MNU Logo

MNU Center for Economic Research

The MNU Center for Economic Research is a leading research institute at Maqsut Narikbayev University, dedicated to generating innovative solutions for the most pressing economic challenges both locally and globally. Our mission is to drive the advancement of economic knowledge and provide evidence-based insights that influence policy, business practices, and societal well-being.

 

Key Research Areas:

 

  • Applied Microeconomics
    Our work in applied microeconomics involves analyzing the behavior of individuals and firms in areas like labor markets, health, and education. Using advanced empirical techniques and real-world data, we provide valuable insights that can shape policy decisions, optimize market performance, and drive economic growth and efficiency.
  • Gender Economics
    We are dedicated to understanding the economic dimensions of gender inequality by examining how societal norms, institutional barriers, and workplace practices influence women’s economic outcomes. Our research identifies key drivers of gender disparities in employment and wages and offers practical recommendations to close these gaps, fostering inclusive and equitable economic growth.
  • Behavioral Economics and Finance
    Our research also focuses on understanding the psychological and behavioral factors that influence economic and financial decision-making. This interdisciplinary approach enables us to design evidence-based policies and strategies that promote more efficient, equitable, and inclusive economic outcomes.
  • Investment and Risk Management
    In the domain of investment and risk management, we study financial risk, portfolio optimization, and sustainable investment practices. Our research examines how to navigate the complexities of financial markets, develop asset pricing strategies, and create frameworks for managing risk in a world of growing uncertainty.

 

The MNU Center for Economic Research fosters collaboration with policymakers, industry experts, and academic peers to bridge the gap between theoretical research and practical application. Through cutting-edge research, publications, and engagement activities, we aim to contribute to the global conversation on economic innovation and development while preparing the next generation of leaders to address emerging economic challenges.

 

Our Team:

 

The MNU Center for Economic Research is driven by a diverse team of accomplished researchers with expertise spanning economics, finance, and interdisciplinary studies. Our team members are passionate about solving real-world economic problems and bring a wealth of experience in advanced data analysis, policy advising, and innovative research methodologies.

Dr. Nygmetzhan Kuzenbayev
Assistant Professor, International School of Economics, Maqsut Narikbayev University

Dr. Nygmetzhan Kuzenbayev holds a Ph.D. in Public Policy from Nazarbayev University. Currently serving as an Assistant Professor at Maqsut Narikbayev University, he also directs the university’s Center for Economic Research.  His research interests lie at the intersection of economics, psychology, and political science. His dissertation investigates the effectiveness of behavioral nudges in curbing corruption. Additionally, he conducts research on the political implications of traditional beliefs.

Nygmetzhan also has an M.A. in Economics from Nazarbayev University and a B.Eng. in Electrical Power and Energy from Heriot-Watt University. His academic journey is complemented by a robust publication record, with articles in journals such as World Affairs, Politics & Policy, and Social Sciences. He has presented his research at various international conferences, including those in Italy, Kyrgyzstan, the Czech Republic, and South Korea.

Dr. Saule Kemelbayeva
Dean, International School of Economics, Maqsut Narikbayev University

Dr. Saule Kemelbayeva is an accomplished economist with extensive academic and administrative experience. She holds a Ph.D. in Economics from Newcastle University, where her thesis focused on access and returns to education in Kazakhstan. She also earned a Candidate of Science in Economics degree and a Specialist degree in International Economics from Kazpotrebsoyuz Karaganda University of Economics.

Currently serving as the Dean of the International School of Economics at Maqsut Narikbayev University, Dr. Kemelbayeva is a key leader in shaping the institution’s strategic development. She oversees academic, research, and administrative activities, contributing to academic program development, faculty hiring, budgeting, and fostering partnerships with academic, industry, and community stakeholders.

Dr. Kemelbayeva’s primary research interests include the economics of education and labor economics. Her scholarly work explores topics such as educational inequality and gender wage gaps in Kazakhstan. She has published her research in renowned international journals, such as the International Journal of Educational Research, The Indian Journal of Labour Economics, and Education Economics.

As an educator, Dr. Kemelbayeva has taught a wide range of courses at both undergraduate and graduate levels, including statistics, econometrics, labor economics, and applied economics. Her commitment to advancing economic education and research is evident through her leadership, scholarly contributions, and dedication to fostering academic excellence in Kazakhstan and beyond.

