Principal component and regression analysis of the natural resource curse doctrine in the Azerbaijani economy

The Azerbaijani economy has long been discussed in academic literature with reference to the theories of the natural resource curse (NRC) and Dutch disease. This is due to Azerbaijan’s heavy dependence on the oil and gas industry for its economic growth and development since 1995. While revenues from mineral resources helped overcome extreme poverty and increased GDP and GDP per capita, macroeconomic stability was shaken by the sharp decline in commodity prices in 2014 and 2015. This reality prompted scholars to look into the significance of NRC and Dutch disease in Azerbaijan. This paper ther... Mehr ...