48 OESTERREICHISCHE NATIONALBANK Macrofinancial Developments and Systemic Change in CIS Central Asia from 2009 to

This article builds on a previous contribution on the same topic published in this journal five years ago (Barisitz, 2009). It is meant to provide a concise analytical overview and update (2009–14) of the institutional and economic policy frame-works as well as of macroeconomic policies and challenges in the five Central Asian countries of the Commonwealth of Independent States (CIS), i.e. Kazakhstan