Stanislav Yugay
Teaching Professor, International School of Economics, Maqsut Narikbayev University

Stanislav Yugay is a Teaching Professor at the International School of Economics at Maqsut Narikbayev University and a doctoral researcher at Martin Luther University Halle-Wittenberg, Germany. Also, he is an external doctoral researcher at Leibniz Institute of Agricultural Development in Transition Economies, Germany.

His research interest lies on macroeconomics and price formation on the wheat markets of the Black Sea region (Russia, Kazakhstan, Ukraine) with implications for global food supply and global food security. His doctoral thesis investigates the effects of world oil price, exchange rate, and weather extremes on domestic wheat prices in Russia. One of his papers was published in journal with impact factor Agricultural Economics.

Dr. Elmira Mynbayeva
Assistant Professor, International School of Economics, Maqsut Narikbayev University

Dr. Elmira Mynbayeva is an Assistant Professor of Finance at Maqsut Narikbayev University, where she teaches the Principles of Finance course and supervises master’s students in finance. She holds a Ph.D. in Finance from the University of Aberdeen, with her doctoral research introducing a novel clustering method, homogeneous subsets, to enhance portfolio optimization by mitigating noise in financial data. She also developed a bootstrap shrinkage estimator for means, significantly improving portfolio performance.

Dr. Mynbayeva’s current research focuses on deriving a new shrinkage target for means in multivariate settings, which minimizes quadratic risk and incorporates translation and scale invariance properties. Her research interests have evolved to include behavioral and personal finance, focusing on understanding financial decision-making and its implications. Additionally, she collaborates with a master’s student on applying machine learning techniques to predict stock index trends, bridging traditional finance methodologies with modern computational approaches.

Her academic contributions include impactful research published in esteemed journals, such as the European Journal of Operational Research. She has also served as an expert for JSC Science Fund under the programme-targeted financing project, contributing to the development of effective mechanisms for regulating the commercialization of applied R&D.

Dr. Mynbayeva is fluent in Kazakh, Russian, and English, fostering strong connections within academic and professional communities. Dr. Mynbayeva combines her research and teaching expertise to contribute meaningfully to the field of finance and to support the development of her students.

Dr. Daliya Kaskirbayeva
Assistant Professor, International School of Economics, Maqsut Narikbayev University

Dr. Daliya Kaskirbayeva is an Assistant Professor at the International School of Economics at Maqsut Narikbayev University and a former Research Fellow at the University of Leeds. With 15 years of experience in research, consultancy, and teaching, she is a recognized expert in health economics. Her work primarily focuses on health financing, addressing issues such as funding sources, allocation, service costing, informal healthcare markets, and equity analysis.

Dr. Kaskirbayeva’s recent research includes quasi-experimental evaluations of health financing policies in Kazakhstan, cost-effectiveness analysis within the ALPHA trial, and systematic reviews for the PROSPER and REPPARE projects. Her ongoing projects explore pandemic preparedness, healthcare efficiency in Kazakhstan using big data and real-time insights, and enhancing healthcare operations and planning.

She holds a PhD in Economics from the University of Leeds, an MSc in Mathematics and Finance from Imperial College London, and a BSc in Applied Mathematics from Eurasian National University. Dr. Kaskirbayeva teaches courses such as Data Science in Economics, Data Visualization, Cross-Sectional and Panel Data Econometrics, and Research Methods in Applied Econometrics. She also welcomes inquiries from motivated students interested in postgraduate (PhD) research opportunities.

Her scholarly contributions include publications in prestigious journals such as Ageing Research Reviews and Perspectives in Public Health. Notable works also include her doctoral dissertation, “Impact of Provider Payment Reforms on Hospital Productivity in Kazakhstan”.

Dr. Binur Yermukanova
Assistant Professor, International School of Economics, Maqsut Narikbayev University

Dr. Binur Yermukanova is an accomplished economist specializing in theoretical and behavioral Industrial Organization (IO). She holds a Bachelor of Arts in Economics from Nazarbayev University (summa cum laude) and an MSc and PhD in Economics from the University of Alicante, Spain.

Dr. Yermukanova’s research delves into firm theory within the context of tax-motivated vertical foreign direct investment (FDI) and examines how firms exploit consumer naivety, as well as how consumer sophistication and learning alter firms’ behavior in the context of add-on markets. Her notable publications include “Tax Motivated Vertical FDI and Transfer Pricing” in Economic Modelling and “Integral of Trigonometric Functions Revisited” in The Mathematics Enthusiast.

