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

Author

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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 65307, University Library of Munich, Germany, revised Mar 2015.
  • Handle: RePEc:pra:mprapa:65307
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    File URL: https://mpra.ub.uni-muenchen.de/65307/2/MPRA_paper_65307.pdf
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    References listed on IDEAS

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    1. Thomas, Joachim, 2006. "Property Rights, Land Fragmentation and the Emerging Structure of Agriculture in Central and Eastern European Countries," eJADE: electronic Journal of Agricultural and Development Economics, Food and Agriculture Organization, Agricultural and Development Economics Division, vol. 0(Issue 2), pages 1-51.
    2. Joachim Thomas, 2006. "Property rights, land fragmentation and the emerging structure of agriculture in Central and Eastern European countries," The Electronic Journal of Agricultural and Development Economics, Food and Agriculture Organization of the United Nations, vol. 3(2), pages 225-275.
    3. Suleymanov, Elchin & Nuri Aras, Osman & Huseynov, Ruslan, 2013. "The Importance of Azerbaijan's Energy Revenues in its Exports Volume and the Effects on the National Economy," MPRA Paper 50723, University Library of Munich, Germany.
    4. 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.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. 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.
    2. repec:gam:jecomi:v:6:y:2018:i:2:p:27-:d:141662 is not listed on IDEAS

    More about this item

    Keywords

    Azerbaijan economy; macroeconomic analysis; oil and gas; economic transition;

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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