By Boris; Najman
The Caspian Basin area has boomed because the overdue Nineties because of new oil discoveries, new pipelines that experience different nations' shipping strategies and global oil costs that experience risen from under $10 in 1998 to $70 in 2006. This e-book analyzes the event of the Caspian international locations in the course of the oil increase. it's based on empirical reports, utilizing both macroeconomic instruments or an research of public budgets, or microeconometric research of family survey information or fieldwork in oil-producing areas. relocating from aggregated to disaggregated research and, in-keeping with its emphasis on rigorous empirical research to the best quantity attainable, a number of chapters are written through experts at the Caspian quarter. when there's an emphasis at the financial effects of the oil growth, the interdisciplinary points of the phenomenon also are famous. total, the research is firmly rooted within the area, but the empirical reviews additionally offer a foundation for drawing broader classes concerning the results of an oil growth.
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Additional resources for The Economics and Politics of Oil in the Caspian Basin: The Redistribution of Oil Revenues in Azerbaijan and Central Asia (Central Asia Research Forum)
Notes 1 This book focuses on Kazakhstan and Azerbaijan as the main oil producers in the region. Turkmenistan’s natural resource wealth is based on natural gas. Exploration for oil under Turkmenistan’s part of the Caspian Sea has been hampered by the unwillingness of foreign firms to operate under the idiosyncratic regime imposed by the personalized autocracy of President Niyazov (Turkmenbashi the Great) and by jurisdictional disputes with Azerbaijan; this may change in the wake of Turkmenbashi’s death in December 2006.
As in Azerbaijan, Kazakhstan’s authorities have strived to put an end to the institutional splitting up of the sector and have achieved this objective in a decade. Several successive reorganizations took place, finally leading to the constitution of a single vertically integrated state company in the oil and gas sector, in which men related to President Nazarbayev’s family have the power to take strategic decisions. After 1991, the national company, Kazakhstanmunaigaz, managed Kazakhstan’s oil sector, but it remained under the authority of the Oil and Gas Ministry.
New oil revenue flows, or significant increases in existing ones, will transform an economy for better or worse. Usually, expectations are high. Governments and private citizens consider the oil to be a bonanza and the increased income a windfall. Disappointment often follows. Certainly, oil revenue has the potential to make an economy unambiguously better-off but it also produces large risks that the potential benefits will not be fully realized or indeed, that may make an economy worse-off than before.