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Effective Ways to Inject Oil Revenues into the Economy in Oil Countries

Author

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  • Orkhan Tashakkul Sadigov

    (Department of Theoretical and Practical Economy, Azerbaijan State University of Economics, Istiqlaliyyat Str. 6, Baku AZ-1001, Azerbaijan.)

Abstract

The main objective of the study is to explore how to achieve economic growth and the role of oil in the oil countries economy. The practical necessity of the article is to learn how to effectively integrate oil revenues into the country's economy. At the same time, it is justified by the evidence that non-oil sector development and ultimately sustainable economic development can be achieved by injecting oil revenues into the economy efficiently and reasonably. Besides, at result of the study found that oil-rich countries for reaching long-term economic growth and sustainable economic development should be able to develop the non-oil sector and obtain economic diversification. Research work has been carried out on the basis of systematic analysis and methods. Scientific novelty of the research-modern features of oil revenues management and ways of its effective use were identified and in the result of research proposals were made.

Suggested Citation

  • Orkhan Tashakkul Sadigov, 2020. "Effective Ways to Inject Oil Revenues into the Economy in Oil Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 10(2), pages 319-323.
    • Handle: RePEc:eco:journ2:2020-02-37
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    References listed on IDEAS

    as
    1. Hamilton, James D., 2011. "Nonlinearities And The Macroeconomic Effects Of Oil Prices," Macroeconomic Dynamics, Cambridge University Press, vol. 15(S3), pages 364-378, November.
    2. Anis Khayati, 2019. "The Effects of Oil and Non-oil Exports on Economic Growth in Bahrain," International Journal of Energy Economics and Policy, Econjournals, vol. 9(3), pages 160-164.
    3. Sugra Ingilab Humbatova & Ragif Kh. Gasimov & Natig Gadim-Oglu Hajiyev, 2019. "The Impact of Oil Factor on Azerbaijan Economy," International Journal of Energy Economics and Policy, Econjournals, vol. 9(4), pages 381-387.
    4. Shahriyar Mukhtarov & Jeyhun Mammadov & Fariz Ahmadov, 2019. "The Impact of Oil Prices on Inflation: The Case of Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 9(4), pages 97-102.
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    Citations

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    Cited by:

    1. Sugra Humbatova, 2023. "The Impact of Oil Prices on State Budget Income and Expenses: Case of Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 13(1), pages 189-212, January.

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    More about this item

    Keywords

    diversification of the economy; non-oil sector development; oil revenues.;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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