Boris Najman is Associate Professor at the University of Paris XII, France and researcher at CES-ROSES, a joint research unit of University of Paris I and the French National Centre for Scientific Research, CNRS. He is an expert on labour and social policies in transition economies.Richard Pomfret has been Professor of Economics at the University of Adelaide since 1992. In 2006-7 he is the AGIP Professor of International Economics at the Johns Hopkins University Bologna Center. He is the author of The Central Asian Economies since Independence (2006). His research interests have centred on economic development and international economics.Gaël Raballand received his PhD in economics from the University of Paris I (Sorbonne). Currently, he works as a Young Professional at the World Bank in Washington DC. Prior to this, he was a consultant for the French Institute of International Relations (IFRI), Paris.

• Preface Mathilde Maurel 1. Introduction Part 1: Background 2. Oil in the Caspian Basin: Facts and Figures Gaël Raballand and Regis Gente 3. The Impact of Oil Revenues on Economic Performance: Analytical Issues Michael Lewin Part 2: Macroeconomic Links and Fiscal Decentralization 4. Nominal and Real Exchange Rates in Kazakhstan: Any Sign of the Dutch Disease? Balazs Egert and Carol Leonard 5. Resource Revenues and Fiscal Sustainability in Kazakhstan Peter Lohmus and Anna Ter Martirosyan 6. Fiscal Decentralization in Centralized States: Central Asian Patterns Natalie Leschenko and Manuela Troschke Part 3: Microeconomic Analysis of Redistribution 7. Redistribution of Oil Revenues in Kazakhstan Boris Najman, Richard Pomfret, Gaël Raballand and Patricia Sourdin 8. Whither Oil Money? Redistribution of Oil Revenues in Azerbaijan Matthias Luecke and Natalia Trofimenko Part 4: Governance and Local Impact: Alternative Viewpoints 9. Improving the Beneficial Socio-Economic Impact of Hydrocarbon Extraction on Local/Regional Development in Caspian Economies Richard Auty 10. Tengiz Crude: A View from Below Saulesh Yessenova 11. Conclusions

Boris Najman is Associate Professor at the University of Paris XII, France and researcher at CES-ROSES, a joint research unit of University of Paris I and the French National Centre for Scientific Research, CNRS. He is an expert on labour and social policies in transition economies.Richard Pomfret has been Professor of Economics at the University of Adelaide since 1992. In 2006-7 he is the AGIP Professor of International Economics at the Johns Hopkins University Bologna Center. He is the author of The Central Asian Economies since Independence (2006). His research interests have centred on economic development and international economics.Gaël Raballand received his PhD in economics from the University of Paris I (Sorbonne). Currently, he works as a Young Professional at the World Bank in Washington DC. Prior to this, he was a consultant for the French Institute of International Relations (IFRI), Paris.

• Preface Mathilde Maurel 1. Introduction Part 1: Background 2. Oil in the Caspian Basin: Facts and Figures Gaël Raballand and Regis Gente 3. The Impact of Oil Revenues on Economic Performance: Analytical Issues Michael Lewin Part 2: Macroeconomic Links and Fiscal Decentralization 4. Nominal and Real Exchange Rates in Kazakhstan: Any Sign of the Dutch Disease? Balazs Egert and Carol Leonard 5. Resource Revenues and Fiscal Sustainability in Kazakhstan Peter Lohmus and Anna Ter Martirosyan 6. Fiscal Decentralization in Centralized States: Central Asian Patterns Natalie Leschenko and Manuela Troschke Part 3: Microeconomic Analysis of Redistribution 7. Redistribution of Oil Revenues in Kazakhstan Boris Najman, Richard Pomfret, Gaël Raballand and Patricia Sourdin 8. Whither Oil Money? Redistribution of Oil Revenues in Azerbaijan Matthias Luecke and Natalia Trofimenko Part 4: Governance and Local Impact: Alternative Viewpoints 9. Improving the Beneficial Socio-Economic Impact of Hydrocarbon Extraction on Local/Regional Development in Caspian Economies Richard Auty 10. Tengiz Crude: A View from Below Saulesh Yessenova 11. Conclusions

Boris Najman is Associate Professor at the University of Paris XII, France and researcher at CES-ROSES, a joint research unit of University of Paris I and the French National Centre for Scientific Research, CNRS. He is an expert on labour and social policies in transition economies.Richard Pomfret has been Professor of Economics at the University of Adelaide since 1992. In 2006-7 he is the AGIP Professor of International Economics at the Johns Hopkins University Bologna Center. He is the author of The Central Asian Economies since Independence (2006). His research interests have centred on economic development and international economics.Gaël Raballand received his PhD in economics from the University of Paris I (Sorbonne). Currently, he works as a Young Professional at the World Bank in Washington DC. Prior to this, he was a consultant for the French Institute of International Relations (IFRI), Paris.

• Preface Mathilde Maurel 1. Introduction Part 1: Background 2. Oil in the Caspian Basin: Facts and Figures Gaël Raballand and Regis Gente 3. The Impact of Oil Revenues on Economic Performance: Analytical Issues Michael Lewin Part 2: Macroeconomic Links and Fiscal Decentralization 4. Nominal and Real Exchange Rates in Kazakhstan: Any Sign of the Dutch Disease? Balazs Egert and Carol Leonard 5. Resource Revenues and Fiscal Sustainability in Kazakhstan Peter Lohmus and Anna Ter Martirosyan 6. Fiscal Decentralization in Centralized States: Central Asian Patterns Natalie Leschenko and Manuela Troschke Part 3: Microeconomic Analysis of Redistribution 7. Redistribution of Oil Revenues in Kazakhstan Boris Najman, Richard Pomfret, Gaël Raballand and Patricia Sourdin 8. Whither Oil Money? Redistribution of Oil Revenues in Azerbaijan Matthias Luecke and Natalia Trofimenko Part 4: Governance and Local Impact: Alternative Viewpoints 9. Improving the Beneficial Socio-Economic Impact of Hydrocarbon Extraction on Local/Regional Development in Caspian Economies Richard Auty 10. Tengiz Crude: A View from Below Saulesh Yessenova 11. Conclusions