Sorhun, Engin (2007): Oil Boom, Chewing-Gum, and Oil Fund.
Download (239Kb) | Preview
When Kazakhstan was trying to go out from economic, social and political transition, suddenly faced well-known problems of the oil-rich countries. It is absolutely vital that Kazakhstan evaluate its oil-income for going out from transition and developing itself in accordance with the conditions of market economy. After the suggestion of the IMF, Kazakh Government constituted an oil fund in order to prevent its economy from volatility of oil-revenue and price-chocks in the oil market. This paper aims to reveal the impacts of the Kazakh Oil Fund on monetary budgetary and macroeconomic stabilities of the country through time-series regression analysis. In doing so, I test also to what extent an oil fund works in a transition country.
|Item Type:||MPRA Paper|
|Original Title:||Oil Boom, Chewing-Gum, and Oil Fund|
|Keywords:||Oil boom, Oil Funds, Budget Deficit, Fiscal Policy, Kazakhstan|
|Subjects:||H - Public Economics > H6 - National Budget, Deficit, and Debt > H62 - Deficit; Surplus
Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q32 - Exhaustible Resources and Economic Development
H - Public Economics > H5 - National Government Expenditures and Related Policies > H50 - General
Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q4 - Energy > Q48 - Government Policy
Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q33 - Resource Booms
Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q4 - Energy > Q43 - Energy and the Macroeconomy
|Depositing User:||Engin Sorhun|
|Date Deposited:||24. Feb 2011 18:36|
|Last Modified:||11. Feb 2013 20:08|
1. Auty, Richard M.(1997) " Does Kazakstan oil wealth help or hinder the transition" http://www.cid.harvard.edu/hiid/615.pdf 2. Auty, Richard M.(1998) “ Mineral wealth and the economic transition : Kazakhstan” Recource Policy 24,4:241-249,1998a 3. Auty, Richard M.(1998) “Recources abondanc and economic deveopment: Improving the performance of resources-rich countries” World Institute for Development Economics Research, Action Paper no.44,1998b 4. Bacon, Robert and Tordo, Silvana (2006), “Experience with Oil Funds: Institutional and Financial Aspects” World Bank, Energy Sector Management Assistance Program, Report 321/06. 5. Barnett, Stevent and Ossowski, Rolando (2003) “Operational Aspects of Fiscale Policy in Oil-Produpcing Countries” IMF 6. Cappos, Nauro, Coricelli (2001) " Growth in transition: What we know, hat we don’t, and what we should" http://eres.bus.umich.edu/docs/workpap-dav/wp470.pdf 7. Charles P. McPherson (2003) “Petroleum Revenue Management in Developing Countries” 8. Cohen, Ariel (2002) “ Confronting Kazakhstan’s Dutch Disease” www.hertage.org/press/commentary/032603c.cfm 9. Cristoph, B. Rosenberg, et Tapio, Saavalainen (1998) « Dealing with Azerbaijan’s Oil Boom » Finance And Development by IMF 10. Davis, Jeffrey ,Ossowski, Rolando, Fwedelino (2003) « Fiscal Policy Formulation and Implementation in Oil-Procicing Contries” IMF 11. Davis, Jeffrey ,Ossowski, Rolando, Daniel, James, et Barnett, Steven (2001) “Stabilisation and Saving Funds for Nonrenewable Resources” IMF Occasional Paper 205 12. Davis, Jeffrey ,Ossowski, Rolando, Daniel, James, et Barnett, Steven (2001) “Oil Funds : Problem Posing as Solution” Finance anf Developmentn 4/38/01 IMF 13. De Broec, Mark and Kostial, Kristina (1998) “Output decline in transition: The case of Kazakhstan” IMF WP/98/45, April 98 14. De Broec, Mark and Slok, Torsten (2001) “ Interpreting real exchange rate movements in transition countries” IMF WP/01/56, May 2001 15. Egil Matson and Ragnar Torvik (2002) “ Optimal Dutche Disease” 16. Engel, Valdes (2000) "Optimal fiscal strategy for oil exporting countries" http://www.imf.org/external/pubs/ft/wp/2000/wp00118.pdf 