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2012 | Buch

The Global Economic Crisis and Consequences for Development Strategy in Dubai

herausgegeben von: Ali Tawfik Al Sadik, Ibrahim Ahmed Elbadawi

Verlag: Palgrave Macmillan US

Buchreihe : The Economics of the Middle East

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Identifies and addresses the impacts of the global financial crisis on Dubai and the surrounding region.

Inhaltsverzeichnis

Frontmatter
1. Introduction
Abstract
During the eight years from 2000 to 2008, leading to the onset of the recent global economic crisis, the economy of Dubai multiplied by more than four times. The emirate’s GDP steadily rose from US$19.6 in 2000 to $82.2 in 2008, registering an impressive nominal growth rate of 20 percent per annum. Moreover, due to the relatively low inflation during the period, this translated into an equally impressive annual average real growth of 12 percent. By any account this is an exceptional growth record that has been matched by only a few countries in the world.1
Ali Tawfik Al Sadik, Ibrahim Ahmed Elbadawi
2. Strengthening the Financial Architecture: The Unanswered Questions
Abstract
The failure of Lehman Brothers in September 2008 marked the apex of the financial crisis. Twelve months later, by the end of 2009, the worst financial distress appeared to have passed.1 The year saw ongoing discussions on how to strengthen the financial architecture so as to prevent the recurrence of similar events. From this has emerged a broad-based consensus but also a number of unanswered questions. The consensus is worth summarizing, but the unanswered questions deserve particularly careful attention.2
Barry Eichengreen
3. The Oil Market and the Financial Crisis
Abstract
The current price regime for crude oil in international trade, which has been in existence for almost two decades, uses either the futures prices of West Texas Intermediate (WTI) as they emerge in New York on the New York Mercantile Exchange (NYMEX), or the futures prices of Brent as they emerge in London on Inter Continental Exchange (ICE) futures, or some proxies such as spot or assessed prices for valuing exports to the Western Hemisphere. For exports to the Eastern Hemisphere, formulae involving assessed prices of Dubai and Oman crude oil varieties are generally used.
Robert Emile Mabro
4. The Global Crisis: Old and New Lessons for Macroeconomic Policy
Abstract
The global economy witnessed an unprecedented financial and economic crisis following the collapse of Lehman Brothers in September 2008. Virtually no country escaped the repercussions of the turmoil, which were manifested in a fall in global trade and output, a collapse in asset markets across the world, and a liquidity crunch that brought the international financial system to the brink of disaster.
Ali Tawfik Al Sadik, Luis Servén
5. Financial Crises and Real Estate Bubbles: Dynamics and Policy Responses In Dubai
Abstract
The origins of financial and economic crises differ. These origins matter both for their resolution and for analyzing the magnitude of their impact on the long-term growth of an economy. Since the 1970s, more than 110 crises have erupted in over 90 countries. Some of these crises were large and systemic. Others had a more limited impact and affected mostly some large banks and a specific sector or region of the economy. One can distinguish four main types of financial crises. Stock market crashes in isolation are usually the least harmful to long-term GDP growth. Banking crises may happen without involving the real estate sector. Property crises may occur without banking crises. Property and banking crises occurring together are much more costly, and their negative impacts last longer. Currency crises usually have their roots in poor macroeconomic policies combined with important structural imbalances in the domestic economy, and they make everything worse for an economy. Combinations of these four types of crises are the most costly both in terms of large immediate losses of GDP and in terms of pulling the economy down from its long-term, secular growth path for long periods of time, often between seven and ten years.1 The crises of Chile in 1981, Thailand in 1997, and Iceland in 2008 are examples of costly combined crises.
Bertrand Renaud
6. Sources Of Economic Growth and Development Strategy in Dubai
Abstract
This chapter provides a long-term analysis of the determinants of economic growth in Dubai in the period 1975–2008. The analysis focuses on long-run trends and abstracts from short-run fluctuations and other transient phenomena. We extend in time, scope, and depth previous work by the Dubai Chamber of Commerce and Industry (2004).
Ibrahim Ahmed Elbadawi, Raimundo Soto
7. A Long-Term Strategy for Dubai Building on Innovation And Clusters
Abstract
A long-term economic strategy for Dubai should build on policies aimed at enhancing the innovation environment. Dubai has created and attracted massive investments in both hard and soft infrastructure. The next step is to move from an investment-driven economy to an innovation-driven economy. Innovation is a broad concept involving the development of new products, processes, strategies, and organizational forms, and their coming into wide use. The degree of importance of an innovation is less related to the novelty of the technology as such but more related to how widespread its use is. The classical example is email, not technologically very sophisticated, but a new service that has changed the lives of most people in the developed world. Large innovations come with large economic consequences, and it is therefore important that Dubai starts to generate its own stream of innovations, to be commercialized in world markets both at home and abroad.
Örjan Sölvell
Backmatter
Metadaten
Titel
The Global Economic Crisis and Consequences for Development Strategy in Dubai
herausgegeben von
Ali Tawfik Al Sadik
Ibrahim Ahmed Elbadawi
Copyright-Jahr
2012
Verlag
Palgrave Macmillan US
Electronic ISBN
978-1-137-00111-5
Print ISBN
978-1-349-35144-2
DOI
https://doi.org/10.1057/9781137001115