DOCSLIB.ORG

Determinants of the Agricultural Exports in Azerbaijan

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Determinants of the Agricultural Exports in Azerbaijan A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Niftiyev, Ibrahim Working Paper Determinants of the Agricultural Exports in Azerbaijan Suggested Citation: Niftiyev, Ibrahim (2020) : Determinants of the Agricultural Exports in Azerbaijan, SSRN, Rochester, NY, http://dx.doi.org/10.2139/ssrn.3686701 This Version is available at: http://hdl.handle.net/10419/226347 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Determinants of The Agricultural Exports in Azerbaijan Working Paper No. 2 Ibrahim Niftiyev1 1 PhD Candidate, Univesity of Szeged, Doctoral School in Economics [email protected] This working paper has not gone through the final formal review and should be cited as a working paper. The main purpose of this working paper is to get ready the materials, concepts, and discussions for the final academic journal publication which is ongoing. There is no funding or official support from any organization or person. All errors and expressions are those of the author. Ibrahim Niftiyev ORCID number: 0000-0003-3437-9824 Research Gate/ Google Scholar profile: Ibrahim Niftiyev Baku – 2020 (September) Ibrahim Niftiyev Determinants of The Agricultural Exports in Azerbaijan Table of Contents Abstract ................................................................................................. 3 1. Introduction ....................................................................................... 3 2. Literature review ............................................................................... 5 3. Data and Methods ............................................................................. 8 4. Results ............................................................................................... 9 4.1. Main Agricultural Exports ........................................................ 10 4.2. Empirical Findings .................................................................... 11 5. Discussion and Limitations ............................................................. 14 6. Conclusion ...................................................................................... 16 References ........................................................................................... 17 2 Ibrahim Niftiyev Determinants of The Agricultural Exports in Azerbaijan Abstract Oil booming and accumulated mineral revenue contributed to the economic growth in Azerbaijan since independence but also pressurized the national currency leading to the appreciation of the nominal effective exchange rate (NEER) and real effective exchange rate (REER). An increase in export prices makes them expensive, decreasing the competitiveness of the country. Azerbaijan’s recent decreased economic performance during 2014–2015 reflected a common reality among the resource exporting countries: relying on the primary sectors might jeopardize the national economy due to the extreme price volatility. The paper investigates the extension of the relationship between NEER, REER, and other export-related macroeconomic variables and agricultural exports to identify Azerbaijan’s non-oil sub-sectoral dynamics between 2001–2018 via the OLS estimations. The main findings indicate that NEER negatively impacted potato, fresh fruit, and fresh vegetable exports. Moreover, potato and fresh fruit exports demonstrated more stable export dynamics during the economic crisis periods. Key words: Azerbaijan economy, nominal effective exchange rate, real effective exchange rate, agriculture, crop exports 1. Introduction The Azerbaijan economy demonstrated a very dynamic economic growth and transformation among the other post-soviet countries. The deep economic recession of the early 1990s resulting from the collapse of the Soviet Union was followed by the rapid catch-up period since the year 2000. Abundant oil reserves helped Azerbaijan to overcome the political instability, to rebuild the devastated society by the war with Armenia and to reestablish the collapsed economic connections. Various economic and social projects decreased poverty and boosted economic growth. Despite the considerable hardships to integrate into the global markets and to converge with the developed economies, Azerbaijan scored the highest GDP growth rate (annual percentage) in the post-soviet space – 34.5% in 2006 (World Bank, 2020a). In 2008, when colossal mineral revenue streamed into the country, GDP per capita in current USD reached 5,574.6$, which was 6.3 times higher than the indicator of 2003 (World Bank, 2020b). Despite formidable recovering period and oil revenue booming period, commodity price slumps of 2014 and 2015 created a shock effect on the economy, decreasing GDP per capita (current USD) from $7,891.3 in 2014 to $3,880.7 in 2016. Similarly, the GDP growth rate bottomed around -3.06% but recovered in 2018 to the positive value (1.41%). GDP per capita in PPP (current USD) did not show a rapid shrinkage – it faded slightly from 17,973.1 (2015) to 17,417.1 (2016) (World Bank, 2020c) but gross domestic savings (GDS) lowered to 22.8% of GDP (GDS was 40.18% in 2014), the unemployment rate started to lightly rise from 4.91% in 2014 to 5.4% in 2019 (The