The United Arab Emirates (UAE) has often been addressed as a success case in the GCC region due t... more The United Arab Emirates (UAE) has often been addressed as a success case in the GCC region due to its implemented policies that spurred growth and development with a market-friendly approach. This study aims to investigate the relationship between economic diversification and private sector development. For this, we employed an ARDL con-integration method to check the long run as well as short run relationship between variables. We found that the domestic credit to private sector has a positive relationship with diversification index. Also, domestic credit to private sector (DCPS) percentage of GDP has both short and long run relationship with economic diversification index. The results indicate that the domestic credit to private sector will promote the economic diversification in both the short and long runs. Moreover, the government infrastructure will also promote economic diversification in the long run but not in the short run. The trade openness has a negative impact on econ...
International Journal of Economics and Management Studies, 2019
The GCC countries maintain a policy of open capital accounts and a pegged exchange rate, thereby ... more The GCC countries maintain a policy of open capital accounts and a pegged exchange rate, thereby reducing their freedom to run an independent monetary policy. In this paper, the effects of monetary policy shocks on real economic variables in the GCC economies are examined separately from 1990 to 2017, based on Vector Auto Regression (VAR) approach using data collected from World Development Indicators (WDI), World Bank database. The findings show that Saudi Arabia's monetary policy has a strong and statistically significant impact on broad money, oil rent, and GDP in the GCC region. The Vector Auto Regressive results illustrate that, when government expenditure is included in model, contemporaneous coefficients indicate that in most countries (except Kingdom of Saudi Arabia-KSA) the interest rate responds negatively to unexpected increase in monetary aggregate. One the other hand, it is also true that the monetary aggregatedecreases with an unexpected increase in federal fund rate. The result shows that, in GCC countries, oil price fluctuations are primarily affected by monetary policy shocks while the remaining components of economic growth and federal funds rates are the other variables frequently affected by monetary policy shocks.
A Quantitative Assessment of the Role of the Private Sector in Economic Diversification in UAE, 2019
The United Arab Emirates (UAE) has often been addressed as a success case in the GCC region due t... more The United Arab Emirates (UAE) has often been addressed as a success case in the GCC region due to its implemented policies that spurred growth and development with a market-friendly approach. This study aims to investigate the relationship between economic diversification and private sector development. For this, we employed an ARDL con-integration method to check the long run as well as short run relationship between variables. We found that the domestic credit to private sector has a positive relationship with diversification index. Also, domestic credit to private sector (DCPS) percentage of GDP has both short and long run relationship with economic diversification index. The results indicate that the domestic credit to private sector will promote the economic diversification in both the short and long runs. Moreover, the government infrastructure will also promote economic diversification in the long run but not in the short run. The trade openness has a negative impact on economic diversification in the long run, but it has a positive impact in the short run.
The Effects of American Monetary Policy on GCC Economies, 2019
The GCC countries maintain a policy of open capital accounts and a pegged exchange rate, thereby ... more The GCC countries maintain a policy of open capital accounts and a pegged exchange rate, thereby reducing their freedom to run an independent monetary policy. In this paper, the effects of monetary policy shocks on real economic variables in the GCC economies are examined separately from 1990 to 2017, based on Vector Auto Regression (VAR) approach using data collected from World Development Indicators (WDI), World Bank database. The findings show that Saudi Arabia's monetary policy has a strong and statistically significant impact on broad money, oil rent, and GDP in the GCC region. The Vector Auto Regressive results illustrate that, when government expenditure is included in model, contemporaneous coefficients indicate that in most countries (except Kingdom of Saudi Arabia-KSA) the interest rate responds negatively to unexpected increase in monetary aggregate. One the other hand, it is also true that the monetary aggregatedecreases with an unexpected increase in federal fund rate. The result shows that, in GCC countries, oil price fluctuations are primarily affected by monetary policy shocks while the remaining components of economic growth and federal funds rates are the other variables frequently affected by monetary policy shocks.
