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The 9/11 attacks, the U.S. invasion of Afghanistan, and the oil boom of recent years have greatly increased the strategic importance of resource-rich Central Asia, making an understanding of its economic--and therefore political--prospects more important than ever. In The Central Asian Economies Since Independence, Richard Pomfret provides a concise and up-to-date analysis of the huge changes undergone by the economies of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan since the collapse of the Soviet Union in 1991. The book assesses the economic prospects of each country, and the likelihood that economic conditions will spur major political changes. With independent chapters on each country, and chapters analyzing their comparative economic performance, the book highlights similarities and differences. Facing common problems caused by the breakdown of Soviet economic relations and the hyperinflation of the early 1990s, these countries have taken widely divergent paths in the transition from Soviet central planning to more market-based economies. The book ends in 2005 with the bloodless Kyrgyz revolution and the violence in Uzbekistan, which signaled the end of the region's political continuity. Throughout the book, Pomfret emphasizes the economic forces that foster political instability--from Kazakhstan's resource boom and Turkmenistan's lack of reform to Tajikistan's abject poverty

The Road to Monetary Union analyses in non-technical language the process leading to adoption of a common currency for the European Union. The monetary union process involved different issues at different times and the contemporary global background mattered. The Element explains why monetary union was attempted and failed in the 1970s, and why the process was restarted in 1979, accelerated after 1992 and completed for a core group of EU members in 1999. It analyzes connections between eurozone membership and Greece's sovereign debt crisis. It concludes with analysis of how the eurozone works today and with discussion of its prospects for the 2020s. The approach is primarily economic, while acknowledging the role of politics (timing) and history (path dependence). A theme is to challenge simplistic ideas (e.g. that the euro has failed) with fuller analysis of competing pressures to shape the nature of monetary union.

Richard Pomfret documents European integration since WWII, showing that today's European Union is the product less of master planning than of responses to political and economic challenges. Nevertheless, the EU emerges as a world-historic achievement in cross-border cooperation, with a bright but challenging future.

"This contribution to the World Scientific series on the Belt and Road Initiative focuses on the overland connections west from China, the Silk Road Economic Belt component of the BRI. It emphasizes the economic underpinning of the Belt in the market-driven creation of the Eurasian Landbridge and the linking of regional value chains. A fundamental economic driver behind this is the twenty-first century evolution of international value chains, in which China plays a major role, and their transformation by new trade technologies. Finer fragmentation of production and wider scanning for participants in value chains underlie the need for common, preferably global, regulation of new trade technologies and the emergence of mega-regional trade agreements (and China's response to such agreements). Thus, the Eurasian part of the Belt and Road Initiative must be seen in conjunction with China's growing role in the twenty-first-century global economy. Especially since the 2016 US presidential election, these connections have become entwined with China's reactions to criticisms of the Belt and Road Initiative and China's recognition of the benefits of more nuanced economic diplomacy to find common ground with other economic powers, notably the European Union and signatories of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership."

Cover -- Title Page -- Copyright Page -- CONTENTS -- List of Images and Table -- Preface -- Abbreviations -- PART I. THE BACKGROUND -- 1. Introduction: Reconnecting Central Asia as the Crossroads of Euras -- 1.1. Nation Building and Challenges of Transition from Central Planning -- 1.2. Outline of the Book -- 2. Creating Market-Based Economies -- 2.1. Initial Conditions and Choice of Economic Policies -- 2.2. Economic Performance in the Decade after Independence -- 2.3. Distributional Consequences of Transition -- 2.4. The Situation in the Early 2000s -- 2.5. The Twenty-First Century -- 3. The Role of Natural Resources -- 3.1. Is Natural Resource Abundance a Curse? -- 3.2. Oil and Natural Gas -- 3.3. Minerals -- 3.4. Agriculture and Pastoralism -- 3.5. Cotton -- 3.6. Hydroelectricity -- 3.7. Conclusions -- PART II. THE NATIONAL ECONOMIES -- 4. Kazakhstan -- 4.1. The Dismal 1990s -- 4.2. The Boom Years, 1999-2007 -- 4.3. Agriculture -- 4.4. The Social Sectors -- 4.5. The 2007-8 Banking Crisis, Resource Nationalism, and Samruk-Kazyna -- 4.6. Kazakhstan 2050 -- 4.7. Conclusions -- 5. Uzbekistan -- 5.1. The Uzbek Paradox, 1991-96 -- 5.2. The Reintroduction of Exchange Controls, 1996-2003 -- 5.3. Economic Reform and Social Unrest -- 5.4. Responding to Crisis and Facing New Challenges in 2014-16 -- 5.5. The Karimov Era in Retrospect -- 5.6. Prospects for the Mirziyoyev Era -- 6. Turkmenistan -- 6.1. The Turkmenistan Economic Model -- 6.2. External Relations -- 6.3. Economic Performance, 1991-2006 -- 6.4. Natural Gas: Part One -- 6.5. From Turkmenbashi to Berdymuhamedov -- 6.6. Natural Gas: Part Two -- 6.7. Conclusions -- 7. The Kyrgyz Republic -- 7.1. Creating a Market Economy -- 7.2. Economic Development -- 7.3. Kumtor -- 7.4. Transit Center Manas -- 7.5. Retail Trade and Value Chains -- 7.6. Migration and Remittances

