This mega project aimed at understanding the macroeconomic challenges related to oil dependency. In addition, it attempted to explore options to address those challenges including fiscal, financial, monetary and exchange rate policies. The research also discussed how large oil windfalls might impact institutions, which may enhance or impede the ability of Arab economies to reach their full potential. These issues are discussed in six thematic papers as well as five country case studies. The thematic papers address the implications of oil dependency on: 1. optimum savings-investments decisions; 2. economic growth; 3. financial sector development; 4. exchange rate and monetary policy issues; 5. fiscal policy; and 6. the political economy of oil rents and governance. The case studies cover Saudi Arabia, the United Arab Emirates, Sudan, Yemen and Algeria.
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