The Effect of Fiscal Policy on Oil Revenue Fund: The Case of Kazakhstan

Azhgaliyeva, Dina

doi:10.1016/j.euras.2014.05.001

Cited by 12 publications

(7 citation statements)

References 31 publications

(42 reference statements)

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Dülger et al (2013), in turn, pointed to the role of currency appreciation in the decline of its manufacturing sector and the rise of mostly non-tradable services. In a related study for Kazakhstan, Azhgaliyeva (2014) shows that the real value of oil production raises real government expenditures but that the country's national oil fund mitigates that unwanted effect on real exchange rate appreciation to some extent. In any case, the adverse effects of oil booms on non-oil industrial production coming from currency appreciation can be offset by a sufficiently strong link through government investment in industry.…”

Section: Literature Reviewmentioning

confidence: 99%

Management of Oil Revenues: Has That of Azerbaijan Been Prudent?

2017

View full text Add to dashboard Cite

Abstract:To help explain the common failure of oil or other natural resource exporting countries to diversify into industry, it has been common to trace this failure to real exchange rate appreciation. This has also been done in Azerbaijan. However, because Azerbaijan has devoted so much of its oil revenues to government investment, Azerbaijan provides a suitable case for examining an alternative link through government investment. This study applies the ARDL cointegration method to quarterly time series data on oil prices, government capital formation, non-oil exports and non-oil GDP to estimate the long run relationships linking oil prices to government investment expenditures and further to generation of non-oil GDP. The results show that despite the massive government investment expenditures, extremely little non-oil production of the tradable type has been generated, calling attention to the need for policy reform.

show abstract

Section: Literature Reviewmentioning

confidence: 99%

Management of Oil Revenues: Has That of Azerbaijan Been Prudent?

2017

View full text Add to dashboard Cite

show abstract

“…To fulfil its savings function, the minimum savings amount has been defined for the National Fund, while its maximal size is unlimited. The Fund's stabilisation function is assured by the provision of a guaranteed transfer to the state budget (for a detailed analysis of this aspect see: Azhgaliyeva, 2014). At present, this amount is established at a rate of US$8 billion, which can be reduced or increased up to 15%, depending on the situation of the economy.…”

Section: Kazakhstan's Fiscal Policy: the Oil Factormentioning

confidence: 99%

The protests in Zhanaozen and the Kazakh oil sector: Conflicting interests in a rentier state

Satpayev¹,

Umbetaliyeva

2015

Journal of Eurasian Studies

View full text Add to dashboard Cite

a b s t r a c tThe article analyzes the impact of the oil and gas industry on the socio-political stability in Kazakhstan. The first part will look at the role of the industry for the development of the country with a special focus on the political risks that might result from the orientation towards raw material production. The relationship between business and politics will be examined as well as the management model of the energy sector and the impact of corruption on social and political stability. The second part of the article will focus on the population's attitude towards public protests and aims to explain why the willingness to participate in protests has been rising. A case study on the protests of oil industry workers in the city of Zhanaozen in December 2011 will be presented in order to better understand the causes of the protests, the demands of the protesters and the relationship between state and society. The article concludes with a summary of results and an outlook for the development of the oil and gas industry and socio-political stability in Kazakhstan.

show abstract

“…After 1991, Kazakhstan had become a significant player in the world energy market due to its substantial oil reserves (Azhgaliyeva, 2014). It is the reason Kazakhstan has an export-oriented economy, highly dependent on shipments of oil and related products and other ferrous metals, copper, aluminum, zinc and uranium (Trading Economics, 2017).…”

Section: Economic Overview Of Kazakhstanmentioning

confidence: 99%

The Impact of Silk Road Economic Belt on Economic Development of the Republic of Kazakhstan: The Case of Khorgos City

Islamjanova¹,

Iddrisu²,

Suy³

et al. 2017

jsss

View full text Add to dashboard Cite

The project “Silk Road Economic Belt” (丝绸之路经济带) launched by the Chinese President Xi Jinping in 2013 at Astana, Kazakhstan is the most single largest economic project in the world. It is the largest in terms of volume and participation of countries. This paper therefore seeks to examine some of the strategic aspects and possible economic impact to the participation of the Republic of Kazakhstan. The study focused on the various aspects of the Silk Road Economic Belt (SREB) which have an influence on economic development of the Republic of Kazakhstan. It also analyzed the implementation of the Silk Road Economic Belt project using Kazakhstan’s Khorgos city economic development as a case. The approach used in this paper is based on an analysis of the Silk Road Economic Belt (SREB) in terms of strengths, opportunities and challenges for the future of China-Kazakhstan Economic Cooperation. The project therefore has many in stock for the economy of Kazakhstan when the necessary measures are put in place to tab the opportunities available.

show abstract

The Effect of Fiscal Policy on Oil Revenue Fund: The Case of Kazakhstan

Cited by 12 publications

References 31 publications

Management of Oil Revenues: Has That of Azerbaijan Been Prudent?

Management of Oil Revenues: Has That of Azerbaijan Been Prudent?

The protests in Zhanaozen and the Kazakh oil sector: Conflicting interests in a rentier state

The Impact of Silk Road Economic Belt on Economic Development of the Republic of Kazakhstan: The Case of Khorgos City

Contact Info

Product

Resources

About