We examine how endogenous shocks affect market exchange relationships. We address two questions: Are organizations more likely to engage in some relationships than in others? Are they more likely to engage in some relationships for protecting themselves from shocks and in others for adjusting to...

This paper analyzes the monetary policy framework in Kazakhstan. The authorities have been successful in containing inflation in the context of a managed exchange rate regime. Over the past two years, the central bank has taken steps to enhance its ability to regulate liquidity in the financial...