The Experts below are selected from a list of 48981 Experts worldwide ranked by ideXlab platform
Vahid Yücesoy - One of the best experts on this subject based on the ideXlab platform.
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Has the Sovereign Wealth Fund of Azerbaijan (SOFAZ) Been Able to Promote Economic Diversification
Review of European and Russian Affairs, 2013Co-Authors: Vahid YücesoyAbstract:Oil-rich countries have oftentimes been confronted with the challenge of diversifying their economies away from oil dependence given the exhaustible nature of these fossil fuels. Investing in sovereign wealth funds has been one of the most ubiquitous ways of preparing for the post-oil period. Investing in sovereign wealth funds rather than directly injecting the oil revenues in the economy not only precludes the outbreak of the Dutch Disease (which is known for giving rise to an exchange rate appreciation, crowding out non-oil industries and keeping the economy reliant on oil), but it also saves for future generations. Yet, in the case of Azerbaijan, the Sovereign Wealth Fund of Azerbaijan (SOFAZ), founded in 1999, has only increased this reliance on oil. Using the rentier states theoretical framework, this paper will argue that the direct control over SOFAZ exercised by the president and the lack of consultation with the NGOs have made corruption easier, making the task of Economic Diversification more difficult. This has been possible because through corruption the president has often resorted to oil money to buy peace rather than invest it in Economic Diversification. As a result, since the foundation of SOFAZ, the country is more reliant, not less, on oil.
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Has the Sovereign Wealth Fund of Azerbaijan (SOFAZ) Been Able to Promote Economic Diversification
Canadian Journal of European and Russian Studies, 2013Co-Authors: Vahid YücesoyAbstract:Oil-rich countries have oftentimes been confronted with the challenge of diversifying their economies away from oil dependence given the exhaustible nature of these fossil fuels. Investing in sovereign wealth funds has been one of the most ubiquitous ways of preparing for the post-oil period. Investing in sovereign wealth funds rather than directly injecting the oil revenues in the economy not only precludes the outbreak of the Dutch Disease (which is known for giving rise to an exchange rate appreciation, crowding out non-oil industries and keeping the economy reliant on oil), but it also saves for future generations. Yet, in the case of Azerbaijan, the Sovereign Wealth Fund of Azerbaijan (SOFAZ), founded in 1999, has only increased this reliance on oil. Using the rentier states theoretical framework, this paper will argue that the direct control over SOFAZ exercised by the president and the lack of consultation with the NGOs have made corruption easier, making the task of Economic Diversification more difficult. This has been possible because through corruption the president has often resorted to oil money to buy peace rather than invest it in Economic Diversification. As a result, since the foundation of SOFAZ, the country is more reliant, not less, on oil. Full text available at: https://doi.org/10.22215/rera.v8i1.223
Bassam A Albassam - One of the best experts on this subject based on the ideXlab platform.
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Economic Diversification in saudi arabia myth or reality
Resources Policy, 2015Co-Authors: Bassam A AlbassamAbstract:Abstract Economic Diversification is important for building sustainable Economic growth. Thus, an economy that is highly dependent on income from a natural resource is in danger of instability or even collapse if the price of such commodity decreases in the global market. Additionally, Economic Diversification contributes positively to creating jobs, fighting corruption, and improving the institutional quality of countries. The Saudi government has issued 10 development plans since 1970, each covering five years, and Economic Diversification is a main objective of all these plans. This paper examines the government׳s efforts to diversify the economy using four variables: oil share of gross domestic product (GDP), share of private sector in GDP, oil exports as a percentage of the country׳s exports, and oil revenues as a percentage of total revenues. The current analysis covers nine development plans from 1970 through 2013. The analysis concludes that, after more than 40 years of development plans aiming to diversify the Saudi economy, oil is still the main engine driving the economy. The Saudi government needs to fully consider Economic Diversification as a tool for better governance.
Siham Matallah - One of the best experts on this subject based on the ideXlab platform.
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Economic Diversification in MENA oil exporters: Understanding the role of governance
Resources Policy, 2020Co-Authors: Siham MatallahAbstract:Abstract The present paper aims, on the one hand, to test the impact of oil rents on Economic growth and examine the main symptoms of the resource curse phenomenon in oil-abundant MENA countries, and on the other hand, to investigate the role of governance in avoiding the resource curse and turning oil rents into a tool for Economic Diversification in 11 MENA oil exporters (Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, United Arab Emirates, and Yemen) over the period 1996–2017, by using pooled OLS, fixed effects, random effects and generalized method of moments (GMM) estimators. The main findings indicate that MENA oil exporters' growth is greatly and positively influenced by oil rents. Likewise, these economies have been diagnosed with resource curse. The results also show that governance is a key ingredient in the Diversification recipe, while, oil rents frustrate Economic Diversification by encouraging rent-seeking activities. The multiplicative interaction term between governance index and oil rents indicates that the combined effect of these two variables is effective in promoting Diversification. In a nutshell, the enhancement of MENA oil-exporters’ good governance capabilities is the way out of the resource curse because it can turn oil wealth into a boon and offer these oil-abundant countries more opportunities for Economic Diversification and thereby can enable them to generate robust and sustainable Economic growth.
Clovis Freire - One of the best experts on this subject based on the ideXlab platform.
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Economic Diversification a model of structural Economic dynamics and endogenous technological change
Structural Change and Economic Dynamics, 2019Co-Authors: Clovis FreireAbstract:Abstract Economic Diversification is relevant for poorer developing countries to create jobs and foster Economic development. The empirical Economic literature has identified several stylized facts about the pattern of Diversification of economies, but the development of explanations for those patterns, in general, has been only loosely associated with an Economic theory on growth, trade, technology change and structural transformation. Making that connection is relevant because it could inform policymakers in developing countries in designing and implementing policies for promoting Diversification. This paper presents a model of structural Economic dynamics and endogenous technological change that can replicate empirical regularities related to Economic Diversification.
Ibrahim Alley - One of the best experts on this subject based on the ideXlab platform.
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Oil price and USD-Naira exchange rate crash: Can Economic Diversification save the Naira?
Energy Policy, 2018Co-Authors: Ibrahim AlleyAbstract:Abstract Naira lost half of its foreign exchange value in less than two years following 2014 oil price crash, and has not recovered despite numerous government's attempts. This study thus evaluated the potential of Economic Diversification (proxied by non-oil export performance) in saving the Naira by analysing a nexus between oil price, exchange rate and nonoil export. Estimation of a rearranged current account equation within Autoregressive Distributed Lag (ARDL) and Vector Autoregressive (VAR) models, using monthly data from January 2008 to December 2015 yielded the following results. There is a direct relationship between oil price and exchange rate, and this affirms that sharp decline in the former induced the latter's deterioration. Increase in non-oil exports led to appreciation of USD-Naira exchange rate both in the short run and the long run. Import, on the other hand, induced depreciation of the exchange rate in the long run. Diversification, by increasing export revenue and reducing import bills, therefore has a great potential to improve the value of Naira.
