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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.
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