A Quantitative Assessment of the UAE Foreign Ownership Law on Foreign Direct Investments, 2018
This essay begins with a discussion of the literature that links foreign direct investments to GD... more This essay begins with a discussion of the literature that links foreign direct investments to GDP per capita growth. Second, we review academic literature on public policies, foreign direct investments and GDP per capita growth. Based on taht literatura review, we present our own quantitative analysis which shows that foreign direct investments in the UAE has a net positive effect on output per capita growth. We further extend this analysis to show that UAE's foreign ownership law has a positive effect on foreign direct investment. By demonstrating that the foreign ownership law has affected FDI, which in turn affected GDP per capita growth; we are able to provide the channel that connects FDI and GDP per capita growth. This implies that foreign ownership legislation is an important driver of output growth in UAE.
In this paper, we examine the impact of monetary policy in the GCC on major macroeconomic outcome... more In this paper, we examine the impact of monetary policy in the GCC on major macroeconomic outcomes as well as dependence of monetary policy within the GCC. We then employ Structural Vector Autoregression methodology to capture dynamics as well as estimate both short and long-run impact of monetary policy shocks within the GCC. We extend this analysis by having a closer look into monetary policy dependence between two largest GCC economies: United Arab Emirates and Saudi Arabia. The results of our Structural Vector Autoregression estimates imply that monetary policy plays a key role and impacts GDP per capita and investments both in the short and long-run. Nevertheless, the impact of monetary policy on each other's economy is somewhat limited.
After the global oil price has fallen almost 70 % since mid-2014, oil exporting countries have fe... more After the global oil price has fallen almost 70 % since mid-2014, oil exporting countries have felt the impact of the lower prices on growth rates, trade figures and public finances. Despite the negative impacts of the fall in oil prices, the UAE Government remains positive about the country's economic outlook and diversification policies, which have helped neutralise the impact of the decline in oil prices. The positive side of any crisis is added urgency that comes in the implementation of reforms that help decision-makers reduce economic vulnerabilities in the future. Across the GCC action is being taken in response to the situation through changes in subsidies and fuel pricing, along with efforts for increasing diversification of the economy. Since the UAE was formed in 1971, the diversification of the economy away from petroleum has been a clearly stated government policy. The UAE has become a global financial and major trading centre, a location of choice for multinational operations, along with a heavily desired tourist destination. Investments in non-energy sectors, such as infrastructure and technology, along with a rapidly recovering real estate sector, continue to provide the UAE with a buffer against oil price decline and global economic stagnation. According to the World Trade Organization in its latest June 2016 Trade Policy Review, the UAE has continued its policy of diversifying its economy, which helped it overcome the global financial crisis that began in 2008, and the repercussions of falling oil prices that began in 2014. The UAE continues to pursue a strategy of diversification concentrating on high technology sectors and high growth sectors. The share of non-hydrocarbon in the UAE total GDP has continued to rise to exceed 69% today against 53% back in 2000. Dubai is now a services and a trade hub for the region, while the economic diversification strategy in Abu Dhabi continues to rely on manufacturing, petrochemicals and renewable energy. Economic diversification for sustainable and inclusive growth A report from the International Monetary Fund (IMF) shows that many empirical studies have documented a strong association between economic diversification and the achievement of sustainable economic growth. A diversified economy based on several sources of income is more resilient and
In a world where economic recovery remains uneven across advanced economies, monetary policies ar... more In a world where economic recovery remains uneven across advanced economies, monetary policies are expected to remain different. While the U.S. is likely to proceed with a gradual normalization of policy, although at a slower pace than previously envisaged, the euro area and Japan are expected to continue, or even deepen, their monetary accommodation, including through negative interest rates. This creates movements in foreign exchange markets, with the appreciation of the U.S. dollar. Also, the impacts emanating from emerging markets have become significantly stronger since the 2007–2009 global financial crisis. As the IMF notes, they have contributed more than half of global growth over the past 15 years. Crises in emerging market economies have often had financial repercussions in other countries. The Latin American debt crisis of the 1980s, Mexico’s economic crisis of 1994–95, and the East Asian and Russian financial crises of the late 1990s are prominent examples of high macro-financial volatility in emerging market economies that spilled over significantly to other emerging market economies and to advanced economies. In this context, the financial regulatory reform agenda should be completed and implemented. As part of this, the resilience of market liquidity should be reinforced by putting in place adequate policies and oversight of asset management and financial market structures. This is crucial to safeguarding global financial stability and supporting global growth. Finally, the increasingly globalized nature of the financial system creates a need for international cooperation in the area of financial supervision and regulation. Policymakers need to build on the current economic recovery and deliver a stronger path for growth and financial stability by tackling a triad of global challenges – legacy challenges in advanced economies, elevated vulnerabilities in emerging markets and greater systemic market liquidity risks. Progress along this path will enable the world’s economies to make a decisive break toward a strong and healthy financial system and a sustained recovery.
