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Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies

  • Authors:
  • Ibrahim Elbadawi, Dubai Economic Council and Economic Research Forum (ERF), Egypt
  • Hoda Selim, Economic Research Forum (ERF), Egypt
Ahmed Galal, Ibrahim Elbadawi, Hoda Selim, Paul Cashin, Kamiar Mohaddes, Mehdi Raissi, Linda Kaltani, Ndiamé Diop, Jaime de Melo, Omer Ali, Hend Al-Sheikh, S. Nuri Erbas, Raimundo Soto, Klaus Schmidt-Hebbel, Paul Collier, Almukhtar Saif Al-Abri, Chahir Zaki, Ilham Haouas, Kabbashi M. Suliman
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  • Date Published: July 2016
  • availability: Available
  • format: Hardback
  • isbn: 9781107141728

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About the Authors
  • For over eighty years the Arab region has derived massive wealth from its natural resources, yet the region's economies remain little diversified, while the oil market is experiencing major structural shifts with the advent of shale gas. Moreover, the resource itself is eventually exhaustible. Under these conditions economic prosperity cannot be sustainable. The critical question is how can the countries of this region escape the 'oil curse'? In this volume, leading economists argue that the curse is not a predestined outcome but a result of weak institutions and bad governance. A variety of analytical perspectives and examination of various international case studies leads to the conclusion that natural resources can only spur economic development when combined with sound political institutions and effective economic governance. This volume, with its unique focus on the Arab region, will be an important reference for researchers and policymakers alike.

    • The first book about the oil curse to focus specifically on the Arab world
    • Offers a detailed examination of the region's political economy, providing the necessary context for understanding the curse
    • The authors use a unique combination of thematic issues, lessons from international experience, and country-specific contexts and experiences
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    Reviews & endorsements

    'Expert scholars perceptively examine the issues posed by the double-edged sword of oil wealth. They take full account of differences among the Arab countries between those with high population and those with high wealth.' Jeffrey Frankel, Harvard University, Massachusetts

    'The importance and significance of natural resource wealth to the economic performance and development of the many resource-rich Arab countries has been matched only by the severe paucity of serious economic research on the subject. This book fills such a gap and has been long overdue. Using solid research methodologies it investigates the economic, institutional and political economy dimensions of their varied development experience, and explores the policy implications for the use and management of the resource wealth.' Mustapha Kamel Nabli, former Governor of the Central Bank of Tunisia

    'This is a profoundly important, state-of-the-art analysis of the challenges created by oil wealth in the Arab Middle East. It will be required reading for both policymakers and citizens seeking a better path forward.' Michael L. Ross, University of California, Los Angeles

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    Product details

    • Date Published: July 2016
    • format: Hardback
    • isbn: 9781107141728
    • length: 498 pages
    • dimensions: 229 x 152 x 32 mm
    • weight: 0.9kg
    • contains: 97 b/w illus. 70 tables
    • availability: Available
  • Table of Contents

    Foreword Ahmed Galal
    Acknowledgements Ibrahim Elbadawi and Hoda Selim
    1. Overview of context, issues and summary Ibrahim Elbadawi and Hoda Selim
    2. The global impact of the systemic economies and MENA business cycles Paul Cashin, Kamiar Mohaddes and Mehdi Raissi
    3. Real exchange rates and export performance in oil-dependent Arab economies Ibrahim Elbadawi and Linda Kaltani
    4. Dutch disease in the services sector - evidence from oil exporters in the Arab region Ndiamé Diop and Jaime de Melo
    5. The political economy of public sector employment in resource-dependent countries Omer Ali and Ibrahim Elbadawi
    6. The oil curse and labor markets - the case of Saudi Arabia Hend Al-Sheikh and S. Nuri Erbas
    7. Resource rents, political institutions and economic growth Ibrahim Elbadawi and Raimundo Soto
    8. Fiscal institutions in resource-rich economies - lessons from Chile and Norway Klaus Schmidt-Hebbel
    9. Savings and investment decisions from natural resource revenues - implications for Arab development Paul Collier
    10. Labor market heterogeneity and optimal exchange rate regimes in resource-rich Arab countries Almukhtar Saif Al-Abri
    11. The institutional curse of natural resources in the Arab world Hoda Selim and Chahir Zaki
    12. Has the UAE escaped the oil curse? Raimundo Soto and Ilham Haouas
    13. Understanding and avoiding the oil curse in Sudan Kabbashi M. Suliman
    Index.

  • Authors

    Ibrahim Elbadawi, Dubai Economic Council and Economic Research Forum (ERF), Egypt
    Ibrahim Elbadawi is Director of the Macroeconomics Research Department, Dubai Economic Council and Visiting Fellow at the Center for Global Development (CGD) in Washington, DC. He has been the thematic leader for the Economic Research Forum (ERF) research work on 'Natural Resources and Economic Diversification in the Arab World' since 2010. Until February 2009 he was Lead Economist at the Development Research Group of the World Bank and he also served as Research Director of the African Economic Research Consortium, Nairobi from 1993 to 1998. Elbadawi has published widely on several areas of macroeconomic and development policy. His regional specialization covers Africa and the Middle East, where he is widely networked with academic research and policy forums.

    Hoda Selim, Economic Research Forum (ERF), Egypt
    Hoda Selim is currently an economist at the Economic Research Forum (ERF), Cairo. Previously, she worked for five years at the World Bank's Cairo Office in the Poverty Reduction and Economic Monitoring department. For the past four years, she has been managing research projects and conducting research work under the theme of 'natural resources and economic diversification'. She has conducted research on macroeconomic issues in Egypt and the Arab region including economic development, economic growth, monetary and exchange rate issues.

    Contributors

    Ahmed Galal, Ibrahim Elbadawi, Hoda Selim, Paul Cashin, Kamiar Mohaddes, Mehdi Raissi, Linda Kaltani, Ndiamé Diop, Jaime de Melo, Omer Ali, Hend Al-Sheikh, S. Nuri Erbas, Raimundo Soto, Klaus Schmidt-Hebbel, Paul Collier, Almukhtar Saif Al-Abri, Chahir Zaki, Ilham Haouas, Kabbashi M. Suliman

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