Nazim Hajiyev's "World Market Price of Oil. Impacting Factors and Forecasting" book published by Springer

 Nazim Hajiyev's "World Market Price of Oil. Impacting Factors and Forecasting" book published by Springer

The Springer publishing house published the book of PhD in Economics Nazim Hajiyev entitled "World Market Price of Oil. Impacting Factors and Forecasting". This book develops new econometric models to analyze and forecast the world market price of oil. The authors construct ARIMA and Trend models to forecast oil prices, taking into consideration outside factors such as political turmoil and solar activity on the price of oil. Incorporating historical and contemporary market trends, the authors are able to make medium and long-term forecasting results. 

In the first chapter, the authors perform a broad spectrum analysis of the theoretical and methodological challenges of oil price forecasting. In the second chapter, the authors build and test the econometric models needed for the forecasts. The final chapter of the text brings together the conclusions they reached through applying the models to their research.

This book will be useful to students in economics, particularly those in upper-level courses on forecasting and econometrics as well as to politicians and policy makers in oil-producing countries, oil importing countries, and relevant international organizations.

Dr. Nazim Hajiyev studied at the Baku branch of the Leningrad Financial Economics Institute (currently, called Azerbaijan State University of Economics) between 1986 and 1990. He received PhD in Economics in 2000, and an Associate Professor in 2014 with the decision of the Higher Attestation Commission under the President of the Republic of Azerbaijan. He was a winner of the countrywide Olympic on mathematics in 1980.  He has a monograph and he is a co-author of 2 textbooks for higher education. The major fields of his current research interest are applied economic issues, competition policy, socio-economic modeling, macroeconomic policy, macroeconomic forecasting, oil and gas prices forecasting.