OIL DEPENDENCE OF POST-SOVIET COUNTRIES IN THE CASPIAN SEA REGION: THE CASE OF AZERBAIJAN AND KAZAKHSTAN

Katarzyna Czech

31 citations0/0 files storedActa Scientiarum Polonorum - Oeconomia

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Natural Resources and Economic Development Global Energy Security and Policy Market Dynamics and Volatility

Abstract

The aim of the research is to present oil dependence of Azerbaijan and Kazakhstan from 2000 till 2017. The analysed countries represent two former Soviet Union countries in the Caspian Sea region and are among the world’s top 15 oil dependent economies. It is shown that both countries generate high oil rents to GDP ratios. Moreover, the paper reveals that their fuels export constitutes a huge portion of total merchandise export. It implies that majority of Azerbaijani and Kazakhstani export revenues come from resources extraction. The empirical analysis of co-movements between the crude oil prices and chosen macroeconomic indicators shows that correlation between oil prices and Kazakhstani and Azerbaijani public debt to GDP ratios is negative, strong and significant. In addition, there is significant relationship between oil prices and Kazakhstani exchange rate and GDP growth rate.

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References

1995Natural Resource Abundance and Economic Growth 1993Sustaining Development in Mineral Economies: The Resource Curse Thesis 1999The big push, natural resource booms and growth 2008The resource curse revisited and revised: A tale of paradoxes and red herrings 2016The evolution of the natural resource curse thesis: A critical literature survey 1999A MIXED BLESSING 2016Using Natural Resources for Development: Why Has It Proven So Difficult?1994Macroeconomic Responses to Oil Price Increases and Decreases in Seven OECD Countries

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