml:lang="en">Azhgaliyeva, D. (2014). The effect of fiscal policy on oil revenue fund: The case of Kazakhstan. The Journal of Eurasian Studies, 5(204), 157-183. https://doi.org/10.1016/j.euras.2014.05.001</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Azhgaliyeva, D. (2018). The effect of oil revenue funds on social welfare. Public Finance Review, 46(4), 692-712. https://doi.org/10.1177/1091142116681838</mixed-citation><mixed-citation xml:lang="en">Azhgaliyeva, D. (2018). The effect of oil revenue funds on social welfare. Public Finance Review, 46(4), 692-712. https://doi.org/10.1177/1091142116681838</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Beinoeva, М. (2021). Tenge has been weakening for 28 years: as it has been since 1993. Infographics. [cited May 30, 2022]. Available: https://lsm.kz/tenge-s-1993-goda (in Russ.).</mixed-citation><mixed-citation xml:lang="en">Beinoeva, М. (2021). Tenge has been weakening for 28 years: as it has been since 1993. Infographics. [cited May 30, 2022]. Available: https://lsm.kz/tenge-s-1993-goda (in Russ.).</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Bergholt, D, Larsen, V., &amp; Seneca, M. (2017). Business cycles in an oil economy. Journal of International Money and Finance, 96(2019), 283–303. https://doi.org/10.1016/j.jimonfin.2017.07.005</mixed-citation><mixed-citation xml:lang="en">Bergholt, D, Larsen, V., &amp; Seneca, M. (2017). Business cycles in an oil economy. Journal of International Money and Finance, 96(2019), 283–303. https://doi.org/10.1016/j.jimonfin.2017.07.005</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Bureau of National Statistics (2018). [cited May 30, 2020]. Available: http://www.stat.gov.kz</mixed-citation><mixed-citation xml:lang="en">Bureau of National Statistics (2018). [cited May 30, 2020]. Available: http://www.stat.gov.kz</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Campagne, B., Kitzmuller, M., &amp; Tordo, S. (2020). Designing Oil Revenue Management Mechanisms: An Application to Chad. Policy Research Working Paper 9402, World Bank Group. [cited 30 October 2021]. Available: https://openknowledge.worldbank.org/entities/publication/ 5e2480e8-d7e3-574d-ba46a60a230544c2</mixed-citation><mixed-citation xml:lang="en">Campagne, B., Kitzmuller, M., &amp; Tordo, S. (2020). Designing Oil Revenue Management Mechanisms: An Application to Chad. Policy Research Working Paper 9402, World Bank Group. [cited 30 October 2021]. Available:   https://openknowledge.worldbank.org/entities/publication/ 5e2480e8-d7e3-574d-ba46a60a230544c2</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">EIA. (2020). Petroleum and other liquids. U.S. Energy Information Administration. [cited 30 October 2021]. Available: https://www.eia.gov/petroleum/</mixed-citation><mixed-citation xml:lang="en">EIA. (2020). Petroleum and other liquids. U.S. Energy Information Administration. [cited 30 October 2021]. Available: https://www.eia.gov/petroleum/</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Glushkova, S. (2022). Economist discovers "magic" disappearance of 8 trillion from the National Fund of the Republic of Kazakhstan. Newtimes.kz. [cited August 30, 2022]. Available: https://newtimes.kz/obshchestvo/153942-ekonomist-tursynkan-iz-nacfonda-volshebnym-obrzazom-ischezli-8-trln-tenge (in Russ.)</mixed-citation><mixed-citation xml:lang="en">Glushkova, S. (2022). Economist discovers "magic" disappearance of 8 trillion from the National Fund of the Republic of Kazakhstan. Newtimes.kz. [cited August 30, 2022]. Available:  https://newtimes.kz/obshchestvo/153942-ekonomist-tursynkan-iz-nacfonda-volshebnym-obrzazom-ischezli-8-trln-tenge    (in Russ.)