Modelling Five Variables BVAR for Economic Policies and Growth in Azerbaijan, Kazakhstan and Russia: 2005–2020

Authors

  • Ivan Aleksandrovich Kopytin Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences
  • Nikolay Petrovich Pilnik Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences
  • Ivan Pavlovich Stankevich Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences

Abstract

The paper applies the Bayesian Vector Auto Regression (BVAR) framework to analysis of the influence of world oil price and exchange rate and interest rate policies on economic growth and consumer inflation in three post-Soviet oil exporters: Azerbaijan, Kazakhstan and Russia. It is shown that transition to inflation targeting regime with floating exchange rate in 2014 – 2015 weakened the link between economic growth and world oil price in Russia and Kazakhstan. In Azerbaijan previously nonexistent systemic link between GDP growth and world oil price has emerged. It is also shown that all three countries de facto diverted from free floating exchange rate regime after 2017.Keywords: Brent Oil Price, Nominal Exchange Rate, Economic growth, Interest Rate, Inflation.JEL Classifications: С11, C32, E37, E61, F43DOI: https://doi.org/10.32479/ijeep.11324

Downloads

Download data is not yet available.

Downloads

Published

2021-08-20

How to Cite

Kopytin, I. A., Pilnik, N. P., & Stankevich, I. P. (2021). Modelling Five Variables BVAR for Economic Policies and Growth in Azerbaijan, Kazakhstan and Russia: 2005–2020. International Journal of Energy Economics and Policy, 11(5), 510–518. Retrieved from https://econjournals.com./index.php/ijeep/article/view/11324

Issue

Vol. 11 No. 5 (2021)

Section

Articles

License

Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.