"Kazakhstan: Snow Leopard at the Crossroads, examines the experience of Kazakhstan's transition over the past 30 years, explaining the political and economic performance of the country since the end of the USSR, through the country's institutions, policy choices and external environment. In...

A stock exchange and the presence of functioning equity markets are part and parcel of an advanced market-based financial system. Previous research has also established that equity markets function more efficiently in the presence of supporting institutions such as property rights and rule of...

Examines the institutional developments in 28 transition economies over the past two decades and concludes that, contrary to popular belief, institutions were not neglected; while personalities mattered as much as policies for outcomes, getting the basic institutions right was the most important...