Global Economy, 2020a; 2020b). Oil dependency creates enormous challenges for commodity exporter countries like Azerbaijan in the form of the mentioned developments. There might be several reasons for the current 3 Ibrahim Niftiyev Determinants of The Agricultural Exports in Azerbaijan economic structure in Azerbaijan but appreciated national currency resulting from oil booming is a common explanation to have underdeveloped non-oil sectors. Subsequently, the established body of literature illustrates the vital link between the nominal effective exchange rate (NEER) and the real effective exchange rate (REER) on the tradable sectors. Exchange rates change due to the monetary policy and international capital movements. Subsequently, monetary shocks affect agricultural competitiveness in trade relations (Orden, 2002). Agricultural prices respond to the changes and shocks in the monetary variables (Orden and Fackler, 1989). International research has been focusing on the relationship or cointegration among the trade flows, exchange rate, and relative prices to establish the conceptual background of this topic (Rey, 2006; Erdal et al., 2012). Thus, this paper seeks to answer the following research question applying the Ordinary Least Squares (OLS) estimation method: what is the impact of the exchange rate and related macroeconomic indicators on the agricultural crop exports like potato, tea, fresh fruits and fresh vegetables in Azerbaijan between 2000 and 2018? The connection between the exchange rate and non-oil sectors in Azerbaijan is a crucial one and needs to be analyzed continuously as the available data and methodologies allow us to conceptualize it in a better way. Furhermore, State Statistical committee of Azerbaijan classified potato, tea, fresh fruit, and fresh vegetable exports as main export categories which has considerably higher share in total agricultural exports. As this section outlined, oil booming in a small country like Azerbaijan brought substantial wealth to the country, at the same time, appreciating the national currency. Then, economic crises and policy changes (in 2015, the government devalued the national currency twice) rendered economic incentives for the export-oriented production process. The constructed model estimated the extension of the relationship between the export levels of potato, tea, fresh fruit, and fresh vegetable exports, which incorporated the indicators like REER, NEER, inflation, investments, employment, value-added in agriculture, Crop Production Index and economic crisis periods as explanatory variables. The findings indicated that NEER had a statistically significant and negative association with potato, fresh fruits, and fresh vegetables. NEER and tea exports were also negatively associated but insignificantly. This study also found a positive and significant association between REER and potato, fresh fruit, and fresh vegetable exports, which contradicts to some studies and general theoretical expectations related to the connection between exchange rate appreciation and non-booming sectors’ exports. Furthermore, other findings indicate a positive and significant association between potato exports and directed investments in agriculture, a positive and significant association between value-added
Load more

Recommended publications
  • ECONOMY of AZERBAIJAN 25 Years of Independence
    ECONOMY OF AZERBAIJAN 25 Years of Independence Prof. Dr. Osman Nuri Aras Fatih University, Istanbul, Turkey Assoc. Prof. Dr. Elchin Suleymanov Qafqaz University, Baku, Azerbaijan Assoc. Prof. Dr. Karim Mammadov Western University, Baku, Azerbaijan DESIGN Sahib Kazimov PRINTING AND BINDERING “Sharg-Garb” Publishing House A§iq aiesgar kiig., No: 17, Xatai rayonu, Baki, Azarbaycan; Tel: (+99412) 374 83 43 ISBN: 978-9952*468-57-1 © Prof. Dr. Osman Nuri Aras. Baki, 2016 © Assoc. Prof. Dr. Elchin Suleymanov. Baki. 2016 © Assoc. Prof. Dr. Karim Mammadov. Baki. 2016 Foreword During every work, whether it is academic or professional, we interact, get assistance and are guided by certain group of people who value and assist us to achieve our targets. We are sure that the people who support us and provide valuable contribution to the English version of this book will not be limited in a short list, but we would like to mention, and in certain ways, express our acknowledgement to the people who enabled us to get on a track and deliver the book in a few months. Thanks to Turan Agayeva, Ulker Gurbaneliyeva, Khayala Mahmudiu and especially to Tural Hasanov for their help in preparing and delivering this book to your valuable consideration. GENERAL INFORMATION ABOUT AZERBAIJAN The Establishment of the Republic of Azerbaijan 28 May 1918 The independence Day 18 October 1991 Joining to the Organization for Security and Cooperation in Europe 30 January 1992 Joining to the United Nations 2 March 1992 Joining to the Commonweaith of independent States 19 September 1995 Joining to the Council of Europe 17 January2001 Area (thousand km^) 86.6 Population, (thousand person) (According to the beginning of 2015) 9593.0 Density of population in Ikm^(person) 111 Capital Baku Official Language Azerbaijan Currency Manat The course of Manat to Dollar (07.02.2016) 0.6389 The Head of State President ___ ________________________ ____ ______ ' .L-L; r - j = r .
