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Macroeconomıc Analysıs And Graphıcal Interpretatıon Of Azerbaıjan Economy In 1991-2012

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  • Suleymanov, Elchin
  • Aliyev, Khatai

Abstract

The aim of this research is to analyze macroeconomic performance and discuss transition indicators in Azerbaijan economy for 1991-2012. After regaining independence in 1991, Azerbaijan implemented economic transition process toward market economy. In first years of independence serious economic recession was observed. However, after 1995, restructuring of the economy was started. In this sense, signing “Contract of the Century” was a turning point toward oil based high speed economic growth or oil boom period. Thus, by opening “Baku-Tbilisi-Ceyhan” pipeline in 2005, Azerbaijan’s macroeconomic indicators experienced with considerable growth for following years. On the other hand, Azerbaijan officially declared the end of economic transition process in its economy in 2009. Here, the author discusses political-economic and economic process in whole period as well as analyzes macroeconomic performance with and without oil & gas contribution. In addition, the author questions if economic transition was ended in Azerbaijan economy. After all, it is concluded that oil & gas production has serious impact over macroeconomic indicators and transition indicators for Azerbaijan implies the end of economic transition partly, not totally.

Suggested Citation

  • Suleymanov, Elchin & Aliyev, Khatai, 2015. "Macroeconomıc Analysıs And Graphıcal Interpretatıon Of Azerbaıjan Economy In 1991-2012," MPRA Paper 65306, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:65306
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    References listed on IDEAS

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    1. on the International Economy, Berkeley Roundtable, 1991. "Globalization and Production," UCAIS Berkeley Roundtable on the International Economy, Working Paper Series qt1v34605v, UCAIS Berkeley Roundtable on the International Economy, UC Berkeley.
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    3. Ciarreta, Aitor & Nasirov, Shahriyar, 2012. "Development trends in the Azerbaijan oil and gas sector: Achievements and challenges," Energy Policy, Elsevier, vol. 40(C), pages 282-292.
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    Citations

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    Cited by:

    1. Khatai Aliyev & Altay Ismayilov & Ilkin Gasimov, 2019. "Modelling Elasticity of Non-Oil Tax Revenues to Oil Price Changes: is There U-Shaped Association? Evidence from Azerbaijan," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 67(3), pages 799-810.
    2. Fakhri J. Hasanov & Jeyhun I. Mikayilov & Sabuhi Yusifov & Khatai Aliyev & Samra Talishinskaya, 2019. "The role of social and physical infrastructure spending in tradable and non-tradable growth," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 13(1), March.
    3. Khatai Aliyev & Orkhan Nadirov, 2016. "How Fiscal Policy Affects Non-Oil Economic Performance in Azerbaijan?," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 2(3), pages 11-29, September.
    4. Khatai Aliyev & Ilkin Gasimov, 2018. "Fiscal policy implementation in Azerbaijan before, during and after the oil boom," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 12(1), March.
    5. Fakhri Hasanov & Fuad Mammadov & Nayef Al-Musehel, 2018. "The Effects of Fiscal Policy on Non-Oil Economic Growth," Economies, MDPI, vol. 6(2), pages 1-21, April.
    6. Niftiyev, Ibrahim, 2022. "Exclusive Linear Modeling Approach to the Natural Resource Curse in the Azerbaijani Economy: Examples of Stepwise Regression," EconStor Preprints 266036, ZBW - Leibniz Information Centre for Economics.
    7. Ibrahim Niftiyev & Natavan Namazova, 2020. "Analysis of Cyclicality in the Azerbaijan Economy: Results of the Chi-Square Test," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(2), pages 122-134, June.

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    More about this item

    Keywords

    Azerbaijan economy; macroeconomic analysis; oil & gas; economic transition;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E03 - Macroeconomics and Monetary Economics - - General - - - Behavioral Macroeconomics
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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