Özet:

In countries with a wealth of natural resources, governments collect much more revenue than they can effectively supervis. As a result of the inefficient use of this revenue, the growth performance of these countries may be leaving behind even those without natural resources. This situation is defined as the Dutch disease in the literature due to the first use of the case for the Netherlands. It is a fact that the share of natural resources in Azerbaijan both in total exports and in GDP is high. This situation increases the risk of facing Dutch disease in this country. The main objective of this study is to investigate the existence of Dutch disease in the Azerbaijani economy. For this purpose, the "Nonlinear Auto-Regressive Distributed Lag" Model (NARDL) is applied. It was found that a positive shock in international oil prices increased long-term real GDP growth; on the other hand, a negative shock in international oil prices decreased the growth in the long-term with a lower impact than the positive shock. Therefore, in terms of the period studied, it can be stated that the Dutch disease did not exist in the Azerbaijan economy. Keywords: Azerbaijan, Dutch Disease, Crude Oil Prices, Real Exchange Rate JEL Classification: F41, C32, Q43

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