17. EBRD (2001) “Energy in transition” 18. EBRD ________ ___________________________ Transition Report (2003, 2004, 2005, 2006) 19. Esanov, Akram ; Raiser, Martin; Buiter, Willem (2001) "Nature's blessing or nature's curse: the political economy of transition in ressource-based economies " 20. Fasano, Ugo (2000) “ Review of the Experience with Oil Stabilisation and Savings Funds in Selected Countries” IMF WP/00/112 21. Gylfason, Trovald and Gylfi Zoelga (2001) "Natural resources and economic growth : Role of investment" http://www.bcentral.cl/esp/estpub/estudios/dtbc/pdf/dtbc142.pdf 22. Gylfason, Trovald (2001) “Natural resources, education, and economic development” Europen Economic Rewiev 45, may 847,859 23. Gylfason, Trovald (2001) “Natural resources and economic growth: What is the connection?” 24. IMF (2004) “Petroleum Revenue Management Workshop” 25. IMF Country Reports_____________________________ Azerbaijan(2003, 2004, 2006), Kazakhstan(2003, 2004,2006), 26. IMF Article IV Consultation______________________________ Azerbaijan (2003, 2006), Kazakhstan (2003, 2006) 27. Jean-Marie Baland, Patric François (2000) « Rent-seeking and resource boom » Journal of Development Economics 28. James A, Robinson, Ragnar, Torvik (2002) « Political fundations of the resources curse » www.cepr.org/pubs/dps/DP3422.qsp 29. Juhani, Laurila "Power politics and oil as deteminant of transition: The case of Azerbaijan" 30. Kalyuzhnova, Yelena (2003) “The Curse of Hydrocarbon: Development of the Oil Funds in Kazakhstan and Azerbaijan” 31. Kutan, M. Ali, Michael L, Wyzan, Kkuralbayeva (2001) « Is Kazakhstan vulnerable to the Dutch Disease?” Centre for European Integratin Studies WP B-29 2001. 32. Leaky, Pipeline (2003) “ Addressing Incomplet Oil Revenues Strategies in Azerbaijan et Kazakhstan” IMF http://www.bof.fi/bofit/eng/7online/abs/pdf/bon1099.pdf 33. Nigel, Chalk (1998) " Fiscal Sustainabilty with non-renewable resources" http://www.imf.org/external/pubs/ft/wp/wp9826.pdf 34. Patrola, Irina (2003) “ Azerbaijan Public Expenditure Review” World Bank 35. Patrola, Irina (2000) “ Kazakhstan Expenditure Review” World Bank 36. Pastor, Gonzalo et Damjanovic, Tatiana (2001) “The Russian Financial Crisis and its Consequences for Central Asia” IMF WP/01/169 37. Petersen Christian E. and Budina Nina (2002) “Governance Framework of Oil Funds: The Case of. Azerbaijan and Kazakhstan”, http://www.policy.hu/karimli/issuepaper.pdf 38. Public Finance Monitoring Center (2004) “Public Finance: Transparency and Efficiency” 39. Public Finance Monitoring Center (2004) “Poor Ties Budget and Money” 40. Public Finance Monitoring Center (2004) “ Baku Energy Economy Passed to Private Hands 41. Rrada, Josef C. (1998) “ Introduction : Exchange rate, capital flows and commercial policies in transition economies” Journal of Coperative Economics 26,4:613-620, Dc 98 42. Rosenberg, Cristopher B., Saavalainen, Tapio O (1998) “How to deal with Azerbaijan’s oil boom? Policy, strategy in a resource-rich transition economy” IMF WP/98/6 Januar 98 43. Ragnar, Torvik (1999) “ Learning by doing and Dutch Disease” European Econonic Review 44. Ragnar, Torvik (2001) “ Natural resources, rent seeking and walfaire” Journal of Development Economics 45. Sachs, Jeffrey and Andrew Warner (1995) “Natural resources abundance and economic growth” NBER Working Paper 5398 46. Sumley,Emil; Baunsgaard et Simard,Dominique (2002) “Revenu from the Oil and Gas Sector : Issue and Country Experience” 47. Tsalik, Sveltana (2003) “Caspian oil Windfalls: Who will benefit?” Open Society 48. Trancperency Inernational (2003) “Corruption Perception Index” 49. Wakeman-Linn, John, Mathieu and B. Van Selm (2002) “Oil founds in transition economies: Azerbaijan and Kazakhstan” IMF Mimeo.