This paper analyses the interlink between resource revenues and financial sector management in Russia and Kazakhstan. In the absence of a well functioning private financial sector the governments can substitute for the actions of the private actors by introducing dedicated financial vehicles....

This paper examines the evolution of capacity utilization for Kazakhstani enterprises over a seven year period. Three main theoretical propositions are tested through panel data regressions. The results show that the Russian financial crisis (August 1998) has substantially reduced capacity...