Khazar University
(Neftchiler Campus)
Marble Hall
Baku, Azerbaijan
The drop in commodity prices, notably oil, hit oil and mineral producing countries hard, slowing economic growth and negatively affecting fiscal balances in these states. During the 2004-2014 commodities boom, many resource-rich countries employed expansionary fiscal policy, allocating large sums to infrastructure and construction projects and social welfare. Many of Eurasia’s oil and mineral exporters established sovereign wealth funds to defend themselves against adverse external shocks. However, progress on economic diversification has been slow and volatile prices slowed the pace of reforms. In a new low commodities era, Eurasia’s oil and mineral exporting states are feeling the pinch and designing fiscal and monetary policies to adjust to the new environment.
On the positive side, some experts believe that the end of the commodities super-cycle presents an opportunity for resource exporters to encourage private entrepreneurship and strengthen competitive market institutions.
In this policy debate—jointly organized by NRGI and Eurasia Extractive Industries Knowledge Hub/Khazar University—a group of distinguished experts will discuss the impact of low commodity prices on the economies of Russia, Kazakhstan, Azerbaijan and Mongolia, and how these countries react to drops in resource revenues, including changes in budget formulation and execution, monetary policy adjustments (devaluation) and social welfare programs. It will also look at how low prices influenced investment opportunities for foreign oil and mining companies.
Facilitation and interactive exchange
Ingilab Ahmadov, Director
Eurasia Hub at Khazar University
Ingilab Ahmadov is the dean of the School of Economics and Management and the director of Eurasia Hub at Khazar University. His work experience includes advising the economy minister of Azerbaijan, heading the NGO Public Finance Monitoring Center and teaching at the Azerbaijan State Oil Academy and Khazar University. He is a former member of the International Board of the EITI. Ahmadov holds a doctorate in economic science from the Saint-Petersburg State University of Economics and Finance.
The impact of low oil prices on Azerbaijan's economy: Threats, challenges, opportunities
Azer Mehtiyev, Head
Center for Support for Economic Initiatives
Azer Mehtiyev is the head of the Center for Support for Economic Initiatives. He is the author of several important studies on the improvement of budget effectiveness and transparency. As an MSG member and a board member of EITI NGO Coalition, he is an active participant in the realization of this initiative in Azerbaijan. He holds a candidate of economic science (Ph.D.) degree and is an assistant professor at the Department of Enterprise Economy at Azerbaijan State Economic University.
The economy of Kazakhstan and low oil prices
Nygmet Ibadildin, Assistant Professor
KIMEP University, Kazakhstan
Nygmet Ibadildin is assistant professor at the Department of International Relations and Regional Studies at KIMEP University.
He received his Ph.D. from the University of Tampere (Finland) in 2011. His research interests are political economy of resource-rich countries, transition in post-Soviet countries and institutional development. Nygmet has worked in the Diplomatic Academy of the Ministry of Foreign Affairs, the International Academy of Business, and the University of International Business. He also worked as an editor and journalist for the magazine Energy of Kazakhstan and the Globe newspaper.
Three “bears” of Russian economy: Oil prices, sanctions and structural problems
Yulia V. Vymyatnina, Professor of Economics
European University at St. Petersburg
Yulia Vymyatnina co-authored the English-language book “Creating a Eurasian Union: Economic Integration of the Former Soviet Republics,” with Daria Antonova, and is the author of the Russian-language “Theories of Money: Lessons From the Crisis.” She published a number of research papers in international and Russian peer-reviewed journals. She was a visiting researcher at the School of Slavonic and East European Studies, University College London, Osteuropa-Institut, Regensburg, and the Bank of Finland Institute for Economies in Transition.
(Neftchiler Campus)
Marble Hall
Baku, Azerbaijan
The drop in commodity prices, notably oil, hit oil and mineral producing countries hard, slowing economic growth and negatively affecting fiscal balances in these states. During the 2004-2014 commodities boom, many resource-rich countries employed expansionary fiscal policy, allocating large sums to infrastructure and construction projects and social welfare. Many of Eurasia’s oil and mineral exporters established sovereign wealth funds to defend themselves against adverse external shocks. However, progress on economic diversification has been slow and volatile prices slowed the pace of reforms. In a new low commodities era, Eurasia’s oil and mineral exporting states are feeling the pinch and designing fiscal and monetary policies to adjust to the new environment.
On the positive side, some experts believe that the end of the commodities super-cycle presents an opportunity for resource exporters to encourage private entrepreneurship and strengthen competitive market institutions.
In this policy debate—jointly organized by NRGI and Eurasia Extractive Industries Knowledge Hub/Khazar University—a group of distinguished experts will discuss the impact of low commodity prices on the economies of Russia, Kazakhstan, Azerbaijan and Mongolia, and how these countries react to drops in resource revenues, including changes in budget formulation and execution, monetary policy adjustments (devaluation) and social welfare programs. It will also look at how low prices influenced investment opportunities for foreign oil and mining companies.
Facilitation and interactive exchange
Ingilab Ahmadov, Director
Eurasia Hub at Khazar University
Ingilab Ahmadov is the dean of the School of Economics and Management and the director of Eurasia Hub at Khazar University. His work experience includes advising the economy minister of Azerbaijan, heading the NGO Public Finance Monitoring Center and teaching at the Azerbaijan State Oil Academy and Khazar University. He is a former member of the International Board of the EITI. Ahmadov holds a doctorate in economic science from the Saint-Petersburg State University of Economics and Finance.
The impact of low oil prices on Azerbaijan's economy: Threats, challenges, opportunities
Azer Mehtiyev, Head
Center for Support for Economic Initiatives
Azer Mehtiyev is the head of the Center for Support for Economic Initiatives. He is the author of several important studies on the improvement of budget effectiveness and transparency. As an MSG member and a board member of EITI NGO Coalition, he is an active participant in the realization of this initiative in Azerbaijan. He holds a candidate of economic science (Ph.D.) degree and is an assistant professor at the Department of Enterprise Economy at Azerbaijan State Economic University.
The economy of Kazakhstan and low oil prices
Nygmet Ibadildin, Assistant Professor
KIMEP University, Kazakhstan
Nygmet Ibadildin is assistant professor at the Department of International Relations and Regional Studies at KIMEP University.
He received his Ph.D. from the University of Tampere (Finland) in 2011. His research interests are political economy of resource-rich countries, transition in post-Soviet countries and institutional development. Nygmet has worked in the Diplomatic Academy of the Ministry of Foreign Affairs, the International Academy of Business, and the University of International Business. He also worked as an editor and journalist for the magazine Energy of Kazakhstan and the Globe newspaper.
Three “bears” of Russian economy: Oil prices, sanctions and structural problems
Yulia V. Vymyatnina, Professor of Economics
European University at St. Petersburg
Yulia Vymyatnina co-authored the English-language book “Creating a Eurasian Union: Economic Integration of the Former Soviet Republics,” with Daria Antonova, and is the author of the Russian-language “Theories of Money: Lessons From the Crisis.” She published a number of research papers in international and Russian peer-reviewed journals. She was a visiting researcher at the School of Slavonic and East European Studies, University College London, Osteuropa-Institut, Regensburg, and the Bank of Finland Institute for Economies in Transition.