1. Introduction
2. GS. Overview.
2.1. The types of government securities;
2.2. Development of GS in primary and secondary markets;
2.3. The technical infrastructure;
2.4. The legal base;
2.5. Development of external borrowing of the Ministry of Finance.
3. General notes about GS in Kazakhstan.
3.1. Macroeconomic indicators (end of period);
3.2. Market overview;
3.3. Privatization;
3.4. Clearing and settlement system on securities market;
3.5. Regulatory and Supervisory Structure;
3.6. Corporate Governance.
4. Structure of national currency denominated Government Securities in Circulation (2001-2007).
5. The basic direction of the further development of GS market.
6. Summary.
7. References.
8. Abbreviations. The importance of the research. The global practice shows, that the security markets are the effective mechanism of mobilization of financial resources and savings of the population, optimum redistribution of means in a national economy. However, today, the economy of Kazakhstan is facing the problem of having more money in circulation than it is required. Moreover, most of this money is not earning, but rather kept in people’s hands. This paper is aimed at analyzing one of the tools to solve this problem – government securities. It will consider the past and the present situation of the market for government securities. Also, it will consider the ways to improve and enlarge the market for further development of national economy as a whole.
One of the important tools of the security market is government security. All over the world governments and their establishments are the largest borrowers of the capital. With the help of the markets of government securities, the state borrows temporarily free money resources from commercial banks, financial companies and population. The received money resources are used for non-inflationary financing of government and local budget deficits. Besides, the given sector of the security markets is especially important for a national economy as the tool of monetary policy, as a key parameter of a status of a financial system of the state, and also as a guide for the foreign investors.
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