Search

The Covid-19 health crisis, which was declared a pandemic by the World Health Organization in March 2020, has evolved into an economic crisis due to the quarantines and restrictions applied, dragging the country's economies into a great uncertainty and putting them into a diffucult economical condition. With the increasing severity of the Covid-19 pandemic, governments have been forced to make a health-economy trade-off between protecting the health of citizens and ensuring the continuity of economic activities. Various monetary and fiscal policies have been implemented in order to cover the losses caused by Covid-19. The coexistence of supply and demand shocks with the epidemic forced governments to protect both the supply and demand sides. In 2020, which passed with the pandemic; investments decreased, financial markets were adversely affected, global trade shrank significantly, and the world economy decreased by 3%. In addition to these issues; the income of the sectors decreased, unemployment rates increased, household incomes decreased and poverty increased. In this study, the effects of the Covid-19 pandemic on the global economy, the macroeconomic analysis of selected countries in the pre-Covid-19 and Covid-19 period, the effects of the pandemic on the Azerbaijani economy, Azerbaijan macroeconomic analysis in the the pre-Covid-19 and Covid-19 period, Azerbaijan tourism and economic policies applied in Azerbaijan during the Covid-19 period were examined., 2020 yılı Mart ayında Dünya Sağlık Örgütü tarafından pandemi ilan edilen Covid-19 sağlık krizi uygulanan karantina ve kısıtlamalarla birlikte iktisadi krize evrilmiş, ülke ekonomilerini büyük bir belirsizliğe sürükleyerek iktisadi açıdan zorlu bir sürece sokmuştur. Hükümetler Covid-19 pandemisinin şiddetinin artmasıyla birlikte vatandaşların sağlığını koruma ve iktisadi faaliyetlerin devamlılığını sağlama noktasında bir sağlık-ekonomi takasına mecbur kalmıştır. Covid-19 ile birlikte oluşan zararları karşılamak adına çeşitli para ve maliye politikaları uygulanmıştır. Salgınla birlikte arz ve talep şoklarının birlikte görülmesi hükümetlerin hem arz hem de talep tarafını korumak durumunda bırakmıştır. Pandemi ile geçen 2020 yılında; yatırımlar azalmış, finansal piyasalar olumsuz etkilenmiş, küresel ticaret önemli ölçüde daralmış, dünya ekonomisi %3 düzeyinde tarihi bir daralma kaydetmiştir. Bu hususlara ilaveten; sektörlerin ciroları azalmış, işsizlik oranlarında artış yaşanmış, hanehalkı gelirleri düşmüş ve yoksulluk artmıştır. Bu çalışmada Covid-19 pandemisinin küresel ekonomi bazında etkileri, seçilmiş ülkelerin Covid-19 öncesi ve Covid-19 dönemi makroekonomik analizi, pandeminin Azerbaycan ekonomisine etkileri, Azerbaycan ekonomisinin Covid-19 öncesi ve Covid-19 dönemi makroekonomik analizi, Covid-19 döneminde Azerbaycan turizmi ve Azerbaycan’da uygulanan iktisat politikaları incelenmiştir.

This study investigates the cyclical association between gross domestic product (GDP), monetary variables, international trade and foreign directed investments (FDI), and annual average oil prices (BRENT trademark) as explanatory variables in the Azerbaijan economy. The research methodology utilized a chi-square test of independence and goodness of fit test. The crosstabulation analysis used the nominal variables "increased" and "decreased" years, which refer to the transformation of the time series, mainly between 1991 and 2019. The results of the independence test demonstrated a statistically significant association between GDP, GDP per capita in current prices, international trade, FDI, and oil prices. However, the monetary indicators of economic growth, real GDP variables, and trade balance did not exhibit the same pattern. The results of the goodness of fit test showed a non-random deviation from the expected increased and decreased year in terms of GDP indicators and imports. This research is topical in light of the sharp oil price slump of 2020, which is reminiscent of the 2014–2015 downturn in commodity prices.

After the painful transition process from a command economy to a market economy, Azerbaijan used its rich hydrocarbon resources to promote economic growth and development. As a result, national income and per capita income soared, infrastructure improved, and poverty was reduced. However, Azerbaijan's economy seems to have been caught up in the negative effects of the oil boom. In other words, non-oil tradeable sectors such as manufacturing have not been able to build on the success and gain a high share of output, employment, and exports due to the increase in the real effective exchange rate (REER) and domestic prices. So far, the literature on studies of Dutch disease in the Azerbaijani economy has focused on highly aggregated data without properly separating the effects of Dutch disease, namely resource movement and spending effects. In this paper, the effects of resource movement were examined using manufacturing employment with a standard unrestricted vector autoregression (VAR). However, to ensure analytical accuracy, the spending effect was also considered. The results show that manufacturing employment responds positively to mining employment. However, when employment in the service sector increases, manufacturing employment shrinks, which is also negatively affected by oil prices and the appreciation of the REER. These results may be useful for policymakers to neutralize the impact of Dutch disease to ensure sustainable development goals and promote export-led growth policies in the manufacturing sector.

