Output Decline in Transition: The Case of Kazakhstan

International Monetary Fund

No 1998/045, IMF Working Papers from International Monetary Fund

Abstract: This paper presents a detailed analysis of the output decline in Kazakhstan in the early years of the transition. The decline is documented at the aggregate and sectoral levels, and the quality of the available data is reviewed. A growth accounting framework quantifies the productivity slowdown in Kazakhstan and illustrates how excessive capital accumulation under central planning has contributed to the output decline. In addition, strong evidence is found that disorganization and inherited sectoral misallocation have played a significant role. Credit contractions and reductions in aggregate demand may have had an effect, but clear patterns of causality cannot be established.

Keywords: WP; enterprise; economic system; output decline; Transition economies; Kazakhstan; clearing operation; Kazakh economy; price liberalization; Agricultural sector; Total factor productivity; Industrial sector; Baltics (search for similar items in EconPapers)
Pages: 78
Date: 1998-04-01
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Citations: View citations in EconPapers (9)

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