I am trying to understand the difference between the "Drinfeld" and the "Lusztig" theory of quantum groups, more specifically with respect to the problem of quantization of Lie bialgebras/Poisson Lie groups.
There is a very well understood (and by now classical) theory of Etingof and Kazhdan on quantization of Lie bialgebras. For any (finite dimensional) Lie bialgebra $(\mathfrak{g}, \delta)$, one can construct a deformation Hopf algebra $U_h(\mathfrak{g})$ defined over $\mathbb{C}[[h]]$ quantizing $(\mathfrak{g}, \delta)$, and any quasitriangular $r$-matrix $r \in \mathfrak{g} \otimes \mathfrak{g}$ can be quantized to a quasitriangular $R$-matrix $R \in U_h(\mathfrak{g}) \hat{\otimes} U_h(\mathfrak{g})$.
My question is whether a similar quantization theory exists over $\mathbb{C}[q, q^{-1}]$. Can one always construct a Hopf algebra $U_q(\mathfrak{g})$ defined over $\mathbb{C}[q, q^{-1}]$ (or another similar looking polynomial ring) quantizing $(\mathfrak{g}, \delta)$ in a precise sense? Can any quasitriangular $r$-matrix be quantized to a universal $R$-matrix $R \in U_q(\mathfrak{g}) \hat{\otimes} U_q(\mathfrak{g})$?
My understanding is that the latter theory, if it exists would be better, as one would get an actual family of deformations, as opposed to a formal one.