Much has happened in the three countries of the South Caucasus-namely, Azerbaijan, Georgia, and Armenia-since the collapse of the Soviet Union. Political events, institutional reforms, and economic development have resulted in greater economic welfare in these countries after the painful transition period of the 1990s. However, it remains to be seen whether they have achieved any solid results or whether they still have much to accomplish. While the answer is ambiguous, each country has followed a different political, geopolitical, economic, and institutional path and achieved different economic outcomes despite their close geographical proximity to each other. This paper compares the available data on economic and institutional quality in Azerbaijan, Georgia, and Armenia to portray the overall situation in terms of changes in institutional patterns. Then, special attention is given to Azerbaijan, as the country is considered to be oil-rich and thus resource-dependent. A comparative perspective on institutional quality suggests that Georgia has been a leading country in terms of institutions and effective bureaucracy-building, despite having lower economic indicators compared to Azerbaijan. Moreover, while Armenia is positioned between Georgia and Azerbaijan in terms of institutional quality, its economic growth is similar to Georgia's. Lastly, institutional variables (e.g., control of corruption, rule of law, and government effectiveness, and human rights) in Azerbaijan are negatively correlated with oil-related variables. This result aligns with the natural resource curse and Dutch disease theories, which posit that oil boom periods in mineral-rich countries are associated with a deterioration in institutional quality, thereby leading to slower growth. Also, the results are important to build up analytical frameworks to address the Dutch disease or resource curse studies in the case of Azerbaijan in a comparative manner with oil-poor countries even if the scope is limited to the South Caucasian former Soviet Union countries.

There is a growing body of literature on the possible presence of the Natural Resources Curse (NRC) and Dutch Disease Syndrome (DD) in the Azerbaijani economy. Because of its abundant hydrocarbon resources, Azerbaijan has pursued an oil-oriented strategy for economic growth and development. Certainly, this path has helped overcome serious economic problems such as extreme poverty, lack of capital accumulation, and technology adoption, but it is also believed that a lopsided economic structure hinders overall sustainable growth. Indeed, it has been noted that the high-value-added manufacturing sector is an engine for stable economic growth and that specialization in the primary sector (including oil and related commodities) can pose many challenges to developing countries. Over time, non-oil production has been neglected and volatile commodity prices have been allowed to determine macroeconomic stability in Azerbaijan. This has been a risky path and now requires a comprehensive investigation using widely accepted theories such as NRC and DD. This working paper presents the first results of an econometric and empirical linear analysis of the main NRC- and DD-related variables to shed light on the above phenomena. The main regression approach was a stepwise algorithm to find variable-specific functional relationships. The results are far from perfect and are experimental in nature. Although all conclusions should be drawn with caution, interested parties such as academics, professional economists, decision makers, or policy makers could benefit from the proposed conceptualization of NRC and DD in the Azerbaijani economy for their future studies.

Bu tez çalışmasının amacı, turizmin Azerbaycan ekonomisindeki mevcut konumunu belirlemek, Azerbaycan'da turizm sektörünün gelişmesinin önündeki engeller ve bu engelleri aşabilecek uygulamalar konusunda paydaşların görüşlerini ortaya koymaktır. Turizm, ekonominin gelişiminde ve dünya çapında kültürel değerlerin tanınmasında önemli bir rol oynamaktadır. Bu nedenle, uluslararası finans kurum ve kuruluşları turizmin gelişmesiyle giderek daha fazla ilgilenmektedir. Dünyanın dört bir yanındaki ülkeler yerel kaynakları kullanarak turizm sektörünü geliştirmeye çalışmaktadır. Turizm sektörünün gelişmesi ekonomiye yüksek gelir sağlıyor. Azerbaycan Cumhuriyeti, sahip olduğu doğal kaynakları ve kadim tarihi ile gelişmiş turizm endüstrisine sahip ülkelerden biridir. Azerbaycan'ın çok eski bir tarihi var. Eski ticaret yolları ve transit projeleri Azerbaycan'ın tanınmasını sağlamıştır. Ancak, Azerbaycan'da turizmin gerçek gelişme dönemi, Azerbaycan'ın bağımsızlığı dönemine denk gelmektedir. Çalışmanın amacı, Azerbaycan'daki turizmin mevcut durumunu incelemek ve büyüme potansiyelini analiz etmektir. Bu nedenle öncelikle Azerbaycan ekonomisi, turizm sektörünün ekonomi üzerindeki etkisi ve Azerbaycan turizm sektörünün mevcut durumu teorik çerçevede analiz edilmelidir. Turizmin ülke bölgelerinin kalkınmasına ve genel ekonomiye etkisi incelenecektir. The aim of this thesis is to determine the current position of tourism in the economy of Azerbaijan, to reveal the opinions of stakeholders on the obstacles to the development of the tourism sector in Azerbaijan and the practices that can overcome these obstacles. This study, carried out in line with the views of national tourism stakeholders, is expected to be a projection of how the tourism sector will be moved to the next level in Azerbaijan. Tourism plays an important role in the development of the economy and the recognition of cultural values around the world. Therefore, international financial institutions and organizations are increasingly interested in the development of tourism. Countries around the world are trying to develop the tourism industry using local resources. The development of the tourism sector provides high income to the economy. The Republic of Azerbaijan is one of the countries with a developed tourism industry with its natural resources and ancient history. Azerbaijan has a very old history. Ancient trade routes and transit projects made Azerbaijan well known. However, the real development period of tourism in Azerbaijan coincides with the period of Azerbaijan's independence. The aim of the study is to examine the current situation of tourism in Azerbaijan and to analyze its growth potential. Therefore, first of all, the Azerbaijani economy, the impact of the tourism sector on the economy and the current situation of the Azerbaijani tourism sector should be analyzed in theoretical framework. The impact of tourism on the development of country regions and the general economy will be examined.

