TITLE:
Investigating Economic Growth, Trade Issues and Future Energy Strategies for Central Asian Countries
AUTHORS:
Olimjon Djumabaev, Tatsuo Oyama
KEYWORDS:
Central Asian Countries, Energy Development Policy, Statistical Data Analysis, Mathematical Model, Natural Resources Trade, Regression Model
JOURNAL NAME:
American Journal of Operations Research,
Vol.8 No.6,
November
30,
2018
ABSTRACT: We examine the economic growth, energy development policies and strategies
for the CAC from various perspectives. We apply statistical data analysis
techniques and mathematical modelling methodologies focusing upon regression
model analysis in order to deal with the economic and energy related
data during the period 1990-2014, and to investigate the relationship among
economic growth, energy production, and the trade of energy resources in
order to find future desirable policies and strategies for the CAC. Findings
show that energy production growth would bring statistically significant positive
impact on GDP growth in fossil-fuel rich Kazakhstan, Uzbekistan, and
Turkmenistan while we also find negative impact of GDP growth on the trade
balance of the CAC except for Turkmenistan. Another finding follows that
the foreign direct investment has a significant influence on the trade balance
in the cases of Uzbekistan and Turkmenistan, which institute import substitution
policies right from their initial years of independence. Based on these
quantitative investigations on economy, energy, and trades we propose future
energy strategies for the CAC, stressing the importance of diversification of
economies.