In the context of recent oil prices fall and resulting budgetary problems faced by KSA, it is very interesting to examine the country’s overdependence on oil revenues. In this paper, we examine whether extreme oil dependence for Saudi Arabia is the symptom of Dutch Disease. We first provide a brief review of the literature on Dutch Disease and the natural resource curse. We then discuss the sym...

A hierarchical framework is proposed to address the issues of modeling different type of words in keyword spotting (KWS). Keyword models are built at various levels according to the availability of training set resources for each individual word. The proposed approach improves the performance of KWS even when no training speech is available for the keywords. It also suggests an easier way to co...

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Oil-rich regions frequently fight separatist civil wars, consistent with the broader hypothesis that oil wealth diminishes prospects for civil peace. Although existing “greed” and “grievances” hypotheses highlight important attributes of oil production that may contribute to violence, we have few insights into a basic question about mechanisms: what prevents governments from strategically using...

In the years of independence, the oil industry played great role in the economic development of the Republic of Azerbaijan. The state budget has been enlarged significantly at the expense of revenues gained due to rapid development of oil sector. The development of oil industry has created great potential for non-oil sector and economic development in the country's regions. Since 2003, a number...

Near-term macroeconomic prospects continue to improve in the context of higher oil prices and a gradual global recovery from pandemic shock, but medium-term outlook remains challenging highly uncertain. Oil production muted, debt inflation remain elevated, non-oil activity is expected recover only gradually. However, continued strong fiscal performance (aided by revenues), exchange rate stabili...