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Prudential Management of Hydrocarbon Revenues in Resource-rich Transition Economies

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  • Yelena Kalyuzhnova
  • Michael Kaser
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    Abstract

    The post-Soviet political economy of Azerbaijan, Kazakhstan and Turkmenistan is characterised by authoritarian government, substantial public revenue from hydrocarbons and GDP per capita ranked 'low' to 'lower middle'. The first of these weakens prudential constraints on the allocation of the second, which by more industrial diversification and policies to foster wider technology spillover from foreign direct investment could enhance the third. All three governments have established funds which reserve part of resource income on the permanent income hypothesis, but state investment during the transition period is yielding lower returns than would capital formation by a private sector.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Post-Communist Economies.

    Volume (Year): 18 (2006)
    Issue (Month): 2 ()
    Pages: 167-187

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    Handle: RePEc:taf:pocoec:v:18:y:2006:i:2:p:167-187

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    Cited by:
    1. Richard Pomfret, 2011. "Resource Management and Transition in Central Asia, Azerbaijan, and Mongolia," Working Paper Series WP11-8, Peterson Institute for International Economics.

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