The contemporary finance deals mainly with multilateral and multi-counterparty transactions. Islamic Jurisprudence (Fiqh) has yet to develop its conceptualization of this modality of financing. Thus far, it has become a norm for large financing projects to rely on a complex structure of interconnected bilateral contracts that in totality becomes opaque, complex and costly. An unfortunate result of the unavailability of an efficient Fiqhi model applicable to modern multilateral and multi-counterparty contracts has been the fact that the present Islamic finance has been forced to replicate conventional risk-transfer (interest rate based) debt contracts thus drawing severe criticisms of duplicating conventional finance. In 2012, a gathering of some of the Muslim world's most prominent experts in Jurisprudence (Fuqaha) and economists issued the Kuala Lumpur Declaration (Fatwa) in which they identified risk sharing as the essence of Islamic finance. The Declaration opened the door for a new Fiqh approach to take the lead in developing the jurisprudence of multilateral and multi-counterparty transactions. This Declaration (Fatwa) provides a prime motivation to search for a comprehensive model of risk sharing that can serve as an archetypal contract encompassing all potential contemporary financial transactions. From the perspective of Islamic Jurisprudence (Fiqh), the technicalities of the concept of risk sharing in contemporary finance have yet to be defined in Islamic literature. This book attempts to clarify and shed light on these technicalities from the perspective of Fiqh. It is a comprehensive study that relies on the fundamental Islamic sources to establish a theoretical and practical perspective of Fiqh encompassing risk-sharing Islamic finance as envisioned in the Kuala Lumpur Declaration of 2012. This new paradigm should lead to a more efficient approach to multilateral and multi-counterparty Islamic contracts which, here-to-fore has been lacking in the current configuration of Islamic finance.

Annotation, This book examines an important economic development in East Asia during the first decade of the 21st century. Whereas regional arrangements were, with the sole significant exception of ASEAN, conspicuously absent before 2000, they have proliferated since 2000 in both the monetary and trade areas. The book places this political development in the changing nature of the national economies, especially their increasing integration into regional and global value chains with the fragmentation of production processes. This is a freshly written, coherent analysis of the topic, drawing upon (updated) material from a series of articles that the author has published on the subject over the years. Although the book is based on theoretical and, especially, empirical analysis of regionalism, it is written in a non-technical style accessible to a wide range of readers. The book is likely to be adopted as supplementary reading for university courses on Asian economies, whether be it in area studies or economics/political economy disciplines

This paper analyses the connection between resource wealth, governance and economic performance in Turkmenistan and Uzbekistan. Since independence, both countries have remained heavily resource-dependent and they have had political stability, but despite some similarities, their economic situations have been diverging since the transition shock in 1991. Although the two countries are resource-abundant, their resource endowments differ: both have energy resources and farmland suited to cotton-growing, but Turkmenistan's resource base is heavily skewed towards natural gas, with cotton and oil of lesser importance, and with very little other economic activity. Uzbekistan's major exports are cotton and gold, with energy endowments sufficient to cover domestic needs but without substantial energy exports. Both oil fields and cotton fields yield rents and this paper estimates their scale and also examines how the different socio-economic linkages associated with each set of rents differentiates the capture of the rents and their deployment. The paper argues that during the first decade of transition the rents from both sets of natural resources could be realised with little recourse to FDI so that both regimes were able to resist pressure for rapid reform. However, despite acknowledged policy errors, Uzbekistan managed its rents more effectively and responsibly than Turkmenistan and it faces the more promising future.