The effect of fiscal policy on oil revenue fund: The case of Kazakhstan

Dina Azhgaliyeva

Research output: Contribution to journalArticlepeer-review

8 Citations (Scopus)


Setting an optimal fiscal policy in oil-producing countries is challenging, due to the exhaustibility of oil resources and unpredictability of oil prices. Recently it has become popular among oil-producing countries to establish oil revenue funds, which are believed to stabilize the economy and provide inter-generational redistribution of oil wealth. The effectiveness of oil revenue funds and their design have received considerable attention from researchers and policymakers recently. Using empirical model, it is found that an oil revenue fund in Kazakhstan stabilized the government expenditure, but did not stabilize real effective exchange rates.

Original languageEnglish
Pages (from-to)157-183
Number of pages27
JournalJournal of Eurasian Studies
Issue number2
Publication statusPublished - 2014
Externally publishedYes


  • Natural resource revenue
  • Oil-producing country
  • Sovereign Wealth Fund
  • Stabilization fund

ASJC Scopus subject areas

  • Sociology and Political Science
  • Cultural Studies
  • History

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