Her academic excellence has been recognized through several prestigious grants, such as the Prometeo grant from the University of Alicante for hiring pre-doctoral research staff (2023-2024), the ACIF grant by Comunidad Valenciana for hiring pre-doctoral research staff (2020-2023), and the BEFPI grant by Comunidad Valenciana for academic stays in research centers (Fall 2021). Additionally, she enhanced her research experience with an academic visit to the Toulouse School of Economics in France during Fall 2021.

Dr. Yermukanova contributes to the academic community by serving as a referee for journals including Annals of Tourism Research and Frontiers in Education. Her dedication to advancing the field of economics is evident through her rigorous research and active engagement in scholarly activities.

Timur Kogabayev
Teaching Professor, International School of Economics, Maqsut Narikbayev University

Timur Kogabayev is a Teaching Professor at Maqsut Narikbayev University, renowned for his research in management, business models, biomass utilization, business model innovations, and rural development. He also serves as a visiting lecturer at the University of Tartu’s School of Economics and Business Administration and Tallinn University of Technology’s School of Business and Governance, where he teaches courses such as “Environmental and Sustainable Development Economics”, “Innovation Management”, “The Basics of Innovation”. Additionally, he supervises BSc and MSc students at both Tartu University and Maqsut Narikbayev University.

He holds a Master of Science in Management and Business and is currently pursuing his PhD at the Estonian University of Life Sciences, whose faculty is ranked among the top 35 globally by QS and Times Higher Education rankings. His academic engagement extends to roles as a project assistant for Erasmus+ and INTERREG initiatives at the Estonian University of Life Sciences.

His scholarly contributions include publications on innovation classification, the impact of innovation on investment efficiency, and the development of agricultural cooperatives in Kazakhstan. With over 300 citations, his research highlights the importance of sustainable and innovative business practices in addressing global challenges. Through his academic endeavors, Timur Kogabayev continues to influence and advance the fields of management and sustainable development.

Adilkhan Ospanov

Research Assistant

Adilkhan Ospanov is a third-year student at Maqsut Narikbayev University, pursuing a degree in Economics and Data Science. He is also a graduate of the Kazakhstan Sociology Lab. Currently, he serves as a Research Assistant at the Center for Economic Research, where he supports various academic projects and data-driven analyses.
His research interests include Health Economics, Development Economics, Migration Economics, and Labor Economics. Adilkhan is particularly passionate about using empirical methods to explore the socioeconomic factors that shape human well-being and labor market dynamics.

 

 

Research:

 

Year Publications
 

2024

 

Abugamza, A., Kaskirbayeva, D., Charlwood, A., Nikolova, S., & Martin, A. (2024). Impact of the COVID-19 pandemic on employment and inequalities: a systematic review of international evidence and critical appraisal of statistical methods. Perspectives in Public Health. https://doi.org/10.1177/17579139241231910

 

Kemelbayeva, S., & Kurmanov, B. (2024). Elite schools and educational inequality: Evidence from a private university in Kazakhstan. International Journal of Educational Research127, 102413. https://doi.org/10.1016/j.ijer.2024.102413

 

Kinyondo, A., Kuzenbayev, N., & Pelizzo, R. (2024). Witchcraft beliefs and conspiracy theorizing: Evidence from Tanzania and cross‐national datasets. Politics & Policy. https://doi.org/10.1111/polp.12639

 

Sandonis, J., & Yermukanova, B. (2024). Tax motivated vertical FDI and transfer pricing. Economic Modelling139, 106813. https://doi.org/10.1016/j.econmod.2024.106813

 

Yemelina, N., Kemelbayeva, S., & Roshchin, S. (2024). Dynamics of Gender Wage Gap in Kazakhstan for 2011-2019. The Indian Journal of Labour Economics, 1-25. https://doi.org/10.1007/s41027-024-00483-8

 

Yugay, S., Götz, L., & Svanidze, M. (2024). Impact of the Ruble exchange rate regime and Russia’s war in Ukraine on wheat prices in Russia. Agricultural Economics55(2), 384-411. https://doi.org/10.1111/agec.12822

 

 

 

2023

 

Harakan, A., Pelizzo, R., & Kuzenbayev, N. (2023). Traditional Beliefs and Electoral Behavior in Indonesia. World Affairs, 186(4). https://doi.org/10.1177/00438200231203005

 

 