Aзербайджанская Республика за 27-летний период после восстановления независимости в 1991 г. добилась внушительного прогресса в укреплении своей государственности и социально-экономи- ческом развитии. Современный Азербайджан превращается во все более значимый фактор мировой и региональной политики. Это обусловлено прежде всего внутриполи- тической стабильностью, устойчивой экономикой, правильно сориентированной и умело проводимой внешней политикой. В результате реализации транснациональных транспортно-коммуникационных и энергетических проектов Азербайджан стал экономическим лидером региона и важным игроком на глобальной карте мира. Как известно, Армения осуществила военную агрессию против Азербайджана, оккупировав к 1993году 20% его территории. Из 10 млн населения страны 1,4 млн оказались беженцами. 44-дневная победоносная война под руководством Верховного главнокомандующего Президента Азербайджана Ильхама Алиева положила конец продолжавшейся 30 лет оккупации международно признанных азербайджанских земель. За время независимости в республике были успешно реализованы важные программы индустриально-инновационного развития страны, Университетское издательство имени святых Кирилла иМефодия Велико-Тырново 2021

The Internet is a network that occurs as a result of connecting two or more computers together. Rapidly developing Internet technologies and the Internet create a relationship between individuals (customers), business and trading partners, allowing the buyer to shop electronically without leaving his/her home. Especially in the countries of the Black Sea, America and Japan, e-commerce, which is widely used, has become widespread in Azerbaijan. E-commerce is the purchase and sale of all types of goods and services by computer technology, electronic communication channels and related technologies. In this paper, the definition of electronic commerce and its economical dimension will be examined and then the probable effects of electronic commerce on Azerbaijan Economy will be presented.

Azerbaijan's economy is extractive industry-led and not well-diversified. A comprehensive understanding of the role of the oil industry in the Azerbaijani economy is still a desideratum. Azerbaijan's national economy was a popular case study for the theories such as the natural resource curse (NRS) and Dutch disease (DD); however, a conclusive statement is yet to be found. Many new questions arise as the impact of the crisis periods, institutions, and monetary indicators are being explored. This working paper is nothing more than experimentation results for the Azerbaijan economy within the NRS and DD theories. Surely, not everything can be achieved from the first trial and sound accomplishments need to be built on the shoulders of the negative results and failed hypotheses tests following the already existing analytical frameworks. Despite data issues and lack of proper theoretical conceptualizations of the Azerbaijan economy, this working paper reports the results of the Ordinary Least Squares (OLS) and Robust Least Squares (RLS) to orient the follow-up studies in the near future. Despite academia argues that nowadays linear relationships are hard to obtain, this working paper's main assumption is still a linear association among the variables of interest. Despite the results from this working paper are mixed, particular negative associations between the institutional quality measured via the several political, institutional, and governance indicators, and oil-related variables are present in the case of Azerbaijan between 1996–2019. To explain, although the negative impacts of the real effective exchange rate (REER), REER growth rates, the nominal effective exchange rate (NEER), and NEER growth rates were less than expected, oil prices and changes in oil prices played a great role (negative) in the output, employment, and returns on capital in the Azerbaijani economy. Moreover, particular negative associations between the oil-related variables, and institutional, political, and governance indicators are present, whereas the quantity and quality of the education in the Azerbaijan economy do not fully reflect any serious negative impacts. These experimental models possess a high amount of stability; however, they should be treated as initial starting points. The mentioned facts must be considered by the policymakers when the non-oil development of the Azerbaijani economy is being discussed.

Is it possible to apply Principal Component Analysis (PCA) in the Azerbaijan economy? Before blindly answering the question, careful examination of the collected data and the relevance of the data set to the mentioned analysis should be checked. PCA is a widely used multivariate dimension reduction tool that statistical analysis employs. Nevertheless, its application area is limited. Also, PCA analysis in macroeconomic studies is not much preferred and in Azerbaijan's case, there is not one. To understand this methods' relevance two case studies, namely vegetable and fruit sectors have been chosen. The aim was to quantify the sub-sectoral performance via vegetable and fruit sectors. The collected data set and PCA analysis on it were evaluated from multiple angles to outline the roadmap for future investigations. The author argues that in line with the method's theoretical expectations, Azerbaijan's vegetable and fruit sectors partially fulfill the planned goals of the analysis. This means PCA is a highly useful analytical tool and might produce valuable sub-sectoral performance evaluations in the case of Azerbaijan. According to the produced indices, the vegetable sector performed better than the fruit sector from 1999 until 2015. However, between 2015-2020 fruit sector outperformed the vegetable sector. A similar analysis can be organized among the other sub-sectors or between sectors in the case of the Azerbaijan economy. Furthermore, this working paper embodies experimentation results, not conclusions about the methods' validity and justification. Hence, this work compares three rotations of PCA analysis (Varimax, Quartimax, and Equamax) and constructed indices separately for vegetable and fruit sectors.

