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Dubai financial crisis: causes, bailout and after - a case study

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  • Hasan, Zubair

Abstract

This paper explains the circumstances that led Dubai to the current financial crisis that still lingers. It analyses the steps taken at various stages by the city state to ameliorate the situation including the bailout help the UAE Government eventually granted. It spotlights the role international rating agencies played in aggravating the situation and demands that their activities be brought under regulatory nets now being strengthened across the world in the context of ongoing global meltdown. Finally, it warns of challenges Dubai may be facing in years ahead and what could be done to pre-empt them. The argument is cast with a backdrop of the economic position of UAE in the Middle-East and happenings at the global level in the arena of finance – mainstream and Islamic.

Suggested Citation

  • Hasan, Zubair, 2010. "Dubai financial crisis: causes, bailout and after - a case study," MPRA Paper 26397, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:26397
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    File URL: https://mpra.ub.uni-muenchen.de/26397/1/MPRA_paper_26397.pdf
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    References listed on IDEAS

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    1. Hasan, Zubair, 2010. "Islamic Finance:Sructure-objective mismatch and its consequences," MPRA Paper 21536, University Library of Munich, Germany.
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    Cited by:

    1. Hasan, Zubair, 2012. "Money evolution and control in the context of current financial crisis with Islamic inputs," MPRA Paper 73532, University Library of Munich, Germany, revised 2013.
    2. Hasan, Zubair, 2016. "Risk-sharing the sole basis of Islamic finance? time for a serious rethink," MPRA Paper 72252, University Library of Munich, Germany, revised 15 Apr 2018.
    3. Zubair Hasan, 2016. "Risk-Sharing: The Sole Basis of Islamic Finance? Time for a Serious Rethink المشاركة في المخاطر: الأساس الوحيد للتمويل الإسلامي؟ حان الوقت لإعادة التفكير الجدي في الموضوع," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 29(2), pages 23-36, January.

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    More about this item

    Keywords

    Islamic finance; Global meltdown; Dubai crisis; Rating agencies; financial architecture.;
    All these keywords.

    JEL classification:

    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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