The Economics and Politics of Oil in the Caspian Basin: The Redistribution of Oil Revenues in Azerbaijan and Central Asia (Central Asia Research Forum)

The Caspian Basin region has boomed since the late 1990s due to new oil discoveries, new pipelines that have diversified countries' transport options and world oil prices that have risen from below $10 in 1998 to $70 in 2006. This book analyzes the experience of the Caspian countries during the oil boom. It is founded on empirical studies, using either macroeconomic tools or an analysis of public budgets, or microeconometric analysis of household survey data or fieldwork in oil-producing regions. Moving from aggregated to disaggregated analysis and, in-keeping with its emphasis on rigorous empirical analysis to the greatest extent possible, several chapters are written by specialists on the Caspian region. Whilst there is an emphasis on the economic consequences of the oil boom, the interdisciplinary aspects of the phenomenon are also recognized. Overall, the analysis is firmly rooted in the region, yet the empirical studies also provide a basis for drawing broader lessons about the effects of an oil boom. BOOK COVER......Page 1 TITLE......Page 6 COPYRIGHT......Page 7 CONTENTS......Page 8 ILLUSTRATIONS......Page 10 TABLES......Page 12 CONTRIBUTORS......Page 16 PREFACE......Page 18 ACKNOWLEDGEMENTS......Page 28 ABBREVIATIONS......Page 30 1 INTRODUCTION......Page 32 Part I BACKGROUND......Page 38 2 OIL IN THE CASPIAN BASIN: Facts and figures......Page 40 3 THE IMPACT OF OIL REVENUE ON ECONOMIC PERFORMANCE: Analytical issues......Page 61 Part II MACROECONOMIC LINKS AND FISCAL DECENTRALIZATION......Page 74 4 NOMINAL AND REAL EXCHANGE RATES IN KAZAKHSTAN: Any sign of Dutch disease?......Page 76 5 RESOURCE REVENUE AND FISCAL SUSTAINABILITY IN KAZAKHSTAN......Page 95 6 FISCAL DECENTRALIZATION IN CENTRALIZED STATES: Central Asian patterns......Page 104 Part III MICROECONOMIC ANALYSIS OF REDISTRIBUTION......Page 140 7 REDISTRIBUTION OF OIL REVENUE IN KAZAKHSTAN......Page 142 8 WHITHER OIL MONEY?: Redistribution of oil revenue in Azerbaijan......Page 163 Part IV GOVERNANCE AND LOCAL IMPACT: Alternative viewpoints......Page 188 9 IMPROVING THE BENEFICIAL SOCIO-ECONOMIC IMPACT OF HYDROCARBON EXTRACTION ON LOCAL/REGIONAL DEVELOPMENT IN CASPIAN ECONOMIES......Page 190 10 TENGIZ CRUDE: A view from below......Page 207 11 CONCLUSIONS......Page 230 REFERENCES......Page 234 INDEX......Page 245 Introduction / Boris Najman, Richard Pomfret And Gaël Raballand -- Oil In The Caspian Basin : Facts And Figures / Gaël Raballand And Régis Genté -- The Impact Of Oil Revenue On Economic Performance : Analytical Issues / Michael Lewin -- Nominal And Real Exchange Rates In Kazakhstan : Any Sign Of Dutch Disease? / Balázs Égert And Carol S. Leonard -- Resource Revenue And Fiscal Sustainability In Kazakhstan / Peter Lohmus And Anna Ter-martirosyan -- Fiscal Decentralization In Centralized States : Central Asian Patterns / Natalie Leschenko And Manuela Troschke -- Redistribution Of Oil Revenue In Kazakhstan / Boris Najman ...[et Al.] -- Whither Oil Money? : Redistribution Of Oil Revenue In Azerbaijan / Matthias Luecke And Natalia Trofimenko -- Improving The Beneficial Socio-economic Impact Of Hydrocarbon Extraction On Local/regional Development In Caspian Economies / Richard Auty -- Tengiz Crude : A View From Below / Saulesh Yessenova -- Conclusions / Boris Najman, Richard Pomfret And Gaël Raballand. Edited By Boris Najman, Richard Pomfret And Gaël Raballand. Includes Bibliographical References (p. 203-213) And Index. Oil in the Caspian Basin : facts and figures / Gael Raballand and Regis Gente The impact of oil revenues on economic performance : analytical issues / Michael Lewin Nominal and real exchange rates in Kazakhstan : any sign of the Dutch disease? / Balázs Egert and Carol Leonard Resource revenues and fiscal sustainability in Kazakhstan / Peter Lohmus and Anna Ter Martirosyan Fiscal decentralization in centralized states : Central Asian patterns / Natalie Leschenko and Manuela Troschke Redistribution of oil revenues in Kazakhstan / Boris Najman ...[et al.] Whither oil money? Redistribution of oil revenues in Azerbaijan / Matthias Luecke and Natalia Trofimenko Improving the beneficial socio-economic impact of hydrocarbon extraction on local/regional development in Caspian economies / Richard Auty Tengiz crude : a view from below / Saulesh Yessenova Conclusions. The Caspian Basin region has boomed since the late 1990s due to new oil discoveries, new pipelines that have diversified countries' transport options and world oil prices that have risen from below ten dollars in 1998 to seventy dollars in 2006. This book analyzes the experience of the Caspian countries during the oil boom. The Caspian Basin has been a booming region since the late 1990s due to new oil discoveries, new pipelines that diversify the countries' transport options, and world oil prices that have risen from below $10 in 1998 to $60-70 in 2006. This book analyses the experience of the Caspian countries during the oil boom The Caspian Basin region has boomed since the late 1990s due to new oil discoveries, new pipelines that have diversified countries' transport options and world oil prices that have risen from below 1 0 in 1998 to 7 0 in 2006. This book analyzes the experience of the Caspian countries during the oil boom