    [Show full text]
  • Azerbaijan English
    AZERBAIJAN AM005-X 1 EBRD BOARD of GOVERNORS’ 30th Annual Meeting July 1, 2021 Written Statement by Mr. Mikayil Jabbarov, Minister of Economy, EBRD Governor for the Republic of Azerbaijan Your Excellency Mr. Chairman, Honourable Ms. President, Fellow Governors, Distinguished Guests, Ladies and Gentlemen, I would like to sincerely thank the European Bank for Reconstruction and Development (EBRD) for the organization of the virtual 30th Annual Meeting of the Board of Governors of the Bank. Let me take this opportunity to congratulate the EBRD on its 30th anniversary and call your attention to another anniversary, later this year. Republic of Azerbaijan marks 30 years since the country gained its independence after collapse of the Soviet Union. Our success in transition towards a market economy is also the EBRD’s success as we have strong and lasting partnership over 29 years. The EBRD has so far invested 3.1 billion EUR through 177 projects in the country. The value of the current portfolio of projects supported by the EBRD in Azerbaijan is more than 1.15 billion EUR. In Azerbaijan, the EBRD helps small and medium-sized businesses grow and succeed through its network of experts. It provides business advice to local small and medium-sized enterprises and has helped more than 1,000 firms to improve their performance and growth. Furthermore, we are currently exploring the prospects of cooperation for the development of trade, SMEs and SOEs. We believe that the Memorandum of Understanding on cooperation between Entrepreneurship Development Fund under the Ministry of Economy and EBRD soon to be signed attests to our mutual intent and commitment towards reinforcing our collaboration.
    [Show full text]
  • Turkey-Azerbaijan Energy Relations: a Political and Economic Analysis
    International Journal of Energy Economics and Policy Vol. 5, No. 1, 2015, pp.27-44 ISSN: 2146-4553 www.econjournals.com Turkey-Azerbaijan Energy Relations: A Political and Economic Analysis Cagla Gul YESEVI Faculty of Economics and Administrative Sciences, Istanbul Kültür University, Istanbul, Turkey. Email: [email protected] Burcu Yavuz TIFTIKCIGIL Faculty of Economics, Administrative and Social Sciences, Gedik University, Istanbul, Turkey. Email: [email protected] ABSTRACT: It is now widely recognized that Turkey-Azerbaijan relations have always been strong and described with the phrase "one nation with two states”. This paper is concerned with economic and political nature of Turkey-Azerbaijan relations. Initially, the evolution of Turkish- Azerbaijani relations after the independence of Azerbaijan has been examined. This paper gives an overview of the impacts of Nagorno-Karabagh issue and efforts to normalize the relations between Turkey and Armenia on relations between Turkey and Azerbaijan. Energy has a special place in the relationship between the two countries. Azerbaijan’s economy, energy sectors of Azerbaijan and Turkey has been assessed. Moreover, this paper gives a comparative analysis on economic relationship between Turkey and Azerbaijan. This study finally discusses the main trends and contributions of energy projects on Turkey-Azerbaijan relations. Keywords: Turkey; Azerbaijan; Politics; Economy; Energy JEL Classifications: O57; Q41; Q43; Q48 1. Introduction Turkey has distanced itself from the Turkic people of Soviet Union, with whom it has ethnic and language affiliations, since its establishment. The primary aim was determined as the prevention of the spread of communism within the country and Turanist movements were not supported.
    [Show full text]
  • Country Profile – Azerbaijan
    Country profile – Azerbaijan Version 2008 Recommended citation: FAO. 2008. AQUASTAT Country Profile – Azerbaijan. Food and Agriculture Organization of the United Nations (FAO). Rome, Italy The designations employed and the presentation of material in this information product do not imply the expression of any opinion whatsoever on the part of the Food and Agriculture Organization of the United Nations (FAO) concerning the legal or development status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. The mention of specific companies or products of manufacturers, whether or not these have been patented, does not imply that these have been endorsed or recommended by FAO in preference to others of a similar nature that are not mentioned. The views expressed in this information product are those of the author(s) and do not necessarily reflect the views or policies of FAO. FAO encourages the use, reproduction and dissemination of material in this information product. Except where otherwise indicated, material may be copied, downloaded and printed for private study, research and teaching purposes, or for use in non-commercial products or services, provided that appropriate acknowledgement of FAO as the source and copyright holder is given and that FAO’s endorsement of users’ views, products or services is not implied in any way. All requests for translation and adaptation rights, and for resale and other commercial use rights should be made via www.fao.org/contact-us/licencerequest or addressed to [email protected]. FAO information products are available on the FAO website (www.fao.org/ publications) and can be purchased through [email protected].