"Evaluating Arab Food Security Strategy within the International Economic changes and the current... more "Evaluating Arab Food Security Strategy within the International Economic changes and the current Arab Agricultural Policies
"The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil rev... more "The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil revenues by balancing between creating jobs and improving living standards. Moreover, the UAE suffer from intra-country inequality that has forced them to attempt remedial social support and spending programs.
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
"The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil rev... more "The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil revenues by balancing between creating jobs and improving living standards. Moreover, the UAE suffer from intra-country inequality that has forced them to attempt remedial social support and spending programs.
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
"The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil rev... more "The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil revenues by balancing between creating jobs and improving living standards. Moreover, the UAE suffer from intra-country inequality that has forced them to attempt remedial social support and spending programs.
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
"It's established fact that, the globalization, the communications revolution and also the econom... more "It's established fact that, the globalization, the communications revolution and also the economic liberalization was The main reason for the rapid spread of the crisis and its transition from the united states to the rest countries of the world, because the U.S Economy represent about 20% of the global economy, whether by the measuring of the GDP or the international trade.
Moreover, the real reason for the rapid transmission of financial crisis in the United States to the rest of the world is that the U.S dollar stills the stronger and acceptable means of meeting all the obligations since the end of Second World War, with nearly 80% of international transactions in dollars. This situation has allowed the Federal bank to issue a large amount of dollars, but this Currency Issue was planned to Go for external use to keep on the inflation rates stable without any increase, by using these dollars in the payment of oil revenues (Petro - dollar$), and also settled the other part of these dollars to collect their various transaction in Europe (Euro – USD).
A Monetary Union for the GCC -Lessons learned from the Euro Zone A paper prepared by: Radwa Rdawan Said, 2018
In this research project we seek to examine GCC monetary policies and its impact on the macroecon... more In this research project we seek to examine GCC monetary policies and its impact on the macroeconomy. Understanding the differences as well as similarities in the monetary policy of GCC countries can give us insight whether monetary integration of GCC countries along the lines of a Eurozone, can prove fruitful in addressing the future challenges that the GCC countries face. In particular, we ask the following research questions: What is the impact of GCC monetary policy on the macroeconomic indicators of GCC? What is the Direction of relationship between GCC monetary policy?
