Actual problems of capital transformation at the present stage of financial market development

The effectiveness of the process of accumulation of a country’s financial resources depends on existence of attractive investment instruments that must be transformed along with market needs. An important element in a market economy is the development of financial intermediation. The absence of intermediation is a barrier to movement of capital across main segments of financial market and, most importantly, across financial market and real sector of a country’s economy because such redistribution of capital becomes possible only due to existence and ration al use of financial instruments. Financial instruments become the efficient means of smooth and timely supply of required resources to the sectors of economy that need them most at the particular moment of time. It should be noted that transformation of the financial instruments’ market is accompanied not only by internal rearrangements, but also affects external integration processes. The globalization process serves as the basis for this situation. The issue of capital outflow occurs when there is the deficit of liquid instruments. Immaturity of the corporate securities’ market, where there is no demand for Kazakhstani corporations’ shares and bonds, exacerbates the situation on the financial market that stops fulfilling its mission to support permanent redistribution of capital.

трансформация, финансовый рынок, финансовые инструменты, потоки капитала, глобализация, экономика, трансформация, қаржы нарығы, қаржы құралдары, капитал ағындары, жаһандану, эко­, номика, transformation, financial market, financial instruments, capital flows, globalization, economics

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