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An economic Manifesto for the oil exporting countries of the Persian Gulf

Author

Listed:
  • Hossein Askari

    (George Washinsron University, International Business and International Affairs, Washington)

  • Faranghees Abbas

    (Germantown (USA))

  • George Jabbour

    (George Washington University, Finance, MS Finance Program, Washington (USA))

  • Dohee Kwon

    (Federai Home Loan Mortgage Corporation, McLean (USA))

Abstract

The oil-exporting countries of the Persian Gulf have failed economically and socially. It is time for a radical new approach to managing oil revenues while oil and gas reserves last. We propose an approach to cut the level of oil revenues available to governments to zero while incorporating a formal "Oil Fund for All Generations". Others have proposed and implemented oil funds but in our proposal the government would (in time) lose all access to oil revenues, by taking easy money away from governments and rulers, waste, corruption, military expenditures and wars will be reduced, there will be better chance of adopting and implementing rational economic policies, and equity across generations may be enhanced. Hope may be slowly restored to a region that has lost hope.

Suggested Citation

  • Hossein Askari & Faranghees Abbas & George Jabbour & Dohee Kwon, 2006. "An economic Manifesto for the oil exporting countries of the Persian Gulf," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 59(239), pages 363-388.
    • Handle: RePEc:psl:bnlaqr:2006:43
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    References listed on IDEAS

    as
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    4. Ricardo Hausmann & Roberto Rigobon, 2003. "An Alternative Interpretation of the 'Resource Curse': Theory and Policy Implications," NBER Working Papers 9424, National Bureau of Economic Research, Inc.
    5. R. M. Solow, 1974. "Intergenerational Equity and Exhaustible Resources," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 29-45.
    6. Hossein Askari, 2006. "Middle East Oil Exporters," Books, Edward Elgar Publishing, number 4232.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    oil;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)

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