Transition literature has emphasized stabilization and enterprise restructuring. Both cross-country analyses and country-specific studies have tended to focus on fiscal stabilization and its indicators, highlighting the importance of quantitative fiscal adjustment to stabilization outcomes. Less...

Uzbekistan 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...