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Oil Money vs. Economic Crisis: The Case of Azerbaijan
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Alexander Chubrik
Expertise: Alexander Chubrik is a Director of IPM Research Center in Belarus. He graduated from the Belarusian State University (degree with honors in economic theory, 2000) and post-graduate studies of the Belarusian State University (2003). In December 1999, he joined IPM Research Center as an economist. Between 2000 and 2004, he taught at the Belarusian … <a href="https://case-research.eu/publications/oil-money-vs-economic-crisis-the-case-of-azerbaijan/">Continued</a>
Articles from this author:
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Will IMF Intervention Help Belarus Solve Its Old Problems?
On May 31, 2011 the Government and National Bank of Belarus (NBB) announced that they would ask for a new stand-by loan from the IMF. The requests for external assistance followed several unsuccessful government attempts to overcome the serious macroeconomic crisis that has been developing in the country since the beginning of 2010. A key … Continued
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Will IMF Intervention Help Belarus Solve Its Old Problems?
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MATEUSZ WALEWSKI
Articles from this author:
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Tax wedge, labor market and the shadow economy – examples of Russia and Ukraine.
According to various authors, by the beginning of this century Ukraine’s shadow economy was estimated to be around 40‐50% of the official economy, one of the highest levels in Europe. The estimates for Russia show similar results (around 40% of GDP). These figures suggest that in both countries around 30‐40% of total employment is located … Continued
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Tax wedge, labor market and the shadow economy – examples of Russia and Ukraine.
The effect of the global financial crisis on Azerbaijan’s economy is an interesting case study, particularly because it is a small CIS (Commonwealth of Independent States) transition country strongly dependent on oil exports. In fact, oil constitutes about half of the country’s GDP. Azerbaijan’s economy was mostly affected by a drop in oil prices. As a result, there were three direct channels by which the global crises influenced the Azerbaijani economy:
- Fall in oil prices;
- Fall in external demand for Azeri non-oil products;
- Outflow of foreign capital.