Conclusion

 In the process of writing a term paper investigated the problems associated with the response of the world stock market on various fundamental factors and economic cycles. Established a link between the situation on the stock market and the flow of investment, revealed the functional dependence of stock market capitalization of Kazakhstan on the dynamics of the market value of the shares on the stock market in the U.S., and the role of the securities market in economic growth.     So, in order to attract investment in Kazakhstan is necessary to introduce tax incentives to encourage investment. For example, for sectors that are strategic for Kazakhstan to create some favorable conditions. In the U.S., investments related to community services, special privileges in obtaining tax revenue for this type of business. It should also encourage long-term investments with a maturity of more than one year of investment. In the U.S., the income tax rate varies on the time during which the investor had purchased securities (up to six months and more than six months). In general, the formation of a developed and stable government debt market in the future will depend on the overall economic situation in the country. The State is also necessary to create conditions for the development of incentives to save, accumulate and transform them into investments.     Also in this course work was to identify the main features of formation of the securities market, and the role of the securities as a regulator of economic development of Kazakhstan. First, the usual development of efficient markets for government securities is accompanied by growth of the national economy. In Kazakhstan, the origin and formation of the stock market, it is rather dynamic development against a background of constant recession. This imbalance in the dynamics of the government securities market and general economic processes cause crisis in this market. On the other hand, under-development and imperfection of the stock market prevented reversing the narrowing of reproduction.     Second, the "opacity" of the market, risk of operations on it, the dominance of the state debt to cover budget deficiency causes dominance short-term securities. This, in turn, diverts surplus funds from long-term investment, which is always the most important factor of economic growth. But Kazakhstan is the second time was in a good position, because underdevelopment of the stock market is not so much the financial crisis as reflected in 1998 and 2008. Third, the destabilizing effect on the Kazakhstan market of government securities have inflation and inflation expectations. This is common for all the countries in transition. The risk of depreciation of money hinders investors from long-term strategic investments.     Fourth, a major obstacle to the establishment of well-functioning stock market in Kazakhstan is the imperfection of the legislation and regulations on securities.     Currently in the process of further development of the securities market in Kazakhstan. The government always takes a number of measures that promote the RCB in the country.     Also Department of Securities Regulation NBK tightens control on RZB, which leads to security deposits investors and compliance with legislation of Kazakhstan.     Thus, making the company more attractive to investors. So, after analyzing all the above can be said that the Kazakh stock market in recent years is the subject of criticism and pessimism. The main reason for this attitude was the disappointment of the public in the stock market. As psychologists say, to create the effect of "unfulfilled promises." The current situation is unfair because the real market is compared to the ideal picture of the stock market, the overwhelming majority of known only from books and Western movies. What should we really expect from this market?     World practice shows that the stock market is an effective mechanism for mobilizing financial resources and savings, optimal redistribution in the economy.