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The Equilibrium Real Exchange Rate in a Commodity-Exporting Country: Azerbaijan's Experience

Author

Listed:
  • Vusal Gasimli

    (Executive director of the Center for Analysis of Economic Reforms and Communication of Republic of Azerbaijan)

  • Vusala Jafarova

    (Head of the Turkic World Research Center)

Abstract

The case of Azerbaijan serves to study the adequacy of exchange-rate policy in a resource- rich economy. This paper analyses the behaviour of Azerbaijan's external accounts over the past twenty years. Declining oil prices made an existing exchange-rate peg unsustainable and led to a large devaluation in 2015....

Suggested Citation

  • Vusal Gasimli & Vusala Jafarova, 2021. "The Equilibrium Real Exchange Rate in a Commodity-Exporting Country: Azerbaijan's Experience," The Scientific-Analytical Journal "Economic Reforms", Center for Analysis of Economic Reforms and Communication of the Republic of Azerbaijan, vol. 2021(1), pages 7-26, December.
    • Handle: RePEc:azr:reform:v:2021:y:2021:i:1:p:7-26
    DOI: 10.30546/2790-2196.2.11.2025.1001
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    More about this item

    Keywords

    Equilibrium real exchange rate; CA gap and REER gap; EBA lite model; Azerbaijan economy;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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