Gurbanov, Sarvar; Nugent, Jeffrey B.; Mikayilov, Jeyhun - In: Economies 5 (2017) 2, pp. 1-20
To help explain the common failure of oil or other natural resource exporting countries to diversify into industry, it has been common to trace this failure to real exchange rate appreciation. This has also been done in Azerbaijan. However, because Azerbaijan has devoted so much of its oil...
