966
Serial number: 04/2014
Author(s): S.Huseynov, V.Ahmadov
Language: Azerbaijani
Date: 2014
Abstract: This paper studies the business cycles and economic fluctuations observed in oil exporting countries. It carries out different empirical estimations to determine the existence of common economic fluctuations and oil business cycles in the economies under the investigation. The estimation results show that the nature of business cycles observed in oil rich countries differs from business cycles of advanced economies. This study also reveals that though these economies are considered to be similar, they exhibit significant diversity. In addition, it also point out to the fact that though in the literature, oil prices are considered the main source of the business cycle fluctuations in these economies, the empirical estimations draw attention to the high explanatory power of the world GDP. As a conclusion, it once more underlines the fact that economic fluctuations observed in oil rich countries have heterogeneous character and demonstrate significant differences.
Key words: Business cycle, oil-exporting country, macroeconomic fluctuation
JEL classification: E32, Q32