The UAE is the second largest source of crude oil to Japan, and the 285 million barrels imported ... more The UAE is the second largest source of crude oil to Japan, and the 285 million barrels imported from the UAE in 2009 amounted to nearly a quarter of its total oil imports. There are more than 300 Japanese companies operating in the UAE, and total Japanese investments in the country recently amounted to some $ 300 million. Japan is a key investor in Abu Dhabi with a market share of Foreign Direct Investment into the Emirate of Abu Dhabi above 30%. Also, Japan is the world's largest market for UAE crude oil, importing more than one million barrels per day from Abu Dhabi, almost 40% of the emirate's total crude exports. Japan's trade with the UAE has been healthy in recent years, barring a short period during the global financial crisis, the earthquake and tsunami. Motor vehicles have been Japan's dominant export commodity to the UAE, accounting for more than 50%. Other major exports are general and electrical machinery; IT and communication equipment; iron and steel products; and materials, rubber, plastic and textile products. Along with oil and gas, Japan imports aluminum, precious metals, diamonds, scrap metals, seafood and textile products from the UAE. UAE and Japan share the same concerns about the environment and sustainable development, the same passion for excellence, and the same dedication in terms of the continuous transformation of economies. The bilateral relationship between the UAE and Japan is a model to follow by many standards, as it extends from trade to investment, and also social issues such as health and education, the direct determination of Abu Dhabi to strengthen the investment ties with Japan, especially that the diversification strategy outlined in the Economic Vision 2030 offers many opportunities to the discerning investor. More than 270 Japanese companies operate here. Major ones have sizeably invested in the energy and automotive sectors. For instance, for Toshiba Gulf, the UAE accounts for 30% of total business. Commenting on business in 2013, with iconic brands such as Toyota, Nissan and Mitsubishi, the automobile sector is also a key driver of trade. Al Futtaim Motors, the exclusive distributor of Toyota, Lexus and Hino in the UAE, has posted strong growth. However, we are trying to hit the growth path by showing the Foreign trade in the both countries, the next lines below will spot the light on the main features of the trade policy in UAE and Japan, to compare between the both countries and know more about how to strength the ties between the two huge economies in the world market. UAE Foreign Trade Policy in brief The UAE has a liberal trade regime, although a number of limitations and conditions are set on foreign investment. Improved market access for its products through multilateral trade liberalization and bilateral and regional trade agreements is a main trade policy objective. Policy formulation and implementation in the UAE takes place both at the federal and the emirate level; the emirates have a relatively high degree of independence. However, foreign investment continues to be subject to limitations, and all investment projects must have 51% domestic capital. Diversification away from oil and into industry and services has been high on the government's agenda for the last couple of decades. The UAE's investment in new economic components, such
The United Arab Emirates (UAE) has often been addressed as a success case in the GCC region due t... more The United Arab Emirates (UAE) has often been addressed as a success case in the GCC region due to its implemented policies that spurred growth and development with a market-friendly approach. This study aims to investigate the relationship between economic diversification and private sector development. For this, we employed an ARDL con-integration method to check the long run as well as short run relationship between variables. We found that the domestic credit to private sector has a positive relationship with diversification index. Also, domestic credit to private sector (DCPS) percentage of GDP has both short and long run relationship with economic diversification index. The results indicate that the domestic credit to private sector will promote the economic diversification in both the short and long runs. Moreover, the government infrastructure will also promote economic diversification in the long run but not in the short run. The trade openness has a negative impact on econ...
International Journal of Economics and Management Studies, 2019
The GCC countries maintain a policy of open capital accounts and a pegged exchange rate, thereby ... more The GCC countries maintain a policy of open capital accounts and a pegged exchange rate, thereby reducing their freedom to run an independent monetary policy. In this paper, the effects of monetary policy shocks on real economic variables in the GCC economies are examined separately from 1990 to 2017, based on Vector Auto Regression (VAR) approach using data collected from World Development Indicators (WDI), World Bank database. The findings show that Saudi Arabia's monetary policy has a strong and statistically significant impact on broad money, oil rent, and GDP in the GCC region. The Vector Auto Regressive results illustrate that, when government expenditure is included in model, contemporaneous coefficients indicate that in most countries (except Kingdom of Saudi Arabia-KSA) the interest rate responds negatively to unexpected increase in monetary aggregate. One the other hand, it is also true that the monetary aggregatedecreases with an unexpected increase in federal fund rate. The result shows that, in GCC countries, oil price fluctuations are primarily affected by monetary policy shocks while the remaining components of economic growth and federal funds rates are the other variables frequently affected by monetary policy shocks.
