A small macro econometric model for Kazakhstan: a retrospective of alternative economic policies undertaken during the transition process

Gilles Dufrénot (), Adelya Ospanova and Alain Sand-Zantman ()

Economic Change and Restructuring, 2014, vol. 47, issue 1, 39 pages

Abstract: This paper presents a quarterly macro econometric model of Kazakhstan. The main goal is to provide a stylized representation of the Kazakh economy in order to simulate the consequences of several economic policies viewed by the authorities as essential during the period of transition to a market economy. The policy simulation potential of the model is illustrated by five types of simulations: interest rate shocks, foreign direct investment shocks, world oil price shocks, foreign demand shocks and nominal wages shocks. These sets of simulations show the importance of foreign direct investments in terms of theirs global positive effect, as well as the demand effect of an increase in the wages. We also find that effect of the tight monetary policy is not unambiguous; we argue that in some cases it is not the most efficient policy instrument to sustain the economy. Copyright Springer Science+Business Media New York 2014

Keywords: Transition economies; Kazakhstan; Macroeconomic stabilization; Central Asian CIS countries; O11; P20; P51 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1007/s10644-012-9126-3 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: A small macro econometric model for Kazakhstan: a retrospective of alternative economic policies undertaken during the transition process (2014)
Working Paper: A small macro econometric model for Kazakhstan: a retrospective of alternative economic policies undertaken during the transition process (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:ecopln:v:47:y:2014:i:1:p:1-39

Ordering information: This journal article can be ordered from
http://www.springer. ... nt/journal/10644/PS2

DOI: 10.1007/s10644-012-9126-3

Access Statistics for this article

Economic Change and Restructuring is currently edited by George Hondroyiannis

More articles in Economic Change and Restructuring from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().