The macroeconomics of the Arab States of the Gulf
By: Espinoza, Raphael
Title By: Fayad, Ghada | Prasad, Ananthakrishnan
Material type: BookPublisher: Oxford, UK: Oxford University Press, c2013; ©2013.Edition: 1st ed.Description: xvii, 186 p. : ill. ; 25 cm.ISBN: 9780199683796; 0199683794 (hbk.)Subject(s): Economic development -- Persian Gulf States -- History -- 21st century | Economic development -- Saudi Arabia -- History -- 21st century | MacroeconomicsDDC classification: 330.953054 Online resources: Location MapItem type | Home library | Call number | Status | Date due | Barcode | Item holds |
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REGULAR | University of Wollongong in Dubai Main Collection | 330.953054 ES MA (Browse shelf) | Available | T0055188 | ||
REGULAR | University of Wollongong in Dubai Main Collection | 330.953054 ES MA (Browse shelf) | Available | T0055187 |
, Shelving location: Main Collection Close shelf browser
330.953 GU LF Gulf Geo-economics / | 330.953 IN DU Industrialization in the Gulf : | 330.953054 ES MA The macroeconomics of the Arab States of the Gulf | 330.953054 ES MA The macroeconomics of the Arab States of the Gulf | 330.95357 DO IN Doing business with the United Arab Emirates | 330.95357 DO IN Doing business with the United Arab Emirates | 330.95357 YO PO The political economy of energy, finance and security in the United Arab Emirates : |
Includes bibliographical references and index.
The determinants of long-term growth in the GCC countries -- The macroeconomic impact of migration -- Government spending, subsidies, and economic efficiency -- Fiscal policy form macroeconomic stability -- Monetary policy with a fixed exchange rate regime -- Nonperforming loans and financial stability -- Financial markets in the GCC countries -- The importance of the GCC for the wider region.
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 to finance 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 GCC face 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 to diversify 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 concludes with a discussion of the importance of the GCC for the wider region.