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The Effects and Implications of Kazakhstan`s Ado – A Resource Dependence Perspective (Paperback)
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The Effects and Implications of Kazakhstan`s Ado – A Resource Dependence Perspective (Paperback)
Series: Soviet and Post–Soviet Politics and Society
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?Despite having an underdeveloped supporting infrastructure and
limited resources, Kazakhstan was the first CIS country to require
international financial reporting standards in 2004 for banks, and
in 2005 for all public companies. What were the economic
consequences of this important reform? In the 1990s, Kazakhstan's
capital market reforms mirrored those of Russia due to the two
countries' cooperating mode driven by a high level of resource
interdependence and environmental uncertainty, following the
collapse of the Soviet Union. Yet, by 2003, dependence on external
donors (the IMF, World Bank) took precedence over interdependence
with Russia. As a result, Kazakhstan unilaterally proceeded with
adoption of IFRS, while Russia backed up from this initiative. This
study reports that Kazakhstan's inflow of foreign direct
investments was the greatest among the CIS nations following the
adoption of IFRS. In addition, in 2005-11, Kazakhstani public
firms' reporting quality was higher than that of the Russian public
firms operating in a similar environment but exempt from the IFRS
reporting requirement. Kazakhstan was the first CIS nation to repay
its external debt ahead of schedule and to receive an investment
grade from Moody's rating agency. The book concludes that
Western-style capital market reforms-in this emerging market with a
not-so-distant communist past-had significantly positive outcomes.?
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