The Role of Energy Investments in Economic Development of Azerbaijan: Econometric Approach

Abstract

Azerbaijan declared its independence on 18th of October, 1991 right after collapse of the Soviet Union. During the first years of independence Azerbaijan faced serious economic crises in all aspects. In the first 4 years the country struggled for political stability and gained it in 1995 after which it started to deal with economic problems. Resolution on ceasefire with Armenia, cooperation with international organizations and oil contracts of that period greatly contributed to cope with economic crisis in Azerbaijan.