This paper conducts a descriptive statistical analysis of employment in Azerbaijan covering the period between 2000 and 2018 to study the effects of the Dutch disease hypothesis. Azerbaijan has been a research subject of the Dutch disease due to the boom in the oil sector since independence from the Soviet Union. This paper bases its analysis on the descriptive statistics of employed persons per sector, its year on year growth dynamics, and cumulative growth rates. The results indicate that there are developments in employment that are in line with the spending effect of the Dutch disease model, as during the given time period, the mining sector did not experience sky-high employment, and manufacturing and agriculture shrank, though services increased their role. Moreover, constructed scatterplot matrix and conducted Pearson-s R correlation analysis shed light on the sectoral relationships among the critical economic variables like real effective exchange rate, oil prices, oil GDP, non-oil GDP, oil exports, and transfers from the sovereign wealth fund (SOFAZ), etc. However, the conclusions should be drawn with a significant extension of caution, as the descriptive investigation is extremely limited in terms of the identification of causal relationships.

Agriculture and agrarian sectors have been gone through the serious transformation process since the collapse of the Soviet Union in Azerbaijan. An ever-growing body of academic literature body investigated the resource curse and Dutch disease theories to conceptualize non-oil sectors in Azerbaijan starting from the late 1990s; however, the unanimous conclusion about the status of agriculture, agrarian sectors or manufacturing is still highly anticipated. Modern statistical techniques and accumulated data on the crucial economic indicators allow us to conceptualize the main trends and dynamics of agriculture and agrarian sectors in the context of resource-richness in Azerbaijan. This paper aims to descriptively investigate the collected data related to agriculture and agrarian sectors. Special emphasis has been put on the theoretical relevance of Dutch disease and resource curse to operationalize the research interest and research question. The findings of the correlation analysis show that there is a positive, significant, and strong association between the real effective exchange rate of Azerbaijan and international oil prices. The other findings demonstrate that mainly agriculture-related variables decreased their role in the Azerbaijan economy since 1991 but only value-added per worker gradually rose, also correlating negatively with value-added in agriculture and investments in agriculture.

Inflation is one of the most important economic indicators for a country. Understanding inflation based on the consumer spending patterns allows for better conceptualization of the phenomenon and improved policy responses for the unwanted developments, more precisely, increased price levels in consumer markets. The current working paper develops Consumer Price Index-based inflation indicator via the help of the Laspeyres price index in the case of Azerbaijan to evaluate the post-booming period (which is since 2011). Moreover, the significant results of correlation analysis between the Paasche Price Index and oil prices, oil revenue, and real effective exchange rate (REER) demonstrate initial signals about the urban and rural inflation dynamics and trends in the case of oil-rich Azerbaijan.

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.

Başta petrol olmak üzere enerji kaynakları, geçmişten günümüze ülkelerin kaderini tayin eden stratejik bir faktör olagelmiştir. Enerji kaynaklarına sahip olma ya da olmama, enerji üreten ya da tüketen olma durumları her zaman ülkelerin sosyo-ekonomik gelişmişlik düzeyleriyle ilgili temel göstergeler olarak kabul edilmiştir. Enerji kaynağı olarak yerini tutacak başka bir seçenek bulununcaya kadar petrol, dünya ekonomisi üzerinde erişilmesi güç olan etkisini koruyacağa benzemektedir. Sovyetler Birliği’nin dağılmasından sonra, kanıtlanmış 20 milyon ton petrol rezervine sahip Hazar Havzası ise giderek büyüyen enerji talebi karşında dikkat çeken bir bölge haline gelmiştir. Ancak Hazar Havzasında gerek bölge devletlerinin, gerekse bölgeyle enerji alışverişine yönelik politikalar geliştiren devletlerin arasındaki süregelen ilişkiler, söz konusu enerji kaynağının paylaşım mücadelesini de beraberinde getirmiştir. Bölgenin önemli bir aktörü olan Azerbaycan, aynı zamanda Hazar denizinde var olan petrol yataklarının da önemli bir kısmına sahiptir. Tüm bölge ülkeleri gibi sahip olduğu enerji kaynakları vasıtasıyla ekonomisini güçlendirmek isteyen Azerbaycan, uluslararası petrol şirketleri ile ortak üretim anlaşmaları yapan ilk ülke olmuştur. Bu çalışmada, Azerbaycan’ın petrol transferi ve ticareti üzerinden şekillenen enerji politikası ve bu politikanın hem Azerbaycan hem de Türkiye ekonomisine etkisi değerlendirmektedir. Çalışma bağlamında özellikle ana ihraç boru hattı olarak geliştirilen ve Türkiye ve Azerbaycan tarafından desteklenen bir proje olan Bakü-Tiflis- Ceyhan (BTC) boru hattı projesinin ekonomik ve çevresel etkileri değerlendirilmektedir. Energy resources, especially oil, have been a strategic factor that determines the destiny of countries from past to present. The state of having energy resources, producing or consuming energy has always been considered as key indicators of the socio- economic development levels of countries. Oil seems to retain its hard-to-reach influence on the world economy until another option is found to hold its place as an energy source. After the breakup of the Soviet Union, the Caspian Basin, with its proven oil reserves of 20 million tons, has become a remarkable region in the face of growing energy demand. However, the ongoing relations between the states of the region and the states developing policies for energy exchange with the region in the Caspian Basin have brought the struggle for sharing the energy resource in question. Azerbaijan, an important actor in the region, also has a significant portion of the oil deposits that exist in the Caspian Sea. Azerbaijan, which, like all countries in the region, want to strengthen its economy through its energy resources, has been the first country to reach joint production agreements with international oil companies. İn this study, the energy policy of Azerbaijan formed through oil transfer and trade and the impact of this policy on both Azerbaijan and Turkey’s economy is evaluted. İn the context of the study, the economic and environment impacts of the Baku- Tbilisi- Ceyhan (BTC) pipeline Project, which is developed as the main export and Azerbaijan are evaluted.

