EconPapers    
Economics at your fingertips  
 

Financial System Reform in Kazakhstan from 1993 to 2006 and Its Socioeconomic Effects

Alexandr Akimov and Brian Dollery ()

Emerging Markets Finance and Trade, 2008, vol. 44, issue 3, 81-97

Abstract: Voluminous theoretical and empirical literature examines the relation between financial-sector development and economic growth. However, previous studies have largely ignored progress in former Soviet Central Asian republics engaged in transition from socialist command economies to market economies. This paper seeks to fill this gap in the literature by considering Kazakhstan's experience with financial-sector liberalization and the socioeconomic effects of these reforms. We summarize the prereform economic circumstances prevailing in Kazakhstan, outline the major characteristics of its postcommunist financial system, and provide a detailed chronicle of financial-sector reform measures from 1993 to 2006. The paper focuses on the evolution of Kazakhstan's banking structure, policies adopted by the National Bank of Kazakhstan, and the approach taken to the privatization of state banks, as well as the steps taken to improve bank accounting standards and banking supervision. The development path of nonbank financial institutions and capital markets is also examined. We consider the outcomes of financial-sector reforms and their effects on the economy as a whole.

Keywords: economic growth; financial development; Kazakhstan; transition economies (search for similar items in EconPapers)
Date: 2008
References: Add references at CitEc
Citations View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link)
http://mesharpe.metapress.com/link.asp?target=contribution&id=9704MU0376JK4L61 (text/html)
Access to full text is restricted to subscribers.

Related works:
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:mes:emfitr:v:44:y:2008:i:3:p:81-97

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MREE20

Access Statistics for this article

More articles in Emerging Markets Finance and Trade from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

 
Page updated 2018-08-17
Handle: RePEc:mes:emfitr:v:44:y:2008:i:3:p:81-97