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Full Description
For over eighty years the Arab region has been deriving massive wealth from its natural resources. Nevertheless, its economic performance has been at the mercy of ebbs and flows of oil prices and its resources have been slowly depleting. The two critical questions are why and how Arab countries might escape the oil curse.
Institutions and Macroeconomic Policies in Resource-Rich Arab Economies focuses on the unique features of the Arab world to explain the disappointing outcomes of macroeconomic policy. It explores the interaction between oil and institutions to draw policy recommendations on how Arab countries can best exploit their oil revenues to avoid the resource curse. Case studies and contributions from experts provide an understanding of macroeconomic institutions (including their underlying rules, procedures and institutional arrangements) in oil-rich Arab economies and of their political economy environment, which has largely been overlooked in previous research.
Institutions and Macroeconomic Policies in Resource-Rich Arab Economies offers novel macroeconomic policy propositions for exchange rate regimes, fiscal policy and oil wealth distribution that is more consistent with macroeconomic stability and fiscal sustainability. These policy reforms, if implemented successfully, could go a long way in helping the resource-rich countries of the Arab region and elsewhere to avoid the oil curse.
Contents
1: Kamiar Mohaddes, Jeffrey B. Nugent, and Hoda Selim: Objectives, Issues, and Findings
Part I: What Determines Macroeconomic Policies: Institutions or Oil Wealth?
2: Adeel Malik: The Political Economy of Macroeconomic Policy in Resource-rich Arab Economies
3: Amany El-Anshassy, Kamiar Mohaddes, and Jeffrey Nugent: Oil, Volatility and Institutions: Cross-Country Evidence from Major Oil Producers
4: Ibrahim Elbadawi, Mohamed Goaied, and Moez Ben Tahar: Threshold effects of Fiscal-Monetary Interdependence and Exchange Rate Regimes in Oil-Dependent Arab Economies
Part II: Which Macroeconomic Institutions can be Most Effective for Commodity Exporters?
5: Hoda Selim: Does Central Bank Independence Matter in Arab Oil Exporters?
6: Jeffrey Frankel: The Currency-plus-Commodity Basket: A Proposal for Exchange Rates in Oil-Exporting Countries to Accommodate Trade Shocks Automatically
7: Bassem Kamar and Raimundo Soto: Exchange Rate Regimes and Economic Performance in Resource Dependent Economies
8: Shanta Devarajan: How to use Oil Revenues Efficiently
9: Kamiar Mohaddes, Jeffrey B. Nugent, and Hoda Selim: Reforming Fiscal Institutions in Resource-Rich Arab Economies: Policy Proposals
Part III: Assessment of Fiscal Institutions through a Political Economy lens in Arab Commodity Exporters
10: Kabbashi M. Suliman: The Political Economy of Fiscal Institutions and Macroeconomic Management in Sudan
11: Hoda El Enbaby and Hoda Selim: Fiscal Outcomes in Bahrain: Oil Price Volatility, Fiscal Institutions or Politics?
12: Raimundo Soto: Fiscal Institutions and Macroeconomic Management in the United Arab Emirates
