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Differing Effects of the Global Financial Crisis on the Central Asian Countries: Kazakhstan, the Kyrgyz Republic and Uzbekistan

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  • Kobil Ruziev
  • Toshtemir Majidov

Abstract

Kazakhstan, the Kyrgyz Republic and Uzbekistan are neighbouring countries in post-Soviet Central Asia which share similar culture and language. Their economic structures were similar under central planning: they provided the agricultural basis to the Soviet economy. But, since independence, these economies have grown structurally more heterogeneous due to variations in the implementation of market-oriented reforms, the degree of integration into the global economy and natural resource endowment. This article attempts to demonstrate how this heterogeneity can explain the differing effects of the recent Global Financial Crisis on these countries' economies in general and in the banking sector in particular.

Suggested Citation

  • Kobil Ruziev & Toshtemir Majidov, 2013. "Differing Effects of the Global Financial Crisis on the Central Asian Countries: Kazakhstan, the Kyrgyz Republic and Uzbekistan," Europe-Asia Studies, Taylor & Francis Journals, vol. 65(4), pages 682-716.
    • Handle: RePEc:taf:ceasxx:v:65:y:2013:i:4:p:682-716
    DOI: 10.1080/09668136.2013.766044
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    Cited by:

    1. Dastan ASEİNOV & Kamalbek KARYMSHAKOV, 2018. "Development of the Banking System in Kyrgyzstan: An Historical Review and Current Challenges," Sosyoekonomi Journal, Sosyoekonomi Society.

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