Research Article

Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery

Number: 83 October 31, 2017
  • Vugar Bayramov *
  • Laman Orujova
TR EN

Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery

Abstract

The paper analyses the current level of economic and export diversification in three resource-rich Caspian basin Countries: Kazakhstan, Azerbaijan and Turkmenistan and attempts to reveal the underlying causes of high vulnerability of these economies to the recent oil price shock. On the other hand, the economies are evaluated in the light of so called subsidized economies, e.g. an economy mainly driven by public spending and current consumption expenditure. The latter in this case are mainly fueled by monetary injections as a result of large resource windfalls encountered by an economy. 

Keywords

References

  1. Abdygaliyeva G. et al. (2007). “Economic Diversification in The Republic of Kazakhstan Through Small and Medium Enterprise Development: Introducing New Models of Funding for SME’s”. Center for Marketing and Analytical Research Report.
  2. Aleksandrova S. (2016). “Impact of Oil Prices on Oil Exporting Countries in the Caucasus and Central Asia”. Economic Alternatives 4.
  3. Aslanli N. et al. (2013). “Assessment of Economic and Export Diversification: Azerbaijan”. Revenue Watch Institute Report.
  4. Atkinson G. and K. Hamilton (2003). “Savings, Growth and the Resource Curse Hypothesis”. World Development 31 (11): 1793–1807.
  5. Auty R. M. (1998). “Resource Abundance and Economic Development: Improving Performance for Resource-Rich Countries”. UNU-WIDER Research in Action 44.
  6. Dabrowski M. (2016). “Currency crises in post-Soviet economies— a never ending story?”. Russian Journal of Economics 2: 302-326.
  7. Esanov A. (2012a). “Economic Diversification: Dynamics, Determinants and Policy Implications”. Revenue Watch Institute Report.
  8. Esanov A. (2012b). “Economic Diversification: The Case for Kazakhstan”. Revenue Watch Institute Report.

Details

Primary Language

English

Subjects

-

Journal Section

Research Article

Authors

Vugar Bayramov * This is me
Azerbaijan

Laman Orujova This is me
Azerbaijan

Publication Date

October 31, 2017

Submission Date

October 26, 2016

Acceptance Date

-

Published in Issue

Year 2017 Number: 83

APA
Bayramov, V., & Orujova, L. (2017). Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery. Bilig, 83, 303-329. https://izlik.org/JA49AE85UJ
AMA
1.Bayramov V, Orujova L. Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery. Bilig. 2017;(83):303-329. https://izlik.org/JA49AE85UJ
Chicago
Bayramov, Vugar, and Laman Orujova. 2017. “Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery”. Bilig, nos. 83: 303-29. https://izlik.org/JA49AE85UJ.
EndNote
Bayramov V, Orujova L (October 1, 2017) Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery. Bilig 83 303–329.
IEEE
[1]V. Bayramov and L. Orujova, “Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery”, Bilig, no. 83, pp. 303–329, Oct. 2017, [Online]. Available: https://izlik.org/JA49AE85UJ
ISNAD
Bayramov, Vugar - Orujova, Laman. “Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery”. Bilig. 83 (October 1, 2017): 303-329. https://izlik.org/JA49AE85UJ.
JAMA
1.Bayramov V, Orujova L. Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery. Bilig. 2017;:303–329.
MLA
Bayramov, Vugar, and Laman Orujova. “Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery”. Bilig, no. 83, Oct. 2017, pp. 303-29, https://izlik.org/JA49AE85UJ.
Vancouver
1.Vugar Bayramov, Laman Orujova. Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery. Bilig [Internet]. 2017 Oct. 1;(83):303-29. Available from: https://izlik.org/JA49AE85UJ

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