The Role of Savings in the Economic Development of the Republic of Azerbaijan

Nagi Bairamli () and Vassilis Kostoglou ()
Additional contact information
Nagi Bairamli: TEI of Thessaloniki, Greece
Vassilis Kostoglou: TEI of Thessaloniki, Department of Informatics, P.O. Box 141, GR-574 00, Thessaloniki, Greece

International Journal of Business and Economic Sciences Applied Research (IJBESAR), 2010, vol. 3, issue 2, 99-110

Abstract: This article aims to analyze the possibilities of the accumulation and mobilization of savings and their role in the economic development of the Republic of Azerbaijan. Currently, the national economic growth is mostly based on the resource components; crude oil, natural gas and oil products. For the development of the non-oil sector the mobilization of domestic savings into investments would prove very useful. Savings of people should be the most important investment resource for the development of the non-oil sector, as the foreign capital is mostly involved in production of natural resources like oil and gas. The mobilization of domestic savings is crucial for raising the economic growth and promoting development, as it is the private savings that affect the domestic investments significantly. The most of the savings are made when they are fully channeled into the productive investments. As a result, this will lead to the solution of problems of employment and economic growth.

Keywords: economic growth and development; savings; investments; financial institutions (search for similar items in EconPapers)
JEL-codes: E44 O11 O16 (search for similar items in EconPapers)
Date: 2010
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://ijbesar.af.duth.gr/docs/volume3_issue2/azerbaijan.pdf (application/pdf)
https://ijbesar.af.duth.gr/volume3_issue2.php (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:tei:journl:v:3:y:2010:i:2:p:99-110

Access Statistics for this article

International Journal of Business and Economic Sciences Applied Research (IJBESAR) is currently edited by Christos Grose and Persefoni Polychronidou

More articles in International Journal of Business and Economic Sciences Applied Research (IJBESAR) from Democritus University of Thrace (DUTH), Kavala Campus, Greece Contact information at EDIRC.
Bibliographic data for series maintained by Kostas Stergidis ().