http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/185 2026-04-12T13:23:13Z 2026-04-12T13:23:13Z Aliyev, Fuzuli http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/1491 2025-10-23T09:49:13Z

The Positive Effects of Financial Innovation on the International Trade Volume Aliyev, Fuzuli Recent developments in technology and research have brought new innovations into the finance sector. Applying mathematics and computer science into finance has developed a multidisciplinary financial engineering field, where new quantitative and complex financial products are supplied to investors. In this chapter, we describe financial technologies as high-frequency trade; investment vehicles as mutual, exchange-traded, and hedge funds in the finance sector with figures of past 10 years and their impact in international trade volume. Financial derivatives are innovative products where investor may mitigate risk on their domestic and international transactions. The author also discusses cryptocurrencies as an important tool in innovation.

Hamelin, Nicolas Bhatti, Ishaq M. http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/1478 2025-09-23T06:08:07Z

Energy Usage, Health Issues, and Pro-Environmental Behaviour: Exploring the Link and Promoting Energy Change in Kyrgyzstan Hamelin, Nicolas; Bhatti, Ishaq M. Background: This study examines the relationship between energy usage, health issues, and pro-environmental behaviour (PEB) in Kyrgyzstan amidst the country’s commitment to transition from coal-based energy to renewable sources, in line with the Paris Agreement. The purpose is to investigate citizens’ attitudes towards PEB and their intentions to engage in environmentally friendly actions, focusing on gas, electricity, and coal. Methods: Drawing upon the Theory of Planned Behaviour (TPB) framework, a survey was conducted among 1455 respondents to explore attitudes towards PEB and energy sources’ impact on health issues. Results: Decarbonization efforts in Kyrgyzstan and Central Asia are in their early stages, with coal remaining a primary energy source. The study emphasizes the importance of governmental policies and citizen action in achieving decarbonization goals. Rising electricity costs outweigh the increase in indirect energy costs for food, posing challenges for households adapting to changing energy dynamics. Conclusions: Targeted interventions and communication strategies are crucial to promote pro-environmental behaviour and facilitate the transition to sustainable energy sources. Understanding the relationships between health concerns, air pollution awareness, PEB, and energy source choices can inform policymakers and organizations to ensure a sustainable and healthy future for Kyrgyzstan and other Central Asian countries.

Hasanov, Fakhri J. Aliyev, Ruslan Taskin, Dilvin Suleymanov, Elchin http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/1473 2025-09-22T11:44:17Z

Oil rents and non-oil economic growth in CIS oil exporters. The role of financial development Hasanov, Fakhri J.; Aliyev, Ruslan; Taskin, Dilvin; Suleymanov, Elchin The role of financial development is vital in long-run economic growth. Due to the windfall revenues it might have extra relevance in natural resource-rich developing economies. This study explores whether financial development, measured in the percentage share of the bank loans to the private sector in GDP, can facilitate the impact of oil rents on the development of the non-oil sector in Commonwealth of Independent States oil exporters: Azerbaijan, Kazakhstan, and Russia in the long run. It develops a combined framework where financial development acts as both a threshold variable and an interaction term for the impact of oil rents on non-oil GDP. We find a threshold effect of oil rents for the non-oil sector in Azerbaijan and Kazakhstan. It shows that the same magnitude of oil rents can create more non-oil growth if financial development exceeds 9.6% and 15.5% in Azerbaijan and Kazakhstan, respectively. For Russia, neither threshold nor interaction effects were found – oil rents have a linearly positive impact on non-oil economic development. Moreover, we find that institutional quality fosters non-oil development in Azerbaijan. It also positively affects non-oil development in Kazakhstan and Russia, albeit statistically insignificant. In the design of policies, authorities may wish to implement measures that would lead to the further development of the financial sector and institutional quality to make oil rents more beneficial for the development of the non-oil sector.

