Kazakhstan

Aliev, Timur

doi:10.1080/10611991.2014.1119558

Cited by 5 publications

(1 citation statement)

References 11 publications

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“…Similar results were found in the paper of Kose and Baimaganbetov (2015). As a result, the Dutch disease hypothesis in the Kazakhstani economy was intensively studied by Kutan and Wyzan (2005), Egert andLeonard (2008), andAliev (2015). Dikkaya and Doyar (2017) illustrated a one-way causality from oil prices to the exchange rate and unidirectional causality from the exchange rate to GDP in Kazakhstan.…”

Section: Introductionmentioning

confidence: 99%

The Impact of Oil Price Shocks on Oil-Dependent Countries’ Currencies: The Case of Azerbaijan and Kazakhstan

Czech

Niftiyev

2021

JRFM

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The paper aims to assess the relationship between Azerbaijani and Kazakhstani exchange rates and crude oil prices volatility. The study applies the structural vector autoregressive (SVAR) model. The paper concentrates on Azerbaijan and Kazakhstan, the post-Soviet countries considered as some of the most oil-dependent countries in the Caspian Sea region. The impulse response functions suggest that the rise of crude oil prices is associated with the exchange rates decrease and thus with an Azerbaijani manat and Kazakhstani tenge appreciation against the U.S. dollar. Moreover, the results suggest that an oil price increase leads to the rise of Azerbaijani international reserves. However, the results are insignificant for the Kazakhstani foreign exchange reserves. Additionally, the study reveals a negative and significant relationship between crude oil prices and USD/KZT in both pre-crisis and the COVID-19 crisis periods. We reveal that the correlation has been stronger during the COVID-19 pandemic. However, the relationship is not significant in the case of the Azerbaijani manat. The USD/AZN exchange rate has been stable since 2017, and the first phase of the COVID-19 pandemic has not caused a change in the exchange rate and a weakening of the Azerbaijani currency, despite significant drops in crude oil prices.

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Section: Introductionmentioning

confidence: 99%

The Impact of Oil Price Shocks on Oil-Dependent Countries’ Currencies: The Case of Azerbaijan and Kazakhstan

Czech

Niftiyev

2021

JRFM

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The Rise of the Rentier Class and Widening Social Inequalities

Sanghera

Satybaldieva

2021

Rentier Capitalism and Its Discontents

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Petrol Fiyatları ve Kazakistan Reel Döviz Kuru: ARDL Sınır Testi Yaklaşımı

Ağazade¹

2020

Bilig

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Using different real exchange rate indexes and bound test approach, this paper investigates the effect of real oil prices on Kazakhstan's real exchange rate. Results of long run ARDL approach show that increases in real oil prices causes appreciation of real effective exchange rate index which includes all trading partners of Kazakhstan or the countries outside of CIS, but causes depreciation in real effective exchange rate index which includes only CIS countries. Alongside this, ARDL error correction model shows that deviation from long run relationship is corrected in a shorter span of time when real effective exchange rate index which includes CIS countries is taken into account. The results indicate that in order to ensuring real exchange rate stability, it is important to maintain the development of other sectors together with rapid growing oil and gas sectors and to increase trade with oil rich neighbouring countries.

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Kazakhstan

Cited by 5 publications

References 11 publications

The Impact of Oil Price Shocks on Oil-Dependent Countries’ Currencies: The Case of Azerbaijan and Kazakhstan

The Impact of Oil Price Shocks on Oil-Dependent Countries’ Currencies: The Case of Azerbaijan and Kazakhstan

The Rise of the Rentier Class and Widening Social Inequalities

Petrol Fiyatları ve Kazakistan Reel Döviz Kuru: ARDL Sınır Testi Yaklaşımı

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