    [Show full text]
  • The Impact of the Armenian-Azerbaijani Nagorno-Karabakh Conflict on the Economic Growth of Transcaucasia
    ZN WSH Zarządzanie 2020 (4), s. 137-150 Studium przypadku Case study Data wplywu/Received: 15.06.2020 Data recenzji/Accepted: 14.07.2020/17.07.2020 Data publikacji/Published: 31.12.2020 Źródła finansowania publikacji: środki własne DOI: Authors› Contribution: Study Design (projekt badania) Data Collection (zbieranie danych) Statistical Analysis (analiza statystyczna) Data Interpretation (interpretacja danych) Manuscript Preparation (redagowanie opracowania) Literature Search (badania literaturowe) Farman Yusubau, Ph.D. A B C D E F Yanka Kupala state University of Grodno, Belarus ORCID 0000-0001-6165-6757 THE IMPACT OF THE ARMENIAN-AZERBAIJANI NAGORNO-KARABAKH CONFLICT ON THE ECONOMIC GROWTH OF TRANSCAUCASIA WPŁYW KONFLIKTU ARMEŃSKO- -AZERBERDŻAŃSKIEGO W GÓRSKIM KARABACHU NA WZROST GOSPODARCZY ZAKAUKAZIA Abstract: The article deals with the frozen conflict between two sovereign States in Trans- caucasia: Armenia and Azerbaijan, which can be undermined at any time due to unresolved issues, and destroy the economy not only in the region. The purpose of the article is to elimi- 138 Zeszyty Naukowe Wyższej Szkoły Humanitas. Zarządzanie nate this conflict with possible instruments aimed at eternal peace and ensuring economic security in the region. During the research, the author used methods such as analysis, syn- thesis, comparison, grouping, etc. The history and causes of this conflict have been studied. In the result of the analysis, it is concluded that the influence of the Armenian-Azerbaijani Nagorno-Karabakh conflict, today, in frozen form, has a negative impact, primarily on Azerbaijan’s economy since occupied over 20 percent of its territory, and, as a result of oc- cupation, destroyed towns, the entire infrastructure, and there was more than one million Azerbaijanis refugees.
    [Show full text]
  • Azerbaijan Frameworks: Geopolitical and Socio-Economic Considerations
    Geopolitical, Social Security and Freedom Journal, Volume 1 Issue 2, 2018 Azerbaijan frameworks: geopolitical and socio-economic considerations Nicoletta Varani Ph D, Full professor of Geography, Department of Education [DISFOR], University of Genoa, email: [email protected] Doi: 10.2478/gssfj-2018-0013 Abstract The contribution intends to present a framework as updated as possible on Azerbaijan, a country of which we are hearing more and more but not very well known and known to most, trying to provide an overview of what Azerbaijan is today, paying particular attention to the history of this interesting country in order to understand what it is today and even more what is the path taken for its future development. Therefore, some areas and aspects of the country have been identified, which will be, to follow, argued. Starting from the entirely geographical aspects to the more socio-cultural, then moving on to international relations and geopolitics and finally to the economic aspects. Keywords: Azerbaijan, geopolitics, tourism 1. Geo-social introduction Azerbaijan is the easternmost and largest (86,000 sq. km) country in the South Caucasus region; 800 km of coastline is on the Caspian Sea. More than 50% of the Azerbaijani territory is mountainous, and the morphological variety gives the country its own climatic, naturalistic and landscape peculiarities: nine of the eleven climate zones in Azerbaijan are located worldwide (Figure 1). In addition to this wealth of climate is a considerable wealth of minerals, represented by reserves of oil and natural gas. The socio-cultural aspects are defined in relation to the languages spoken on the territory: Azerbaijani (official language) 92.5%, Russian 1.4%, Armenian 1.4% and other 4.7%.
