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A long-standing economic policy goal of the oil-dependent GCC countries is to increase economic diversification. Over the last decades, GCC governments fostered the development of non-oil economies through large-scale public investments in the stocks of human and physical capital.
This book takes a new look at economic diversification efforts by examining the impact of different public expenditure categories (capital, education, health) on non-oil GDP and labour productivity developments in the three GCC countries Bahrain, Oman and Qatar since the 1970s. Building both on an econometric analysis and detailed country studies, this book analyses not only whether public expenditure has been an important driver of overall non-oil economic growth but also how public expenditure impacted different potential sources of non-oil economic growth such as economy-wide investment or productivity levels.
By elaborating the channels through which public expenditure tends to impact non-oil economic growth in Bahrain, Oman and Qatar, this book contributes to the academic and public debate about the effectiveness of ongoing diversification strategies in the GCC countries.
This book takes a new look at economic diversification efforts by examining the impact of different public expenditure categories (capital, education, health) on non-oil GDP and labour productivity developments in the three GCC countries Bahrain, Oman and Qatar since the 1970s. Building both on an econometric analysis and detailed country studies, this book analyses not only whether public expenditure has been an important driver of overall non-oil economic growth but also how public expenditure impacted different potential sources of non-oil economic growth such as economy-wide investment or productivity levels.
By elaborating the channels through which public expenditure tends to impact non-oil economic growth in Bahrain, Oman and Qatar, this book contributes to the academic and public debate about the effectiveness of ongoing diversification strategies in the GCC countries.
Price: £115.00
Pages: 422
Publisher: Gerlach Press
Imprint: Gerlach Press
Publication Date:
30 June 2018
ISBN: 9783959940528
Format: Hardcover
BISACs:
List of Tables
List of Figures
List of Abbreviations
Acknowledgments
Introduction
I Public Expenditure and Long-Run Economic Growth: General Insights
1 Causes of Long-Run Economic Growth
1.1 Causes of Long-Run Economic Growth in Economic Theory
1.2 The Convergence Hypothesis
1.3 Searching for Correlates of Growth in a World of Model Uncertainty
2 Does Public Expenditure Cause Economic Growth?
2.1 Public Expenditure in Models of Economic Growth
2.2 Empirical Evidence Capital and Current Expenditure
2.3 Empirical Evidence Education and Health Expenditure
II Exploring the Links Between Public Expenditure and Non-Oil Economic Growth in Bahrain, Oman and Qatar
3 The Impact of Public Expenditure on Non-Oil GDP and on Labour Productivity: An Econometric Analysis
3.1 Introduction
3.2 Current Status of Research
3.3 Data
3.4 Econometric Methodology
3.5 Empirical Results
3.6 Conclusion
4 Bahrain: Non-Oil Development Efforts in a Semi-Rich Oil Rentier Economy
4.1 Overview
4.2 Public Expenditure
4.3 Non-Oil GDP
4.4 Labour Productivity
5 Oman: A Late Non-Oil Economic Blooming Caused by Rising Public Oil Rents
5.1 Overview
5.2 Public Expenditure
5.3 Non-Oil GDP
5.4 Labour Productivity
6 Qatar: Big Push Non-Oil Investment by Qatar Inc.
6.1 Overview
6.2 Public Expenditure
6.3 Non-Oil GDP
6.4 Labour Productivity
III The Impact of Public Expenditure on Potential Sources of Non-Oil Economic Growth
7 Public Expenditure and Private Sector Investment
7.1 Introduction
7.2 The Economic Roles of the Public and Private Sectors
7.3 Crowding-In or Crowding-Out - An Econometric Analysis
7.4 The Impact of Investment on Non-Oil Economic Growth Dynamics
8 Public Expenditure and Labour Productivity
8.1 Introduction
8.2 Labour Productivity Developments in International Perspective
8.3 Public Expenditure and Human Capital
8.4 Public Expenditure and Structural Change
Conclusion
References
Appendix A: Data Sources and Definition of Variables
Appendix B: Econometric Results Chapter 3
Appendix C: Robustness Checks Chapter 3
Change Variable Order Orthogonalised Impulse Responses
Robustness Check: Time Series in Current Prices
Robustness Check: Private Sector Non-Oil GDP
Appendix D: Econometric Results and Robustness
Checks Chapter 7
Econometric Results Chapter 7
Robustness Check: Time Series in Current Prices
List of Figures
List of Abbreviations
Acknowledgments
Introduction
I Public Expenditure and Long-Run Economic Growth: General Insights
1 Causes of Long-Run Economic Growth
1.1 Causes of Long-Run Economic Growth in Economic Theory
1.2 The Convergence Hypothesis
1.3 Searching for Correlates of Growth in a World of Model Uncertainty
2 Does Public Expenditure Cause Economic Growth?
2.1 Public Expenditure in Models of Economic Growth
2.2 Empirical Evidence Capital and Current Expenditure
2.3 Empirical Evidence Education and Health Expenditure
II Exploring the Links Between Public Expenditure and Non-Oil Economic Growth in Bahrain, Oman and Qatar
3 The Impact of Public Expenditure on Non-Oil GDP and on Labour Productivity: An Econometric Analysis
3.1 Introduction
3.2 Current Status of Research
3.3 Data
3.4 Econometric Methodology
3.5 Empirical Results
3.6 Conclusion
4 Bahrain: Non-Oil Development Efforts in a Semi-Rich Oil Rentier Economy
4.1 Overview
4.2 Public Expenditure
4.3 Non-Oil GDP
4.4 Labour Productivity
5 Oman: A Late Non-Oil Economic Blooming Caused by Rising Public Oil Rents
5.1 Overview
5.2 Public Expenditure
5.3 Non-Oil GDP
5.4 Labour Productivity
6 Qatar: Big Push Non-Oil Investment by Qatar Inc.
6.1 Overview
6.2 Public Expenditure
6.3 Non-Oil GDP
6.4 Labour Productivity
III The Impact of Public Expenditure on Potential Sources of Non-Oil Economic Growth
7 Public Expenditure and Private Sector Investment
7.1 Introduction
7.2 The Economic Roles of the Public and Private Sectors
7.3 Crowding-In or Crowding-Out - An Econometric Analysis
7.4 The Impact of Investment on Non-Oil Economic Growth Dynamics
8 Public Expenditure and Labour Productivity
8.1 Introduction
8.2 Labour Productivity Developments in International Perspective
8.3 Public Expenditure and Human Capital
8.4 Public Expenditure and Structural Change
Conclusion
References
Appendix A: Data Sources and Definition of Variables
Appendix B: Econometric Results Chapter 3
Appendix C: Robustness Checks Chapter 3
Change Variable Order Orthogonalised Impulse Responses
Robustness Check: Time Series in Current Prices
Robustness Check: Private Sector Non-Oil GDP
Appendix D: Econometric Results and Robustness
Checks Chapter 7
Econometric Results Chapter 7
Robustness Check: Time Series in Current Prices