Product Description Azerbaijan has substantial reserves of oil and gas deposits, estimated to be the third largest in the Caspian region. This paper considers issues relating to the management of the country's oil resources, drawing lessons from the experiences of other countries. Topics include: the economic theory of natural resource booms; common characteristics of mismanaged natural resource wealth; institutional arrangements; oil and gas revenue prospects. It then goes on to outline a long-term strategy for oil wealth management in Azerbaijan, building on the lessons discussed.
