This study investigates the relationship between energy consumption, financial development, economic growth, and energy prices in Kazakhstan, utilizing VECM technique to the data spanning from 1993 to 2014. Estimation results reveal that there is a positive and statistically significant impact of financial development and economic growth on the energy consumption while, energy prices proxied by CPI has a negative effect on energy consumption in the long run for the Kazakhstani case which are in line with the expectations and with the theoretical findings. This finding also shows that a 1% increase in financial development and economic growth increases energy consumption by 0.11 and 0.39%, respectively.

Research examines the relations between GDP in Manat and Dollar and total electric energy consumption for the last 22 years in the Republic of Azerbaijan. Besides, the relations between the electric energy consumption and the growth of GDP in these sectors were analysed. Autoregressive distributed lag model was used as a research methodology. Stationary tests of variables (ADF, PP, and KPSS) and Pairwise Granger Causality Tests were done. Stability of models was examined. Eviews_9 econometric software program was used to establish graphics and do calculations. Having analysed the research, there is a positive correlation not only in GDP and electric energy consumption but also electric energy consumption and GDP in different sectors of economy. We recommend to save electric energy.

This study explores the relationship between bank credits, exchange rate and non-oil GDP in Azerbaijan, utilizing FMOLS, CCR and DOLS co-integration methods to the data spanning from January 2005 to January 2019. The results from the different cointegration methods are consistent with each other and approve the presence of a longrun relationship among the variables. Estimation results reveal that there is a positive and statistically significant impact of bank credits and exchange rate on the non-oil GDP in the long run for the Azerbaijani case which are in line with the expectations and with the theoretical findings discussed in theoretical framework section. This finding also indicates that a 1% increase in credit and real exchange rate increases non-oil GDP by 0.51% and 0.56%, respectively. The results of this paper are useful for the policymakers and promote the economic literature for further researches in the case of oil-rich countries.

A review of modern economic literature shows the lack of consensus on the relationship between the trade openness policy and the economic growth of countries. There is also an opinion that the policy of openness in emerging and resource-rich countries presents more opportunities for growth and development. Is this true, and under what conditions does openness lead to growth? Exploring the nature of trade openness and economic growth relationship in resource-rich emerging countries is the purpose of this paper. Therefore, the economy of Azerbaijan, rich in hydrocarbon resources, has been chosen as the object of this study. Next, the VAR model using ADF tests and Johansen’s cointegration was chosen to analyze and evaluate the causal nature of the relationship between openness and growth. Trade openness ratio and GDP per capita growth are model variables. The study covers annual data from 1995 to 2020. It was found that there are no cointegration relationships between variables in the long run. However, there is a unidirectional causal relationship from openness to growth in the short run, and the effect of growth to openness is not statistically significant. The results show that Azerbaijan receives economic benefits from openness by selling oil to the world market. Yet, the short-run nature of such benefits and the lack of feedback from growth to openness suggest specific problems in the diversification and quality of the country’s exports.