000 02906nam a22003017a 4500
999 _c30152
_d30152
010 _a 2013943976
020 _a9780199683796
020 _a0199683794 (hbk.)
082 0 4 _a330.953054
100 1 _aEspinoza, Raphael
_947109
245 1 4 _aThe macroeconomics of the Arab States of the Gulf
_cRaphael Espinoza, Ghada Fayad and Ananthakrishnan Prasad
250 _a1st ed.
260 _aOxford, UK:
_bOxford University Press,
_cc2013.
260 _c©2013
300 _axvii, 186 p. :
_bill. ;
_c25 cm.
504 _aIncludes bibliographical references and index.
520 _aThe 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.
650 0 _aEconomic development
_zPersian Gulf States
_xHistory
_y21st century
_947110
650 0 _aEconomic development
_zSaudi Arabia
_xHistory
_y21st century
_947111
650 0 _aMacroeconomics
_91071
700 1 _aFayad, Ghada,
_d1981-
_947112
700 1 _aPrasad, Ananthakrishnan
_947113
856 _uhttps://uowd.box.com/s/0ir0ubwal24hklzdjezt3nvqivsmtlf5
_zLocation Map