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Do monetary and fiscal policies interact in oil-exporting countries? Evidence from Azerbaijan

Author

Listed:
  • Heyran Aliyeva

    (Central Bank of Azerbaijan Republic)

  • Ramiz Rahmanov

    (Central Bank of Azerbaijan Republic)

Abstract

This paper examines the interaction between the fiscal and monetary policies in Azerbaijan using the VAR methodology and quarterly data for the period 2003Q1-2018Q4. The results of the Granger causality tests and impulse response analysis show that although both the monetary and fiscal policies demonstrate activity, the fiscal policy dominates over the monetary policy. In terms of the fiscal regime classification, we find the regime in the country to be non-Ricardian.

Suggested Citation

  • Heyran Aliyeva & Ramiz Rahmanov, 2019. "Do monetary and fiscal policies interact in oil-exporting countries? Evidence from Azerbaijan," Working Papers 1901, Central Bank of Azerbaijan Republic.
    • Handle: RePEc:aze:wpaper:1901
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    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F39 - International Economics - - International Finance - - - Other

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