A Quantitative Assessment of the Role of the Private Sector in Economic Diversification in UAE, 2019
The United Arab Emirates (UAE) has often been addressed as a success case in the GCC region due t... more The United Arab Emirates (UAE) has often been addressed as a success case in the GCC region due to its implemented policies that spurred growth and development with a market-friendly approach. This study aims to investigate the relationship between economic diversification and private sector development. For this, we employed an ARDL con-integration method to check the long run as well as short run relationship between variables. We found that the domestic credit to private sector has a positive relationship with diversification index. Also, domestic credit to private sector (DCPS) percentage of GDP has both short and long run relationship with economic diversification index. The results indicate that the domestic credit to private sector will promote the economic diversification in both the short and long runs. Moreover, the government infrastructure will also promote economic diversification in the long run but not in the short run. The trade openness has a negative impact on economic diversification in the long run, but it has a positive impact in the short run.
The Effects of American Monetary Policy on GCC Economies, 2019
The GCC countries maintain a policy of open capital accounts and a pegged exchange rate, thereby ... more The GCC countries maintain a policy of open capital accounts and a pegged exchange rate, thereby reducing their freedom to run an independent monetary policy. In this paper, the effects of monetary policy shocks on real economic variables in the GCC economies are examined separately from 1990 to 2017, based on Vector Auto Regression (VAR) approach using data collected from World Development Indicators (WDI), World Bank database. The findings show that Saudi Arabia's monetary policy has a strong and statistically significant impact on broad money, oil rent, and GDP in the GCC region. The Vector Auto Regressive results illustrate that, when government expenditure is included in model, contemporaneous coefficients indicate that in most countries (except Kingdom of Saudi Arabia-KSA) the interest rate responds negatively to unexpected increase in monetary aggregate. One the other hand, it is also true that the monetary aggregatedecreases with an unexpected increase in federal fund rate. The result shows that, in GCC countries, oil price fluctuations are primarily affected by monetary policy shocks while the remaining components of economic growth and federal funds rates are the other variables frequently affected by monetary policy shocks.
A Quantitative Assessment of the UAE Foreign Ownership Law on Foreign Direct Investments, 2018
This essay begins with a discussion of the literature that links foreign direct investments to GD... more This essay begins with a discussion of the literature that links foreign direct investments to GDP per capita growth. Second, we review academic literature on public policies, foreign direct investments and GDP per capita growth. Based on taht literatura review, we present our own quantitative analysis which shows that foreign direct investments in the UAE has a net positive effect on output per capita growth. We further extend this analysis to show that UAE's foreign ownership law has a positive effect on foreign direct investment. By demonstrating that the foreign ownership law has affected FDI, which in turn affected GDP per capita growth; we are able to provide the channel that connects FDI and GDP per capita growth. This implies that foreign ownership legislation is an important driver of output growth in UAE.
In this paper, we examine the impact of monetary policy in the GCC on major macroeconomic outcome... more In this paper, we examine the impact of monetary policy in the GCC on major macroeconomic outcomes as well as dependence of monetary policy within the GCC. We then employ Structural Vector Autoregression methodology to capture dynamics as well as estimate both short and long-run impact of monetary policy shocks within the GCC. We extend this analysis by having a closer look into monetary policy dependence between two largest GCC economies: United Arab Emirates and Saudi Arabia. The results of our Structural Vector Autoregression estimates imply that monetary policy plays a key role and impacts GDP per capita and investments both in the short and long-run. Nevertheless, the impact of monetary policy on each other's economy is somewhat limited.
