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Oil Boom, Chewing-Gum, and Oil Fund


  • Sorhun, Engin


When Kazakhstan was trying to go out from economic, social and political transition, suddenly faced well-known problems of the oil-rich countries. It is absolutely vital that Kazakhstan evaluate its oil-income for going out from transition and developing itself in accordance with the conditions of market economy. After the suggestion of the IMF, Kazakh Government constituted an oil fund in order to prevent its economy from volatility of oil-revenue and price-chocks in the oil market. This paper aims to reveal the impacts of the Kazakh Oil Fund on monetary budgetary and macroeconomic stabilities of the country through time-series regression analysis. In doing so, I test also to what extent an oil fund works in a transition country.

Suggested Citation

  • Sorhun, Engin, 2007. "Oil Boom, Chewing-Gum, and Oil Fund," MPRA Paper 28939, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:28939

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    References listed on IDEAS

    1. Chang, Eric C. & Cheng, Joseph W. & Khorana, Ajay, 2000. "An examination of herd behavior in equity markets: An international perspective," Journal of Banking & Finance, Elsevier, vol. 24(10), pages 1651-1679, October.
    2. Avery, Christopher & Zemsky, Peter, 1998. "Multidimensional Uncertainty and Herd Behavior in Financial Markets," American Economic Review, American Economic Association, vol. 88(4), pages 724-748, September.
    3. Abhijit V. Banerjee, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, Oxford University Press, vol. 107(3), pages 797-817.
    4. Jean-Philippe Bouchaud, 2002. "An introduction to statistical finance," Science & Finance (CFM) working paper archive 313238, Science & Finance, Capital Fund Management.
    5. Bouchaud, Jean-Philippe, 2002. "An introduction to statistical finance," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 313(1), pages 238-251.
    6. Chakraborty, Archishman & Yilmaz, Bilge, 2004. "Manipulation in market order models," Journal of Financial Markets, Elsevier, vol. 7(2), pages 187-206, February.
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    More about this item


    Oil boom; Oil Funds; Budget Deficit; Fiscal Policy; Kazakhstan;

    JEL classification:

    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy


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