Following the successful implementation of the oil strategy, Azerbaijan began to define strategic objectives in relation to gas export policy. Currently, Azerbaijan is the only country in the region exporting gas to the international markets (Turkey, Russia, Georgia). For this reason, it is seen as “the provider and participant” of Southern Gas Corridor by EU. In this direction, Azerbaijan aims to be the country of an important and strategic natural gas exporter. From Shahdeniz field to the end European user, it targets to take part in the every ring of the value chain. These assumptions bring Azerbaijan to the position of a remarkable natural gas supplier for the export of large amount of gas to the European markets through Nabucco West. The implementation of the project with financial and technical capabilities of Azerbaijan and Turkey has made it a project to be realized between Turkey-Azerbaijan. TANAP means Turkey and Azerbaijan will emerge together in the European market for energy transportation. Along with Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Erzurum, TANAP has reinforced Turkey’s position as a necessary energy corridor in delivering the energy resources of the Caspian Sea to the Western markets. In this paper, expected strategic and economic outcomes of TANAP are analyzed.

Bu çalışmada, Hollanda hastalığı, Azerbaycan ekonomisinin ana sektörleri ve Hollanda hastalığının Azerbaycan ekonomisine etkisi incelenmiştir. Petrol sektörünün yoğun sermaye yapısı sayesinde, Hollanda hastalığı üzerinde ana etkiye sahip olan kaynak tahsisinin etkisi gerçekleşmemiştir. Diğer taraftan, harcamaların etkisi Azerbaycan ekonomisinde kamu harcamalarında artış olarak ortaya çıkmıştır. Aynı zamanda, Azerbaycan ekonomisi büyük ölçüde petrol sektörüne bağlıdır. Ancak kısa vadeli ihtiyaçlarını karşılamak için kullanılırsa, petrol de hızla kaybolabilir. Doğal olarak, petrol makul bir şekilde kullanılırsa ve devletin uzun vadeli çıkarlarını güvence altına almak için büyük bir avantajdır. Birçok petrol ülkesinin tecrübesi, birçok sosyal sorunu çözmenin yanı sıra, bir ülkenin ciddi bir ekonomik düşüşüne de zemin hazırlayabileceğini göstermektedir. Bu açıdan bakıldığında, petrol kârındaki artış olumlu görünüyorsa, o zaman rasyonel kullanımı en önemli konulardan biridir. Petrol, gaz ve mineral rezervleri, 60 ve gelişmekte olan ülkelerde önde gelen sektörlerdir ve bu ülkelerde dünyada 2/3 yoksul insan yaşamaktadır. Bu ülkelerde yaşayan 1,5 milyar insanda günlük gelir 2 dolardan az. Afrika'daki son 25 yılda en büyük petrol üreticisi, petrol satışından 300 milyar dolar kazanmıştır. Ancak buna rağmen, bu ülkelerdeki nüfusun % 70'inin günlük geliri 1 dolardan bile az olmuştur. Petrol ülkelerindeki temel sorunlardan biri, askeri ihtiyaçlar için petrol karının ana bölümlerinin yönüdür. Petrol üreten başka bir Afrika ülkesinde, petrol satışından elde edilen miktar 1,7 milyar dolar olmuştur. Bu çalışma, Devlet Petrol Fonu fonlarının harcama yönünü ve yatırım şeklindeki yatırım mekanizmalarını yansıtıyordu. Yatırım için çeşitli senaryolar ve bunların olumlu ve olumsuz yanları incelendi. Ek olarak, Azerbaycan ve Kazakistan da dâhil olmak üzere bir dizi petrol ülkesi örneği uygulanmıştır. Bu da "birçok soruna karşı sigorta" anlamına gelmektedir. Genel olarak, çalışma sırasında, araçların verimli araştırmalarıyla ilgili alternatif çözümler bulmaya çalıştık., In this study, the Dutch Disease in the economy of Azerbaijan, the main sector of the economy of Azerbaijan were analyzed Dutch Disease and its effects on. The capital structure of the source distribution for not having largely because of the influence of Dutch Disease yoxun oil sector. The impact of government spending in the economy of Azerbaijan, there was a rise in costs. At the same time, the Azerbaijani economy is too dependent on the oil sector have done that. But short-term needs, if not to be used for oil and. Naturally, if the long-term interests of the state and to ensure reasonable use of oil is a big advantage. Many oil country, but also pave the way for serious economic collapse of one country to solve many social problems, experience shows. From this point of view, it seems destined, it is one of the most important issues of growth in the stomach, looking positively rational use of oil. Oil, gas and mineral reserves in the world and the leading sectors in these countries are poor people live in developing countries, 60 and 2/3. In these countries, the 1,5 billion people living on less than 2 dollars per day. The largest oil producer in Africa in the past 25 years, won the $ 300 billion from oil sales. However, despite this, the daily income of less than 1% of the population in these countries was $ 70inin. One of the problems in oil country, oil is the main part of his wife for military needs. Oil production in the amount of $ 1,7 billion from oil sales, another African country. In this case, the State Oil Fund of funds in the form of investment spending reflected investment mechanisms and direction. For different scenarios and their positive and negative aspects of the investment. In addition, a number of countries used the example of Azerbaijan and Kazakhstan including oil. It is a means of "insurance against many problems". In general, we tried to find an alternative solution on the work of productive research.

