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The Caspian States of the Former Soviet Union: Recent Economic Performance and Prospects in Light of the September Events

Author

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  • Helen Boss Heslop

Abstract

This report analyses the recent economic performance of the oil- and gas-rich FSU 'Islamic' Caspian states Kazakhstan, Azerbaijan and Turkmenistan, focusing on the period from the Russian financial crisis of August 1998 through 2001. Special reference is made to the energy sector, since hydrocarbon investments and exports have since the late 1990s been by far the most important drivers of economic growth. Russia, a 'Slavic' Caspian state, is compared and contrasted with the other Caspian states, in its capacity as an oil and gas producer and exporter, transit country, and growth pole for the rest of the FSU. Vulnerability of various sectors of the economies to oil price volatility and 'Dutch disease' are discussed. Also discussed are possible effects of the September events on their political situations, major investment projects, export revenues, exchange rates, budgets, and prospects for transition in general.

Suggested Citation

  • Helen Boss Heslop, 2001. "The Caspian States of the Former Soviet Union: Recent Economic Performance and Prospects in Light of the September Events," wiiw Country Profile 16, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:cprofi:16
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    More about this item

    Keywords

    FSU; CIS economies; Russia; Azerbaijan; Kazakhstan; Turkmenistan; Central Asia; Caucasus; Turkey; Iran; Caspian sea; Caspian pipelines; Kashagan; oil exports; gas exports; OPEC; BP; transition; transparency; corruption; 'Dutch disease'; September 11; Islam; sultanism; Tengiz; Baku-Çeyhan; Novorossiisk; production sharing agreements (PSAs); Dagestan; Kalmykia; Astrakhan Region;
    All these keywords.

    JEL classification:

    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects

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