</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">IMF (2012). Macroeconomic Policy Frameworks for Resource-Rich Developing Countries. Policy Papers. [cited August 30, 2022]. Available: https://www.imf.org/external/np/pp/eng/2012/082412.pdf</mixed-citation><mixed-citation xml:lang="en">IMF (2012). Macroeconomic Policy Frameworks for Resource-Rich Developing Countries. Policy Papers. [cited August 30, 2022]. Available: https://www.imf.org/external/np/pp/eng/2012/082412.pdf</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Ministry of Finance (2018). Statement of receipts and application of the National Fund of the Republic of Kazakhstan. [cited August 30, 2018]. Available: https://s3.amazonaws.com/rgi-documents/95b22715f4a1fbe69287abc0e86034c555c051 16.pdf</mixed-citation><mixed-citation xml:lang="en">Ministry of Finance (2018). Statement of receipts and application of the National Fund of the Republic of Kazakhstan. [cited August 30, 2018]. Available: https://s3.amazonaws.com/rgi-documents/95b22715f4a1fbe69287abc0e86034c555c051 16.pdf</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">NBK (2018). NBK Statistical Bulletin. [cited August 30, 2020]. Available: https://nationalbank.kz/en/news/statisticheskiy-byulleten/rubrics/1799</mixed-citation><mixed-citation xml:lang="en">NBK (2018). NBK Statistical Bulletin. [cited August 30, 2020]. Available: https://nationalbank.kz/en/news/statisticheskiy-byulleten/rubrics/1799</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">Newey, W. &amp; West, K. (1987). A Simple Positive Semi-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix. Econometrica, 55(3), 703. https://doi.org/10.2307/1913610</mixed-citation><mixed-citation xml:lang="en">Newey, W. &amp;  West, K. (1987). A Simple Positive Semi-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix. Econometrica, 55(3), 703. https://doi.org/10.2307/1913610</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Oshakbayev, R. (2017). What trap is Kazakhstan sitting in? Kz.expert. [cited August 30, 2017]. Available: http://kz.expert/en/materials/analitika/229_v_kakoy_lovushke_8220sidit8221_kazahstan</mixed-citation><mixed-citation xml:lang="en">Oshakbayev, R. (2017). What trap is Kazakhstan sitting in? Kz.expert.  [cited August 30, 2017]. Available: http://kz.expert/en/materials/analitika/229_v_kakoy_lovushke_8220sidit8221_kazahstan</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">President’s Decree (2016). Decree of the President of the Republic of Kazakhstan dated December 8, 2016 No. 385. On the Concept of Formation and Use of the National fund of the Republic of Kazakhstan. [cited May 5, 2017]. Available: https://adilet.zan.kz/rus/docs/U1600000385 (in Russ.).</mixed-citation><mixed-citation xml:lang="en">President’s Decree (2016). Decree of the President of the Republic of Kazakhstan dated December 8, 2016 No. 385. On the Concept of Formation and Use of the National fund of the Republic of Kazakhstan. [cited May 5, 2017]. Available: https://adilet.zan.kz/rus/docs/U1600000385 (in Russ.).</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">Tradingeconomics (2018). History of credit ratings of the Republic of Kazakhstan. [cited April 24, 2019]. Available: https://tradingeconomics.com/kazakhstan/rating</mixed-citation><mixed-citation xml:lang="en">Tradingeconomics  (2018). History of credit ratings of the Republic of Kazakhstan. [cited April 24, 2019]. Available: https://tradingeconomics.com/kazakhstan/rating</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">Federal Reserve (2017). Economic Data. [cited February 14, 2018]. Available: https://fred.stlouisfed.org</mixed-citation><mixed-citation xml:lang="en">Federal Reserve (2017). Economic Data. [cited February 14, 2018]. Available: https://fred.stlouisfed.org</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">Zlotnikov, S.M. (2004). Problems and prospects of the National fund of the Republic of Kazakhstan. Materials of the research. Almaty of Transparensi Kazahstan. [cited April 24, 2019]. Available: https://transparencykz.files.wordpress.com/2013/12/ d0bfd180d0bed0b1d0bbd0b5d0bcd18b-d0b8 d0bfd0b5d180d181d0bfd0b5d0bad182d0b8d0b2d18b-link.pdf (in Russ.)</mixed-citation><mixed-citation xml:lang="en">Zlotnikov, S.M. (2004). Problems and prospects of the National fund of the Republic of Kazakhstan. Materials of the research. Almaty of Transparensi Kazahstan. [cited April 24, 2019]. Available: https://transparencykz.files.wordpress.com/2013/12/ d0bfd180d0bed0b1d0bbd0b5d0bcd18b-d0b8 d0bfd0b5d180d181d0bfd0b5d0bad182d0b8d0b2d18b-link.pdf  (in Russ.)</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>
