Alam, AsadBanerji, Arup2014-08-272014-08-272000-11https://hdl.handle.net/10986/19763Uzbekistan adopted a cautious, gradual approach to market reform. Kazakhstan followed a more aggressive strategy. But while Kazakhstan may have achieved a better policy environment, its economic performance has not been better than Uzbekistan's. The authors examine the interplay between policies, institutions, and initial conditions, to examine several competing, and complementary hypotheses about why the paths the two Central Asian countries took, may have led to different economic outcomes. One possibility is that missing pieces in reform - especially deficiencies in the competitive environment - in combination with a rapidly diminishing role for the state, may have limited the gains from the policy reforms in Kazakhstan.en-USCC BY 3.0 IGOAGRICULTURAL OUTPUTAGRICULTUREBALANCE OF PAYMENTSBANKING SYSTEMBUDGETARY ORGANIZATIONSBUDGETARY RESOURCESBUSINESS ENVIRONMENTCASH PAYMENTSCENTRAL BANKCENTRAL PLANNINGCIVIL RIGHTSCOLONIALISMCOMMERCIAL BANKSCOMMUNISTCOMPARATIVE ADVANTAGECOMPETITION POLICYCONSUMERSCORPORATE GOVERNANCECORPORATE TAXESCORRUPTIONCPICRIMEDATA COLLECTIONDEBTDEVALUATIONDEVELOPMENT STRATEGYDIRECT INVESTMENTDRINKING WATERECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC OUTCOMESECONOMIC PERFORMANCEECONOMIC POLICIESECONOMIC REFORMSECONOMIC STRUCTUREECONOMIC STRUCTURESECONOMISTSEMPIRICAL RESEARCHENTERPRISE RESTRUCTURINGEXCHANGE RATEEXCHANGE RATESEXPLOITATIONEXPORT EARNINGSEXPORTSFINANCIAL CRISESFISCALFISCAL ADJUSTMENTFISCAL CRISISFISCAL DEFICITFISCAL POLICYFISCAL PRESSURESFISCAL STANCEFOREIGN CAPITALFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE LIBERALIZATIONFOREIGN EXCHANGE MARKETFOREIGN INVESTMENTFOREIGN INVESTORSGDPGNPGNP PER CAPITAGOVERNMENT BUDGETSGOVERNMENT CONSUMPTIONGROWTHGROWTH PERFORMANCEGROWTH POTENTIALGROWTH RATEGROWTH RATESHUMAN CAPITALHUMAN CAPITAL STOCKHUMAN DEVELOPMENTIMPORTSINCOMEINCOMEINCOME LEVELSINDUSTRIALIZATIONINFANT MORTALITYINFLATIONINHERITANCEINSTITUTIONAL FRAMEWORKINSTITUTIONAL INCENTIVESINSTITUTIONAL REFORMINSTITUTIONAL REFORMSINTEREST RATEINTERGENERATIONAL EQUITYJUDICIARYLAISSEZ FAIRELIQUIDITYLITERACY RATESLIVING STANDARDSLOCAL COMMUNITIESLOCAL GOVERNMENTM2MACROECONOMIC IMBALANCESMACROECONOMIC PERFORMANCEMACROECONOMIC POLICYMARKET ECONOMYMETALSMULTIPLIER EFFECTSMULTIPLIERSNATIONSNATURAL RESOURCESOILOIL RESERVESOIL SECTORPENSION FUNDSPENSION REFORMPERFORMANCE INDICATORSPOLICY ENVIRONMENTPOLITICAL FREEDOMSPOPULATION GROWTHPRESIDENTSPRIVATIZATION PROCEEDSPRODUCERSPUBLIC EXPENDITURESPUBLIC INVESTMENTPUBLIC INVESTMENTSREAL GDPRELATIVE PRICESSAFETY NETSSECURITIESSHORT- TERM DEBTSOCIAL ASSISTANCESOCIAL SAFETYSOCIAL SAFETY NETSSOCIAL SECTORSOCIAL WELFARESOCIOECONOMIC DEVELOPMENTSOFT BUDGET CONSTRAINTSSTABILIZATION POLICIESSTATE CONTROLTAX BASETAX REFORMTAXATIONTERMS OF TRADETOTAL EXPENDITURESTRADE LIBERALIZATIONTRADE TAXESTRANSACTIONS COSTSTRANSITION ECONOMIESWAGES10.1596/1813-9450-2472