Artikel

Management of Oil Revenues: Has That of Azerbaijan Been Prudent?

To help explain the common failure of oil or other natural resource exporting countries to diversify into industry, it has been common to trace this failure to real exchange rate appreciation. This has also been done in Azerbaijan. However, because Azerbaijan has devoted so much of its oil revenues to government investment, Azerbaijan provides a suitable case for examining an alternative link through government investment. This study applies the ARDL cointegration method to quarterly time series data on oil prices, government capital formation, non-oil exports and non-oil GDP to estimate the long run relationships linking oil prices to government investment expenditures and further to generation of non-oil GDP. The results show that despite the massive government investment expenditures, extremely little non-oil production of the tradable type has been generated, calling attention to the need for policy reform.

Sprache
Englisch

Erschienen in
Journal: Economies ; ISSN: 2227-7099 ; Volume: 5 ; Year: 2017 ; Issue: 2 ; Pages: 1-20 ; Basel: MDPI

Klassifikation
Wirtschaft
Sustainable Development
Exhaustible Resources and Economic Development
Energy and the Macroeconomy
National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock
Thema
oil windfall gains
Dutch Disease

Ereignis
Geistige Schöpfung
(wer)
Gurbanov, Sarvar
Nugent, Jeffrey B.
Mikayilov, Jeyhun
Ereignis
Veröffentlichung
(wer)
MDPI
(wo)
Basel
(wann)
2017

DOI
doi:10.3390/economies5020019
Handle
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Artikel

Beteiligte

  • Gurbanov, Sarvar
  • Nugent, Jeffrey B.
  • Mikayilov, Jeyhun
  • MDPI

Entstanden

  • 2017

Ähnliche Objekte (12)