pywong
29th October 2008, 07:47 PM
Kazakhstan, just like Norway, salts away their surplus during the good years in readiness for the bad years. Malaysia overspends during good years until the budget is in deficit. Like a drug addict, Malaysia cannot withstand the reduction in expenditure.
We should learn from the Kazakhs.
Oct 30, 2008
Kazakhstan does its own bailing
By R M Cutler
MONTREAL - Kazakhstan, whose economy has endured a switchback progress since independence from the Kremlin in 1991, is discovering the benefits of salting away wealth in the good times as it seeks to survive the global downturn without recourse to foreign aid.
For over a decade the landlocked and oil-rich country has been touted as the poster child for successful privatization (or at least de-statification) and marketization of a former centrally planned economy. Now the strength of those changes is being tested as Kazakhstani share prices tumble and bank earnings collapse amid the global financial crisis.
http://atimes.com/atimes/Central_Asia/JJ30Ag01.html
We should learn from the Kazakhs.
Oct 30, 2008
Kazakhstan does its own bailing
By R M Cutler
MONTREAL - Kazakhstan, whose economy has endured a switchback progress since independence from the Kremlin in 1991, is discovering the benefits of salting away wealth in the good times as it seeks to survive the global downturn without recourse to foreign aid.
For over a decade the landlocked and oil-rich country has been touted as the poster child for successful privatization (or at least de-statification) and marketization of a former centrally planned economy. Now the strength of those changes is being tested as Kazakhstani share prices tumble and bank earnings collapse amid the global financial crisis.
http://atimes.com/atimes/Central_Asia/JJ30Ag01.html