The Impact of the Oil Price Fluctuations on the Economic Policy in Oil-Exporting Former Soviet Union Countries
Journal Title: Academic Journal of Economic Studies - Year 2018, Vol 4, Issue 1
Abstract
For Azerbaijan, Russia and Kazakhstan as Post-Soviet countries, oil exports are main revenues sources. These three resource rich countries implemented notable oil projects since independence and as a result acquired significant oil revenues. Due to major part of export goes to oil and relevant sectors; especially after 2000 these gained huge revenues are directed to solve main social and economic problems. Azerbaijan, Russia and Kazakhstan accelerated transition period through using oil revenues in their economies. But besides such positive effects of oil revenues, the phenomenon called "natural resource curse" in the literature has not skipped these three countries. Because of the similar structure of the economies and the fact that the petroleum revenues are locomotives of the country's economies, the steep decline in oil prices since 2015 has led to similar economic outcomes for all three countries, and has started to become a major threat. In this negative environment, real sector activities have suffered significant losses. Many financial institutions either have lived difficulties in maintaining their activities or have closed. The economy of the three countries began to narrow with the negativities in all sectors, especially in the service sectors such as finance and construction. In this study, the negative aspects and their effects of negativities were addressed and some proposals were given for economic activity of all three countries.
Authors and Affiliations
Elchin Suleymanov, Farhad Rahmanov, Cihan Bulut, Fakhri Hasanov
Keywords
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