Oil and economic development: Libya in the post-Gaddafi era
AbstractLibya experienced traumatic political and economic upheaval during 2011 arising from an eight-month-long civil war that cost thousands of lives, resulted in major economic dysfunction, destroyed part of the country's infrastructure, almost halted oil production, the country's major source of revenue generation and exports, as well as destroyed part of the sector's support infrastructure. While the civil war resulted in the ending of 42years under Muammar Gaddafi rule, the economic legacy as represented by the costs of reconstruction efforts is enormous. While the freeing up of tens of billions of dollars of frozen assets may be the key to the country's short-term rehabilitation, longer-term reconstruction, growth and stability will fundamentally depend upon rehabilitating the country's oil sector. Interestingly, this rehabilitation will also have a wider global impact.
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Bibliographic InfoArticle provided by Elsevier in its journal Economic Modelling.
Volume (Year): 32 (2013)
Issue (Month): C ()
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Web page: http://www.elsevier.com/locate/inca/30411
Oil related shocks; Libya; Dynamic macroeconomic model; Simulation analysis; Policy implications;
Find related papers by JEL classification:
- E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
- E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
- Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
- Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
- Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
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