Petrol Zengini Türk Ülkelerinde Volatilite, Çeşitlendirme ve Petrol Krizi
Yıl 2017,
Sayı: 83 - Avrasya'nın Siyasal İktisadı Özel Sayısı, 303 - 329, 31.10.2017
Vugar Bayramov
Laman Orujova
Öz
Makale üç petrol-zengini Hazar havzası ülkelerinde: Kazakistan, Azerbaycan ve Türkmenistanda ekonomik ve ihracat çeşitlendirmesinin
mevcut seviyesini analiz ediyor ve Petrol fiyatlarındaki son dönem
krizine karşı bu ekonomilerin yüksek hassasiyeti ile ilgili nedenleri
ortaya çıkarmaya çalışıyor. Diğer tarafdan, bu ekonomiler sözde subsizide edilen ekonomiler açısından değerlendirilmektedir; bu türden
ekonomiler kamu harcamaları ve cari tüketim harcamaları ile tahrik
edilir. Bu durumda kamu harcamaları ve cari tüketim karşılaşılan büyük petrol gelirleri sonucunda parasal enjeksiyonlarla körükleniyor.
Kaynakça
- 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.
- Aleksandrova S. (2016). “Impact of Oil Prices on Oil Exporting Countries in the Caucasus and Central Asia”. Economic Alternatives 4.
- Aslanli N. et al. (2013). “Assessment of Economic and Export Diversification: Azerbaijan”. Revenue Watch Institute Report.
- Atkinson G. and K. Hamilton (2003). “Savings, Growth and the Resource Curse Hypothesis”. World Development 31 (11): 1793–1807.
- Auty R. M. (1998). “Resource Abundance and Economic Development: Improving Performance for Resource-Rich Countries”. UNU-WIDER Research in Action 44.
- Dabrowski M. (2016). “Currency crises in post-Soviet economies— a never ending story?”. Russian Journal of Economics 2: 302-326.
- Esanov A. (2012a). “Economic Diversification: Dynamics, Determinants and Policy Implications”. Revenue Watch Institute Report.
- Esanov A. (2012b). “Economic Diversification: The Case for Kazakhstan”. Revenue Watch Institute Report.
- Felipe, J. (Ed.) (2015). Development and modern industrial policy in practice: Issues and country experiences. Edward Elgar Publishing.
- Gelb (2010). “Economic Diversification in Resource Rich Countries”. Economic Drawn from the lecture on Natural resources, finance, and development: Confronting Old and new Challenges. Conference.
- Gylfason, T, T. H. Tryggvi and Z. Gylfi (1999). “A Mixed Blessing, Natural Resources, and Economic Growth”. Macroeconomic Dynamics 3: 204–25.
- Hasanov F. (2014). “Dutch disease and the Azerbaijan Economy”. Communist and Postcommunist Studies 46: 463-480.
- Hasanov F. and F. Huseynov (2013). “Bank credits and non-oil economic growth: Evidence from Azerbaijan”. International Review of Economics and Finance 27: 597-610.
- Hesse H. (2008). Export Diversification and Economic Growth. Commission on Growth and Development. Working Paper N. 21.
- Hvidt M. (2013). “Economic Diversification in the GCC Countries”. Kuwait Programme on Development, Governance and Globalisation in the Gulf States. London School of Economics.
- IMF (2016a). “Regional Economic Outlook: Middle East and Central Asia”. IMF Report.
- IMF (2016b). “Economic Diversification in Oil-Exporting Arab Countries”. Annual Meeting of Arab Ministers of Finance.
- Kaplinsky R. and M. Farooki (2011). “Promoting Industrial Diversification in Resource Intensive Countries”. United Nations Industrial Development Organization Report.
- Leiderman D. and W. F. Maloney (2007). “Trade Structure and Growth”. Trade Structure and Growth, in Natural Resources: neither curse, nor destiny. Ed. D. Lederman and W. F. Maloney. World Bank. Stanford University Press.
- Palan N. 2010. Measurement of Specialization – The Choice of Indices. FIW Working Paper No. 62.
- Pomfret, R. (2012). “Resource management and transition in Central Asia, Azerbaijan and Mongolia”. Journal of Asian Economics 23 (2): 146-156.
- Press Release: IMF Staff Concludes Visit to Turkmenistan. Accessed at:
http://www.imf.org/external/np/sec/pr/2016/pr16193.htm [Online Source].
- Ross M. L. (1999). “Political Economy of Resource Curse”. World Politics 51: 297-322.
- Sabiroglu I. M. and S. Bashirli (2012). “Input-output analysis in an oil-rich country: The case of Azerbaijan”. Resources Policy 37: 73-80.
