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Dilemmas of financial development in Kazakstan

  • Yelena Kalyuzhnova

    (Centre for Euro-Asian Studies, The University of Reading, UK)

  • George Tridimas

    (Department of Economics, The University of Reading, UK)

Registered author(s):

    The study reviews the experience of Kazakstan with financial reform. After establishing a two-tier banking system with the National Bank of Kazakstan as the central monetary authority, banks were separated between deposit taking institutions and investment banks. The priorities of the monetary authority have been the introduction of the tenge as the new national currency, the design of the appropriate techniques of monetary control and the pursuit of price stabilization. The problems facing the reform of commercial banks relate to their specialization by sector of economic activity, high concentration, lack of expertise in risk assessment, the incidence of bad loans, the establishment of a clear legal, accounting and regulatory framework, and the development of fully functioning securities markets. © 1998 John Wiley & Sons, Ltd.

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    Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

    Volume (Year): 10 (1998)
    Issue (Month): 5 ()
    Pages: 681-693

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    Handle: RePEc:wly:jintdv:v:10:y:1998:i:5:p:681-693
    Contact details of provider: Web page: http://www3.interscience.wiley.com/journal/5102/home

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    1. Singh, Ajit, 1997. "Financial Liberalisation, Stockmarkets and Economic Development," Economic Journal, Royal Economic Society, vol. 107(442), pages 771-82, May.
    2. Fry, Maxwell J, 1989. "Financial Development: Theories and Recent Experience," Oxford Review of Economic Policy, Oxford University Press, vol. 5(4), pages 13-28, Winter.
    3. Greenwood, Jeremy & Smith, Bruce D., 1997. "Financial markets in development, and the development of financial markets," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 145-181, January.
    4. Nouriel Roubini & Xavier Sala-i-Martin, 1991. "Financial Repression and Economic Growth," NBER Working Papers 3876, National Bureau of Economic Research, Inc.
    5. Bencivenga, V.R. & Smith, B.D., 1988. "Financial Intermediation And Endogenous Growth," RCER Working Papers 124, University of Rochester - Center for Economic Research (RCER).
    6. Corbett, Jennifer & Mayer, Colin, 1991. "Financial Reform in Eastern Europe: Progress With the Wrong Model," CEPR Discussion Papers 603, C.E.P.R. Discussion Papers.
    7. Courakis, Anthony S, 1984. "Constraints on Bank Choices and Financial Repression in Less Developed Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 46(4), pages 341-70, November.
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