Description: Uzbekistan and Kazakhstan : A Tale of Two Transition Paths

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Uzbekistan and Kazakhstan : A Tale of Two Transition Paths

Uzbekistan adopted a cautious, gradual approach to market reform. Kazakhstan followed a more aggressive strategy. But while Kazakhstan may have achieved a better policy environment, its economic performance has not been better than Uzbekistan'...

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Bibliographic Details
Main Authors:	Alam, Asad, Banerji, Arup
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	AGRICULTURAL OUTPUT AGRICULTURE BALANCE OF PAYMENTS BANKING SYSTEM BUDGETARY ORGANIZATIONS BUDGETARY RESOURCES BUSINESS ENVIRONMENT CASH PAYMENTS CENTRAL BANK CENTRAL PLANNING CIVIL RIGHTS COLONIALISM COMMERCIAL BANKS COMMUNIST COMPARATIVE ADVANTAGE COMPETITION POLICY CONSUMERS CORPORATE GOVERNANCE CORPORATE TAXES CORRUPTION CPI CRIME DATA COLLECTION DEBT DEVALUATION DEVELOPMENT STRATEGY DIRECT INVESTMENT DRINKING WATER ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC REFORMS ECONOMIC STRUCTURE ECONOMIC STRUCTURES ECONOMISTS EMPIRICAL RESEARCH ENTERPRISE RESTRUCTURING EXCHANGE RATE EXCHANGE RATES EXPLOITATION EXPORT EARNINGS EXPORTS FINANCIAL CRISES FISCAL FISCAL ADJUSTMENT FISCAL CRISIS FISCAL DEFICIT FISCAL POLICY FISCAL PRESSURES FISCAL STANCE FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE LIBERALIZATION FOREIGN EXCHANGE MARKET FOREIGN INVESTMENT FOREIGN INVESTORS GDP GNP GNP PER CAPITA GOVERNMENT BUDGETS GOVERNMENT CONSUMPTION GROWTH GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH RATE GROWTH RATES HUMAN CAPITAL HUMAN CAPITAL STOCK HUMAN DEVELOPMENT IMPORTS INCOME INCOME LEVELS INDUSTRIALIZATION INFANT MORTALITY INFLATION INHERITANCE INSTITUTIONAL FRAMEWORK INSTITUTIONAL INCENTIVES INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INTEREST RATE INTERGENERATIONAL EQUITY JUDICIARY LAISSEZ FAIRE LIQUIDITY LITERACY RATES LIVING STANDARDS LOCAL COMMUNITIES LOCAL GOVERNMENT M2 MACROECONOMIC IMBALANCES MACROECONOMIC PERFORMANCE MACROECONOMIC POLICY MARKET ECONOMY METALS MULTIPLIER EFFECTS MULTIPLIERS NATIONS NATURAL RESOURCES OIL OIL RESERVES OIL SECTOR PENSION FUNDS PENSION REFORM PERFORMANCE INDICATORS POLICY ENVIRONMENT POLITICAL FREEDOMS POPULATION GROWTH PRESIDENTS PRIVATIZATION PROCEEDS PRODUCERS PUBLIC EXPENDITURES PUBLIC INVESTMENT PUBLIC INVESTMENTS REAL GDP RELATIVE PRICES SAFETY NETS SECURITIES SHORT- TERM DEBT SOCIAL ASSISTANCE SOCIAL SAFETY SOCIAL SAFETY NETS SOCIAL SECTOR SOCIAL WELFARE SOCIOECONOMIC DEVELOPMENT SOFT BUDGET CONSTRAINTS STABILIZATION POLICIES STATE CONTROL TAX BASE TAX REFORM TAXATION TERMS OF TRADE TOTAL EXPENDITURES TRADE LIBERALIZATION TRADE TAXES TRANSACTIONS COSTS TRANSITION ECONOMIES WAGES
Online Access:	http://documents.worldbank.org/curated/en/2000/11/717495/uzbekistan-kazakhstan-tale-two-transition-paths http://hdl.handle.net/10986/19763

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Summary:	Uzbekistan adopted a cautious, gradual approach to market reform. Kazakhstan followed a more aggressive strategy. But while Kazakhstan may have achieved a better policy environment, its economic performance has not been better than Uzbekistan's. The authors examine the interplay between policies, institutions, and initial conditions, to examine several competing, and complementary hypotheses about why the paths the two Central Asian countries took, may have led to different economic outcomes. One possibility is that missing pieces in reform - especially deficiencies in the competitive environment - in combination with a rapidly diminishing role for the state, may have limited the gains from the policy reforms in Kazakhstan.