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Market Reforms And “Economic Miracle” In Kazakhstan

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  • György Simon

Abstract

Kazakhstan’s postcommunist transition is characterised by gradual changes under the conditions of a limited democracy. These changes have embraced extensive price and trade liberalisation, and resolutely promoted privatisation and the building of market institutions, although structural reforms and the struggle against corruption have made little progress. The country’s financial independence was established with the introduction of the tenge in 1993. Transformational recession reached its maximum in 1995, since when only the 1998 Asian and Russian crises have interrupted continuous growth. However, the Kazakh economy is very sensitive to fluctuations in world energy and mineral prices, as the extractive industries, primarily oil and gas, have a crucial role in its development.

Suggested Citation

  • György Simon, 2009. "Market Reforms And “Economic Miracle” In Kazakhstan," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 54(182), pages 67-92, July – Se.
    • Handle: RePEc:beo:journl:v:54:y:2009:i:182:p:67-92
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    File URL: http://ea.ekof.bg.ac.rs/pdf/182/2_1.pdf
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    References listed on IDEAS

    as
    1. Kaiser, Mark J. & Pulsipher, Allan G., 2007. "A review of the oil and gas sector in Kazakhstan," Energy Policy, Elsevier, vol. 35(2), pages 1300-1314, February.
    2. World Bank, 2008. "World Development Indicators 2008," World Bank Publications - Books, The World Bank Group, number 28241, December.
    3. World Bank, 2008. "World Development Indicators 2008," World Bank Publications - Books, The World Bank Group, number 11855, December.
    4. Schneider, Friedrich G., 2007. "Shadow Economies and Corruption All Over the World: New Estimates for 145 Countries," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 1, pages 1-66.
    5. Mr. Eivind Tandberg & S. Ramamurthy, 2002. "Treasury Reform in Kazakhstan: Lessons for Other Countries," IMF Working Papers 2002/129, International Monetary Fund.
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    More about this item

    Keywords

    : transition countries; reform policies; economic growth;
    All these keywords.

    JEL classification:

    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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