Kaskirbayeva, D., West, R., Jaafari, H., King, N., Howdon, D., Shuweihdi, F., … & Nikolova, S. (2023). Progression of frailty as measured by a cumulative deficit index: a systematic review. Ageing Research Reviews84, 101789. https://doi.org/10.1016/j.arr.2022.101789

 

Kogabayev, T., Põder, A., Barth, H., & Värnik, R. (2023). Prospects for Wood Pellet Production in Kazakhstan: A Case Study on Business Model Adjustment. Energies16(15), 5838. https://doi.org/10.3390/en16155838

 

Kuzenbayev, N., & Pelizzo, R. (2023). Political Stability, Confidence in the Future, and Values. Social Sciences, 12(2), 82. https://doi.org/10.3390/socsci12020082

 

Pelizzo, R., Koepko, M., Kuzenbayev, N., & Kinyondo, A. (2023). Traditional Beliefs and Electoral Behavior: Some Evidence from Togo. World Affairs, 186(4). https://doi.org/10.1177/00438200231203017

 

Pelizzo, R., & Kuzenbayev, N. (2023). Beyond Religion: Superstition, Traditional Beliefs, and the Extreme Right. World Affairs, 186(4). https://doi.org/10.1177/00438200231203101

 

Pelizzo, R., & Kuzenbayev, N. (2023). Traditional Practices and Support for the Strongman. World Affairs, 186(4). https://doi.org/10.1177/00438200231203094

 

Pelizzo, R., Turganov, D., & Kuzenbayev, N. (2023). Modernization, Superstition, and Cultural Change. World Affairs, 186(4). https://doi.org/10.1177/00438200231203012

 

 

 

2022

 

Kemelbayeva, S. (2022). University selectivity and returns premium: evidence from Kazakhstan. Education Economics30(3), 270-302. https://doi.org/10.1080/09645292.2021.1958166

 

Mynbayeva, E., Lamb, J. D., & Zhao, Y. (2022). Why estimation alone causes Markowitz portfolio selection to fail and what we might do about it. European Journal of Operational Research301(2), 694-707. https://doi.org/10.1016/j.ejor.2021.11.036

 

2020

 

Kemelbayeva, S. (2020). Returns to schooling in Kazakhstan: an update using a pseudo-panel approach. Eurasian Economic Review10(3), 437-487. https://doi.org/10.1007/s40822-020-00148-z

 

