Jeffrey B. Nugent - Böcker

For over eighty years the Arab region has been deriving massive wealth from its natural resources. Nevertheless, its economic performance has been at the mercy of ebbs and flows of oil prices and its resources have been slowly depleting. The two critical questions are why and how Arab countries might escape the oil curse.Institutions and Macroeconomic Policies in Resource-Rich Arab Economies focuses on the unique features of the Arab world to explain the disappointing outcomes of macroeconomic policy. It explores the interaction between oil and institutions to draw policy recommendations on how Arab countries can best exploit their oil revenues to avoid the resource curse. Case studies and contributions from experts provide an understanding of macroeconomic institutions (including their underlying rules, procedures and institutional arrangements) in oil-rich Arab economies and of their political economy environment, which has largely been overlooked in previous research.Institutions and Macroeconomic Policies in Resource-Rich Arab Economies offers novel macroeconomic policy propositions for exchange rate regimes, fiscal policy and oil wealth distribution that is more consistent with macroeconomic stability and fiscal sustainability. These policy reforms, if implemented successfully, could go a long way in helping the resource-rich countries of the Arab region and elsewhere to avoid the oil curse.

The recent globalization trends have revived a long-standing interest in regional integration in the countries of the Middle East and North Africa (MENA). Despite numerous attempts to encourage economic integration in MENA in the past few decades, there is broad consensus that progress has been painstakingly slow and the record of economic integration in the MENA region largely beset by failure.This book examines the impact of recent changes in the world economy on trade policy within the MENA region and its economic relations with the rest of the world. It considers regional integration and prospects for trade blocs; trade liberalization and economic restructuring; resource endowments and employment trends; and changes in economic boundaries, especially as a result of labour migration and regional conflicts.

The recent globalization trends have revived a long-standing interest in regional integration in the countries of the Middle East and North Africa (MENA). Despite numerous attempts to encourage economic integration in MENA in the past few decades, there is broad consensus that progress has been painstakingly slow and the record of economic integration in the MENA region largely beset by failure.This book examines the impact of recent changes in the world economy on trade policy within the MENA region and its economic relations with the rest of the world. It considers regional integration and prospects for trade blocs; trade liberalization and economic restructuring; resource endowments and employment trends; and changes in economic boundaries, especially as a result of labour migration and regional conflicts.

This book is about the Middle East and North Africa (MENA) region. This region is generally perceived as having experienced the most disappointing growth performance over the last couple of decades of any region in the world with the possible exception of Sub-Sahara Africa. Despite the regions immense endowment of natural resources, its per capita income is often viewed as having stagnated. At the same time, most economies of the region have been characterized by extremely high volatility, a condition only partly attributable to the fluctuating price of oil. MENA region has not been as comprehensively covered as other regions of the world (i.e., Latin America, East Asia, South Asia and Sub-Sahara Africa). The prominence of the MENA region in the global energy markets and the world political system makes this a necessary read. The topics of interest are wide ranging and diverse, ranging from dictatorships, civil wars, terrorism and water shortages, to more economic problems arising from volatile oil prices, barriers to trade and foreign investment, dominance of public enterprises, and low skill work forces.

The main purpose of this book is to address the question, "How can economic policy contribute to a strong export performance by small and medium enterprises (SMEs) in developing countries?" In today's increasingly integrated world economy, such a performance can make a significant difference to the growth, employment creation and income distribution of many developing countries. The study uses information from specifically designed surveys of SME exporters in Japan, Indonesia, Korea and Colombia, together with a range of evidence from other sources, to ascertain what types of support within the areas of technology, marketing and finance are most useful to SME exporters and how such support can best be provided to them. The quality of the support systems is found to vary widely among the four countries. Finally, a number of policy conclusions are put forward.

