Finance and income inequality in Kazakhstan: evidence since transition with policy suggestions

Muhammad Shahbaz, Mita Bhattacharya and Mantu Mahalik ()

Applied Economics, 2017, vol. 49, issue 52, 5337-5351

Abstract: Kazakhstan gained independence in 1990 and has undergone significant changes in economic, social and trade conditions since then. We analyse the effects of financial development on income inequality in Kazakhstan, incorporating economic growth, foreign investment, education and the role of democracy as the drivers. We establish that income inequality in Kazakhstan is impaired by financial development. In summary, we send three messages for policy purposes. First, strengthening financial sector is necessary to close the gap between ‘haves and have-nots’. Second, attracting FDI beyond the hydrocarbon sector is necessary to alleviate inequality. Finally, adaptation of education system to the new social and economic environment would help in improving income distribution.

Date: 2017
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Citations: View citations in EconPapers (13)

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Working Paper: Finance and Income Inequality in Kazakhstan: Evidence since Transition with Policy Suggestions (2017)
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DOI: 10.1080/00036846.2017.1305095

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