- Sabonis-Helf T. (2007). “The Rise of the Post-Soviet Petro-States: Energy Exports and Domestic Governance in Turkmenistan and Kazakhstan”. In the tracks of Tamerlane: Central Asia’s Path in 21st Century. Ed. D. Burghart and T. Sabonis-Helf. Washington: University Press of the Pacific.
- Torvik R. (2002). “”Natural resources, rent seeking and welfare”. Journal of Development Economics 67: 455–470.
Volatility, Diversification and Oil Shock in Resource-Rich Turkic Countries: Avenues for Recovery
Yıl 2017,
Sayı: 83 - Avrasya'nın Siyasal İktisadı Özel Sayısı, 303 - 329, 31.10.2017
Vugar Bayramov
Laman Orujova
Öz
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.
Kaynakça
- 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.
- Aleksandrova S. (2016). “Impact of Oil Prices on Oil Exporting Countries in the Caucasus and Central Asia”. Economic Alternatives 4.
- Aslanli N. et al. (2013). “Assessment of Economic and Export Diversification: Azerbaijan”. Revenue Watch Institute Report.
- Atkinson G. and K. Hamilton (2003). “Savings, Growth and the Resource Curse Hypothesis”. World Development 31 (11): 1793–1807.
- Auty R. M. (1998). “Resource Abundance and Economic Development: Improving Performance for Resource-Rich Countries”. UNU-WIDER Research in Action 44.
- Dabrowski M. (2016). “Currency crises in post-Soviet economies— a never ending story?”. Russian Journal of Economics 2: 302-326.
- Esanov A. (2012a). “Economic Diversification: Dynamics, Determinants and Policy Implications”. Revenue Watch Institute Report.
- Esanov A. (2012b). “Economic Diversification: The Case for Kazakhstan”. Revenue Watch Institute Report.
- Felipe, J. (Ed.) (2015). Development and modern industrial policy in practice: Issues and country experiences. Edward Elgar Publishing.
- Gelb (2010). “Economic Diversification in Resource Rich Countries”. Economic Drawn from the lecture on Natural resources, finance, and development: Confronting Old and new Challenges. Conference.
- Gylfason, T, T. H. Tryggvi and Z. Gylfi (1999). “A Mixed Blessing, Natural Resources, and Economic Growth”. Macroeconomic Dynamics 3: 204–25.
- Hasanov F. (2014). “Dutch disease and the Azerbaijan Economy”. Communist and Postcommunist Studies 46: 463-480.
- Hasanov F. and F. Huseynov (2013). “Bank credits and non-oil economic growth: Evidence from Azerbaijan”. International Review of Economics and Finance 27: 597-610.
- Hesse H. (2008). Export Diversification and Economic Growth. Commission on Growth and Development. Working Paper N. 21.
- Hvidt M. (2013). “Economic Diversification in the GCC Countries”. Kuwait Programme on Development, Governance and Globalisation in the Gulf States. London School of Economics.
- IMF (2016a). “Regional Economic Outlook: Middle East and Central Asia”. IMF Report.
- IMF (2016b). “Economic Diversification in Oil-Exporting Arab Countries”. Annual Meeting of Arab Ministers of Finance.
- Kaplinsky R. and M. Farooki (2011). “Promoting Industrial Diversification in Resource Intensive Countries”. United Nations Industrial Development Organization Report.
- Leiderman D. and W. F. Maloney (2007). “Trade Structure and Growth”. Trade Structure and Growth, in Natural Resources: neither curse, nor destiny. Ed. D. Lederman and W. F. Maloney. World Bank. Stanford University Press.
- Palan N. 2010. Measurement of Specialization – The Choice of Indices. FIW Working Paper No. 62.
- Pomfret, R. (2012). “Resource management and transition in Central Asia, Azerbaijan and Mongolia”. Journal of Asian Economics 23 (2): 146-156.
- Press Release: IMF Staff Concludes Visit to Turkmenistan. Accessed at:
http://www.imf.org/external/np/sec/pr/2016/pr16193.htm [Online Source].
- Ross M. L. (1999). “Political Economy of Resource Curse”. World Politics 51: 297-322.
- Sabiroglu I. M. and S. Bashirli (2012). “Input-output analysis in an oil-rich country: The case of Azerbaijan”. Resources Policy 37: 73-80.
- Sabonis-Helf T. (2007). “The Rise of the Post-Soviet Petro-States: Energy Exports and Domestic Governance in Turkmenistan and Kazakhstan”. In the tracks of Tamerlane: Central Asia’s Path in 21st Century. Ed. D. Burghart and T. Sabonis-Helf. Washington: University Press of the Pacific.
- Torvik R. (2002). “”Natural resources, rent seeking and welfare”. Journal of Development Economics 67: 455–470.