Current Projects

Project Title Head Participants Implementation Period Brief Description
The effect of COVID-19 on in-hospital mortality rate in Kazakhstan in the short-run Daliya Kaskirbayeva Adilkhan Ospanov 2024-2026 This study analyzes the impact of the COVID-19 pandemic on in-hospital mortality rates in Kazakhstan using hospital episode data and interrupted time-series panel regressions. The preliminary results show a significant initial increase in mortality linked to COVID-19, followed by a gradual decline over time. Despite the pandemic’s early severity, the decelerating trend suggests improved hospital responses or adaptations. Descriptive analysis indicates no major differences in mortality across age groups, employment statuses, or regions.
Leveraging Machine Learning to Predict Hospital Activity in Kazakhstan Using Health Insurance Data Daliya Kaskirbayeva Tim Ensor 2024-2026 This study evaluates the effectiveness of machine learning (ML) models in predicting hospital activity under Kazakhstan’s compulsory social health insurance (CSHI) system. Using national hospital data from 2021 to 2023, ML models—particularly Extreme Gradient Boosting—outperformed the government’s current linear regression-based approach in predicting hospitalization rates and lengths of stay. The study highlights the benefits of incorporating detailed patient and hospital-level data to improve prediction accuracy, supporting more informed policy and clinical decision-making.
An Optimal Shrinkage Target for the Multivariate Mean John D. Lamb Elmira Mynbayeva, Yuan Zhao 2024-2026 This paper challenges the conventional use of the grand mean as the shrinkage target for estimating the multivariate mean, showing it is not generally optimal. Instead, it proposes an alternative target—the mean of a minimum-variance portfolio—under the assumption of a bounded covariance matrix. The authors also derive a shrinkage factor under normality assumptions, demonstrating that their estimator improves upon existing methods and is both translation and scale invariant. The study further emphasizes that effective shrinkage requires all variables to be measured in the same units.
Determinants of Effective Commercialization of Scientific Projects: Empirical Evidence from Kazakhstan Bauyrzhan M. Yedgenov Gulnaz Zh. Alibekova, Elmira N. Mynbaeva, Assel K. Kozhakhmetova 2024-2026 This paper examines the factors driving successful commercialization of scientific projects in Kazakhstan from 2016 to 2018. Using data on outputs like sales, patents, and job creation, alongside inputs such as grant funding, co-financing, and capital expenditure, the study identifies key determinants of commercialization effectiveness. The results highlight the crucial roles of financial resources, institutional backing, and market relevance, offering valuable insights for policymakers, research institutions, and industry stakeholders to improve the commercialization of scientific research.
Multidimensional Poverty in Indonesia: The Role of Economic, Social, Educational, and Political Factors Ali Rama Poppy Secilia Putri, Elmira Mynbayeva 2024-2026 This study offers a novel, multidimensional approach to poverty by examining how economic, social, educational, and political factors interact in Indonesia. Using panel data from 2015 to 2022 and a fixed effects model, it investigates the effects of education, crime rates, unemployment, Islamic financing access, and democracy on poverty levels. Results show that higher education enrollment and greater access to Islamic financing significantly reduce poverty, while crime and unemployment increase it. The findings highlight important policy directions, including improving education, job creation, and expanding Islamic finance as tools for inclusive poverty reduction.
Corruption and Patience: Cross-Country Evidence Omer Baris Nygmetzhan Kuzenbayev 2024-2026 This project investigates the causal relationship between patience and corruption across countries. Using multiple measures of time preferences and an instrumental variable approach based on linguistic differences in future-time reference, the study shows that more patient societies tend to exhibit lower levels of public-sector corruption.
Perceived Terrorism Threat and Emigration Intentions: Evidence from Kazakhstan Nygmetzhan Kuzenbayev Assem Kalkamanova, Aruzhan Sarsembayeva 2024-2026 Drawing on nationally representative data from the 2017 Central Asia Barometer Survey, this project investigates how perceived terrorism threat influence individuals’ intentions to emigrate from Kazakhstan.
Russian Television and Conspiracy Beliefs: Insights from Kazakhstan Riccardo Pelizzo Riccardo Pelizzo, Serik Orazgaliyev, Nygmetzhan Kuzenbayev 2024-2026 Using original survey data collected from over 3,000 respondents in 2024, this project investigates the relationship between trust in Russian television and belief in conspiracy theories among the Kazakhstani population.