One of the prior factors to attract investments is directly linked to the climate of economic freedom at the country. Attaining economic freedom and non-intervention of government is vital in this regard. However government may act regarding to market players through control over process or regulatory tools, like fiscal and monetary policies, and law enforcements. When government take steps to encourage competition among market participants while maintaining observer status at the market, it strengths the economy. Similarly, capital flows will not rise when government size is too much. In 2018, Azerbaijan ranks 57 with 70.19 score, compared to 65 and 63 in 2017 and 2016 respectively out of 190 countries listed according to Doing Business Reports by World Bank. Azerbaijan average score in 10 factors of Economic Freedom Index increased from 30% since 1996 to world average in 2010 and passed to moderately free economy in 2017 according to The Heritage Foundation report of 2017. At the same time, FDI as representing economic integration and economic freedom is increased in Azerbaijan by period studied

This paper focuses on the particular channels of de-industrialization processes of Azerbaijan considering the Dutch disease syndrome as the theoretical framework. After the emergence of the Dutch disease hypotheses, many resource-rich countries have been the main research object of it. One consequence of the Dutch disease syndrome is a shrinking manufacturing sector compared to the booming sector and the services sector. In order to shed light on this aspect of the Azerbaijan economy, important literature examples were examined and mainly descriptive statistics applied to visualize the economy’s most recent timeline. This research mainly brings back the actuality of the Dutch disease phenomena to Azerbaijan’s economy, depicting and comparing policy responses of the national government.

SSRİ-nin süqutunun ardınca, 1991-ci ilin axırlarında, tarix səhnəsində beynəlxalq iqtisadi və siyasi stabillik ünsürü olmağa başlayan Azərbaycanda, on doqquz ilidən artıq müddət ərzində iqtisadi-liberal nöqteyi nəzərindən sərbəst bazar şərtlərinə görə bir iqtisadi sistem formalaşdırılmağa başlanıldı. 1994-cü ildə imzalanan “Əsrin Müqaviləsi” ilə başlamış Azərbaycanda sərmayə qoyuluşu, xüsusilə enerji sektoruna xarici sərmayə investisiyaları uğurlu şəkildə inkişaf edir. 2003-cü ildən etibarən isə digər sektorlara istiqamətləndirilmiş yerli və xarici investisiyanın təşviqi məqsədi ilə inkişaf proqramları həyata keçirilməyə başlandı. Azərbaycanın müstəqillik qazanmasından sonra siyasi, sosial və iqtisadi böyümə, inkişaf və müstəqillik nöqteyi nəzərindən müsbət mənada mühüm addımlar atdığı müşahidə edilir. Vacib hüquqi və idari nizamlamalara baxmayaraq, tətbiqi prosesə və iqtisadi göstəricilərə əks olunan müsbət inkişaf nəzərə alındıqda, Azərbaycanın XXI əsrdə dünyanın inkişaf etmiş, sivil, güclü bir dövləti olmağa namizəddir. Azərbaycanda stabil inkişaf edən bir iqtisadiyyat formalaşdırılsa da, əlbəttə yenə də daha çox və əhəmiyyətli bir sıra addımların atılması vacibdir. Keçid dövrü başa çatsa da, dünya iqtisadi məkanına inteqrasiya üçün bir sıra mühim işlərin görülməsi zəruri və vacibdir. Bu kitabın Azərbaycan iqtisadiyyatına maraq göstərən hər kəsə faydalı olması ümidi ilə.

