Several empirical studies have found that when exports are concentrated in natural resources countries experience slower rates of economic growth. Various potential channels for this relationship have been identified including Dutch disease, volatility in the terms of trade, and impacts on...

We examine the relationship between oil price fluctuations and economic activity in Azerbaijan using vector autoregressive models for the period 2002Q1-2018Q4. Our key results are as follows. First, quarterly GDP growth decreases after oil price innovations in both, the oil and gas sector and in...