Completed Projects
Project Title Implementation Period Brief Description Key Results/ Publications
Evaluation of Technology Commercialization Factors in Kazakhstan. 2024 This paper analyzes factors affecting R&D commercialization in Kazakhstan using time series and VAR methods on national statistics data. It finds that innovation activity and patents boost exports after three years, but also lead to trade-offs like reduced GDP share and later declines in patenting. The study suggests Kazakhstani firms prioritize short-term export gains over long-term innovation, recommending policies to better balance profit motives with sustainable innovation. Link
The Interplay Between Religion, Traditional Beliefs, and Socio-Economic Development: Insights from Four Emerging Economies. 2024 This article explores the relationship between traditional beliefs, socio-economic development, and religion in four emerging economies: Benin, Indonesia, Tanzania, and Togo. The study addresses gaps in existing literature, which has not conclusively determined whether and to what extent socio-economic development reduces the prevalence of traditional beliefs. Additionally, the interplay between religion and traditional beliefs remains debated, with some studies suggesting coexistence while others highlight inherent conflicts. The findings reveal that the impact of socio-economic development on traditional beliefs varies significantly across different types of beliefs. From an Islamic law perspective, practices such as witchcraft and superstition are condemned as shirk (polytheism) for diverting reliance away from Allah. Islamic jurisprudence (fiqh) and principles like maqasid al-shariah (objectives of Sharia) provide frameworks to counter these practices by promoting rationality, education, and monotheism. In Indonesia, for instance, Islamic principles have allowed traditional healing practices to coexist with modernity within an ethical framework aligned with Sharia. Conversely, in regions with smaller Muslim populations, such as Benin and Togo, traditional beliefs remain widespread and are often intertwined with animism and other non-Islamic faiths. The study also finds that religious demography significantly influences the persistence of some traditional beliefs but not others. Finally, it highlights a strong correlation between the popularity of traditional beliefs and the prominence of traditional religions within societies. Link
Sustainable Business Models for Advancing the Electric Vehicle Industry in Kazakhstan: A review 2024 This study explores the potential of sustainable business models in advancing the electric vehicle (EV) industry in Kazakhstan. It reviews existing literature on EV and sustainability models, evaluating their relevance to Kazakhstan’s context. The findings highlight how such models can support both economic growth and environmental goals by reducing fossil fuel dependence. Link
OVERVIEW OF SUSTAINABLE TOURISM DEVELOPMENT STRATEGIES: INSIGHTS FROM THE REPUBLIC OF KAZAKHSTAN. 2024 This paper outlines strategies for sustainable tourism development, using Kazakhstan as a case study. By analyzing existing literature and real-world data, it assesses the suitability of various approaches within the Kazakh context. The findings highlight key challenges and opportunities for sustainable tourism in the country, contributing to broader discussions on effective tourism strategies. Link
Smart Governance in Kazakhstan: A Systematic Review and Analysis of Development, Challenges, and Future Directions 2024 This paper analyzes Kazakhstan’s gradual adoption of smart governance practices, focusing on their impact on government operations, citizen engagement, transparency, and data security. By reviewing recent literature, it evaluates the country’s digital infrastructure development and alignment with global governance standards. The study highlights both progress and challenges, offering practical recommendations to enhance Kazakhstan’s smart governance and support its sustainable development goals. Link
Evaluation of the Effectiveness of technology Commercialisation in the Republic of Kazakhstan under international methodology. 2024 This paper addresses the need for a unified system to assess the effectiveness of commercialising scientific developments in Kazakhstan. Through a comparative analysis of international practices, particularly the ATTP methodology, the study identifies gaps in Kazakhstan’s current approach and offers recommendations to align it with global standards. The findings highlight the challenges posed by limited data and propose steps to establish a comprehensive, standardized evaluation system to support innovation-driven economic growth. Link
Impact of the COVID-19 pandemic on employment and inequalities: a systematic review of international evidence and critical appraisal of statistical methods. 2024 This review assessed how COVID-19 affected labour market outcomes, focusing on differences over time and across groups. Using 85 studies from databases and grey literature, researchers found generally negative effects on employment, hours, and income—especially for women, younger, less educated, and non-white workers. These groups were more exposed due to job types requiring personal contact and limited remote work options. The review also highlighted methodological challenges like the lack of control groups. Long-term effects, especially in low- and middle-income countries, need further study. Link
Elite schools and educational inequality: Evidence from a private university in Kazakhstan. 2024 This study explores how elite secondary schools in Kazakhstan, created through neoliberal education reforms, contribute to inequality. Using a mixed-methods approach, it finds that graduates of well-funded elite public schools outperform peers from mainstream schools at university. While these schools offer better resources and focus on soft skills, they limit access to disadvantaged students, reinforcing educational and later economic inequalities. The findings highlight how market-driven reforms have deepened inequality in post-Soviet education systems, raising concerns about the equity of public funding policies. Link
Witchcraft beliefs and conspiracy theorizing: Evidence from Tanzania and cross‐national datasets. 2024 This article suggests that since people who believe in magic and those who believe in conspiracy theories produce meaning and make sense of the world by engaging in the same process of signification, they should be more likely to have one such belief if they hold the other. To test this proposition, we perform both macro- and micro-level analyses using, respectively, cross-national datasets and an original set of Tanzanian data. Our findings from both sets of analyses reveal a strong association between witchcraft beliefs and the belief in conspiracy theories. Link
Tax motivated vertical FDI and transfer pricing. 2024 This study analyzes how a domestic downstream firm’s acquisition of a foreign input supplier enables profit shifting through transfer pricing. Setting a high transfer price lowers tax liabilities but raises input costs, reducing domestic output and profits. The optimal transfer price balances tax savings and production efficiency. Regulation under the arm’s length principle lowers transfer prices, reducing distortions and enhancing consumer and social welfare. Increased downstream competition further aligns private incentives with social welfare, strengthening regulatory benefits. Link
Dynamics of Gender Wage Gap in Kazakhstan for 2011-2019 2024 This study analyzes the gender wage gap in Kazakhstan from 2011 to 2019, finding it persistently around 30%. Decomposition reveals that increasing industrial segregation worsens the gap, despite women’s relatively better and improving human capital. The gap is highest in industrialized, economically advanced regions and lowest in poorer, agricultural ones. In major cities, evidence of vertical segregation and discrimination is found. Effective policy should address industrial and regional disparities to reduce gender inequality in the labour market. Link