After the global oil price has fallen almost 70 % since mid-2014, oil exporting countries have fe... more After the global oil price has fallen almost 70 % since mid-2014, oil exporting countries have felt the impact of the lower prices on growth rates, trade figures and public finances. Despite the negative impacts of the fall in oil prices, the UAE Government remains positive about the country's economic outlook and diversification policies, which have helped neutralise the impact of the decline in oil prices. The positive side of any crisis is added urgency that comes in the implementation of reforms that help decision-makers reduce economic vulnerabilities in the future. Across the GCC action is being taken in response to the situation through changes in subsidies and fuel pricing, along with efforts for increasing diversification of the economy. Since the UAE was formed in 1971, the diversification of the economy away from petroleum has been a clearly stated government policy. The UAE has become a global financial and major trading centre, a location of choice for multinational operations, along with a heavily desired tourist destination. Investments in non-energy sectors, such as infrastructure and technology, along with a rapidly recovering real estate sector, continue to provide the UAE with a buffer against oil price decline and global economic stagnation. According to the World Trade Organization in its latest June 2016 Trade Policy Review, the UAE has continued its policy of diversifying its economy, which helped it overcome the global financial crisis that began in 2008, and the repercussions of falling oil prices that began in 2014. The UAE continues to pursue a strategy of diversification concentrating on high technology sectors and high growth sectors. The share of non-hydrocarbon in the UAE total GDP has continued to rise to exceed 69% today against 53% back in 2000. Dubai is now a services and a trade hub for the region, while the economic diversification strategy in Abu Dhabi continues to rely on manufacturing, petrochemicals and renewable energy. Economic diversification for sustainable and inclusive growth A report from the International Monetary Fund (IMF) shows that many empirical studies have documented a strong association between economic diversification and the achievement of sustainable economic growth. A diversified economy based on several sources of income is more resilient and
In a world where economic recovery remains uneven across advanced economies, monetary policies ar... more In a world where economic recovery remains uneven across advanced economies, monetary policies are expected to remain different. While the U.S. is likely to proceed with a gradual normalization of policy, although at a slower pace than previously envisaged, the euro area and Japan are expected to continue, or even deepen, their monetary accommodation, including through negative interest rates. This creates movements in foreign exchange markets, with the appreciation of the U.S. dollar. Also, the impacts emanating from emerging markets have become significantly stronger since the 2007–2009 global financial crisis. As the IMF notes, they have contributed more than half of global growth over the past 15 years. Crises in emerging market economies have often had financial repercussions in other countries. The Latin American debt crisis of the 1980s, Mexico’s economic crisis of 1994–95, and the East Asian and Russian financial crises of the late 1990s are prominent examples of high macro-financial volatility in emerging market economies that spilled over significantly to other emerging market economies and to advanced economies. In this context, the financial regulatory reform agenda should be completed and implemented. As part of this, the resilience of market liquidity should be reinforced by putting in place adequate policies and oversight of asset management and financial market structures. This is crucial to safeguarding global financial stability and supporting global growth. Finally, the increasingly globalized nature of the financial system creates a need for international cooperation in the area of financial supervision and regulation. Policymakers need to build on the current economic recovery and deliver a stronger path for growth and financial stability by tackling a triad of global challenges – legacy challenges in advanced economies, elevated vulnerabilities in emerging markets and greater systemic market liquidity risks. Progress along this path will enable the world’s economies to make a decisive break toward a strong and healthy financial system and a sustained recovery.
"Evaluating Arab Food Security Strategy within the International Economic changes and the current... more "Evaluating Arab Food Security Strategy within the International Economic changes and the current Arab Agricultural Policies
"The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil rev... more "The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil revenues by balancing between creating jobs and improving living standards. Moreover, the UAE suffer from intra-country inequality that has forced them to attempt remedial social support and spending programs.
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
"The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil rev... more "The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil revenues by balancing between creating jobs and improving living standards. Moreover, the UAE suffer from intra-country inequality that has forced them to attempt remedial social support and spending programs.
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
"The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil rev... more "The top priority in UAE mainly addressed on enhancing institutional capacities to manage oil revenues by balancing between creating jobs and improving living standards. Moreover, the UAE suffer from intra-country inequality that has forced them to attempt remedial social support and spending programs.
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
"It's established fact that, the globalization, the communications revolution and also the econom... more "It's established fact that, the globalization, the communications revolution and also the economic liberalization was The main reason for the rapid spread of the crisis and its transition from the united states to the rest countries of the world, because the U.S Economy represent about 20% of the global economy, whether by the measuring of the GDP or the international trade.
