Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies - Economic Research Forum (ERF)

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

Ibrahim Elbadawi and Hoda Selim

July, 2016


474 pages

ERF and Cambridge University Press

Q3. Nonrenewable Resources and Conservation
E. Macroeconomics and Monetary Economics

The Economic Research Forum (ERF) is pleased to announce the publication of its new book on: Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies, edited by Ibrahim Elbadawi and Hoda Selim
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

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

The book is available for purchase on: http://www.cambridge.org/us/academic/subjects/economics/economic-development-and-growth/understanding-and-avoiding-oil-curse-resource-rich-arab-economies?format=HB

Research Fellows

Ibrahim Elbadawi

Managing Director, Economic Research Forum

Research Fellows

Hoda Selim

International Monetary Fund



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