Gurbanov, Sarvar Mikayilov, Jeyhun I. Maharramli, Shahin http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/622 2025-03-14T14:22:31Z

The price and income elasticities of natural gas demand in Azerbaijan: Is there room to export more? Gurbanov, Sarvar; Mikayilov, Jeyhun I.; Maharramli, Shahin Natural gas is frequently introduced as a “transitional fuel”. Because burning natural gas emits less carbon dioxide emissions than burning either oil or coal. Additionally, the intermittent nature of low-carbon electricity generation creates imperative for using natural gas for power generation. The role of natural gas is currently under scrutiny as climate change transforms into a climate crisis. Meanwhile, share of natural gas in the primary energy consumption of Azerbaijan is 69%, while 94% of the country’s electricity is currently being generated in natural gas-fired power plants. In this manner, this paper estimates income and price elasticities of natural gas demand for the Azerbaijan case. In this study, various sets of estimation techniques are utilized. By modeling natural gas demand with different estimation methods, including Autoregressive Distributed Lagged Structural Time Series Modeling, Dynamic Ordinary Least Squares Method, Fully Modified Ordinary Least Squares, Canonical Cointegrating Regression, and General to Specific under Autometrics multi-path search machine learning algorithm, we try to find if there is room for the country to export more. All these utilized estimation methods confirmed the long-run income elasticity to be around 0.8, while the long-run price elasticity is around −0.1. Both estimations provide insights in terms of energy security and electricity security for policymakers during the implementation pro cess of climate, energy, and environmental policy. Findings of this study classify natural as a necessity and normal good for the Azerbaijan case. The main policy implication of this study is that policymakers must enable and facilitate the availability of close renewable substitutes for residential and commercial customers. Estimated elasticities suggest that with rising national income, demand for natural gas will keep increasing, and efficient consumption will not be attainable with increasing prices. In the pursuit of export potential, findings suggest that it is more relevant to free up natural gas allocated from power generation by substituting it with renewable energy sources.

Gurbanov, Sarvar Mikayilov, Jeyhun I. Mukhtarov, Shahriyar Yagubov, Sakit http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/503 2025-03-14T14:25:06Z

Forecasting 2030 CO2 reduction targets for Russia as a major emitter using different estimation scenarios Gurbanov, Sarvar; Mikayilov, Jeyhun I.; Mukhtarov, Shahriyar; Yagubov, Sakit This study firstly analyzes the impact of energy intensities and income on CO2 emissions in Russia, applying different estimation methods to the data period from 1990 to 2020. In addition, the study forecasts CO2 emissions considering 2030 targets under different assumptions and assesses the achievability of the set target. The estimation results concluded that the GDP and fossil fuel intensities of GDP have a statistically positive impact on CO2 emissions. Also, we found that the forecasted value for 2030, for the business-as-usual case, is 1750 MtCO2, with 95% confidence interval values of 1703 MtCO2 and 1796 MtCO2. This result shows that Russia needs to undergo substantial policy interventions to achieve its targets to reduce CO2 emissions. As the fifth biggest emitter, Russia's missing its emissions targets will have undesirable implications for the rest of the world. Based on the projection results, the paper discusses some potential policy interventions.

Gurbanov, Sarvar Mammadrzayev, Vusal Isgandar, Hasan http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/474 2025-03-14T14:26:12Z

Remittances, Poverty Reduction and Inclusive Growth in the Resource-Poor Former Soviet Union Countries Gurbanov, Sarvar; Mammadrzayev, Vusal; Isgandar, Hasan This study researches the impact of international remittances on poverty reduction in six former Soviet Union countries. The countries where personal international remittances are equal to more than 5% of GDP and rents from natural resources are below 10% of GDP are selected as the units of measurement. This study uses a fixed effect model with robust standard errors to reveal any types of causality. According to the regression results, a 10% increase in remittance inflow reduces headcount ratio, poverty gap, and poverty severity at $1.90 per day poverty line by 4.8, 5.9 and 6.4%, respectively. In addition, the same level of increase in remittances reduces poverty headcount ratio by 3.3% and poverty gap by 3.7% at the poverty line of $3.20 per day. Additionally, pooled OLS regression results reveal that remittance inflow has a negative impact on poverty level in the above-mentioned six resource-poor countries.

Gurbanov, Sarvar Suleymanli, Farahim http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/472 2023-01-14T14:42:30Z

Analytical Assessment of Green Digital Finance Progress in the Republic of Georgia Gurbanov, Sarvar; Suleymanli, Farahim Estimations show that approximately US $23 billion is required for Georgia to meet its climate and environmental targets up to 2030. As the current Nationally Determined Contribution reveals, considering 1990 as a base year, the Republic of Georgia plans a 35% decrease in greenhouse gas emissions by 2030. If the country has financial and technical support, commitment to limit emissions may rise as high as 50–57%. As part of the Paris Climate accord, developed nations pledged to channel US $100 billion toward low-income countries between 2020 and 2025. Recent estimates by the OECD show that developed nations will be able to reach their US $100 billion pledge only in 2023. Considering this lag for many developing countries, including Georgia, mobilizing private finance via green digital finance will be vital. The policymakers of the Republic of Georgia are very ambitious about adopting green digital finance solutions. This initiative has potential to fill the gap in public funding sources. Hence, this study analyzes the potential for private sector financing through the digitization of green finance. The current study illustrates the extent to which green finance and its digitization level are available in the Republic of Georgia. The major policy implication is that the country faces unintended consequences even though there is a robust regulatory attempt to mobilize private financial sources. This case study is relevant for many developing countries for drawing lessons on better policymaking.