Impact of the Ruble exchange rate regime and Russia’s war in Ukraine on wheat prices in Russia 2024 This study examines exchange rate pass-through to Russian wheat prices before and after the Ruble became free-floating in 2014. Results show strong pass-through in the North Caucasus and weak effects in remote regions. Under the managed exchange rate, no cointegration is found between wheat prices and the Ruble/USD rate. Feed wheat is less integrated with global markets than higher-quality wheat. Since the Ukraine invasion, pass-through has declined sharply, indicating growing disconnection from international markets and increased supply chain and geopolitical risks. Diversifying import sources is advised to enhance trade resilience. Link
Traditional Beliefs and Electoral Behavior in Indonesia. 2023 This study examines how traditional beliefs influence electoral behavior in Indonesia’s increasingly fragmented and democratizing political system. Unlike the limited existing research—mostly focused on stable systems like Togo and lacking micro-level quantitative analysis—this study uses original survey data to statistically assess the impact of traditional beliefs on voter choice. Findings show that voters with traditional mindsets are more likely to support secular parties within the ruling coalition. Link
Progression of frailty as measured by a cumulative deficit index: a systematic review 2023 This systematic review synthesizes evidence on frailty progression among community-dwelling older adults using a cumulative deficit model. Based on 61 studies, it finds that frailty typically worsens over time, especially among older individuals and those with chronic conditions, low income or education, smoking, or obesity. Age is the strongest predictor of frailty progression and mortality. The frailty index effectively predicts adverse outcomes and death, though cross-cohort comparisons are limited by inconsistent definitions and measurements. Link
Prospects for Wood Pellet Production in Kazakhstan: A Case Study on Business Model Adjustment. 2023 This study explores the potential for wood pellet production in Kazakhstan by examining how a microenterprise adapts its business model in the wood industry. Using Osterwalder’s business model canvas and a qualitative case study, it analyzes how value is proposed, created, delivered, and captured. Kazakhstan’s strong biomass potential offers opportunities for microenterprises to provide local, renewable alternatives to fossil fuels. While growth in wood-based industries and support for renewables are promising, the sector faces significant institutional and regulatory challenges. Link
Political Stability, Confidence in the Future, and Values. 2023 This paper revisits the link between modernization and cultural change, focusing on shifts toward emancipative and secular-rational values. Unlike prior studies that rely mainly on material indicators, it introduces non-material factors—such as fears about economic and political stability—into the analysis. Using individual- and aggregate-level data from the World Values Survey, the study finds that concerns over political system stability are the strongest predictor of value change, highlighting the central role of psychological and social perceptions in cultural transformation. Link
Traditional Beliefs and Electoral Behavior: Some Evidence from Togo 2023 This study explores the link between traditional beliefs and party system stability, highlighting an often-overlooked factor in electoral behavior research. Using evidence from Togo, it finds that individuals who hold traditional beliefs are more likely to support ruling parties, contributing to party system stability. These voters are not merely less democratic in orientation but actively reinforce existing political structures. The findings suggest that traditional beliefs play a significant role in shaping electoral outcomes and maintaining stable party systems. Link
Beyond Religion: Superstition, Traditional Beliefs, and the Extreme Right. 2023 This study examines the political implications of superstitious beliefs in Germany, an industrialized country in the Global North. Using data from the 2019 German General Social Survey, it finds that individuals with superstitious beliefs exhibit lower trust in the political system and are more likely to hold revisionist and antisemitic views. These attitudes may increase support for right-wing populist parties. The findings suggest that even in advanced democracies, the spread of superstitious beliefs can have destabilizing political effects, raising concerns for policymakers and democratic institutions. Link
Traditional Practices and Support for the Strongman. 2023 This study investigates how traditional values influence authoritarian attitudes among Muslim respondents in 27 jurisdictions. Findings show that individuals who view traditional practices—such as sorcery, jinn, or ancestor spirits—as acceptable under Islam are more likely to support strongman rule over democracy. Interestingly, religiosity itself does not significantly predict authoritarian preferences, suggesting that traditionality, rather than religious devotion, is a stronger driver of anti-democratic attitudes. These results underscore the political relevance of traditional beliefs and call for more precise measures of traditionality in future research. Link
Modernization, Superstition, and Cultural Change. 2023 This article examines the link between socioeconomic development, secularism, and traditional beliefs. While some practices—like using traditional healers—are negatively associated with development indicators, others, such as belief in or encounters with jinn, show little to no statistical relationship. The findings support Inglehart and Baker’s argument that the influence of development on cultural values is complex and non-linear. Link
University selectivity and returns premium: evidence from Kazakhstan. 2022 This study uses a fuzzy regression discontinuity design to examine whether attending more selective, better-funded national universities in Kazakhstan leads to higher entry salaries compared to other public HEIs. Findings show no significant difference in returns during the first year of employment, suggesting that observed advantages may largely reflect selectivity rather than institutional quality, and calling into question related policy assumptions. Link
Why estimation alone causes Markowitz portfolio selection to fail and what we might do about it 2022 Markowitz optimization often performs poorly in practice, even under ideal conditions such as normally distributed returns and the use of shrinkage estimators. This is largely due to the difficulty in confidently distinguishing between the mean returns of most assets. To address this, the study proposes a method based on a sequentially rejective test to identify subsets of assets with indistinguishable means or variances. Compared to naive Markowitz and other approaches like bootstrap aggregation, the method proves more robust and outperforms equally weighted portfolios in out-of-sample and bootstrap tests using data from market indices and hedge funds. Covariance shrinkage is also found to enhance performance. Link
Returns to schooling in Kazakhstan: an update using a pseudo-panel approach. 2020 This paper represents the first attempt to employ a long series of repeated cross-sectional data from the Kazakhstani National Statistics as the pseudo-panel for estimating returns to schooling. We found the returns to be relatively high and internationally comparable. The cohort effect turned out to be negative, suggesting the interpretation of the business cycle’s impact. The gender gap in returns has additionally been revealed: while females tend to earn less, the returns are higher for them, which can likely be explained by gender differences in labor allocation across sectors and industries and, in turn, explains the higher levels of education amongst women Link

