How to Deal with Azerbaijan's Oil Boom? Policy Strategies in a Resource-Rich Transition Economy
How to Deal with Azerbaijan's Oil Boom? Policy Strategies in a Resource-Rich Transition Economy

Author: Christoph B. Rosenberg

Publisher:

Published: 2006

Total Pages: 43

ISBN-13:

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The petroleum-rich former Soviet republics around the Caspian Sea face the dual challenge of managing the transition to a market economy and a booming resource sector. This paper examines this challenge with particular reference to Azerbaijan. The standard quot;Dutch diseasequot; model is modified to capture the special conditions of transition economies, with specific attention to the pattern of real exchange rate movement. quot;Transition factorsquot; are found to add to the speed of real appreciation. Non-oil sectors may suffer, but less through the real appreciation than through transition-specific structural problems. The paper describes a medium-term policy strategy for Azerbaijan, relating its prospects to the experience in the 1970s of Ecuador, Indonesia, and Nigeria. The adverse effects of the Dutch disease may be avoided if Azerbaijan pursues policies to promote savings and open trade, and strengthens the supply side through structural policies.

How to Deal with Azerbaijan’s Oil Boom? Policy Strategies in a Resource-Rich Transition Economy
How to Deal with Azerbaijan’s Oil Boom? Policy Strategies in a Resource-Rich Transition Economy

Author: Mr.Christoph B. Rosenberg

Publisher: International Monetary Fund

Published: 1998-01-01

Total Pages: 44

ISBN-13: 1451929161

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The petroleum-rich former Soviet republics around the Caspian Sea face the dual challenge of managing the transition to a market economy and a booming resource sector. This paper examines this challenge with particular reference to Azerbaijan. The standard “Dutch disease” model is modified to capture the special conditions of transition economies, with specific attention to the pattern of real exchange rate movement. “Transition factors” are found to add to the speed of real appreciation. Non-oil sectors may suffer, but less through the real appreciation than through transition-specific structural problems. The paper describes a medium-term policy strategy for Azerbaijan, relating its prospects to the experience in the 1970s of Ecuador, Indonesia, and Nigeria. The adverse effects of the Dutch disease may be avoided if Azerbaijan pursues policies to promote savings and open trade, and strengthens the supply side through structural policies.

The Challenge of Integration
The Challenge of Integration

Author: Peter Rutland

Publisher: M.E. Sharpe

Published: 1998

Total Pages: 468

ISBN-13: 9780765603593

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The EastWest Institute took over sponsorship of the Survey when the Open Media Research Institute in Prague closed in 1997 after publishing the first two annual volumes. Overviews of eastern Europe and the former Soviet states are followed by essays on regional issues and economics, and then analyses of the current situation in specific countries. The perspectives include a year of optimism in Hungary, keeping Latvia on a course toward the west, Slovenia as an island of stability, a year of western determination in Bosnia, Vojislav Sesilj as a demagogue waiting in Yugoslavia, and progress amid privation in Georgia. The texts are accompanied by maps, data boxes, feature stories, excerpts from documents, and profiles of key figures. Annotation copyrighted by Book News, Inc., Portland, OR

The Caspian
The Caspian

Author: Shirin Akiner

Publisher: Routledge

Published: 2004-07-05

Total Pages: 531

ISBN-13: 1135798508

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The Caspian redefines a Caspian debate long characterized by one-sided and politically motivated analyses and, at times, fantastic reporting. Bringing together a range of influential voices from academia, the media, the oil industry, civil service, the military and diplomatic corps, this book rewrites the region's recent history.

Republic of Estonia
Republic of Estonia

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1999-08-18

Total Pages: 128

ISBN-13: 1451812396

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This Selected Issues paper and Statistical Appendix analyzes the progress made by Estonia since independence. It takes stock of the developments in the banking system and describes how the number of banks in Estonia has been reduced through a series of bankruptcies and mergers from 41 in 1992 to 5 by end 1998. The paper explores nonbank financial sector developments. The paper also describes a composite index of coincidence indicators and tests how well it has tracked recent developments in Estonia.

Algeria
Algeria

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1998-10-05

Total Pages: 80

ISBN-13: 1451811357

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This Selected Issues paper and Statistical Appendix examines the possible policy responses of Algeria to the reduction of fiscal revenue and the deterioration of the external balance, and more generally the negative wealth effect on the country, stemming from the decline in oil prices. The paper highlights that in policymaking, a distinction between permanent and temporary shocks is necessarily blurred and does not contribute to working out pragmatic solutions. The paper also examines the privatization process in Algeria.

IMF Staff papers, Volume 45 No. 2
IMF Staff papers, Volume 45 No. 2

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1998-01-01

Total Pages: 204

ISBN-13: 1451974167

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This paper analyzes contagion and volatility with imperfect credit markets. The paper interprets contagion effects as an increase in the volatility of shocks impinging on the economy. The implications of this approach are analyzed in a model in which domestic banks borrow at a premium on world capital markets, and domestic producers borrow at a premium from domestic banks. Financial spreads depend on a markup that compensates lenders, in particular, for the expected cost of contract enforcement. Higher volatility increases financial spreads and the producers’ cost of capital.

Democracy and Pluralism in Muslim Eurasia
Democracy and Pluralism in Muslim Eurasia

Author: Yaacov Ro'i

Publisher: Routledge

Published: 2004-11-23

Total Pages: 418

ISBN-13: 1135775761

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This book is devoted to the study and analysis of the prospects for democracy among the Muslim ethnicities of the Commonwealth of Independent States (CIS), both those that have acquired full independence and those remaining within the Russian Federation. The nineteen Western academics and scholars from the Muslim countries and regions of the CIS who contribute to this volume view the establishment of democratic institutions in this region in the context of a wide and complex range of influences, above all the Russian/Soviet political legacy; native ethnic political culture and tradition; the Islamic faith; and the growing polarity between Western civilization and the Muslim world.

The Resource Curse in a Post-communist Regime
The Resource Curse in a Post-communist Regime

Author: Younkyoo Kim

Publisher: Ashgate Publishing, Ltd.

Published: 2003

Total Pages: 208

ISBN-13:

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As part of an attempt to resolve a larger puzzle - what makes economic reform in Russia difficult - this book examines how one of the major sectors of the economy - energy - has influenced economic growth and political development. It provides an in-depth analysis of the country's export of oil and gas, showing how the energy sector went through the topsy-turvy period of Gorbachev's economic reform and the initial stages of market transition under Yeltsin. In doing so, it highlights the importance of the major oil and gas companies for the functioning of Russian politics.