    [Show full text]
  • Azerbaijan Assessment of Economic & Export Diversification
    ASSESSMENT OF ECONOMIC AND EXPORT DIVERSIFICATION AZERBAIJAN ASSESSMENT OF ECONOMIC AND EXPORT DIVERSIFICATION AZERBAIJAN This report has been prepared in the frame of ƚŚĞƉƌŽũĞĐƚƐďLJWƵďůŝĐƐƐŽĐŝĂƟŽŶĨŽƌƐƐŝƐƚĂŶĐĞ to Free Economy “Assessment of Economic ĂŶĚdžƉŽƌƚŝǀĞƌƐŝĮĐĂƟŽŶŝŶnjĞƌďĂŝũĂŶ ĂŶĚ<ĂnjĂŬŚƐƚĂŶ͟;Zt/ͿĂŶĚ^ƵƉƉŽƌƚĨŽƌ ĐŽŶŽŵŝĐ/ŶŝƟĂƟǀĞWƵďůŝĐhŶŝŽŶ͞ƐƐĞƐƐŵĞŶƚ ŽĨĐŽŶŽŵŝĐĂŶĚdžƉŽƌƚŝǀĞƌƐŝĮĐĂƟŽŶ KƉƉŽƌƚƵŶŝƚLJŝŶnjĞƌďĂŝũĂŶ͟;K^/&Ϳ Authors: Kanan Aslanli Zohrab Ismayil Rovshan Aghayev njĞƌDĞŚƟLJĞǀ Edited: &dƌĂŶƐůĂƟŽŶ>>^ &ƵŶĚĞĚďLJZĞǀĞŶƵĞtĂƚĐŚ/ŶƐƟƚƵƚĞ ΞWƵďůŝĐƐƐŽĐŝĂƟŽŶĨŽƌƐƐŝƐƚĂŶĐĞ to Free Economy, 2013 www.freeeconomy.az Cover photo belongs to www.bp.com CONTENTS Abbreviations ................................................................................................................................3 Summary .......................................................................................................................................5 1. Introduction (Key Concepts and Methodology) ................................................................10 2. Macroeconomic Environment ...............................................................................................13 řǯȱȱȱ¡ȱęȱ¢ ......................................................................22 řǯŗǯȱȱȱȱȱȱ¡ȱę ........................................22 řǯŘǯȱȱęȱȱȱ...................................................22 řǯřǯȱ ȱȱĜȱȱȱȱȱ ȱȱȱȱȱȱȱ¡ȱę ..........................................................................................................27 řǯŚǯȱ ȱȱȱȱȱę ............................................................29
    [Show full text]
  • Azerbaijan in Transition
    Istituto Affari Internazionali IAI WORKING PAPERS 12 | 20 – July 2012 ISSN 2280-4331 Azerbaijan in Transition Jens Hölscher Abstract Azerbaijan has been the fastest growing economy of the world and it increasingly attracts the interest of foreign investors. This paper analyses the Azerbaijani economy in transition from communism to capitalism over the past decade with a focus on investment climate. Facts and figures of the apparent economic miracle are presented and a number of political obstacles considered. Azerbaijan’s transition towards a market economy has not gone very far and it is mainly slowed down by low levels of trust and high levels of corruption. There are also human rights issues and freedom or press is limited. Unless and until Azerbaijan deals with these problems, shadows will continue to loom over its economic miracle. Keywords: Azerbaijan economy / Economic transition / Foreign investments / Business climate / Corruption / Human rights © 2012 IAI ISBN 978-88-98042-57-9 IAI Working Papers 1220 Azerbaijan in Transition Azerbaijan in Transition by Jens Hölscher Introduction Azerbaijan has an ancient history, sometimes referred to as “the land of fire”. In Greek mythology, Prometheus was chained to the Caucasus Mountains, as he stole the fire from the gods and brought it to human beings. Indeed, an abundance of gas and oil resources give rise to open fires in Azerbaijan, there where mankind struggled to discover fire elsewhere for a long time. These energy riches are the core of the economy of Azerbaijan. The purpose of this paper is to analyse the Azerbaijani economy in transition from communism to capitalism.