Moreover, the real reason for the rapid transmission of financial crisis in the United States to the rest of the world is that the U.S dollar stills the stronger and acceptable means of meeting all the obligations since the end of Second World War, with nearly 80% of international transactions in dollars. This situation has allowed the Federal bank to issue a large amount of dollars, but this Currency Issue was planned to Go for external use to keep on the inflation rates stable without any increase, by using these dollars in the payment of oil revenues (Petro - dollar$), and also settled the other part of these dollars to collect their various transaction in Europe (Euro – USD).
A Monetary Union for the GCC -Lessons learned from the Euro Zone A paper prepared by: Radwa Rdawan Said, 2018
In this research project we seek to examine GCC monetary policies and its impact on the macroecon... more In this research project we seek to examine GCC monetary policies and its impact on the macroeconomy. Understanding the differences as well as similarities in the monetary policy of GCC countries can give us insight whether monetary integration of GCC countries along the lines of a Eurozone, can prove fruitful in addressing the future challenges that the GCC countries face. In particular, we ask the following research questions: What is the impact of GCC monetary policy on the macroeconomic indicators of GCC? What is the Direction of relationship between GCC monetary policy?
The UAE is the second largest source of crude oil to Japan, and the 285 million barrels imported ... more The UAE is the second largest source of crude oil to Japan, and the 285 million barrels imported from the UAE in 2009 amounted to nearly a quarter of its total oil imports. There are more than 300 Japanese companies operating in the UAE, and total Japanese investments in the country recently amounted to some $ 300 million. Japan is a key investor in Abu Dhabi with a market share of Foreign Direct Investment into the Emirate of Abu Dhabi above 30%. Also, Japan is the world's largest market for UAE crude oil, importing more than one million barrels per day from Abu Dhabi, almost 40% of the emirate's total crude exports. Japan's trade with the UAE has been healthy in recent years, barring a short period during the global financial crisis, the earthquake and tsunami. Motor vehicles have been Japan's dominant export commodity to the UAE, accounting for more than 50%. Other major exports are general and electrical machinery; IT and communication equipment; iron and steel products; and materials, rubber, plastic and textile products. Along with oil and gas, Japan imports aluminum, precious metals, diamonds, scrap metals, seafood and textile products from the UAE. UAE and Japan share the same concerns about the environment and sustainable development, the same passion for excellence, and the same dedication in terms of the continuous transformation of economies. The bilateral relationship between the UAE and Japan is a model to follow by many standards, as it extends from trade to investment, and also social issues such as health and education, the direct determination of Abu Dhabi to strengthen the investment ties with Japan, especially that the diversification strategy outlined in the Economic Vision 2030 offers many opportunities to the discerning investor. More than 270 Japanese companies operate here. Major ones have sizeably invested in the energy and automotive sectors. For instance, for Toshiba Gulf, the UAE accounts for 30% of total business. Commenting on business in 2013, with iconic brands such as Toyota, Nissan and Mitsubishi, the automobile sector is also a key driver of trade. Al Futtaim Motors, the exclusive distributor of Toyota, Lexus and Hino in the UAE, has posted strong growth. However, we are trying to hit the growth path by showing the Foreign trade in the both countries, the next lines below will spot the light on the main features of the trade policy in UAE and Japan, to compare between the both countries and know more about how to strength the ties between the two huge economies in the world market. UAE Foreign Trade Policy in brief The UAE has a liberal trade regime, although a number of limitations and conditions are set on foreign investment. Improved market access for its products through multilateral trade liberalization and bilateral and regional trade agreements is a main trade policy objective. Policy formulation and implementation in the UAE takes place both at the federal and the emirate level; the emirates have a relatively high degree of independence. However, foreign investment continues to be subject to limitations, and all investment projects must have 51% domestic capital. Diversification away from oil and into industry and services has been high on the government's agenda for the last couple of decades. The UAE's investment in new economic components, such
Uploads
Also, the impacts emanating from emerging markets have become significantly stronger since the 2007–2009 global financial crisis. As the IMF notes, they have contributed more than half of global growth over the past 15 years. Crises in emerging market economies have often had financial repercussions in other countries. The Latin American debt crisis of the 1980s, Mexico’s economic crisis of 1994–95, and the East Asian and Russian financial crises of the late 1990s are prominent examples of high macro-financial volatility in emerging market economies that spilled over significantly to other emerging market economies and to advanced economies. In this context, the financial regulatory reform agenda should be completed and implemented. As part of this, the resilience of market liquidity should be reinforced by putting in place adequate policies and oversight of asset management and financial market structures. This is crucial to safeguarding global financial stability and supporting global growth.