This book identifies the differences in growth and development, and the various factors lying behind them, across both Middle East and North African (MENA) and East Asian countries over the 1960‒2020 period. It considers a very wide range of factors, compares initial situations, institutions, and government policies, the dynamic responses to changing circumstances, and discusses the inability of the governments of the MENA region to achieve not only political reform, but also the kinds of economic reform that would allow their citizens to prosper in an increasingly globalized world. The book focuses on Tunisia. Since its independence in 1956 until 2010, Tunisia had considerable success relative to many other MENA countries, but was somewhat less successful relative to East Asian countries. Since 2010, however, while transitioning away from autocracy to democracy, it has been in rather serious economic decline. The book highlights how both the factors identified as enabling Tunisia’s initial success and those leading to its subsequent decline can provide many useful insights for improving the management of economic development across the whole MENA region and perhaps also to developing countries throughout the world.

This book identifies the differences in growth and development, and the various factors lying behind them, across both Middle East and North African (MENA) and East Asian countries over the 1960‒2020 period. It considers a very wide range of factors, compares initial situations, institutions, and government policies, the dynamic responses to changing circumstances, and discusses the inability of the governments of the MENA region to achieve not only political reform, but also the kinds of economic reform that would allow their citizens to prosper in an increasingly globalized world. The book focuses on Tunisia. Since its independence in 1956 until 2010, Tunisia had considerable success relative to many other MENA countries, but was somewhat less successful relative to East Asian countries. Since 2010, however, while transitioning away from autocracy to democracy, it has been in rather serious economic decline. The book highlights how both the factors identified as enabling Tunisia’s initial success and those leading to its subsequent decline can provide many useful insights for improving the management of economic development across the whole MENA region and perhaps also to developing countries throughout the world.

After the oil discoveries of the early 1930s, Bahrain rapidly became an oil exporting country with a relatively high income per capita. More recently Bahrain has succeeded in diversifying its oil dominated economy by developing regional banking and other services, and a variety of light and heavy industries. Various circumstances have combined to make Bahrain a leader among the Arab Gulf States in the transformation of traditional Arabic tribal societies into modern social and economic structures. This book, first published in 1985, in exploring the past, present and possible futures of Bahrain and the Gulf, attempts to describe the nature of this transformation. It estimates to what extent Bahrain has merely an outward appearance of modernity, and explores the conflicts between the compelling power of modern values and the pervasive traditional religions. Bahrain is not typical of the Arab countries of the Gulf; it may, however, serve as a gauge of their current position and likely future. It will therefore be valuable to those interested in gaining more insight into the history and politics of the Middle East during this period of rapid change.

After the oil discoveries of the early 1930s, Bahrain rapidly became an oil exporting country with a relatively high income per capita. More recently Bahrain has succeeded in diversifying its oil dominated economy by developing regional banking and other services, and a variety of light and heavy industries. Various circumstances have combined to make Bahrain a leader among the Arab Gulf States in the transformation of traditional Arabic tribal societies into modern social and economic structures. This book, first published in 1985, in exploring the past, present and possible futures of Bahrain and the Gulf, attempts to describe the nature of this transformation. It estimates to what extent Bahrain has merely an outward appearance of modernity, and explores the conflicts between the compelling power of modern values and the pervasive traditional religions. Bahrain is not typical of the Arab countries of the Gulf; it may, however, serve as a gauge of their current position and likely future. It will therefore be valuable to those interested in gaining more insight into the history and politics of the Middle East during this period of rapid change.

Fulfilling the Export Potential of Small and Medium Firms addresses the question, `How can economic policy contribute to a strong export performance by small and medium enterprises (SMEs) in developing countries?' In today's increasingly integrated world economy, such a performance can make a significant difference to the growth, employment creation and income distribution of many developing countries. The study uses information from specifically designed surveys of SME exporters in Japan, Indonesia, Korea and Colombia, together with a range of evidence from other sources, to ascertain what types of support within the areas of technology, marketing and finance are most useful to SME exporters and how such support can best be provided to them. The quality of the support systems is found to vary widely among the four countries. Finally, a number of policy conclusions are put forward.