The financial development of transition economies is a hotly debated issue in academic and policy circles. Responsible policy makers in transition countries must address the enormous changes which are taking place at a considerable pace. This work will discuss the major challenges facing...

Since dissolution of the Soviet Union, Uzbekistan and Kazakhstan adopted different approaches to economic reform, particularly in financial sector. Uzbekistan has adopted gradual reforms with minimal liberalisation whereas Kazakhstan embraced bolder reforms with extensive privatisation and...