The effect of the global financial crisis on Azerbaijan’s economy is closely related to the country’s strong dependence on oil exports. The local economy was mostly affected by a drop in oil prices and not so much by outflows of foreign capital and reduced investment.

Purpose – The purpose of this paper is to analyze the oil price pass-through into consumer price inflation for a developing country: Malaysia. The focus is on whether aggregate consumer prices and different consumer price components or sub-price indexes are related in different ways to oil...

During the 1950s, many observers regarded the expansion of Soviet oil exports as a serious threat to Western political and economic interests. Finland was the first non-communist European country that started to buy Soviet oil on a large scale. This made the country vulnerable to Soviet...

This paper analyzes long term dependence between the market value of oil firms and oil prices. Applying nonlinear cointegration, the results show that in the long-run oil price hikes and falls show different adjustments to the equilibrium. Using a momentum threshold autoregressive model (MTAR),...

The wave of privatization in the 1980s and 1990s increased productivity of many previously state owned enterprises (SOEs). However, governments often do not have su±cient support to privatize SOEs. We provide evidence that threatening privatization and market competition (entry of new firms)...

This article presents a general equilibrium model capable of assessing the impact of foreign price shocks on the real side of the oil-based developing economies. The theoretical model departs from previous work in this area at least in that (1) the model takes into account endogenous income and...

The history of the global oil industry is essential to understand the rise of multinational enterprises. Petrobras, in particular, has started to exploit in international markets the world-class technology it developed to exploit deepwater oil fields. PDVSA, on the other hand, has focused its...

This paper explores whether asymmetric pricing can be identified in the eleven euro zone countries (Austria, Belgium, Finland, Greece, France, Germany, Ireland, Italy, Netherlands, Portugal and Spain) by utilizing Error Correction Model on the weekly price changes in order to assess current and...

Purpose – The purpose of this paper is to investigate the efficacy of Nigeria's oil and gas industry local content (LC) policy, with particular reference to how the policy has enhanced entrepreneurial activities and served as panacea to resolving some of the country's socio-economic challenges...

"This paper studies the cycles of investment and expropriation in the contextof the Latin American oil sector. In particular, it provides an explanationfor the state´s difficulties in capturing the oil rents and rationalizes the tendencyof governments to periodically renege on their prior...