Dövlətin ictimai, iqtisadi, tarixi və mədəni həyatdakı fəaliyyətləri dövlət maliy- yəsi sisteminin əhəmiyyətini və əhatə dairəsini artırmaqdadır. Klassik iqtisad mək-təbinin nümayəndələrinin “Buraxın etsinlər, buraxın keçsinlər” deyimi, liberal iq-tisadiyyat və inzibati dövlət anlayışı ilə dövlət fəaliyyətlərini ən alt səviyyədə nəzər-də tutmuşdur. Kapitalizmin meydana çıxması ilə birlikdə müdaxiləçi dövlət anlayı- şının ortaya çıxması, dövlət fəaliyyətlərinin əhatə dairəsini genişləndirmişdir. Gü-nümüzdəki iqtisadi strukturlara baxdığımızda dövlətin vəzifələrinin, diplomatik xid-mətlərindən istehlak malları istehsalına qədər uzanan geniş bir sahəni əhatə etdiyimüşahidə edilməkdədir. Qısaca dövlət iqtisadi, ictimai və mədəni həyata çox təsir mexanizmi olduğu üçün bu sahələridə bilavasitə və ya dolayılı olaraq müdaxiləetməkdədir. Xüsusiylə Amerikada başlayaraq bütün dünyanı cənginə alan qlobal maliyyə böhranı iqtisadiyyata dövlətin müdaxiləsinin zəruriliyini bir daha ortayaçıxardı. Đqtisadiyyatda dövlətin funksiyalarının artması və inkişaf etməsi dövlət ma-liyyəsinin əhatə dairəsinin genişlənməsini ortaya çıxarmaqdadır.Đqtisadiyyatdadövlətin funksiyalarının artması dövlət maliyyəsinin əhatə dairəsinin genişlənməsinəticələrini ortaya çıxarmaqdadır. Dövlət sektoru, istehsal fəaliyyətləri ilə məşğul olarkən ümumiyyətlə bölünə bilməyən və ya qismən bölünə bilən mal və xidmət istehsal etməkdədir. Bu istehsalla əlaqədar qərarlar özəl sektorda olduğu kimi yal-nız qazanc əldə etmək məqsədi ilə deyil, ictimai və siyasi dövlət siyasətləri istiqa-mətində alınmaqdadır. Dövlət sektorunun ortaya çıxardığı dövlət əmtəəsi və xid-mətinin səviyyə və həcmi ümumiyyətlə bu seçimlərin bir nəticəsi olmaqdadır. Ümu-mi iqtisadiyyat içərisində dövlət maliyyəsinin inkişafı, xüsusilə artan əsas iqtisadi,ictimai problemlər səbəbi ilə, dövlətin tədricən iqtisadiyyata daha çox müdaxiləetmə nəticəsini zəruri etməkdədir. Ona görə də bu sahənin mütəxəssisləri maliy- yənin mahiyyəti və funksiyalarını yaxşı bilməli, dövlət və müəssisələrdə (təşkilat-larda) maliyyə resurslarının formalaşması, bölüşdürülməsi və istifadəsinin xüsusiy- yətlərindən məlumatlı olmalıdırlar. Çünki pul vəsaitləri fondlarının yaradılması vəistifadəsi prosesində əmələ gələn iqtisadimaliyyə münasibətləri sisteminin tədqiqimürəkkəb prosesdir. Ona görə də dövlətin maliyyə təsərrüfat fəaliyyətinin əsas isti-qaməti dövlətin gəlir və xərclərinin idarə edilməsi üçün dövlət maliyyəsinin prinsipvə metodlarının öyrənilməsi vacib və zəruridir. Bu kitabda dövlət maliyyəsininəsasları, dövlət büdcəsi, vergi sistemi, dövlətin maliyyə siyasəti, dövlət borclarınınmenecmenti mövzuları əhatə edilmişdir.

We show that changes in expectations of future income driven by exogenous factors (such as the discovery of oil and an increase in global demand for natural resources) can cause movements in the real exchange rate (RER) in excess of, and sometimes even in the opposite direction to, what one would expect given the changes in current income. We provide both a theoretical model and empirical evidence of this. In particular, we show that the signing of numerous production sharing agreements (PSAs) between the government of Azerbaijan and foreign oil companies in 1994–1998 fueled expectations of higher future incomes, resulting in a considerable appreciation of the RER. Some of these PSAs subsequently failed or ran into difficulties, which led to a downward revision of expected future income and a depreciation of the RER in 1999–2003, even though the current income started to rise, due to an increase in the current oil revenue.