Finally, the increasingly globalized nature of the financial system creates a need for international cooperation in the area of financial supervision and regulation. Policymakers need to build on the current economic recovery and deliver a stronger path for growth and financial stability by tackling a triad of global challenges – legacy challenges in advanced economies, elevated vulnerabilities in emerging markets and greater systemic market liquidity risks. Progress along this path will enable the world’s economies to make a decisive break toward a strong and healthy financial system and a sustained recovery.
"
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
Moreover, the real reason for the rapid transmission of financial crisis in the United States to the rest of the world is that the U.S dollar stills the stronger and acceptable means of meeting all the obligations since the end of Second World War, with nearly 80% of international transactions in dollars. This situation has allowed the Federal bank to issue a large amount of dollars, but this Currency Issue was planned to Go for external use to keep on the inflation rates stable without any increase, by using these dollars in the payment of oil revenues (Petro - dollar$), and also settled the other part of these dollars to collect their various transaction in Europe (Euro – USD).
"
In particular, we ask the following research questions:
What is the impact of GCC monetary policy on the macroeconomic indicators of GCC?
What is the Direction of relationship between GCC monetary policy?
Also, the impacts emanating from emerging markets have become significantly stronger since the 2007–2009 global financial crisis. As the IMF notes, they have contributed more than half of global growth over the past 15 years. Crises in emerging market economies have often had financial repercussions in other countries. The Latin American debt crisis of the 1980s, Mexico’s economic crisis of 1994–95, and the East Asian and Russian financial crises of the late 1990s are prominent examples of high macro-financial volatility in emerging market economies that spilled over significantly to other emerging market economies and to advanced economies. In this context, the financial regulatory reform agenda should be completed and implemented. As part of this, the resilience of market liquidity should be reinforced by putting in place adequate policies and oversight of asset management and financial market structures. This is crucial to safeguarding global financial stability and supporting global growth.
Finally, the increasingly globalized nature of the financial system creates a need for international cooperation in the area of financial supervision and regulation. Policymakers need to build on the current economic recovery and deliver a stronger path for growth and financial stability by tackling a triad of global challenges – legacy challenges in advanced economies, elevated vulnerabilities in emerging markets and greater systemic market liquidity risks. Progress along this path will enable the world’s economies to make a decisive break toward a strong and healthy financial system and a sustained recovery.
"
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
In its attempt to diversify their economies and address domestic supply problems, UAE explored opportunities outside its borders. In particular, the country sought to enhance its food security by investing in agricultural production abroad. The UAE invested in the agricultural sector in Sudan and Egypt. More recently, UAE are considering buying underdeveloped farmland, especially in Pakistan and Sudan.
"
Moreover, the real reason for the rapid transmission of financial crisis in the United States to the rest of the world is that the U.S dollar stills the stronger and acceptable means of meeting all the obligations since the end of Second World War, with nearly 80% of international transactions in dollars. This situation has allowed the Federal bank to issue a large amount of dollars, but this Currency Issue was planned to Go for external use to keep on the inflation rates stable without any increase, by using these dollars in the payment of oil revenues (Petro - dollar$), and also settled the other part of these dollars to collect their various transaction in Europe (Euro – USD).
"
In particular, we ask the following research questions:
What is the impact of GCC monetary policy on the macroeconomic indicators of GCC?
What is the Direction of relationship between GCC monetary policy?