General Equilibrium Models of Azerbaijan Economy: Conceptual View and Multiplier Effects

This article examines various types of general equilibrium models and provides information on the current state of general equilibrium models built in Azerbaijan. Additionally, current limitations and options to tackle them are addressed to continue building general equilibrium models in this country. Then, the article estimates the effects of investments in different sectors using input-output model and social accounting matrix based multiplier model in case of Azerbaijan, and the results of two models are compared. The article is of practical importance for researchers and decision-makers by stimulating of constructing these models and of scientific importance by considering problems related using these models for countries with similar economies.