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The Role of Savings in the Economic Development of the Republic of Azerbaijan

Author

Listed:
  • Nagi Bairamli

    () (TEI of Thessaloniki, Greece)

  • Vassilis Kostoglou

    () (TEI of Thessaloniki, Department of Informatics, P.O. Box 141, GR-574 00, Thessaloniki, Greece)

Abstract

This article aims to analyze the possibilities of the accumulation and mobilization of savings and their role in the economic development of the Republic of Azerbaijan. Currently, the national economic growth is mostly based on the resource components; crude oil, natural gas and oil products. For the development of the non-oil sector the mobilization of domestic savings into investments would prove very useful. Savings of people should be the most important investment resource for the development of the non-oil sector, as the foreign capital is mostly involved in production of natural resources like oil and gas. The mobilization of domestic savings is crucial for raising the economic growth and promoting development, as it is the private savings that affect the domestic investments significantly. The most of the savings are made when they are fully channeled into the productive investments. As a result, this will lead to the solution of problems of employment and economic growth.

Suggested Citation

  • Nagi Bairamli & Vassilis Kostoglou, 2010. "The Role of Savings in the Economic Development of the Republic of Azerbaijan," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 3(2), pages 99-110, December.
  • Handle: RePEc:tei:journl:v:3:y:2010:i:2:p:99-110
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    File URL: http://ijbesar.teiemt.gr/docs/volume3_issue2/azerbaijan.pdf
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    File URL: http://ijbesar.teiemt.gr/volume3_issue2.php
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    Citations

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    Cited by:

    1. Birg├╝l Cambazo─člu & Hacer Simay Karaalp, 2013. "The External Finance Premium and the Financial Accelerator: The Case of Turkey," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 6(1), pages 103-121, April.

    More about this item

    Keywords

    economic growth and development; savings; investments; financial institutions;

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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