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.

Practice and Application of Oil Funds
Practice and Application of Oil Funds

Author: Siraj Mahmudov

Publisher:

Published: 2014

Total Pages: 90

ISBN-13:

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This is a study of the issues of economic growth, structural changes, and wealth management in oil-rich transition economies with reference to the cases of Azerbaijan and Kazakhstan. The main research rationale is to analyze the potential consequences of wealth, such as the Dutch Disease and to show the role of oil funds in preventing uneven economic development in a resource-rich country with implications for policymakers of the two countries. The main goal behind establishing such funds is to keep natural resource revenues separate from other state revenues in order to neutralize the effects of high income inflows on real exchange rates, exports and non-resource sectors of the economy, and/or to ensure intergenerational equity. Although both Azerbaijan and Kazakhstan have established oil funds to avoid the potential dangers of the paradox of plenty, there still remains a lot to be done to accomplish this objective.

Azerbaijan: Moving Toward More Diversified, Resilient, and Inclusive Development
Azerbaijan: Moving Toward More Diversified, Resilient, and Inclusive Development

Author: Aimee Hampel-Milagrosa

Publisher: Asian Development Bank

Published: 2020-08-01

Total Pages: 216

ISBN-13: 9292623117

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Azerbaijan has set the course for the economy to reduce its dependence on oil by promoting new drivers of growth. By 2025, under the government’s Strategic Roads Maps, a more diversified economy should take shape led by three sectors: agriculture, tourism, and manufacturing. Bold reforms need to strengthen areas of the economy that could otherwise impede this transition, and policy makers must resolutely stay on the reform path. The core message of this publication is diversification toward non-oil sources of growth alongside efforts to reduce macroeconomic risks and the high cost of finance, make the education system responsive to the needs of the labor market, close infrastructure gaps, and help economically significant state-owned enterprises become more efficient.

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.