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



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 policy makers alike.

• The first book about the oil curse to focus specifically on the Arab World
• Provides a detailed examination of the region's political economy provides the necessary context for understanding the curse
• Authors use a unique combination of thematic issues, lessons from international experience, and country-specific contexts and experiences

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.



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