 Where to Get Money for Investment in Economic Growth (Using the Example of the Azerbaijani Economy)Farhad F. Amirbayov () Economics of Contemporary Russia, 2018, issue 3 Abstract: After the collapse of the USSR, to ensure the economic growth and well-being of its citizens Azerbaijan made a bet on the development of export-oriented fuel and energy complex. First of all, it was about creating conditions for increasing the crude oil production and building the infrastructure for its export to foreign markets. Success was achieved by a combination of good governance, availability of national personnel in the oil industry and participation of foreign, primarily western companies, in oil projects. Foreign oil companies and their subcontractors brought in Azerbaijan not only technologies, knowledge and equipment but also invested their funds in many projects. Since 2012, when caused by natural causes the monotonous decline in crude oil production began Azerbaijan has entered the so-called “post-oil†stage of its development. And now it's about the need to develop industry and the agricultural sector of the national economy which will require an increase the competitiveness of the economy to another level of quality. Are the foreign investments the only or at least the dominant financial source for Azerbaijan? In this article the analysis of the state of money circulation of Azerbaijan is carried out, a number of problems which do not allow to accelerate the country's transition from the mono-raw export-oriented economic model to diversified model in which a significant share should take the processing industry is identified. Besides it, a different way of financial policy which should not only stabilize the monetary sphere of the country experiencing post-oil phase, but also to accelerate economic growth rate is proposed. The main financial source of such growth should be the loan in Azerbaijani currency – manat, which will be available for entrepreneurs and government. So this article is about the strategy of transformation of manat to the investment resource, which will support economic growth of Azerbaijan at the present historical stage. Date: 2018 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ack:journl:y:2018:id:296 Access Statistics for this article More articles in Economics of Contemporary Russia from Regional Public Organization for Assistance to the Development of Institutions of the Department of Economics of the Russian Academy of Sciences |
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