Partnership

Partner Organisation Partnership Format Collaboration Area
Nazarbayev University Development of joint research initiatives and co-hosting of seminars and conferences Research and Education
SDU University Development of joint research initiatives and co-hosting of seminars and conferences Research and Education
University of Rome Tor Vergata Collaborative academic exchange through guest lectures and research engagement with international faculty Research and Education
KPMG Uzbekistan Implementation of expert-led sessions to strengthen collaboration between academic research and industry Research and Education
Kazakhstan Institute of Public Development Joint organization of public lectures and academic discussions Education

Research Seminars

Seminar Topic Date Format Speakers Links
ISE MNU Student Research Conference 13.05.25 Offline Link
Publishing in Peer-Reviewed Journals 21.04.25 Offline Nygmetzhan Kuzenbayev Link
How to Teach Economics Using Experiments 17.04.25 Offline Nygmetzhan Kuzenbayev Link
Consumer Myopia and Experience 09.04.25 Offline Binur Yermukanova Link
1) Unlocking the Potential of Foreign Direct Investment to Reduce Energy Intensity
2) Corruption and Patience: Cross-Country Evidence
21.03.25 Online Hayot Saydaliev, Ikboljon Kasimov, and Nygmetzhan Kuzenbayev Link
KIPD Bulletin Insights – Non-Modernization 12.03.25 Offline Nygmetzhan Kuzenbayev Link
Does Life Satisfaction Predict Economic Preferences? Evidence from Cross-Sectional Data 12.03.25 Online Donato Pierno Link
Gender Economics 06.03.25 Offline Saule Kemelbayeva Link
Corruptissima re publica plurimae leges 19.02.25 Offline Omer F. Baris Link
Perceived Terrorism Threat and Emigration Intentions 13.11.24 Offline Nygmetzhan Kuzenbayev Link
The Problem of Tradition 02.11.24 Offline Riccardo Pelizzo Link

Student Clubs

Ceteris Paribus – Data Club MNU — The student organization will focus on working with data for various purposes, such as research, prediction, and analysis. Students will explore and apply statistics, data analysis, and economic theory. They will also share and improve their programming skills, especially in R and Python.

The club will host public lectures by well-known analysts and researchers, as well as open workshops where students can present their work. There is also the possibility of forming semi-professional teams for events like Hackathons and Metrikons.

Нарикбаев Талгат Максутович
Председатель Правления АО «Университет КАЗГЮУ имени М.С. Нарикбаева»
Fill out the form

    Language

    Status

    Required

    Academic degree

    Required

    Citizenship

    Required

    Name

    Required

    Surname

    Required

    Email address

    Required

    Mobile number

    Required


    Fill out the form

      Full Name

      Required

      Email address

      Required

      Mobile number

      Required

      Do you have an academic degree?

      Required

      Job Title

      Required

      Your resume