Abizada, Azar http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/383 2022-05-12T11:39:45Z

Stability and incentives for college admissions with budget constraints Abizada, Azar We study two-sided matching where one side (colleges) can make monetary transfers (offer stipends) to the other (students). Colleges have fixed budgets and strict preferences over sets of students. One different feature of our model is that colleges value money only to the extent that it allows them to enroll better or additional students. A student can attend at most one college and receive a stipend from it. Each student has preferences over college–stipend bundles. Conditions that are essential for most of the results in the literature fail in the presence of budget constraints. We define pairwise stability and show that a pairwise stable allocation always exists. We construct an algorithm that always selects a pairwise stable allocation. The rule defined through this algorithm is incentive compatible for students: no student should benefit from misrepresenting his preferences. Finally, we show that no incentive compatible rule selects a Pareto undominated pairwise stable allocation

Gurbanov, Sarvar http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/380 2025-03-14T14:27:26Z

Role of Natural Gas Consumption in the Reduction of CO2 Emissions: Case of Azerbaijan Gurbanov, Sarvar Azerbaijan signed the Paris Agreement in 2016 and committed to cut greenhouse gas (GHG) emissions by 35% in 2030. Meanwhile, natural gas has been a vital component in the total energy mix of Azerbaijan economy and accounted for almost 65% of the total energy consumption. In the overall electricity mix, natural gas-fired power plants generate 93% of the country’s electricity. Since global energy consumption is responsible for 73% of human-caused greenhouse-gas emissions, and CO2 makes up more than 74% of the total, this study investigates possible mitigation effects of the natural gas consumption on CO2 emissions for Azerbaijan. Author employed several cointegration methodologies, namely Bound testing Autoregressive Distributed Lag (ARDL) approach, Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and Structural Time Series model (STSM). Author of this paper found that when the share of natural gas increases 1 percent in the total energy mix, CO2 emission per capita decreases approximately 0.14 percent as a result of the ARDL, FMOLS, and DOLS models. All three models provide cointegration between the share of natural gas in the total energy mix and reduction in CO2 emissions.

Vychytilova, Jana Nadirov, Orkhan Pavelkova, Drahomira Mikeѕka, Martin http://dspace.ada.edu.az:80/xmlui/handle/20.500.12181/379 2022-05-12T11:05:48Z

Risk Reporting Practices of Listed Companies: Cross-Country Empirical Evidence from the Auto Industry Vychytilova, Jana; Nadirov, Orkhan; Pavelkova, Drahomira; Mikeѕka, Martin Prior literature has shown that corporate transparency is linked to a firm’s competitiveness. The frequently noted vagueness and inadequacy of reported risk disclosures have been accompanied by calls for industry-specific studies. This paper aims to examine the disclosure informativeness of leading multinational automobile firms worldwide regarding firm-specific risks, namely company risk and company size. Applying a content analysis to examine the prevalent disclosure context in the automotive industry, we analyze and classify the annually reported risk statements of 34 multinationals quoted within the NASDAQ OMX Global Automobile Index. These corporations are headquartered in 10 countries, located in the U.S. as well as in the E.U. and in Asia. Based on an employed Wilcoxon signed rank test, our results show that automobile multinationals favor revealing fewer (more) forward-looking and bad-news risk disclosures as compared to past-looking and good-news risk statements. Our findings further indicate that bigger and riskier automobile multinationals do not reveal larger amounts of risk information. This finding is inconsistent with disclosure theory and provides insight into less complex risk reporting practices that affect investor perceptions of risk by omitting risk information. This paper also provides new empirical evidence regarding the association between company risk and corporate risk disclosing practices in the auto industry; our data show that company size did not play a significant role. With our concentration on explaining current risk reporting practices in the automotive sector, these results are robust with respect to firm-specific risk variables, thus the findings may prove usable for policy frameworks.