• Initiative -
  • Type KAPSARC journal article
  • Date 19 October 2017


The paper examines the energy-growth nexus in ten oil-exporting developing Eurasian countries: Azerbaijan, Bahrain, Iran, Kazakhstan, Kuwait, Oman, Qatar, Russia, Saudi Arabia and the UAE over the period 1997–2014. Lack of enough energy-growth nexus studies on the oil exporters of the Middle East and Commonwealth of Independent States coupled with a number of issues, which have not been addressed by prior studies motivate us to conduct this review. Policymakers should take into consideration that any policy measures aimed at conserving the Primary Energy Consumption can undermine economic growth, as we find that the growth hypothesis dominates in the Primary Energy Consumption-growth nexus. Conversely, validity of the neutrality hypothesis in the Residential Electricity Consumption-growth nexus, another finding of this study, implies that policymakers can pursue conservation policy by reconsidering the residential electricity subsidies in the selected countries. The study contributes to the energy-growth literature by addressing some issues and filling the gap for the Eurasian oil exporting countries, especially those in the Middle East and Commonwealth of Independent States. © 2017 Elsevier Ltd


Renewable and Sustainable Energy Reviews


Fakhri Hasanov

Research Fellow Fakhri is a research fellow leading the KAPSARC Global Energy Macroeconometric Model (KGEMM) project. Previously, he was an associate professor… Fakhri is a research fellow leading the KAPSARC Global Energy Macroeconometric Model (KGEMM) project. Previously, he was an associate professor and director of the Center for Socio-Economic Research at Qafqaz University, Azerbaijan. He has served as a deputy director of the Research Institute at the Ministry of Economic Development, and a senior economist at the Research Department of the Central Bank of Azerbaijan Republic. He received a Fulbright Post-Doctoral Scholarship and conducted a research on building and applying a macroeconometric model for policy analysis at the George Washington University. Fakhri is a member of the research program on forecasting at the George Washington University and the editorial board of the Asian Journal of Business and Management Sciences. His research interests and experience span econometric modeling and forecasting, building and applying macroeconometric models for policy purposes, energy economics with a particular focus on natural resource-rich countries.


  • Applied macroeconometrics
  • Energy economics
  • Time series modeling and forecasting

Publications See all Fakhri Hasanov’s publications

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