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Prudential Management of Hydrocarbon Revenues in Resource-rich Transition Economies

  • Yelena Kalyuzhnova
  • Michael Kaser
Registered author(s):

    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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    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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    1. Diego Comin, 2004. "R&D: A Small Contribution to Productivity Growth," NBER Working Papers 10625, National Bureau of Economic Research, Inc.
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    6. Joshua Aizenman & Ilan Noy, 2005. "FDI and Trade -- Two Way Linkages?," NBER Working Papers 11403, National Bureau of Economic Research, Inc.
    7. Jan Hanousek & Zdenek Tuma, 2002. "A test of the permanent income hypothesis on Czech voucher privatization," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 235-254, July.
    8. Loayza, Norman V. & Oviedo, Ana Maria & Serven, Luis, 2005. "The impact of regulation on growth and informality - cross-country evidence," Policy Research Working Paper Series 3623, The World Bank.
    9. Newbery, David M G, 1981. "Oil Prices, Cartels, and the Problem of Dynamic Inconsistency," Economic Journal, Royal Economic Society, vol. 91(363), pages 617-46, September.
    10. Kenneth Arrow & Partha Dasgupta & Lawrence Goulder & Gretchen Daily & Paul Ehrlich & Geoffrey Heal & Simon Levin & Karl-Göran Mäler & Stephen Schneider & David Starrett & Brian Walker, 2004. "Are We Consuming Too Much?," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 147-172, Summer.
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