    [Show full text]
  • Agricultural Sector of Azerbaijan
    Regional and International Cooperation in Central Asia and South Caucasus: Recent Developments in Agricultural Trade" 2 - 4 November 2016 Samarkand, Uzbekistan The Impact of the Oil Price Fluctuations on the Agrarian Policy in Azerbaijan Dr.Elchin Suleymanov Qafqaz University Azerbaijan [email protected] Economy of Azerbaijan Azerbaijan has huge natural resources, which triggered the development of economy. Oil and gas resources are the most important wealth of Azerbaijan. In 2015, 85% of the export belongs to the energy carriers. This figure also shows the importance of the energy sector in Azerbaijan economy. For this reason, energy resources should Economy of Azerbaijan GDP - real growth rate Country information 1.1% (2015 est.) Establishment: 28 May 1918 2.8% (2014 est.) 5.8% (2013 est.) Independence: 18 October 1991 GDP - composition, by sector of Language: Azerbaijanian origin Area: 86.6 ths. km2 agriculture: 6% Population: 9,7 million industry: 59 % services: 35% (2015 est.) Capital: Baku Budget Currency: Manat * 1$=1.65 revenues: $16.74 billion AZN(01.11.2016) expéditeurs: $17.36 billion (2015 est.) Economy of Azerbaijan Azerbaijan economy attained more achievements in comparison with the other former Soviet Republics during the transition period. The existence of rich natural resources caught the attention of foreign investors. Foreign investments were one of the most important factors which stipulate economic growth. The economic development continued in the stable environment in terms of the macro-economy. In 2015, the oil sector generated 31% of the country’s GDP and oil revenues accounted for 63% of the state budget and amounted to 86% of total exports.
    [Show full text]
  • Republic of Azerbaijan: Corporate Governance and Ownership of State Owned Enterprises
    B Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized © 2017 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Attribution—Please cite the work as follows: “World Bank 2017. Republic of Azerbaijan: Corporate Governance and Ownership of State Owned Enterprises. © World Bank.” All queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: [email protected]. Abbreviations .................................................................................................................................................
    [Show full text]
  • A Comparative Analysis of Tourism Sectors of Azerbaijan, Turkey and Kazakhstan Through İnput-Output Tables
    THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.76, # 1, 2019, pp. 70-82 A Comparative Analysis of Tourism Sectors of Azerbaijan, Turkey and Kazakhstan Through İnput-Output Tables Yadulla Hasanli1 , Sudabe Salihova2 1Azerbaijan State Economic University ,Baku, Azerbaijan, and Azerbaijan, İnstitute of Control Systems of ANAS, E-mail: [email protected], [email protected] 2Azerbaijan State Economic University ,Baku, Azerbaijan, E-mail: [email protected] Received 22 February 2019; accepted 14 June 2019; published online 05 July 2019 ABSTRACT The article assesses the impact of investments in the tourism sector on other sectors and the volume of production, as well as the level of employment in the country through the models developed on the basis of the “Input-output” tables for Azerbaijan’s, Turkey’s and Kazakhstan’s economy. In addition, “Equilibrium Prices” model which is dual of Leontief’s “Input-output model” has been prepared for all three countries, the dependencies between the value added in the tourism sector and the level of prices have been examined, and the effect of increasing value added in the tourism sector on other areas and the level of inflation has been determined. The analysis of the simulation results carried out by models allows to determine the effectiveness of the investments in the tourism sector in comparison with other sectors for each of three countries. Keywords: Input-Output model, Equilibrium Prices Model, employment, direct and indirect effects, investment. JEL Classification: C15, C67, O13 1. INTRODUCTION Nowadays, the tourism sector, which offers a multifaceted service, has become a major economic engine at a global level for the solution of the economic problems faced by national economies since the 20th century and for overcoming the bottlenecks appeared.
    [Show full text]
  • The De-Industrialization Process in Azerbaijan: Dutch Disease Syndrome Revisited
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Niftiyev, Ibrahim Conference Paper — Published Version The De-industrialization Process In Azerbaijan: Dutch Disease Syndrome Revisited Suggested Citation: Niftiyev, Ibrahim (2020) : The De-industrialization Process In Azerbaijan: Dutch Disease Syndrome Revisited, In: Udvari, Beáta (Ed.): Proceedings of the 4th Central European PhD Workshop on Technological Change and Development, Faculty of Economics and Business Administration, Doctoral School in Economics, University of Szeged, Szeged, pp. 357-396, http://eco.u-szeged.hu/download.php?docID=105476 This Version is available at: http://hdl.handle.net/10419/227485 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Udvari B. (ed) 2020: Proceedings of the 4th Central European PhD Workshop on Technological Change and Development.
    [Show full text]