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Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies

Author

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  • Elbadawi,Ibrahim
  • Selim,Hoda

Abstract

For over eighty years the Arab region has derived massive wealth from its natural resources, yet the region's economies remain little diversified, while the oil market is experiencing major structural shifts with the advent of shale gas. Moreover, the resource itself is eventually exhaustible. Under these conditions economic prosperity cannot be sustainable. The critical question is how can the countries of this region escape the 'oil curse'? In this volume, leading economists argue that the curse is not a predestined outcome but a result of weak institutions and bad governance. A variety of analytical perspectives and examination of various international case studies leads to the conclusion that natural resources can only spur economic development when combined with sound political institutions and effective economic governance. This volume, with its unique focus on the Arab region, will be an important reference for researchers and policymakers alike.

Suggested Citation

  • Elbadawi,Ibrahim & Selim,Hoda, 2016. "Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies," Cambridge Books, Cambridge University Press, number 9781107141728.
    • Handle: RePEc:cup:cbooks:9781107141728
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    Cited by:

    1. Kamiar Mohaddes & Mehdi Raissi, 2019. "The US oil supply revolution and the global economy," Empirical Economics, Springer, vol. 57(5), pages 1515-1546, November.
    2. Chudik, Alexander & Mohaddes, Kamiar & Pesaran, M. Hashem & Raissi, Mehdi & Rebucci, Alessandro, 2021. "A counterfactual economic analysis of Covid-19 using a threshold augmented multi-country model," Journal of International Money and Finance, Elsevier, vol. 119(C).
    3. Ibrahim Elbadawi & Chahir Zaki, 2016. "Does Exchange Rate Undervaluation Matter for Exports and Trade Margins? Evidence from Firm-Level Data," Working Papers 1004, Economic Research Forum, revised May 2016.
    4. Gurbanov, Sarvar & Nugent, Jeffrey B. & Mikayilov, Jeyhun, 2017. "Management of Oil Revenues: Has That of Azerbaijan Been Prudent?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 5(2), pages 1-20.
    5. Kamiar Mohaddes & Jeffrey B. Nugent & Hoda Selim, 2018. "Reforming fiscal institutions in resource-rich Arab economies: Policy proposals," CAMA Working Papers 2018-41, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    6. Hoda El Enbaby & Hoda Selim, 2018. "Fiscal Outcomes in Bahrain: Oil Price Volatility, Fiscal Institutions or Politics?," Working Papers 1234, Economic Research Forum, revised 10 Oct 2018.
    7. Guan, Jialin & Kirikkaleli, Dervis & Bibi, Ayesha & Zhang, Weike, 2020. "Natural resources rents nexus with financial development in the presence of globalization: Is the “resource curse” exist or myth?," Resources Policy, Elsevier, vol. 66(C).
    8. Li-Chen Sim, 2023. "Renewable Energy and Governance Resilience in the Gulf," Energies, MDPI, vol. 16(7), pages 1-17, April.
    9. Konrad Gunesch, "undated". "The Naturel Resourse Curse: A Socioeconomic and Sociopolitical Analysis of Causes and Symptoms Combined with Macroeconomic Solution Suggestions for International Development Policy and Practice," Review of Socio - Economic Perspectives 201821, Reviewsep.
    10. Mr. Giovanni Melina & Hoda Selim & Ms. Concha Verdugo Yepes, 2019. "Macro-Fiscal Gains from Anti-Corruption Reforms in the Republic of Congo," IMF Working Papers 2019/121, International Monetary Fund.
    11. Hertog, Steffen, 2019. "What would the Saudi economy have to look like to be 'post rentier'?," LSE Research Online Documents on Economics 101386, London School of Economics and Political Science, LSE Library.
    12. Salim Araji & Vladimir Hlasny & Layal Mansour Ichrakieh & Vito Intini, 2019. "Targeting debt in Lebanon: a structural macro-econometric model," Middle East Development Journal, Taylor & Francis Journals, vol. 11(1), pages 75-104, January.
    13. Ibrahim A. Elbadawi & Linda Kaltani, 2014. "Real Exchange Rates and Export Performance in Oil-Dependent Arab Economies," Working Papers 878, Economic Research Forum, revised Nov 2014.
    14. Dobronogov,Anton & Knack,Stephen & Wilson,James Michael, 2020. "Moving Up the Ladder : An Analysis of IDA Graduation Policy," Policy Research Working Paper Series 9208, The World Bank.
    15. Matallah, Siham, 2022. "Rampant corruption: The dilemma facing economic diversification in oil-abundant MENA countries," Resources Policy, Elsevier, vol. 75(C).
    16. Amany El-Anshasy & Kamiar Mohaddes & Jeffrey B. Nugent, 2015. "Oil, Volatility and Institutions:Cross-Country Evidence from Major Oil Producers," Cambridge Working Papers in Economics 1523, Faculty of Economics, University of Cambridge.
    17. Ibrahim Elbadawi & Mohamed Goaied & Moez Ben Tahar, 2017. "Fiscal- Monetary Interdependence and Exchange Rate Regimes in Oil Dependent Arab Economies," Working Papers 1116, Economic Research Forum, revised 07 Jun 2017.
    18. Khan, Zeeshan & Hussain, Muzzammil & Shahbaz, Muhammad & Yang, Siqun & Jiao, Zhilun, 2020. "Natural resource abundance, technological innovation, and human capital nexus with financial development: A case study of China," Resources Policy, Elsevier, vol. 65(C).
    19. Loewe, Markus & Zintl, Tina & Houdret, Annabelle, 2021. "The social contract as a tool of analysis: Introduction to the special issue on “Framing the evolution of new social contracts in Middle Eastern and North African countries”," World Development, Elsevier, vol. 145(C).

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