The Macroeconomics of the Arab States of the Gulf

Hardcover | November 30, 2013

byRaphael A. Espinoza, Ghada Fayad, Prasad Ananthakrishnan

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The economies of the Arab states of the Gulf have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans. Large-scale immigration provided the labour force while capital inflows and financial development leveraged oil wealth tofinance diversification. The collapse in real estate prices around the world followed by the global crisis slowed growth and raised questions on the appropriateness of what has been dubbed the "GCC model". The Gulf Cooperation Council (GCC) countries have thus far managed to leverage their large natural resource wealth to achieve economic prosperity and finance social advances, and the region also emerged as an important source of funds for the other countries in the Middle East. Nevertheless, the GCCface several challenges. Productivity growth must increase to fully reap the benefits of investment. Jobs must be created for the nationals and the growing youth population. State intervention (which is prevalent, given that oil revenues accrue to the government) must become efficient and be used todiversify and modernize the economy. In addition, the recent crisis highlighted the importance of fiscal, monetary, and financial stability policies to manage macroeconomic cycles. This book analyses these issues and combines data and econometric analysis with theoretical discussions. It concludeswith a discussion of the importance of the GCC for the wider region.

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The economies of the Arab states of the Gulf have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans. Large-scale immigration provided the labour force while capital inflows and financial development leveraged oil wealth tofinance diversification. The collapse in real es...

Raphael Espinoza is an Economist in the Research Department at the IMF and an External Research Associate at the Oxford Centre for the Analysis of Resource Rich Economies (OxCarre), University of Oxford. He has written on development macroeconomics, the economics of resource-rich countries, and asset pricing, and has worked on Qatar, S...

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Format:HardcoverDimensions:188 pages, 9.21 × 6.14 × 0.98 inPublished:November 30, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199683794

ISBN - 13:9780199683796

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Table of Contents

Christine Lagarde: Foreword1. Introduction2. The Determinants of Long-Term Growth in the GCC Countries3. Macroeconomic Impact of Migration4. Government Spending, Subsidies, and Economic Efficiency5. Fiscal Policy for Macroeconomic Stability6. Monetary Policy with a Fixed Exchange Rate Regime7. Non-Performing Loans and Financial Stability8. Financial Markets in the GCC Countries9. A Conclusion on the Importance of the GCC for the Wider Region