Economies and Energy

  • Yelena Kalyuzhnova
Part of the Euro-Asian Studies book series (EAS)


With the dissolution of the former Soviet Union in 1991, the Caspian Sea region republics began the transition to market driven economies. Gradually the Caspian region is developing into a significant oil and gas exporting area, and a potentially major world oil transit centre. Proven oil reserves for the entire Caspian Sea region are assessed at 18–35 billion barrels, and natural gas reserves are even larger, accounting for almost two-third of the hydrocarbon reserves (proved plus possible) in the Caspian Sea region. Getting this oil and gas out of the region to world markets, however, is complicated by several factors (both political and economic), including high transaction costs and the macroeconomic environment.


Real Exchange Rate Caspian Region Primary Energy Consumption Dutch Disease Real Exchange Rate Appreciation 
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© Yelena Kalyuzhnova 2002

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  • Yelena Kalyuzhnova

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