Page 37 - Azerbaijan State University of Economics

V.Bayramov: Economic diversification policy in context of Azerbaijan's accession

to the WTO

g
S Government savings
C Aggregate consumption
S Aggregate savings
Z Aggregate real investment
Source: The Author‟s calculations, 2015

The data used for the quantitative analysis were collected from the World
Bank Database, the International Monetary Fund‟s annual report, State Statistics
Committee‟s sources, the Ministry of Finance database, official documents of the
World Trade Organization and CESD reports on macroeconomic issues
Tables 7 to 9 describe the base data used to calibrate the model as well as its
parameters and exogenous variables. Table 10 describes the values for the
endogenous variables and Table 11 shows the results for each of the equations.
Table 2. Base data to run the 1-2-3 Model

1. National Accounts 3. Fiscal Account
Output (Value Added) 64.8 1.00 Revenue 29.1 0.45
Wages (income of the 34.7 0.54 Non-Tax 0.7 0.01
population)
GDP at market prices 70.2 1.08 Current Expenditure 12.1 0.19
Private Consumption 27.2 0.42 . Goods & Services
Public Consumption 7.4 0.11 . Interest Payments
Investment 25.7 0.40 . Transfers & Subsidies
Exports 36.7 0.57 Capital Expenditure 10.3 0.16
Imports 16.9 0.26 Fiscal Balance 7.4 0.11
2. Tax Revenues 4. Balance of
Payments
Sales & Excise Tax 2.5 0.04 Exports - Imports 23.75 0.37
7
Import Tariffs 0.2830957 0.00 Interest Payments -1.1 -0.02
Export Duties 0.0009868 0.00 Net Private Transfers - 0.00
0.083
Payroll Tax 1.8 0.03 Net official Transfers 0.71 0.01
Personal Income Tax 1.04 0.02 Current Account 15.78 0.24
Balance 443
Capital Income Tax 3.8 0.06 External Debt 7.608 0.12
Total 9.4 0.15 Debt Service 1.9 0.03
Payments
Source: The State Statistics Committee of Azerbaijan and Author‟s calculations, 2015

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