Dövlətin ictimai, iqtisadi, tarixi və mədəni həyatdakı fəaliyyətləri dövlət maliyyəsi sisteminin əhəmiyyətini və əhatə dairəsini artırmaqdadır. Klassik iqtisad məktəbinin nümayəndələrinin “Buraxın etsinlər, buraxın keçsinlər” deyimi, liberal iqtisadiyyat və inzibati dövlət anlayısı ilə dövlət fəaliyyətlərini ən alt səviyyədə nəzərdə tutmusdur. Kapitalizmin meydana çıxması ilə birlikdə müdaxiləçi dövlət anlayısının ortaya çıxması, dövlət fəaliyyətlərinin əhatə dairəsini genisləndirmisdir. Günümüzdəki iqtisadi strukturlara baxdığımızda dövlətin vəzifələrinin, diplomatik xidmətlərindən istehlak malları istehsalına qədər uzanan genis bir sahəni əhatə etdiyi müsahidə edilməkdədir. Qısaca dövlət iqtisadi, ictimai və mədəni həyata çox təsir mexanizmi olduğu üçün bu sahələridə bilavasitə və ya dolayılı olaraq müdaxilə etməkdədir. Xüsusiylə Amerikada baslayaraq bütün dünyanı cənginə alan qlobal maliyyə böhranı iqtisadiyyata dövlətin müdaxiləsinin zəruriliyini bir daha ortaya çıxardı. Đqtisadiyyatda dövlətin funksiyalarının artması və inkisaf etməsi dövlət maliyyəsinin əhatə dairəsinin genislənməsini ortaya çıxarmaqdadır.Đqtisadiyyatda dövlətin funksiyalarının artması dövlət maliyyəsinin əhatə dairəsinin genislənməsi nəticələrini ortaya çıxarmaqdadır. Dövlət sektoru, istehsal fəaliyyətləri ilə məsğul olarkən ümumiyyətlə bölünə bilməyən və ya qismən bölünə bilən mal və xidmət istehsal etməkdədir. Bu istehsalla əlaqədar qərarlar özəl sektorda olduğu kimi yalnız qazanc əldə etmək məqsədi ilə deyil, ictimai və siyasi dövlət siyasətləri istiqamətində alınmaqdadır. Dövlət sektorunun ortaya çıxardığı dövlət əmtəəsi və xidmətinin səviyyə və həcmi ümumiyyətlə bu seçimlərin bir nəticəsi olmaqdadır. Ümumi iqtisadiyyat içərisində dövlət maliyyəsinin inkisafı, xüsusilə artan əsas iqtisadi, ictimai problemlər səbəbi ilə, dövlətin tədricən iqtisadiyyata daha çox müdaxilə etmə nəticəsini zəruri etməkdədir. Ona görə də bu sahənin mütəxəssisləri maliyyənin mahiyyəti və funksiyalarını yaxsı bilməli, dövlət və müəssisələrdə (təskilatlarda) maliyyə resurslarının formalasması, bölüsdürülməsi və istifadəsinin xüsusiyyətlərindən məlumatlı olmalıdırlar. Çünki pul vəsaitləri fondlarının yaradılması və istifadəsi prosesində əmələ gələn iqtisadimaliyyə münasibətləri sisteminin tədqiqi mürəkkəb prosesdir. Ona görə də dövlətin maliyyə təsərrüfat fəaliyyətinin əsas istiqaməti dövlətin gəlir və xərclərinin idarə edilməsi üçün dövlət maliyyəsinin prinsip və metodlarının öyrənilməsi vacib və zəruridir. Bu kitabda dövlət maliyyəsinin əsasları, dövlət büdcəsi, vergi sistemi, dövlətin maliyyə siyasəti, dövlət borclarının menecmenti mövzuları əhatə edilmisdir. Doç. Dr. Cihan Bulut Bas müəllim Elçin Süleymanov Qafqaz Universiteti Bakı, 2011, Publisher: Qafqaz UniversityISBN: ISBN: 978-9952-34-585-8

The research investigates the impact of the fiscal policy on the non-oil sector of Azerbaijani economy in the framework of cointegration and error correction modeling over the quarterly period 2000-2009. For increasing robustness of the obtained results, we employed two different cointegration methods: the residual-based Engle-Granger approach and the system-based Johansen approach. The empirical results from these approaches are quite close to each other and indicate that the government expenditures have significant positive influence on the non-oil GDP both in the long- and short-run. Therefore, the fiscal policy can play a supportive role in developing the non-oil sector. We further showed that ability of the fiscal policy to support the non-oil sector development, among others, is heavily determined by the degree of dependence on the oil revenues. Therefore, one of the urgent remedies for the Azerbaijani policy makers is to loosen gradually the dependence of the government budget on the oil revenues and oil prices. Instead, non-oil taxes can be considered as an alternative source of the government revenues. We also recommend that the policy makers should also pay particular attention to the investment issues as it has a positive effect on the non-oil sector development. Finally, we reemphasize the importance of future detailed research on improving the efficiency of the fiscal policy in the non-oil sector.

İleri görüşlü ve istidatlı idareciliği ile Azerbaycan’ın her sahada inkişaf etmesi ve bugünkü nüfuzlu mevkiye gelmesini sağlayan Haydar Aliyev’i şahsen tanımış olmaktan dolayı büyük bir şeref ve mutluluk duymaktayım. Göstermiş olduğu olduğu büyük gayretler, Azerbaycan’ın güvenliği ve kalkınması yanında bütün Kafkasya Bölgesi’nin güvenliğinde de etkili olmuştur. Aliyev’in çabalarıyla başlamış olan ortak projelerimiz, dost ve kardeş devletlerimizi birbirine daha da yakınlaştıracak, ilişkilerimizin sarsılmaz temeller üzerinde kurulduğunu bir daha gösterecektir